PJP vs. XLVI

Last updated Jun 4, 2026

PJP (Invesco Dynamic Pharmaceuticals ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while XLVI is a Derivative Income fund actively managed by State Street. PJP is passively managed, while XLVI is actively managed. A 0.77 correlation means they provide meaningful diversification when combined. PJP charges 0.58%/yr vs 0.35%/yr for XLVI.

Performance

PJP vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PJP achieves a 2.90% return, which is significantly higher than XLVI's -0.67% return.

PJP

• 1D: 1.20%
• 1M: 1.29%
• YTD: 2.90%
• 6M: 2.29%
• 1Y: 34.73%
• 3Y*: 13.31%
• 5Y*: 7.62%
• 10Y*: 6.15%

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PJP vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
PJP Invesco Dynamic Pharmaceuticals ETF	2.90%	27.46%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%

Correlation

The correlation between PJP and XLVI is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025	0.77

PJP vs. XLVI - Sectors Allocation Comparison

Sectors	PJP	XLVI
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PJP vs. XLVI — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 64
PJP Sharpe Ratio Rank: 63
PJP Sortino Ratio Rank: 64
PJP Omega Ratio Rank: 57
PJP Calmar Ratio Rank: 73
PJP Martin Ratio Rank: 63

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. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

	PJP	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	3.01	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.70	—	—
Martin ratio: Return relative to average drawdown	11.55	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PJP	XLVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.33	-0.73

Drawdowns

PJP vs. XLVI - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for PJP and XLVI.

Drawdown Indicators

	PJP	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-8.14%	-28.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	—	—
Current Drawdown Current decline from peak	-2.94%	-4.02%	+1.08%
Average Drawdown Average peak-to-trough decline	-8.85%	-1.95%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	—	—

Volatility

Volatility by Period

	PJP	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.02%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	10.94%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	10.94%	+5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	10.94%	+7.45%

PJP vs. XLVI - Expense Ratio Comparison

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

Dividends

PJP vs. XLVI - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 0.99%, less than XLVI's 11.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	0.99%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.53%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PJP and XLVI in my portfolio?

PJP and XLVI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PJP or XLVI?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PJP or XLVI?

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

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

XLVI has the higher dividend yield at 11.53%, compared with 0.99% for PJP.

What is the main difference between PJP and XLVI?

PJP is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PJP and 0.35% for XLVI.