PJP vs. QQQM

Last updated Jul 14, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, PJP returned 9.22%/yr vs 15.18%/yr for QQQM. At a 0.42 correlation, their price movements are largely independent. PJP charges 0.58%/yr vs 0.15%/yr for QQQM.

Performance

PJP vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 13.12% return, which is significantly lower than QQQM's 16.16% return.

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%

QQQM

• 1D: -1.89%
• 1M: -1.22%
• 6M: 13.77%
• YTD: 16.16%
• 1Y: 29.11%
• 3Y*: 24.16%
• 5Y*: 15.18%
• 10Y*: —

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

PJP vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PJP Invesco Dynamic Pharmaceuticals ETF	13.12%	27.98%	9.63%	-2.18%	-2.16%	14.58%	7.33%
QQQM Invesco NASDAQ 100 ETF	16.16%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between PJP and QQQM is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.42

Over the past year, the correlation between PJP and QQQM has dropped to 0.17 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

PJP vs. QQQM - Sectors Allocation Comparison

Sectors	PJP	QQQM
Healthcare	100.0%	3.7%
Financial Services	0.0%	0.2%
Basic Materials	-	1.0%
Communication Services	-	14.3%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Industrials	-	2.6%
Real Estate	-	0.1%
Technology	-	58.7%
Utilities	-	1.2%

Return for Risk

PJP vs. QQQM — 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

QQQM

QQQM Risk / Return Rank: 59
QQQM Sharpe Ratio Rank: 59
QQQM Sortino Ratio Rank: 56
QQQM Omega Ratio Rank: 57
QQQM Calmar Ratio Rank: 61
QQQM Martin Ratio Rank: 62

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.59	+1.03
Sortino ratio: Return per unit of downside risk	3.73	2.14	+1.59
Omega ratio: Gain probability vs. loss probability	1.44	1.28	+0.16
Calmar ratio: Return relative to maximum drawdown	4.69	2.44	+2.25
Martin ratio: Return relative to average drawdown	14.81	8.75	+6.07

PJP vs. QQQM - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 2.62, which is higher than the QQQM Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PJP and QQQM, 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. QQQM - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for PJP and QQQM.

Drawdown Indicators

	PJP	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-35.04%	-2.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-11.96%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-22.70%	+6.43%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-35.04%	+17.53%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	—	—
Current Drawdown Current decline from peak	-3.80%	-4.50%	+0.70%
Average Drawdown Average peak-to-trough decline	-8.81%	-8.16%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.34%	-0.36%

Volatility

PJP vs. QQQM - Volatility Comparison

The current volatility for Invesco Dynamic Pharmaceuticals ETF (PJP) is 5.67%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 8.48%. This indicates that PJP experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	8.48%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	15.23%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	18.46%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	22.64%	-6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	22.31%	-3.94%

PJP vs. QQQM - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

PJP vs. QQQM - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.91%, more than QQQM's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QQQM Invesco NASDAQ 100 ETF	0.45%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJP and QQQM in my portfolio?

PJP and QQQM have a correlation of 0.17, 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 QQQM?

QQQM has higher volatility (8.48%) compared to PJP (5.67%). In terms of maximum drawdown, PJP dropped -37.06% vs QQQM's -35.04%.

Which ETF is better, PJP or QQQM?

On 5-year performance, QQQM leads with 15.18% vs 9.22% for PJP. On fees, QQQM is cheaper at 0.15% per year. On volatility, PJP has been the lower-risk option at 5.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJP or QQQM?

Over the 5-year period, QQQM has performed better with a 15.18% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJP or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.91%, compared with 0.45% for QQQM.

What is the main difference between PJP and QQQM?

PJP is categorized as Health & Biotech Equities, while QQQM is Nasdaq-100. PJP tracks Dynamic Pharmaceuticals Intellidex Index, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.58% for PJP and 0.15% for QQQM.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.62 vs 1.59), 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.