PTH vs. PJP

Last updated Jun 24, 2026

PTH (Invesco DWA Healthcare Momentum ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both exchange-traded funds - PTH is a Momentum fund tracking the Dorsey Wright Healthcare Technical Leaders Index, while PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 10 years, PTH returned 14.65%/yr vs 7.44%/yr for PJP. A 0.74 correlation means they provide meaningful diversification when combined. PTH charges 0.60%/yr vs 0.58%/yr for PJP.

Performance

PTH vs. PJP - Performance Comparison

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

Returns By Period

In the year-to-date period, PTH achieves a 10.66% return, which is significantly higher than PJP's 9.74% return. Over the past 10 years, PTH has outperformed PJP with an annualized return of 14.65%, while PJP has yielded a comparatively lower 7.44% annualized return.

PTH

• 1D: 0.84%
• 1M: 7.38%
• YTD: 10.66%
• 6M: 8.96%
• 1Y: 47.97%
• 3Y*: 12.29%
• 5Y*: 0.29%
• 10Y*: 14.65%

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%

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

PTH vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTH Invesco DWA Healthcare Momentum ETF	10.66%	27.91%	2.36%	-4.54%	-20.61%	-3.20%	67.26%	34.45%	-1.23%	50.15%
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%

Correlation

The correlation between PTH and PJP is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006	0.74

The correlation between PTH and PJP shifts across timeframes, from 0.62 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

PTH vs. PJP - Sectors Allocation Comparison

Sectors	PTH	PJP
Healthcare	99.8%	100.0%
Financial Services	0.2%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PTH vs. PJP — Risk / Return Rank

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

PTH

PTH Risk / Return Rank: 66
PTH Sharpe Ratio Rank: 66
PTH Sortino Ratio Rank: 65
PTH Omega Ratio Rank: 58
PTH Calmar Ratio Rank: 81
PTH Martin Ratio Rank: 61

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

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.

PTH vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Healthcare Momentum ETF (PTH) and Invesco Dynamic Pharmaceuticals ETF (PJP). 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.

	PTH	PJP	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.71	-0.70
Sortino ratio: Return per unit of downside risk	2.78	3.79	-1.00
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio: Return relative to maximum drawdown	4.02	4.75	-0.73
Martin ratio: Return relative to average drawdown	10.05	15.06	-5.01

PTH vs. PJP - Sharpe Ratio Comparison

The current PTH Sharpe Ratio is 2.00, which is comparable to the PJP Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PTH and PJP, 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

PTH vs. PJP - Drawdown Comparison

The maximum PTH drawdown since its inception was -53.52%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for PTH and PJP.

Drawdown Indicators

	PTH	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-53.52%	-37.06%	-16.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-9.44%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-16.27%	-11.82%
Max Drawdown (5Y) Largest decline over 5 years	-50.07%	-17.51%	-32.56%
Max Drawdown (10Y) Largest decline over 10 years	-53.52%	-33.95%	-19.57%
Current Drawdown Current decline from peak	-9.70%	0.00%	-9.70%
Average Drawdown Average peak-to-trough decline	-16.99%	-8.83%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	2.97%	+1.82%

Volatility

PTH vs. PJP - Volatility Comparison

Invesco DWA Healthcare Momentum ETF (PTH) has a higher volatility of 9.29% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 5.39%. This indicates that PTH's price experiences larger fluctuations and is considered to be riskier than PJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTH	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	5.39%	+3.90%
Volatility (6M) Calculated over the trailing 6-month period	18.85%	12.46%	+6.39%
Volatility (1Y) Calculated over the trailing 1-year period	24.06%	16.58%	+7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	16.20%	+9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.30%	18.37%	+8.93%

PTH vs. PJP - Expense Ratio Comparison

PTH has a 0.60% expense ratio, which is higher than PJP's 0.58% expense ratio.

Dividends

PTH vs. PJP - Dividend Comparison

PTH's dividend yield for the trailing twelve months is around 2.78%, more than PJP's 0.93% 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%
PTH Invesco DWA Healthcare Momentum ETF	2.78%	3.07%	0.06%	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 PTH and PJP in my portfolio?

PTH and PJP have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTH or PJP?

PTH has higher volatility (9.29%) compared to PJP (5.39%). In terms of maximum drawdown, PTH dropped -53.52% vs PJP's -37.06%.

Which ETF is better, PTH or PJP?

On 10-year performance, PTH leads with 14.65% vs 7.44% for PJP. On fees, PJP is cheaper at 0.58% per year. On volatility, PJP has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTH or PJP?

Over the 10-year period, PTH has performed better with a 14.65% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTH or PJP?

PJP is cheaper with a 0.58% expense ratio, compared with 0.60% for PTH.

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

PTH has the higher dividend yield at 2.78%, compared with 0.93% for PJP.

What is the main difference between PTH and PJP?

PTH is categorized as Momentum, while PJP is Health & Biotech Equities. PTH tracks Dorsey Wright Healthcare Technical Leaders Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. Their fees differ too: 0.60% for PTH and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.71 vs 2.00), 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.