TMED vs. PJP

Last updated Jun 24, 2026

TMED (T. Rowe Price Health Care ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds. At a correlation of -0.29, they often move in opposite directions. TMED charges 0.44%/yr vs 0.58%/yr for PJP.

Performance

TMED vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Health Care ETF (TMED) and Invesco Dynamic Pharmaceuticals ETF (PJP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TMED

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TMED vs. PJP - Yearly Performance Comparison

	2026 (YTD)
TMED T. Rowe Price Health Care ETF	-7.14%
PJP Invesco Dynamic Pharmaceuticals ETF	6.65%

Correlation

The correlation between TMED and PJP is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	-0.29

Return for Risk

TMED vs. PJP — Risk / Return Rank

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

TMED

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TMED vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Health Care ETF (TMED) 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.

	TMED	PJP	Difference
Sharpe ratio: Return per unit of total volatility	—	2.71	—
Sortino ratio: Return per unit of downside risk	—	3.79	—
Omega ratio: Gain probability vs. loss probability	—	1.45	—
Calmar ratio: Return relative to maximum drawdown	—	4.75	—
Martin ratio: Return relative to average drawdown	—	15.06	—

Drawdowns

TMED vs. PJP - Drawdown Comparison

The maximum TMED drawdown since its inception was -7.14%, smaller than the maximum PJP drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for TMED and PJP.

Drawdown Indicators

	TMED	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-7.14%	-37.06%	+29.92%
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	-7.14%	0.00%	-7.14%
Average Drawdown Average peak-to-trough decline	-5.00%	-8.83%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.97%	—

Volatility

Volatility by Period

	TMED	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.28%	16.58%	+49.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.28%	16.20%	+50.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	18.37%	+47.91%

TMED vs. PJP - Expense Ratio Comparison

TMED has a 0.44% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

TMED vs. PJP - Dividend Comparison

TMED has not paid dividends to shareholders, while PJP's dividend yield for the trailing twelve months is around 0.93%.

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%
TMED T. Rowe Price Health Care ETF	0.00%	0.00%	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 TMED and PJP in my portfolio?

TMED and PJP have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMED or PJP?

On fees, TMED is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMED or PJP?

TMED is cheaper with a 0.44% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.93%, compared with 0.00% for TMED.

What is the main difference between TMED and PJP?

They also come from different issuers: T. Rowe Price and Invesco. Their fees differ too: 0.44% for TMED and 0.58% for PJP.