DWAS vs. DVOL

Last updated Aug 4, 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 7.65%/yr vs 6.73%/yr for DVOL. Their 0.57 correlation means they have sometimes moved together and sometimes differently. 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 18.89% return, which is significantly higher than DVOL's 8.34% return.

DWAS

• 1D: 2.36%
• 1M: -4.52%
• 6M: 13.09%
• YTD: 18.89%
• 1Y: 38.93%
• 3Y*: 13.18%
• 5Y*: 7.65%
• 10Y*: 12.36%
• ALL TIME*: 11.83%

DVOL

• 1D: 0.18%
• 1M: 2.51%
• 6M: 4.81%
• YTD: 8.34%
• 1Y: 11.08%
• 3Y*: 14.49%
• 5Y*: 6.73%
• 10Y*: —
• ALL TIME*: 9.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	$182.31K	$171.01K	$315.99K
DWAS Invesco DWA SmallCap Momentum ETF	$1.30M	$3.37M	$2.26M

DWAS vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DWAS Invesco DWA SmallCap Momentum ETF	18.89%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-25.46%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	8.34%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%

Correlation

The correlation between DWAS and DVOL is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.57

The correlation between DWAS and DVOL shifts across timeframes, from 0.40 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

DWAS vs. DVOL - Sectors Allocation Comparison

Sectors	DWAS	DVOL
Healthcare	28.5%	3.3%
Technology	20.9%	4.7%
Industrials	16.6%	17.4%
Financial Services	14.1%	19.1%
Energy	5.9%	13.7%
Consumer Cyclical	5.7%	9.5%
Basic Materials	3.2%	6.1%
Consumer Defensive	2.9%	8.0%
Real Estate	1.1%	12.4%
Communication Services	0.9%	3.0%
Utilities	0.3%	3.0%

Return for Risk

DWAS vs. DVOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DWAS

DWAS Risk / Return Rank: 65
DWAS Sharpe Ratio Rank: 63
DWAS Sortino Ratio Rank: 60
DWAS Omega Ratio Rank: 55
DWAS Calmar Ratio Rank: 72
DWAS Martin Ratio Rank: 74

DVOL

DVOL Risk / Return Rank: 36
DVOL Sharpe Ratio Rank: 37
DVOL Sortino Ratio Rank: 37
DVOL Omega Ratio Rank: 34
DVOL Calmar Ratio Rank: 33
DVOL Martin Ratio Rank: 37

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	DWAS	DVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.94	+0.58
Sortino ratio: Return per unit of downside risk	2.12	1.44	+0.68
Omega ratio: Gain probability vs. loss probability	1.25	1.17	+0.09
Calmar ratio: Return relative to maximum drawdown	2.59	1.13	+1.46
Martin ratio: Return relative to average drawdown	9.65	3.97	+5.67

DWAS vs. DVOL - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.52, which is higher than the DVOL Sharpe Ratio of 0.94. 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.

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	-15.10%	-9.82%	-5.28%
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	-9.64%	-0.84%	-8.80%
Average Drawdown Average peak-to-trough decline	-10.24%	-7.05%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	2.79%	+1.26%

Volatility

DWAS vs. DVOL - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.74% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 3.17%. 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	9.74%	3.17%	+6.57%
Volatility (6M) Calculated over the trailing 6-month period	20.49%	9.42%	+11.07%
Volatility (1Y) Calculated over the trailing 1-year period	25.73%	11.84%	+13.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.95%	14.36%	+11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	17.60%	+9.25%

DWAS vs. DVOL - Expense Ratio Comparison

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

Dividends

DWAS vs. DVOL - Dividend Comparison

DWAS has not paid dividends to shareholders, while DVOL's dividend yield for the trailing twelve months is around 0.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.75%	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	0.00%	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 0.40, 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 (9.74%) compared to DVOL (3.17%). 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, DWAS leads with 7.65% vs 6.73% for DVOL. Both ETFs have the same 0.60% expense ratio. On volatility, DVOL has been the lower-risk option at 3.17%. 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, DWAS has performed better with a 7.65% return vs 6.73%. 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 0.75%, compared with 0.00% 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 (1.52 vs 0.94), 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.