PPH vs. PBE

Last updated Jun 16, 2026

PPH (VanEck Pharmaceutical ETF) and PBE (Invesco Dynamic Biotechnology & Genome ETF) are both Health & Biotech Equities funds - PPH tracks the MVIS US Listed Pharmaceutical 25 Index while PBE tracks the Dynamic Biotech & Genome Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, PPH returned 8.39%/yr vs 8.90%/yr for PBE. A 0.64 correlation means they provide meaningful diversification when combined. PPH charges 0.36%/yr vs 0.59%/yr for PBE.

Performance

PPH vs. PBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Pharmaceutical ETF (PPH) and Invesco Dynamic Biotechnology & Genome ETF (PBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPH achieves a 2.96% return, which is significantly lower than PBE's 3.32% return. Over the past 10 years, PPH has underperformed PBE with an annualized return of 8.39%, while PBE has yielded a comparatively higher 8.90% annualized return.

PPH

• 1D: -1.04%
• 1M: 4.48%
• YTD: 2.96%
• 6M: 3.80%
• 1Y: 18.69%
• 3Y*: 12.38%
• 5Y*: 9.47%
• 10Y*: 8.39%

PBE

• 1D: 0.81%
• 1M: 4.85%
• YTD: 3.32%
• 6M: 5.17%
• 1Y: 34.13%
• 3Y*: 10.91%
• 5Y*: 2.31%
• 10Y*: 8.90%

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

PPH vs. PBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPH VanEck Pharmaceutical ETF	2.96%	22.00%	8.05%	6.95%	2.64%	17.79%	5.49%	19.39%	-5.89%	15.23%
PBE Invesco Dynamic Biotechnology & Genome ETF	3.32%	24.84%	1.10%	3.71%	-10.83%	1.54%	25.66%	18.65%	-0.19%	22.28%

Correlation

The correlation between PPH and PBE is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.64

The correlation between PPH and PBE has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

PPH vs. PBE - Sectors Allocation Comparison

Sectors	PPH	PBE
Healthcare	100.0%	99.9%
Industrials	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.2%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PPH vs. PBE — Risk / Return Rank

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

PPH

PPH Risk / Return Rank: 34
PPH Sharpe Ratio Rank: 32
PPH Sortino Ratio Rank: 35
PPH Omega Ratio Rank: 31
PPH Calmar Ratio Rank: 38
PPH Martin Ratio Rank: 32

PBE

PBE Risk / Return Rank: 58
PBE Sharpe Ratio Rank: 58
PBE Sortino Ratio Rank: 63
PBE Omega Ratio Rank: 53
PBE Calmar Ratio Rank: 63
PBE Martin Ratio Rank: 52

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.

PPH vs. PBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Pharmaceutical ETF (PPH) and Invesco Dynamic Biotechnology & Genome ETF (PBE). 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.

	PPH	PBE	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.81	-0.74
Sortino ratio: Return per unit of downside risk	1.70	2.68	-0.98
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.74	2.92	-1.18
Martin ratio: Return relative to average drawdown	4.30	8.21	-3.91

PPH vs. PBE - Sharpe Ratio Comparison

The current PPH Sharpe Ratio is 1.07, which is lower than the PBE Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of PPH and PBE, 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

PPH vs. PBE - Drawdown Comparison

The maximum PPH drawdown since its inception was -51.45%, which is greater than PBE's maximum drawdown of -45.69%. Use the drawdown chart below to compare losses from any high point for PPH and PBE.

Drawdown Indicators

	PPH	PBE	Difference
Max Drawdown Largest peak-to-trough decline	-51.45%	-45.69%	-5.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-11.73%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-22.43%	+4.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.26%	-34.71%	+14.45%
Max Drawdown (10Y) Largest decline over 10 years	-29.70%	-37.84%	+8.14%
Current Drawdown Current decline from peak	-4.90%	-1.00%	-3.90%
Average Drawdown Average peak-to-trough decline	-17.29%	-16.21%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	4.17%	+0.28%

Volatility

PPH vs. PBE - Volatility Comparison

VanEck Pharmaceutical ETF (PPH) and Invesco Dynamic Biotechnology & Genome ETF (PBE) have volatilities of 5.95% and 6.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPH	PBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	6.04%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	13.67%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	19.01%	-1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	22.48%	-7.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	24.91%	-7.91%

PPH vs. PBE - Expense Ratio Comparison

PPH has a 0.36% expense ratio, which is lower than PBE's 0.59% expense ratio.

Dividends

PPH vs. PBE - Dividend Comparison

PPH's dividend yield for the trailing twelve months is around 2.05%, more than PBE's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.02%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
PPH VanEck Pharmaceutical ETF	2.05%	1.78%	1.98%	2.09%	1.55%	1.62%	1.66%	1.77%	1.97%	1.92%	2.43%	1.93%

Frequently Asked Questions

Can I hold both PPH and PBE in my portfolio?

PPH and PBE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPH or PBE?

PBE has higher volatility (6.04%) compared to PPH (5.95%). In terms of maximum drawdown, PPH dropped -51.45% vs PBE's -45.69%.

Which ETF is better, PPH or PBE?

On 10-year performance, PBE leads with 8.90% vs 8.39% for PPH. On fees, PPH is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPH or PBE?

Over the 10-year period, PBE has performed better with a 8.90% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPH or PBE?

PPH is cheaper with a 0.36% expense ratio, compared with 0.59% for PBE.

Which ETF pays a higher dividend yield, PPH or PBE?

PPH has the higher dividend yield at 2.05%, compared with 1.02% for PBE.

What is the main difference between PPH and PBE?

PPH tracks MVIS US Listed Pharmaceutical 25 Index, while PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX). They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.36% for PPH and 0.59% for PBE.

Which has better risk-adjusted returns?

PBE currently has the higher Sharpe Ratio (1.81 vs 1.07), 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.