PJP vs. MHIP

Last updated Jul 14, 2026

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. A 0.53 correlation means they provide meaningful diversification when combined. PJP charges 0.58%/yr vs 0.55%/yr for MHIP.

Performance

PJP vs. MHIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and Milliman Healthcare Inflation Plus ETF (MHIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PJP

• 1D: -0.80%
• 1M: 3.55%
• 6M: 11.80%
• YTD: 13.12%
• 1Y: 44.07%
• 3Y*: 17.47%
• 5Y*: 9.22%
• 10Y*: 6.92%

MHIP

• 1D: -0.57%
• 1M: 1.53%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJP vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
PJP Invesco Dynamic Pharmaceuticals ETF	10.94%
MHIP Milliman Healthcare Inflation Plus ETF	0.13%

Correlation

The correlation between PJP and MHIP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.53

Return for Risk

PJP vs. MHIP — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 91
PJP Sharpe Ratio Rank: 93
PJP Sortino Ratio Rank: 93
PJP Omega Ratio Rank: 88
PJP Calmar Ratio Rank: 92
PJP Martin Ratio Rank: 88

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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 ratio: Return per unit of total volatility	2.62	—	—
Sortino ratio: Return per unit of downside risk	3.73	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	4.69	—	—
Martin ratio: Return relative to average drawdown	14.81	—	—

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.

Drawdown Indicators

	PJP	MHIP	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-3.80%	-1.48%	-2.32%
Average Drawdown Average peak-to-trough decline	-8.81%	-1.25%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	—	—

Volatility

Volatility by Period

	PJP	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	11.73%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	11.73%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	11.73%	+6.64%

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 0.91%, 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	0.91%	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 MHIP in my portfolio?

PJP and MHIP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PJP or MHIP?

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.

Which ETF is cheaper, PJP or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.91%, compared with 0.00% for MHIP.

What is the main difference between PJP and MHIP?

They also come from different issuers: Invesco and Milliman. Their fees differ too: 0.58% for PJP and 0.55% for MHIP.