PJP vs. USA
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 6.92%/yr vs 12.22%/yr for USA. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
PJP vs. USA - Performance Comparison
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Returns By Period
In the year-to-date period, PJP achieves a 13.12% return, which is significantly higher than USA's 0.24% return. Over the past 10 years, PJP has underperformed USA with an annualized return of 6.92%, while USA has yielded a comparatively higher 12.22% annualized 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%
USA
- 1D
- 0.34%
- 1M
- 3.83%
- 6M
- -1.64%
- YTD
- 0.24%
- 1Y
- -3.40%
- 3Y*
- 6.94%
- 5Y*
- 1.37%
- 10Y*
- 12.22%
PJP vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJP Invesco Dynamic Pharmaceuticals ETF | 13.12% | 27.98% | 9.63% | -2.18% | -2.16% | 14.58% | 11.29% | 4.64% | -1.78% | 15.30% |
USA Liberty All-Star Equity Fund | 0.24% | 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 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005 | 0.56 |
Over the past year, the correlation between PJP and USA has dropped to 0.33 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
PJP vs. USA — Risk / Return Rank
PJP
USA
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 ratioReturn per unit of total volatility | +2.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.98 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.97 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 4.69 | -0.24 | +4.93 |
| Martin ratioReturn relative to average drawdown | 14.81 | -0.59 | +15.40 |
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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.
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Drawdown Indicators
| PJP | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -69.15% | +32.09% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | -14.30% | +4.86% |
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 DrawdownCurrent decline from peak | -3.80% | -5.15% | +1.35% |
Average DrawdownAverage peak-to-trough decline | -8.81% | -11.51% | +2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 5.97% | -2.99% |
Volatility
PJP vs. USA - Volatility Comparison
Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 5.67% compared to Liberty All-Star Equity Fund (USA) at 4.78%. 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.
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Volatility by Period
| PJP | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 4.78% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.91% | 10.84% | +2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.95% | 13.97% | +2.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.31% | 20.19% | -3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 22.56% | -4.19% |
Dividends
PJP vs. USA - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.91%, less than USA's 11.41% 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% |
USA Liberty All-Star Equity Fund | 11.41% | 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
PJP and USA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PJP has higher volatility (5.67%) compared to USA (4.78%). In terms of maximum drawdown, PJP dropped -37.06% vs USA's -69.15%.
PJP currently has the higher Sharpe Ratio (2.62 vs -0.24), 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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