PJP vs. MDEV

Last updated Aug 2, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and MDEV (First Trust Indxx Medical Devices ETF) are both Health & Biotech Equities funds - PJP tracks the Dynamic Pharmaceuticals Intellidex Index while MDEV tracks the Indxx Global Medical Equipment Index. Both are passively managed. Over the past 5 years, PJP returned 9.51%/yr vs -5.32%/yr for MDEV. Their 0.61 correlation means they have sometimes moved together and sometimes differently. PJP charges 0.58%/yr vs 0.70%/yr for MDEV.

Performance

PJP vs. MDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and First Trust Indxx Medical Devices ETF (MDEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 16.81% return, which is significantly higher than MDEV's -3.39% return.

PJP

• 1D: -1.10%
• 1M: 0.44%
• 6M: 16.01%
• YTD: 16.81%
• 1Y: 48.98%
• 3Y*: 17.41%
• 5Y*: 9.51%
• 10Y*: 6.97%
• ALL TIME*: 11.74%

MDEV

• 1D: 0.39%
• 1M: 2.37%
• 6M: -2.88%
• YTD: -3.39%
• 1Y: 2.88%
• 3Y*: -0.73%
• 5Y*: -5.32%
• 10Y*: —
• ALL TIME*: -4.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDEV First Trust Indxx Medical Devices ETF	$145.15K	$110.14K	$63.91K
PJP Invesco Dynamic Pharmaceuticals ETF	$5.48M	$7.14M	$3.39M

PJP vs. MDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PJP Invesco Dynamic Pharmaceuticals ETF	16.81%	27.98%	9.63%	-2.18%	-2.16%	1.79%
MDEV First Trust Indxx Medical Devices ETF	-3.39%	2.00%	1.79%	7.55%	-28.59%	3.83%

Correlation

The correlation between PJP and MDEV is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.61

The correlation between PJP and MDEV shifts across timeframes, from 0.50 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

PJP vs. MDEV - Sectors Allocation Comparison

Sectors	PJP	MDEV
Healthcare	100.0%	100.0%
Financial Services	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PJP vs. MDEV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PJP

PJP Risk / Return Rank: 95
PJP Sharpe Ratio Rank: 96
PJP Sortino Ratio Rank: 96
PJP Omega Ratio Rank: 94
PJP Calmar Ratio Rank: 95
PJP Martin Ratio Rank: 93

MDEV

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PJP vs. MDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and First Trust Indxx Medical Devices ETF (MDEV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PJP	MDEV	Difference
Sharpe ratio: Return per unit of total volatility	3.10	0.15	+2.95
Sortino ratio: Return per unit of downside risk	4.35	0.33	+4.01
Omega ratio: Gain probability vs. loss probability	1.51	1.04	+0.48
Calmar ratio: Return relative to maximum drawdown	5.53	0.13	+5.40
Martin ratio: Return relative to average drawdown	17.34	0.29	+17.05

PJP vs. MDEV - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 3.10, which is higher than the MDEV Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of PJP and MDEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PJP vs. MDEV - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum MDEV drawdown of -42.34%. Use the drawdown chart below to compare losses from any high point for PJP and MDEV.

Drawdown Indicators

	PJP	MDEV	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-42.34%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-18.13%	+8.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-20.43%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-42.34%	+24.83%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	—	—
Current Drawdown Current decline from peak	-1.10%	-27.70%	+26.60%
Average Drawdown Average peak-to-trough decline	-8.79%	-25.80%	+17.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	8.45%	-5.44%

Volatility

PJP vs. MDEV - Volatility Comparison

Invesco Dynamic Pharmaceuticals ETF (PJP) and First Trust Indxx Medical Devices ETF (MDEV) have volatilities of 5.97% and 5.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	MDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	5.70%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	13.25%	12.79%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	16.63%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	19.12%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	18.97%	-0.59%

PJP vs. MDEV - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is lower than MDEV's 0.70% expense ratio.

Dividends

PJP vs. MDEV - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.88%, more than MDEV's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDEV First Trust Indxx Medical Devices ETF	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PJP Invesco Dynamic Pharmaceuticals ETF	0.88%	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 MDEV in my portfolio?

PJP and MDEV have a correlation of 0.50, 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 MDEV?

PJP has higher volatility (5.97%) compared to MDEV (5.70%). In terms of maximum drawdown, PJP dropped -37.06% vs MDEV's -42.34%.

Which ETF is better, PJP or MDEV?

On 5-year performance, PJP leads with 9.51% vs -5.32% for MDEV. On fees, PJP is cheaper at 0.58% per year. On volatility, MDEV has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJP or MDEV?

Over the 5-year period, PJP has performed better with a 9.51% return vs -5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJP or MDEV?

PJP is cheaper with a 0.58% expense ratio, compared with 0.70% for MDEV.

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

PJP has the higher dividend yield at 0.88%, compared with 0.11% for MDEV.

What is the main difference between PJP and MDEV?

PJP tracks Dynamic Pharmaceuticals Intellidex Index, while MDEV tracks Indxx Global Medical Equipment Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.58% for PJP and 0.70% for MDEV.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (3.10 vs 0.15), 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.