PJP vs. USA

Last updated Jun 23, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) is Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while USA (Liberty All-Star Equity Fund) is a stock. Over the past 10 years, PJP returned 7.25%/yr vs 12.30%/yr for USA. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

PJP vs. USA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and Liberty All-Star Equity Fund (USA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 7.87% return, which is significantly higher than USA's -3.80% return. Over the past 10 years, PJP has underperformed USA with an annualized return of 7.25%, while USA has yielded a comparatively higher 12.30% annualized return.

PJP

• 1D: 0.70%
• 1M: 3.08%
• YTD: 7.87%
• 6M: 4.83%
• 1Y: 42.28%
• 3Y*: 15.13%
• 5Y*: 8.22%
• 10Y*: 7.25%

USA

• 1D: -1.38%
• 1M: -1.55%
• YTD: -3.80%
• 6M: -3.34%
• 1Y: -2.47%
• 3Y*: 7.46%
• 5Y*: 1.42%
• 10Y*: 12.30%

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

PJP vs. USA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PJP Invesco Dynamic Pharmaceuticals ETF	7.87%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%
USA Liberty All-Star Equity Fund	-3.80%	0.09%	20.81%	23.17%	-25.20%	33.76%	12.89%	39.70%	-5.06%	34.66%

Correlation

The correlation between PJP and USA is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.56

The correlation between PJP and USA shifts across timeframes, from 0.39 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PJP vs. USA — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 81
PJP Sharpe Ratio Rank: 84
PJP Sortino Ratio Rank: 85
PJP Omega Ratio Rank: 76
PJP Calmar Ratio Rank: 85
PJP Martin Ratio Rank: 77

USA

USA Risk / Return Rank: 33
USA Sharpe Ratio Rank: 35
USA Sortino Ratio Rank: 28
USA Omega Ratio Rank: 28
USA Calmar Ratio Rank: 37
USA Martin Ratio Rank: 36

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. USA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Liberty All-Star Equity Fund (USA). 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	USA	Difference
Sharpe ratio: Return per unit of total volatility	2.57	-0.18	+2.75
Sortino ratio: Return per unit of downside risk	3.62	-0.16	+3.78
Omega ratio: Gain probability vs. loss probability	1.43	0.98	+0.45
Calmar ratio: Return relative to maximum drawdown	4.50	-0.16	+4.66
Martin ratio: Return relative to average drawdown	14.26	-0.38	+14.64

PJP vs. USA - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 2.57, which is higher than the USA Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of PJP and USA, 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. USA - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for PJP and USA.

Drawdown Indicators

	PJP	USA	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-69.15%	+32.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-15.28%	+5.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-17.69%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-34.05%	+16.54%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	-47.07%	+13.12%
Current Drawdown Current decline from peak	-1.26%	-8.97%	+7.71%
Average Drawdown Average peak-to-trough decline	-8.83%	-11.51%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	6.50%	-3.53%

Volatility

PJP vs. USA - Volatility Comparison

Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 5.20% compared to Liberty All-Star Equity Fund (USA) at 4.42%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	USA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.42%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	10.75%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.54%	13.92%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	20.30%	-4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	22.59%	-4.20%

Dividends

PJP vs. USA - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 1.19%, less than USA's 11.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	1.19%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
USA Liberty All-Star Equity Fund	11.89%	10.67%	10.22%	9.56%	12.11%	9.67%	9.13%	9.75%	12.64%	8.89%	9.30%	9.53%

Frequently Asked Questions

Can I hold both PJP and USA in my portfolio?

PJP and USA have a correlation of 0.39, 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 USA?

PJP has higher volatility (5.20%) compared to USA (4.42%). In terms of maximum drawdown, PJP dropped -37.06% vs USA's -69.15%.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.57 vs -0.18), 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.