QQQM vs. PJP

Last updated Jul 26, 2026

QQQM (Invesco NASDAQ 100 ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both exchange-traded funds - QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 5 years, QQQM returned 13.97%/yr vs 9.28%/yr for PJP. Their 0.41 correlation means their historical movements had little consistent relationship. QQQM charges 0.15%/yr vs 0.58%/yr for PJP.

Performance

QQQM vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ 100 ETF (QQQM) 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, QQQM achieves a 11.65% return, which is significantly lower than PJP's 15.78% return.

QQQM

• 1D: -1.16%
• 1M: -4.48%
• 6M: 10.14%
• YTD: 11.65%
• 1Y: 21.43%
• 3Y*: 22.56%
• 5Y*: 13.97%
• 10Y*: —
• ALL TIME*: 16.46%

PJP

• 1D: 0.14%
• 1M: 4.06%
• 6M: 15.29%
• YTD: 15.78%
• 1Y: 43.85%
• 3Y*: 17.08%
• 5Y*: 9.28%
• 10Y*: 7.06%
• ALL TIME*: 11.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PJP Invesco Dynamic Pharmaceuticals ETF	$11.91M	$6.38M	$3.32M
QQQM Invesco NASDAQ 100 ETF	$905.61M	$924.70M	$1.17B

QQQM vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QQQM Invesco NASDAQ 100 ETF	11.65%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%
PJP Invesco Dynamic Pharmaceuticals ETF	15.78%	27.98%	9.63%	-2.18%	-2.16%	14.58%	7.33%

Correlation

The correlation between QQQM and PJP is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.41

Over the past year, the correlation between QQQM and PJP has dropped to 0.15 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

QQQM vs. PJP - Sectors Allocation Comparison

Sectors	QQQM	PJP
Technology	60.9%	-
Communication Services	13.1%	-
Consumer Cyclical	10.7%	-
Consumer Defensive	6.3%	-
Healthcare	3.6%	100.0%
Industrials	2.7%	-
Utilities	1.1%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	0.0%
Real Estate	0.1%	-

Return for Risk

QQQM vs. PJP — Risk / Return Rank

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

QQQM

QQQM Risk / Return Rank: 49
QQQM Sharpe Ratio Rank: 47
QQQM Sortino Ratio Rank: 45
QQQM Omega Ratio Rank: 46
QQQM Calmar Ratio Rank: 53
QQQM Martin Ratio Rank: 53

PJP

PJP Risk / Return Rank: 93
PJP Sharpe Ratio Rank: 94
PJP Sortino Ratio Rank: 94
PJP Omega Ratio Rank: 92
PJP Calmar Ratio Rank: 93
PJP Martin Ratio Rank: 90

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.

QQQM vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 ETF (QQQM) 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.

	QQQM	PJP	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.62	-1.46
Sortino ratio: Return per unit of downside risk	1.63	3.72	-2.09
Omega ratio: Gain probability vs. loss probability	1.21	1.44	-0.23
Calmar ratio: Return relative to maximum drawdown	1.82	4.71	-2.88
Martin ratio: Return relative to average drawdown	6.19	14.61	-8.43

QQQM vs. PJP - Sharpe Ratio Comparison

The current QQQM Sharpe Ratio is 1.16, which is lower than the PJP Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of QQQM 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

QQQM vs. PJP - Drawdown Comparison

The maximum QQQM drawdown since its inception was -35.04%, smaller than the maximum PJP drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for QQQM and PJP.

Drawdown Indicators

	QQQM	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-35.04%	-37.06%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-9.44%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	-16.27%	-6.43%
Max Drawdown (5Y) Largest decline over 5 years	-35.04%	-17.51%	-17.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.95%	—
Current Drawdown Current decline from peak	-8.21%	-1.53%	-6.68%
Average Drawdown Average peak-to-trough decline	-8.14%	-8.80%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.03%	+0.49%

Volatility

QQQM vs. PJP - Volatility Comparison

Invesco NASDAQ 100 ETF (QQQM) has a higher volatility of 6.65% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 6.18%. This indicates that QQQM'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

	QQQM	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	6.18%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	13.23%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	18.82%	16.97%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.68%	16.36%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	18.38%	+3.92%

QQQM vs. PJP - Expense Ratio Comparison

QQQM has a 0.15% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

QQQM vs. PJP - Dividend Comparison

QQQM's dividend yield for the trailing twelve months is around 0.46%, less than PJP's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	0.88%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
QQQM Invesco NASDAQ 100 ETF	0.46%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQM and PJP in my portfolio?

QQQM and PJP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQM or PJP?

QQQM has higher volatility (6.65%) compared to PJP (6.18%). In terms of maximum drawdown, QQQM dropped -35.04% vs PJP's -37.06%.

Which ETF is better, QQQM or PJP?

On 5-year performance, QQQM leads with 13.97% vs 9.28% for PJP. On fees, QQQM is cheaper at 0.15% per year. On volatility, PJP has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQM or PJP?

Over the 5-year period, QQQM has performed better with a 13.97% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQM or PJP?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.88%, compared with 0.46% for QQQM.

What is the main difference between QQQM and PJP?

QQQM is categorized as Nasdaq-100, while PJP is Health & Biotech Equities. QQQM tracks NASDAQ-100 Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. Their fees differ too: 0.15% for QQQM and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.62 vs 1.16), 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.