DVAL vs. PWV
DVAL (BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds. DVAL is actively managed, while PWV is passively managed. Over the past 3 years, DVAL returned 12.66%/yr vs 20.79%/yr for PWV. Their correlation of 0.90 suggests significant overlap in exposure. DVAL charges 0.49%/yr vs 0.58%/yr for PWV.
Performance
DVAL vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, DVAL achieves a 6.15% return, which is significantly lower than PWV's 12.10% return.
DVAL
- 1D
- -0.80%
- 1M
- 1.63%
- YTD
- 6.15%
- 6M
- 7.12%
- 1Y
- 12.93%
- 3Y*
- 12.66%
- 5Y*
- —
- 10Y*
- —
PWV
- 1D
- -0.14%
- 1M
- 2.43%
- YTD
- 12.10%
- 6M
- 12.38%
- 1Y
- 25.33%
- 3Y*
- 20.79%
- 5Y*
- 12.50%
- 10Y*
- 11.81%
DVAL vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF | 6.15% | 8.74% | 12.84% | 8.73% | 1.78% |
PWV Invesco Dynamic Large Cap Value ETF | 12.10% | 19.65% | 14.48% | 10.36% | 2.10% |
Correlation
The correlation between DVAL and PWV is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2022 | 0.90 |
The correlation between DVAL and PWV has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
DVAL vs. PWV — Risk / Return Rank
DVAL
PWV
DVAL vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) and Invesco Dynamic Large Cap Value ETF (PWV). 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.
| DVAL | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.48 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 6.28 | -4.18 |
| Martin ratioReturn relative to average drawdown | 6.71 | 21.16 | -14.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DVAL | PWV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 2.74 | -1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.88 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.41 | +0.34 |
Drawdowns
DVAL vs. PWV - Drawdown Comparison
The maximum DVAL drawdown since its inception was -18.11%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for DVAL and PWV.
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Drawdown Indicators
| DVAL | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.11% | -49.04% | +30.93% |
Max Drawdown (1Y)Largest decline over 1 year | -6.20% | -4.05% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -18.11% | -14.31% | -3.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.67% | — |
Current DrawdownCurrent decline from peak | -1.09% | -0.51% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -9.50% | +5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.20% | +0.73% |
Volatility
DVAL vs. PWV - Volatility Comparison
BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF (DVAL) has a higher volatility of 2.73% compared to Invesco Dynamic Large Cap Value ETF (PWV) at 2.35%. This indicates that DVAL's price experiences larger fluctuations and is considered to be riskier than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DVAL | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.35% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 7.62% | 6.62% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 9.31% | +1.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.24% | 14.35% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.24% | 17.16% | -2.92% |
DVAL vs. PWV - Expense Ratio Comparison
DVAL has a 0.49% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
DVAL vs. PWV - Dividend Comparison
DVAL's dividend yield for the trailing twelve months is around 1.88%, more than PWV's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVAL BrandywineGLOBAL Dynamic U.S. Large Cap Value ETF | 1.88% | 2.00% | 2.82% | 1.16% | 13.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PWV Invesco Dynamic Large Cap Value ETF | 1.81% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
DVAL and PWV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DVAL has higher volatility (2.73%) compared to PWV (2.35%). In terms of maximum drawdown, DVAL dropped -18.11% vs PWV's -49.04%.
On 3-year performance, PWV leads with 20.79% vs 12.66% for DVAL. On fees, DVAL is cheaper at 0.49% per year. On volatility, PWV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PWV has performed better with a 20.79% return vs 12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVAL is cheaper with a 0.49% expense ratio, compared with 0.58% for PWV.
DVAL has the higher dividend yield at 1.88%, compared with 1.81% for PWV.
They also come from different issuers: BrandywineGLOBAL and Invesco. Their fees differ too: 0.49% for DVAL and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.74 vs 1.23), 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.
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