PJP vs. VPU

Last updated Jul 26, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and VPU (Vanguard Utilities ETF) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index. Both are passively managed. Over the past 10 years, PJP returned 7.06%/yr vs 9.11%/yr for VPU. Their 0.41 correlation means their historical movements had little consistent relationship. PJP charges 0.58%/yr vs 0.09%/yr for VPU.

Performance

PJP vs. VPU - Performance Comparison

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

Returns By Period

In the year-to-date period, PJP achieves a 15.78% return, which is significantly higher than VPU's 9.23% return. Over the past 10 years, PJP has underperformed VPU with an annualized return of 7.06%, while VPU has yielded a comparatively higher 9.11% annualized return.

PJP

• 1D: 0.14%
• 1M: 4.06%
• 6M: 15.29%
• YTD: 15.78%
• 1Y: 43.85%
• 3Y*: 17.08%
• 5Y*: 9.28%
• 10Y*: 7.06%
• ALL TIME*: 11.71%

VPU

• 1D: 0.02%
• 1M: 0.66%
• 6M: 9.17%
• YTD: 9.23%
• 1Y: 12.20%
• 3Y*: 13.78%
• 5Y*: 10.11%
• 10Y*: 9.11%
• ALL TIME*: 9.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PJP Invesco Dynamic Pharmaceuticals ETF	$11.91M	$6.38M	$3.32M
VPU Vanguard Utilities ETF	$39.94M	$42.60M	$42.54M

PJP vs. VPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PJP Invesco Dynamic Pharmaceuticals ETF	15.78%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%
VPU Vanguard Utilities ETF	9.23%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%

Correlation

The correlation between PJP and VPU is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.41

Over the past year, the correlation between PJP and VPU has dropped to 0.21 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

PJP vs. VPU - Sectors Allocation Comparison

Sectors	PJP	VPU
Healthcare	100.0%	-
Financial Services	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.4%
Industrials	-	0.2%
Real Estate	-	-
Technology	-	-
Utilities	-	99.0%

Return for Risk

PJP vs. VPU — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 93
PJP Sharpe Ratio Rank: 94
PJP Sortino Ratio Rank: 94
PJP Omega Ratio Rank: 92
PJP Calmar Ratio Rank: 93
PJP Martin Ratio Rank: 90

VPU

VPU Risk / Return Rank: 34
VPU Sharpe Ratio Rank: 35
VPU Sortino Ratio Rank: 33
VPU Omega Ratio Rank: 32
VPU Calmar Ratio Rank: 40
VPU Martin Ratio Rank: 32

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. VPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and Vanguard Utilities ETF (VPU). 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	VPU	Difference
Sharpe ratio: Return per unit of total volatility	2.62	0.85	+1.76
Sortino ratio: Return per unit of downside risk	3.72	1.24	+2.49
Omega ratio: Gain probability vs. loss probability	1.44	1.15	+0.28
Calmar ratio: Return relative to maximum drawdown	4.71	1.41	+3.30
Martin ratio: Return relative to average drawdown	14.61	2.92	+11.69

PJP vs. VPU - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 2.62, which is higher than the VPU Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of PJP and VPU, 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. VPU - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum VPU drawdown of -46.31%. Use the drawdown chart below to compare losses from any high point for PJP and VPU.

Drawdown Indicators

	PJP	VPU	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-46.31%	+9.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-8.90%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-15.78%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-25.15%	+7.64%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	-36.42%	+2.47%
Current Drawdown Current decline from peak	-1.53%	-1.82%	+0.29%
Average Drawdown Average peak-to-trough decline	-8.80%	-7.76%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.28%	-1.25%

Volatility

PJP vs. VPU - Volatility Comparison

Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 6.18% compared to Vanguard Utilities ETF (VPU) at 4.49%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than VPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	VPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	4.49%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	11.68%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	14.64%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	17.05%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	19.15%	-0.77%

PJP vs. VPU - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is higher than VPU's 0.09% expense ratio.

Dividends

PJP vs. VPU - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.88%, less than VPU's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	0.88%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
VPU Vanguard Utilities ETF	2.59%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both PJP and VPU in my portfolio?

PJP and VPU have a correlation of 0.21, 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 VPU?

PJP has higher volatility (6.18%) compared to VPU (4.49%). In terms of maximum drawdown, PJP dropped -37.06% vs VPU's -46.31%.

Which ETF is better, PJP or VPU?

On 10-year performance, VPU leads with 9.11% vs 7.06% for PJP. On fees, VPU is cheaper at 0.09% per year. On volatility, VPU has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJP or VPU?

Over the 10-year period, VPU has performed better with a 9.11% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJP or VPU?

VPU is cheaper with a 0.09% expense ratio, compared with 0.58% for PJP.

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

VPU has the higher dividend yield at 2.59%, compared with 0.88% for PJP.

What is the main difference between PJP and VPU?

PJP is categorized as Health & Biotech Equities, while VPU is Utilities Equities. PJP tracks Dynamic Pharmaceuticals Intellidex Index, while VPU tracks MSCI US Investable Market Utilities 25/50 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.58% for PJP and 0.09% for VPU.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.62 vs 0.85), 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.