PSL vs. PBJ

Last updated Jun 25, 2026

PSL (Invesco DWA Consumer Staples Momentum ETF) and PBJ (Invesco Dynamic Food & Beverage ETF) are both exchange-traded funds - PSL is a Momentum fund tracking the DWA Consumer Staples Technical Leaders Index, while PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex Index. Both are passively managed. Over the past 10 years, PSL returned 8.21%/yr vs 5.24%/yr for PBJ. Their correlation of 0.82 suggests significant overlap in exposure. PSL charges 0.60%/yr vs 0.63%/yr for PBJ.

Performance

PSL vs. PBJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Staples Momentum ETF (PSL) and Invesco Dynamic Food & Beverage ETF (PBJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSL achieves a 11.21% return, which is significantly higher than PBJ's 6.04% return. Over the past 10 years, PSL has outperformed PBJ with an annualized return of 8.21%, while PBJ has yielded a comparatively lower 5.24% annualized return.

PSL

• 1D: 0.43%
• 1M: 0.21%
• YTD: 11.21%
• 6M: 9.38%
• 1Y: 1.20%
• 3Y*: 9.94%
• 5Y*: 4.59%
• 10Y*: 8.21%

PBJ

• 1D: 0.68%
• 1M: -2.30%
• YTD: 6.04%
• 6M: 5.12%
• 1Y: 0.57%
• 3Y*: 2.70%
• 5Y*: 3.74%
• 10Y*: 5.24%

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

PSL vs. PBJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSL Invesco DWA Consumer Staples Momentum ETF	11.21%	-3.47%	15.42%	12.32%	-7.76%	6.88%	18.15%	14.16%	0.92%	21.82%
PBJ Invesco Dynamic Food & Beverage ETF	6.04%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	17.50%	-11.21%	1.87%

Correlation

The correlation between PSL and PBJ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.82

The correlation between PSL and PBJ has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

PSL vs. PBJ - Sectors Allocation Comparison

Sectors	PSL	PBJ
Consumer Defensive	86.3%	78.1%
Consumer Cyclical	10.6%	11.0%
Financial Services	1.8%	0.2%
Industrials	1.4%	5.6%
Basic Materials	-	5.1%
Communication Services	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSL vs. PBJ — Risk / Return Rank

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

PSL

PSL Risk / Return Rank: 10
PSL Sharpe Ratio Rank: 10
PSL Sortino Ratio Rank: 9
PSL Omega Ratio Rank: 9
PSL Calmar Ratio Rank: 10
PSL Martin Ratio Rank: 10

PBJ

PBJ Risk / Return Rank: 9
PBJ Sharpe Ratio Rank: 10
PBJ Sortino Ratio Rank: 9
PBJ Omega Ratio Rank: 9
PBJ Calmar Ratio Rank: 9
PBJ Martin Ratio Rank: 9

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.

PSL vs. PBJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Staples Momentum ETF (PSL) and Invesco Dynamic Food & Beverage ETF (PBJ). 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.

	PSL	PBJ	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.05	+0.05
Sortino ratio: Return per unit of downside risk	0.21	0.15	+0.06
Omega ratio: Gain probability vs. loss probability	1.03	1.02	+0.01
Calmar ratio: Return relative to maximum drawdown	0.09	0.05	+0.04
Martin ratio: Return relative to average drawdown	0.19	0.11	+0.09

PSL vs. PBJ - Sharpe Ratio Comparison

The current PSL Sharpe Ratio is 0.09, which is higher than the PBJ Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of PSL and PBJ, 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

PSL vs. PBJ - Drawdown Comparison

The maximum PSL drawdown since its inception was -41.58%, which is greater than PBJ's maximum drawdown of -39.15%. Use the drawdown chart below to compare losses from any high point for PSL and PBJ.

Drawdown Indicators

	PSL	PBJ	Difference
Max Drawdown Largest peak-to-trough decline	-41.58%	-39.15%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.64%	-12.48%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-12.99%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-19.45%	-15.81%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	-34.67%	-28.49%	-6.18%
Current Drawdown Current decline from peak	-4.60%	-6.79%	+2.19%
Average Drawdown Average peak-to-trough decline	-5.81%	-5.40%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.20%	5.43%	+0.77%

Volatility

PSL vs. PBJ - Volatility Comparison

Invesco DWA Consumer Staples Momentum ETF (PSL) and Invesco Dynamic Food & Beverage ETF (PBJ) have volatilities of 4.44% and 4.40%, 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

	PSL	PBJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	4.40%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	9.42%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	12.70%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	13.77%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	15.13%	+1.38%

PSL vs. PBJ - Expense Ratio Comparison

PSL has a 0.60% expense ratio, which is lower than PBJ's 0.63% expense ratio.

Dividends

PSL vs. PBJ - Dividend Comparison

PSL's dividend yield for the trailing twelve months is around 0.75%, less than PBJ's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBJ Invesco Dynamic Food & Beverage ETF	1.29%	1.83%	1.11%	1.81%	1.82%	0.90%	1.12%	1.21%	1.41%	0.70%	1.56%	1.24%
PSL Invesco DWA Consumer Staples Momentum ETF	0.75%	0.93%	0.60%	1.37%	1.98%	1.24%	0.80%	0.47%	0.75%	0.34%	2.08%	1.18%

Frequently Asked Questions

Can I hold both PSL and PBJ in my portfolio?

PSL and PBJ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSL or PBJ?

PSL has higher volatility (4.44%) compared to PBJ (4.40%). In terms of maximum drawdown, PSL dropped -41.58% vs PBJ's -39.15%.

Which ETF is better, PSL or PBJ?

On 10-year performance, PSL leads with 8.21% vs 5.24% for PBJ. On fees, PSL is cheaper at 0.60% 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, PSL or PBJ?

Over the 10-year period, PSL has performed better with a 8.21% return vs 5.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSL or PBJ?

PSL is cheaper with a 0.60% expense ratio, compared with 0.63% for PBJ.

Which ETF pays a higher dividend yield, PSL or PBJ?

PBJ has the higher dividend yield at 1.29%, compared with 0.75% for PSL.

What is the main difference between PSL and PBJ?

PSL is categorized as Momentum, while PBJ is Consumer Staples Equities. PSL tracks DWA Consumer Staples Technical Leaders Index, while PBJ tracks Dynamic Food & Beverage Intellidex Index. Their fees differ too: 0.60% for PSL and 0.63% for PBJ.

Which has better risk-adjusted returns?

PSL currently has the higher Sharpe Ratio (0.09 vs 0.05), 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.