DWAS vs. DVOL

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds - DWAS tracks the Dorsey Wright SmallCap Technical Leaders Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, DWAS returned 6.47%/yr vs 6.89%/yr for DVOL. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

DWAS vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAS achieves a 19.58% return, which is significantly higher than DVOL's 1.20% return.

DWAS

• 1D: 0.37%
• 1M: 2.70%
• YTD: 19.58%
• 6M: 22.17%
• 1Y: 41.87%
• 3Y*: 15.80%
• 5Y*: 6.47%
• 10Y*: 13.13%

DVOL

• 1D: 0.45%
• 1M: -4.01%
• YTD: 1.20%
• 6M: 2.04%
• 1Y: 0.20%
• 3Y*: 12.63%
• 5Y*: 6.89%
• 10Y*: —

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

DWAS vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DWAS Invesco DWA SmallCap Momentum ETF	19.58%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-25.74%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.20%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-9.89%

Correlation

The correlation between DWAS and DVOL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 10, 2018	0.59

The correlation between DWAS and DVOL has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

DWAS vs. DVOL - Sectors Allocation Comparison

Sectors	DWAS	DVOL
Healthcare	28.2%	3.7%
Technology	18.6%	4.7%
Industrials	16.9%	16.6%
Financial Services	13.0%	18.8%
Energy	7.7%	14.0%
Consumer Cyclical	6.0%	9.4%
Basic Materials	4.0%	6.0%
Consumer Defensive	3.1%	8.2%
Real Estate	1.1%	12.1%
Communication Services	1.1%	3.6%
Utilities	0.3%	3.0%

Return for Risk

DWAS vs. DVOL — Risk / Return Rank

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

DWAS

DWAS Risk / Return Rank: 61
DWAS Sharpe Ratio Rank: 53
DWAS Sortino Ratio Rank: 52
DWAS Omega Ratio Rank: 48
DWAS Calmar Ratio Rank: 81
DWAS Martin Ratio Rank: 72

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 8
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 9
DVOL Martin Ratio Rank: 9

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.

DWAS vs. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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.

	DWAS	DVOL	Difference
Sharpe ratio Return per unit of total volatility	1.85	0.02	+1.83
Sortino ratio Return per unit of downside risk	2.53	0.11	+2.42
Omega ratio Gain probability vs. loss probability	1.30	1.01	+0.29
Calmar ratio Return relative to maximum drawdown	4.24	0.04	+4.20
Martin ratio Return relative to average drawdown	13.89	0.14	+13.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWAS vs. DVOL - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is higher than the DVOL Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of DWAS and DVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DWAS	DVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.02	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.48	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.50	-0.01

Drawdowns

DWAS vs. DVOL - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than DVOL's maximum drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for DWAS and DVOL.

Drawdown Indicators

	DWAS	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-38.26%	-7.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-9.82%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-11.66%	-22.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-24.65%	-9.18%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	—	—
Current Drawdown Current decline from peak	-1.14%	-5.24%	+4.10%
Average Drawdown Average peak-to-trough decline	-10.30%	-7.18%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.91%	+0.15%

Volatility

DWAS vs. DVOL - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 2.87%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	2.87%	+3.90%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	9.40%	+7.63%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	11.78%	+11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	14.40%	+11.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	17.73%	+8.88%

DWAS vs. DVOL - Expense Ratio Comparison

Both DWAS and DVOL have an expense ratio of 0.60%.

Dividends

DWAS vs. DVOL - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than DVOL's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.69%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%	0.00%	0.00%
DWAS Invesco DWA SmallCap Momentum ETF	0.01%	0.07%	0.79%	1.42%	0.81%	0.16%	0.21%	0.13%	0.04%	0.20%	0.52%	0.19%

Frequently Asked Questions

Can I hold both DWAS and DVOL in my portfolio?

DWAS and DVOL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWAS or DVOL?

DWAS has higher volatility (6.77%) compared to DVOL (2.87%). In terms of maximum drawdown, DWAS dropped -46.16% vs DVOL's -38.26%.

Which ETF is better, DWAS or DVOL?

On 5-year performance, DVOL leads with 6.89% vs 6.47% for DWAS. Both ETFs have the same 0.60% expense ratio. On volatility, DVOL has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or DVOL?

Over the 5-year period, DVOL has performed better with a 6.89% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or DVOL?

DWAS and DVOL have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, DWAS or DVOL?

DVOL has the higher dividend yield at 0.69%, compared with 0.01% for DWAS.

What is the main difference between DWAS and DVOL?

DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Invesco and First Trust.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (1.85 vs 0.02), 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.