At a glance
PTH charges 0.6% a year, above the 0.57% average of the 6 funds most like it (the 5th cheapest of 7). It has $235.2M in assets, the 4th largest of that group; it paid 2.54% of its price in distributions over the past 12 months, annual. Over the past year it returned +31.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +28.6% a year. At its worst it fell 27.9% in the 2020 crash (S&P 500: 33.7%) and 29.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 41 months after the lows. Its ten largest positions make up 36.2% of the fund, out of 54 in all.
The short version
Invesco Dorsey Wright Healthcare Momentum ETF (PTH) is an index fund that holds US health care stocks with the strongest price trends, as chosen by the Dorsey Wright Healthcare Technical Leaders Index. It weights stocks by momentum score instead of company size, which tilts it toward smaller biotech names. That approach means heavy trading, with 239% portfolio turnover. Its 0.60% expense ratio is above the 0.54% average for similar funds.
Price history
The interactive chart needs JavaScript.
PTH +31.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PTH official prospectus, to Dec 31, 2025 | — | +28.09% | — | -0.78% | +10.79% | — |
| PTH price data to Oct 27, 2026 | +21.2% | +31.0% | +28.6% | +3.1% | +15.3% | +10.7% |
- Over the year to Oct 27, 2026, PTH returned +31.0%, 6th of 7 among similar funds.
- Its 5-year annualized return was +3.1% and its 10-year +15.3%.
- In the 2020 COVID crash it fell 27.9% and regained its old high 1.1 months after the low.
- Its worst full calendar year was 2008 (-34.8%); its best was 2020 (+67.3%).
- The deepest fall in its price history was 53.5% (Feb 12, 2021 to Oct 27, 2023), recovered by Jul 7, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.2% | — |
| 2025 | +27.9% | +28.09% |
| 2024 | +2.4% | +2.04% |
| 2023 | -4.5% | -4.37% |
| 2022 | -20.6% | -20.67% |
| 2021 | -3.2% | -3.03% |
| 2020 | +67.3% | +67.14% |
| 2019 | +34.5% | +33.79% |
| 2018 | -1.2% | -0.86% |
| 2017 | +50.1% | +50.11% |
| 2016 | -12.9% | -12.91% |
| 2015 | +1.5% | — |
| 2014 | +14.8% | — |
| 2013 | +44.7% | — |
| 2012 | +15.6% | — |
| 2011 | +6.8% | — |
| 2010 | +13.6% | — |
| 2009 | +21.1% | — |
| 2008 | -34.8% | — |
| 2007 | +16.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.4% over that stretch · deepest drop along the way 50.4%, back to its old high 25.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.7% over that stretch · deepest drop along the way 27.9%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.7% over that stretch · deepest drop along the way 29.4%, back to its old high 41.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.5300 | +5000.0% |
| 2024 | $0.0300 | -40.0% |
| 2013 | $0.0500 | -58.3% |
| 2012 | $0.1200 | +300.0% |
| 2009 | $0.0300 |
What's inside
As of Jul 31, 2026, the fund held 54 securities; the ten largest made up 36.21% of assets. It also reported 27.7% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Guardant Health, Inc. | 4.97% | |
| Roivant Sciences Ltd. | 4.95% | |
| Revolution Medicines, Inc. | 4.94% | |
| Axsome Therapeutics, Inc. | 4.12% | |
| BrightSpring Health Services, Inc. | 4.03% | |
| Liquidia Corp. | 3.01% | |
| Erasca, Inc. | 2.94% | |
| Oruka Therapeutics, Inc. | 2.74% | |
| 10x Genomics, Inc. | 2.27% | |
| Relay Therapeutics, Inc. | 2.25% | |
| Tango Therapeutics Inc. | 2.16% | |
| Travere Therapeutics, Inc. | 2.16% | |
| Oscar Health, Inc. | 2.10% | |
| Illumina, Inc. | 2.08% | |
| agilon health, Inc. | 2.07% |
By country
United States 88.44%Bermuda 4.95%Ireland 3.02%British Virgin Islands 1.51%Netherlands 1.5%By asset type
Stocks 100.04%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $99.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.79%, +14.73%, -2.65%.
How it works
Invesco Dorsey Wright Healthcare Momentum ETF (PTH) is an index fund. It aims to match the Dorsey Wright Healthcare Technical Leaders Index, before fees, not beat it. Dorsey, Wright & Associates starts with the 2,000 largest companies in the Nasdaq US Benchmark Index, a broad US stock index. It gives each a "momentum" score based on intermediate and long-term price moves compared with the market and other eligible stocks. Momentum investing bets that stocks that have outpaced others will keep doing so. The index takes at least 30 health care stocks with the highest scores, spanning biotech, drug makers, medical technology and care facilities.
Higher scores earn bigger weights, regardless of company size. As of June 30, 2026, the index held 54 stocks with market values from $847.7 million to $47.7 billion. Using "full replication," the fund generally owns every index stock in the same proportions. As of July 31, 2026, its largest holdings were Guardant Health, Roivant Sciences and Revolution Medicines, each near 5% of assets.
The list shifts as momentum changes, so trading is heavy. The prospectus filed August 27, 2026 reports 239% portfolio turnover, akin to replacing every holding more than twice a year. Those trading costs come on top of the 0.60% expense ratio.
What it really costs
- PTH charges 0.6% a year, versus an average of 0.57% for the similar funds below (5th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $891 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PTH | $61 | $208 | $383 | $891 |
In a retirement portfolio
PTH is a concentrated, high-turnover momentum bet on mostly smaller health care stocks, and it has fallen by more than half at times.
PTH could add a rules-based, trend-following slice of health care next to a broad core. Its history shows what that costs. It fell 50.4% in the 2008 crisis and took 25.4 months to recover. Its worst calendar year was 2008, at -34.8%. In 2022 it dropped 29.4% and didn't recover until November 2025. Its deepest drop was 53.5%, from February 2021 to October 2023, and it took another 32.3 months to recover. Anyone who has to sell shares during a stretch like that would lock in large losses. The trailing yield was 2.54% as of October 27, 2026, and the fund pays once a year, so it isn't a steady income source. In the SEC's standard $10,000 example, costs are $61 after one year and $891 after ten. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, rules-based health care slice that rotates into the sector's strongest-trending stocks, which are mostly small and mid-sized biotech companies.
- Investors who can ride out drops like the 53.5% fall from February 2021 to October 2023 and wait years for a recovery.
- Investors who want something different from XBI or IBB. PTH shared only about 23% of its holdings with XBI, its closest match.
Look elsewhere if
- Retirees who need regular income. PTH pays once a year, and its trailing yield was 2.54% as of October 27, 2026.
- Cost-focused investors. PTH charges 0.60%, compared with 0.35% for SPDR S&P Biotech ETF (XBI) and 0.45% for iShares Biotechnology ETF (IBB).
- Investors who want large, established health care companies. Its biggest holdings on July 31, 2026 were Guardant Health, Roivant Sciences and Revolution Medicines.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PTH this fund | — | 0.6% | $235.2M | +31.0% | +28.6% |
| XBI SPDR S&P Biotech ETF | 23% | 0.35% | $10.73B | +39.3% | +34.4% |
| BBP Virtus LifeSci Biotech Products ETF | 19% | 0.79% | $98.5M | +40.3% | +32.3% |
| IBB iShares Biotechnology ETF | 18% | 0.45% | $9.09B | +35.3% | +23.9% |
| FBT First Trust NYSE Arca Biotechnology Index F… | 15% | 0.56% | $2.81B | +43.6% | +27.7% |
| HELX Franklin Genomic Advancements ETF | 15% | 0.5% | $27.9M | +28.8% | +20.4% |
| CANC Tema Oncology ETF | 15% | 0.75% | $211.1M | +35.4% | +26.7% |
Questions investors ask
What does PTH ETF invest in?
PTH holds US health care stocks with strong recent price momentum, as selected by the Dorsey Wright Healthcare Technical Leaders Index. As of July 31, 2026, it owned 54 stocks. The largest were Guardant Health (5.0%), Roivant Sciences (4.9%), Revolution Medicines (4.9%), Axsome Therapeutics (4.1%) and BrightSpring Health Services (4.0%). The top 10 made up about 36% of the fund. Most of its holdings are small and mid-sized biotech and health services companies, not the largest drugmakers.
Is PTH good for a retirement portfolio?
PTH works more like a small, higher-risk add-on than a core retirement holding. It fell 50.4% in the 2008 crisis. Its deepest drop was 53.5%, from February 2021 to October 2023, and it took until July 2026 to recover. It pays income only once a year, with a trailing yield of 2.54% as of October 27, 2026. Its momentum approach also means heavy trading, with 239% turnover. It may suit investors who can hold through long slumps.
What's the difference between PTH and XBI?
PTH picks health care stocks by momentum and weights them by momentum score. SPDR S&P Biotech ETF (XBI) tracks a biotech index. They overlap by only about 23%. XBI is cheaper, at 0.35% versus 0.60%, and much larger, with about $10.7 billion in net assets as of June 30, 2026. PTH had $235.2 million as of July 31, 2026. As of October 27, 2026, XBI returned 39.3% over one year and 34.4% a year over three. PTH returned 31% and 28.6%.
Does PTH pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, PTH paid $1.53 per share, a trailing yield of 2.54%. The fund holds many small biotech companies, and its holdings change often. So the size of each year's payment can vary. Investors who want regular monthly or quarterly income may want to compare it with funds that pay more often.
How has PTH performed over the long term?
PTH's results have swung widely. As of December 31, 2025, its official average annual returns were 28.09% for one year, -0.78% for five years and 10.79% for ten years. Its calendar-year returns ranged from 67.14% in 2020 to -20.67% in 2022, and it also lost money in 2021 and 2023. Based on price, it was up 21.2% for 2026 through October 27. Its strongest quarter was a 43.5% gain in mid-2020, and its weakest was a 27.55% loss in late 2018.