PJP vs. GDOC

Last updated Jun 4, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and GDOC (Goldman Sachs Future Health Care Equity ETF) are both Health & Biotech Equities funds. PJP is passively managed, while GDOC is actively managed. Over the past 3 years, PJP returned 13.31%/yr vs 0.05%/yr for GDOC. A 0.75 correlation means they provide meaningful diversification when combined. PJP charges 0.58%/yr vs 0.75%/yr for GDOC.

Performance

PJP vs. GDOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and Goldman Sachs Future Health Care Equity ETF (GDOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 2.90% return, which is significantly higher than GDOC's -7.76% return.

PJP

• 1D: 1.20%
• 1M: 1.29%
• YTD: 2.90%
• 6M: 2.29%
• 1Y: 34.73%
• 3Y*: 13.31%
• 5Y*: 7.62%
• 10Y*: 6.15%

GDOC

• 1D: 0.41%
• 1M: 1.93%
• YTD: -7.76%
• 6M: -9.87%
• 1Y: 5.18%
• 3Y*: 0.05%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PJP vs. GDOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PJP Invesco Dynamic Pharmaceuticals ETF	2.90%	27.98%	9.63%	-2.18%	-2.16%	0.52%
GDOC Goldman Sachs Future Health Care Equity ETF	-7.76%	10.74%	-1.66%	4.60%	-17.12%	-2.77%

Correlation

The correlation between PJP and GDOC is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021	0.75

The correlation between PJP and GDOC has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

PJP vs. GDOC - Sectors Allocation Comparison

Sectors	PJP	GDOC
Healthcare	100.0%	97.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	1.0%
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PJP vs. GDOC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PJP

PJP Risk / Return Rank: 64
PJP Sharpe Ratio Rank: 63
PJP Sortino Ratio Rank: 64
PJP Omega Ratio Rank: 57
PJP Calmar Ratio Rank: 73
PJP Martin Ratio Rank: 63

GDOC

GDOC Risk / Return Rank: 13
GDOC Sharpe Ratio Rank: 14
GDOC Sortino Ratio Rank: 14
GDOC Omega Ratio Rank: 13
GDOC Calmar Ratio Rank: 13
GDOC Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PJP vs. GDOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Goldman Sachs Future Health Care Equity ETF (GDOC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PJP	GDOC	Difference
Sharpe ratio: Return per unit of total volatility	2.13	0.33	+1.80
Sortino ratio: Return per unit of downside risk	3.01	0.60	+2.41
Omega ratio: Gain probability vs. loss probability	1.36	1.07	+0.29
Calmar ratio: Return relative to maximum drawdown	3.70	0.33	+3.36
Martin ratio: Return relative to average drawdown	11.55	0.76	+10.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJP vs. GDOC - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 2.13, which is higher than the GDOC Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of PJP and GDOC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PJP	GDOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	0.33	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	-0.19	+0.78

Drawdowns

PJP vs. GDOC - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, which is greater than GDOC's maximum drawdown of -31.01%. Use the drawdown chart below to compare losses from any high point for PJP and GDOC.

Drawdown Indicators

	PJP	GDOC	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-31.01%	-6.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-15.67%	+6.23%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-22.51%	+6.24%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	—	—
Current Drawdown Current decline from peak	-2.94%	-15.53%	+12.59%
Average Drawdown Average peak-to-trough decline	-8.85%	-15.90%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	6.83%	-3.81%

Volatility

PJP vs. GDOC - Volatility Comparison

Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 5.33% compared to Goldman Sachs Future Health Care Equity ETF (GDOC) at 4.90%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than GDOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	GDOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	4.90%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	11.61%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	15.64%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	18.79%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	18.79%	-0.40%

PJP vs. GDOC - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is lower than GDOC's 0.75% expense ratio.

Dividends

PJP vs. GDOC - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.99%, more than GDOC's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDOC Goldman Sachs Future Health Care Equity ETF	0.35%	0.32%	0.02%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PJP Invesco Dynamic Pharmaceuticals ETF	0.99%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%

Frequently Asked Questions

Can I hold both PJP and GDOC in my portfolio?

PJP and GDOC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJP or GDOC?

PJP has higher volatility (5.33%) compared to GDOC (4.90%). In terms of maximum drawdown, PJP dropped -37.06% vs GDOC's -31.01%.

Which ETF is better, PJP or GDOC?

On 3-year performance, PJP leads with 13.31% vs 0.05% for GDOC. On fees, PJP is cheaper at 0.58% per year. On volatility, GDOC has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJP or GDOC?

Over the 3-year period, PJP has performed better with a 13.31% return vs 0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJP or GDOC?

PJP is cheaper with a 0.58% expense ratio, compared with 0.75% for GDOC.

Which ETF pays a higher dividend yield, PJP or GDOC?

PJP has the higher dividend yield at 0.99%, compared with 0.35% for GDOC.

What is the main difference between PJP and GDOC?

They also come from different issuers: Invesco and Goldman Sachs. Their fees differ too: 0.58% for PJP and 0.75% for GDOC.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.13 vs 0.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.