PJP vs. MHIP
PJP (Invesco Dynamic Pharmaceuticals ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. PJP is passively managed, while MHIP is actively managed. Their 0.56 correlation means they have sometimes moved together and sometimes differently. PJP charges 0.58%/yr vs 0.55%/yr for MHIP.
Performance
PJP vs. MHIP - Performance Comparison
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Returns By Period
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%
MHIP
- 1D
- -0.57%
- 1M
- -1.07%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.35K | $877.58 | $4.08K | |
| $5.48M | $7.14M | $3.39M |
PJP vs. MHIP - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
PJP Invesco Dynamic Pharmaceuticals ETF | 14.57% |
MHIP Milliman Healthcare Inflation Plus ETF | 0.20% |
Correlation
The correlation between PJP and MHIP is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026 | 0.56 |
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Return for Risk
PJP vs. MHIP — Risk / Return Rank
PJP
MHIP
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PJP vs. MHIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Milliman Healthcare Inflation Plus ETF (MHIP). 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 | MHIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.51 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.53 | — | — |
| Martin ratioReturn relative to average drawdown | 17.34 | — | — |
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Drawdowns
PJP vs. MHIP - Drawdown Comparison
The maximum PJP drawdown since its inception was -37.06%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for PJP and MHIP.
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Drawdown Indicators
| PJP | MHIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -3.09% | -33.97% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.95% | — | — |
Current DrawdownCurrent decline from peak | -1.10% | -1.41% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -8.79% | -1.30% | -7.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | — | — |
Volatility
PJP vs. MHIP - Volatility Comparison
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Volatility by Period
| PJP | MHIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.97% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.25% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.00% | 10.97% | +6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.37% | 10.97% | +5.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 10.97% | +7.41% |
PJP vs. MHIP - Expense Ratio Comparison
PJP has a 0.58% expense ratio, which is higher than MHIP's 0.55% expense ratio.
Dividends
PJP vs. MHIP - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.88%, while MHIP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHIP Milliman Healthcare Inflation Plus ETF | 0.00% | 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
PJP and MHIP have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MHIP is cheaper with a 0.55% expense ratio, compared with 0.58% for PJP.
PJP has the higher dividend yield at 0.88%, compared with 0.00% for MHIP.
They also come from different issuers: Invesco and Milliman. Their fees differ too: 0.58% for PJP and 0.55% for MHIP.
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