PJP vs. UUP
PJP (Invesco Dynamic Pharmaceuticals ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, PJP returned 6.92%/yr vs 3.17%/yr for UUP. At a correlation of -0.13, they often move in opposite directions. PJP charges 0.58%/yr vs 0.75%/yr for UUP.
Performance
PJP vs. UUP - 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 UUP's 5.44% return. Over the past 10 years, PJP has outperformed UUP with an annualized return of 6.92%, while UUP has yielded a comparatively lower 3.17% 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%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
PJP vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between PJP and UUP is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.13 |
The correlation between PJP and UUP shifts across timeframes, from -0.25 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJP vs. UUP — Risk / Return Rank
PJP
UUP
PJP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.69 | 2.28 | +2.41 |
| Martin ratioReturn relative to average drawdown | 14.81 | 6.26 | +8.55 |
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Drawdowns
PJP vs. UUP - Drawdown Comparison
The maximum PJP drawdown since its inception was -37.06%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PJP and UUP.
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Drawdown Indicators
| PJP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -22.19% | -14.87% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | -3.65% | -5.79% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -10.05% | -6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -17.51% | -10.37% | -7.14% |
Max Drawdown (10Y)Largest decline over 10 years | -33.95% | -14.24% | -19.71% |
Current DrawdownCurrent decline from peak | -3.80% | -1.26% | -2.54% |
Average DrawdownAverage peak-to-trough decline | -8.81% | -8.88% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 1.33% | +1.65% |
Volatility
PJP vs. UUP - Volatility Comparison
Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 5.67% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 1.45% | +4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 12.91% | 4.34% | +8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.95% | 6.03% | +10.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.31% | 7.22% | +9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 6.90% | +11.47% |
PJP vs. UUP - Expense Ratio Comparison
PJP has a 0.58% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
PJP vs. UUP - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.91%, less than UUP's 3.25% 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
PJP and UUP have a correlation of -0.25, 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 UUP (1.45%). In terms of maximum drawdown, PJP dropped -37.06% vs UUP's -22.19%.
On 10-year performance, PJP leads with 6.92% vs 3.17% for UUP. On fees, PJP is cheaper at 0.58% per year. On volatility, UUP has been the lower-risk option at 1.45%. 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 6.92% return vs 3.17%. 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 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 0.91% for PJP.
PJP is categorized as Health & Biotech Equities, while UUP is Currency. PJP tracks Dynamic Pharmaceuticals Intellidex Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.58% for PJP and 0.75% for UUP.
PJP currently has the higher Sharpe Ratio (2.62 vs 1.38), 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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