DVY vs. PWV
DVY (iShares Select Dividend ETF) and PWV (Invesco Large Cap Value ETF) are both Large Cap Value Equities funds - DVY tracks the Dow Jones U.S. Select Dividend Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, DVY returned 10.40%/yr vs 12.24%/yr for PWV. Their correlation of 0.88 means they have usually moved in the same direction. DVY charges 0.39%/yr vs 0.55%/yr for PWV.
Performance
DVY vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, DVY achieves a 17.44% return, which is significantly lower than PWV's 21.70% return. Over the past 10 years, DVY has underperformed PWV with an annualized return of 10.40%, while PWV has yielded a comparatively higher 12.24% annualized return.
DVY
- 1D
- 0.86%
- 1M
- 2.59%
- 6M
- 8.58%
- YTD
- 17.44%
- 1Y
- 24.87%
- 3Y*
- 16.53%
- 5Y*
- 10.91%
- 10Y*
- 10.40%
- ALL TIME*
- 9.08%
PWV
- 1D
- 0.26%
- 1M
- 3.33%
- 6M
- 17.13%
- YTD
- 21.70%
- 1Y
- 32.17%
- 3Y*
- 21.05%
- 5Y*
- 15.05%
- 10Y*
- 12.24%
- ALL TIME*
- 10.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $62.40M | $73.92M | $70.97M | |
| $15.76M | $10.00M | $5.86M |
DVY vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DVY iShares Select Dividend ETF | 17.44% | 11.60% | 16.24% | 1.12% | 1.80% | 31.70% | -4.91% | 22.62% | -6.36% | 14.82% |
PWV Invesco Large Cap Value ETF | 21.70% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between DVY and PWV is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.88 |
The correlation between DVY and PWV has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
DVY vs. PWV — Risk / Return Rank
DVY
PWV
DVY vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) and Invesco 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.
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.
| DVY | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.61 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 7.97 | -4.35 |
| Martin ratioReturn relative to average drawdown | 12.94 | 28.49 | -15.54 |
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Drawdowns
DVY vs. PWV - Drawdown Comparison
The maximum DVY drawdown since its inception was -62.59%, which is greater than PWV's maximum drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for DVY and PWV.
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Drawdown Indicators
| DVY | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.59% | -49.04% | -13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -6.89% | -4.05% | -2.84% |
Max Drawdown (3Y)Largest decline over 3 years | -16.00% | -14.31% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -17.54% | -16.36% | -1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -41.59% | -37.67% | -3.92% |
Current DrawdownCurrent decline from peak | -1.34% | -0.80% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -8.73% | -9.43% | +0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.13% | +0.80% |
Volatility
DVY vs. PWV - Volatility Comparison
iShares Select Dividend ETF (DVY) has a higher volatility of 3.89% compared to Invesco Large Cap Value ETF (PWV) at 2.66%. This indicates that DVY'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
| DVY | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 2.66% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 7.25% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.25% | 9.61% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.11% | 14.26% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 17.14% | +0.89% |
DVY vs. PWV - Expense Ratio Comparison
DVY has a 0.39% expense ratio, which is lower than PWV's 0.55% expense ratio.
Dividends
DVY vs. PWV - Dividend Comparison
DVY's dividend yield for the trailing twelve months is around 3.22%, more than PWV's 1.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVY iShares Select Dividend ETF | 3.22% | 3.65% | 3.65% | 3.82% | 3.43% | 3.12% | 3.66% | 3.41% | 3.58% | 3.00% | 3.04% | 3.45% |
PWV Invesco Large Cap Value ETF | 1.65% | 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
DVY and PWV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DVY has higher volatility (3.89%) compared to PWV (2.66%). In terms of maximum drawdown, DVY dropped -62.59% vs PWV's -49.04%.
On 10-year performance, PWV leads with 12.24% vs 10.40% for DVY. On fees, DVY is cheaper at 0.39% per year. On volatility, PWV has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWV has performed better with a 12.24% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVY is cheaper with a 0.39% expense ratio, compared with 0.55% for PWV.
DVY has the higher dividend yield at 3.22%, compared with 1.65% for PWV.
DVY tracks Dow Jones U.S. Select Dividend Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for DVY and 0.55% for PWV.
PWV currently has the higher Sharpe Ratio (3.38 vs 2.23), 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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