PJP vs. XHS

Last updated Jun 24, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and XHS (SPDR S&P Health Care Services ETF) are both Health & Biotech Equities funds - PJP tracks the Dynamic Pharmaceuticals Intellidex Index while XHS tracks the S&P Health Care Services Select Industry Index. Both are passively managed. Over the past 10 years, PJP returned 7.44%/yr vs 8.61%/yr for XHS. A 0.63 correlation means they provide meaningful diversification when combined. PJP charges 0.58%/yr vs 0.35%/yr for XHS.

Performance

PJP vs. XHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and SPDR S&P Health Care Services ETF (XHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 9.74% return, which is significantly lower than XHS's 15.40% return. Over the past 10 years, PJP has underperformed XHS with an annualized return of 7.44%, while XHS has yielded a comparatively higher 8.61% annualized return.

PJP

• 1D: 1.74%
• 1M: 4.87%
• YTD: 9.74%
• 6M: 7.29%
• 1Y: 44.65%
• 3Y*: 15.79%
• 5Y*: 8.32%
• 10Y*: 7.44%

XHS

• 1D: 0.88%
• 1M: 8.42%
• YTD: 15.40%
• 6M: 14.24%
• 1Y: 28.59%
• 3Y*: 11.29%
• 5Y*: 1.64%
• 10Y*: 8.61%

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

PJP vs. XHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PJP Invesco Dynamic Pharmaceuticals ETF	9.74%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%
XHS SPDR S&P Health Care Services ETF	15.40%	18.83%	1.76%	5.15%	-19.87%	9.76%	33.66%	18.81%	1.96%	17.65%

Correlation

The correlation between PJP and XHS is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.63

The correlation between PJP and XHS shifts across timeframes, from 0.44 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

PJP vs. XHS - Sectors Allocation Comparison

Sectors	PJP	XHS
Healthcare	100.0%	97.9%
Financial Services	0.0%	2.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PJP vs. XHS — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 85
PJP Sharpe Ratio Rank: 87
PJP Sortino Ratio Rank: 88
PJP Omega Ratio Rank: 81
PJP Calmar Ratio Rank: 87
PJP Martin Ratio Rank: 81

XHS

XHS Risk / Return Rank: 47
XHS Sharpe Ratio Rank: 48
XHS Sortino Ratio Rank: 47
XHS Omega Ratio Rank: 47
XHS Calmar Ratio Rank: 51
XHS Martin Ratio Rank: 43

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. XHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and SPDR S&P Health Care Services ETF (XHS). 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	XHS	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.60	+1.10
Sortino ratio: Return per unit of downside risk	3.79	2.21	+1.58
Omega ratio: Gain probability vs. loss probability	1.45	1.29	+0.16
Calmar ratio: Return relative to maximum drawdown	4.75	2.39	+2.36
Martin ratio: Return relative to average drawdown	15.06	6.63	+8.43

PJP vs. XHS - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 2.71, which is higher than the XHS Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of PJP and XHS, 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. XHS - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum XHS drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for PJP and XHS.

Drawdown Indicators

	PJP	XHS	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-39.32%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-11.99%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-17.81%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-32.62%	+15.11%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	-39.32%	+5.37%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.83%	-10.16%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	4.32%	-1.35%

Volatility

PJP vs. XHS - Volatility Comparison

Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 5.39% compared to SPDR S&P Health Care Services ETF (XHS) at 4.47%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than XHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	XHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	4.47%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	12.25%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	17.92%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	21.13%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	22.40%	-4.03%

PJP vs. XHS - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is higher than XHS's 0.35% expense ratio.

Dividends

PJP vs. XHS - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.93%, more than XHS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	0.93%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
XHS SPDR S&P Health Care Services ETF	0.22%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%

Frequently Asked Questions

Can I hold both PJP and XHS in my portfolio?

PJP and XHS have a correlation of 0.44, 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 XHS?

PJP has higher volatility (5.39%) compared to XHS (4.47%). In terms of maximum drawdown, PJP dropped -37.06% vs XHS's -39.32%.

Which ETF is better, PJP or XHS?

On 10-year performance, XHS leads with 8.61% vs 7.44% for PJP. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJP or XHS?

Over the 10-year period, XHS has performed better with a 8.61% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJP or XHS?

XHS is cheaper with a 0.35% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.93%, compared with 0.22% for XHS.

What is the main difference between PJP and XHS?

PJP tracks Dynamic Pharmaceuticals Intellidex Index, while XHS tracks S&P Health Care Services Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PJP and 0.35% for XHS.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.71 vs 1.60), 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.