PJP vs. RXD
PJP (Invesco Dynamic Pharmaceuticals ETF) and RXD (ProShares UltraShort Health Care) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while RXD is a Leveraged Equities fund tracking the DJ Global United States (All) / Health Care -IND (-200%). Both are passively managed. Over the past 10 years, PJP returned 6.15%/yr vs -18.70%/yr for RXD. At a correlation of -0.74, they often move in opposite directions. PJP charges 0.58%/yr vs 0.95%/yr for RXD.
Performance
PJP vs. RXD - Performance Comparison
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Returns By Period
In the year-to-date period, PJP achieves a 2.90% return, which is significantly lower than RXD's 10.62% return. Over the past 10 years, PJP has outperformed RXD with an annualized return of 6.15%, while RXD has yielded a comparatively lower -18.70% annualized 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%
RXD
- 1D
- -1.81%
- 1M
- -3.74%
- YTD
- 10.62%
- 6M
- 10.62%
- 1Y
- -18.26%
- 3Y*
- -5.04%
- 5Y*
- -6.89%
- 10Y*
- -18.70%
PJP vs. RXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJP Invesco Dynamic Pharmaceuticals ETF | 2.90% | 27.98% | 9.63% | -2.18% | -2.16% | 14.58% | 11.29% | 4.64% | -1.78% | 15.30% |
RXD ProShares UltraShort Health Care | 10.62% | -21.66% | 4.83% | 3.25% | 1.20% | -37.97% | -44.25% | -32.44% | -14.33% | -35.24% |
Correlation
The correlation between PJP and RXD is -0.78, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.74 |
The correlation between PJP and RXD has been stable across timeframes, ranging from -0.80 to -0.74 - a consistent structural relationship.
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Return for Risk
PJP vs. RXD — Risk / Return Rank
PJP
RXD
PJP vs. RXD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and ProShares UltraShort Health Care (RXD). 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 | RXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.75 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.91 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | -0.53 | +4.22 |
| Martin ratioReturn relative to average drawdown | 11.55 | -0.83 | +12.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PJP | RXD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.13 | -0.62 | +2.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.23 | +0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | -0.57 | +0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | -0.65 | +1.24 |
Drawdowns
PJP vs. RXD - Drawdown Comparison
The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum RXD drawdown of -99.65%. Use the drawdown chart below to compare losses from any high point for PJP and RXD.
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Drawdown Indicators
| PJP | RXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -99.65% | +62.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | -34.63% | +25.19% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -36.60% | +20.33% |
Max Drawdown (5Y)Largest decline over 5 years | -17.51% | -40.53% | +23.02% |
Max Drawdown (10Y)Largest decline over 10 years | -33.95% | -90.64% | +56.69% |
Current DrawdownCurrent decline from peak | -2.94% | -99.59% | +96.65% |
Average DrawdownAverage peak-to-trough decline | -8.85% | -81.87% | +73.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 22.07% | -19.05% |
Volatility
PJP vs. RXD - Volatility Comparison
The current volatility for Invesco Dynamic Pharmaceuticals ETF (PJP) is 5.33%, while ProShares UltraShort Health Care (RXD) has a volatility of 8.42%. This indicates that PJP experiences smaller price fluctuations and is considered to be less risky than RXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJP | RXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 8.42% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 21.06% | -9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.38% | 29.48% | -13.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 29.74% | -13.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 32.96% | -14.57% |
PJP vs. RXD - Expense Ratio Comparison
PJP has a 0.58% expense ratio, which is lower than RXD's 0.95% expense ratio.
Dividends
PJP vs. RXD - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.99%, less than RXD's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RXD ProShares UltraShort Health Care | 2.53% | 3.29% | 4.36% | 3.17% | 0.67% | 0.00% | 0.17% | 1.73% | 0.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PJP and RXD have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RXD has higher volatility (8.42%) compared to PJP (5.33%). In terms of maximum drawdown, PJP dropped -37.06% vs RXD's -99.65%.
On 10-year performance, PJP leads with 6.15% vs -18.70% for RXD. On fees, PJP is cheaper at 0.58% per year. On volatility, PJP has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PJP has performed better with a 6.15% return vs -18.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJP is cheaper with a 0.58% expense ratio, compared with 0.95% for RXD.
RXD has the higher dividend yield at 2.53%, compared with 0.99% for PJP.
PJP is categorized as Health & Biotech Equities, while RXD is Leveraged Equities. PJP tracks Dynamic Pharmaceuticals Intellidex Index, while RXD tracks DJ Global United States (All) / Health Care -IND (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.58% for PJP and 0.95% for RXD.
PJP currently has the higher Sharpe Ratio (2.13 vs -0.62), 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.
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