DWAS vs. IJR

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, DWAS returned 13.13%/yr vs 10.76%/yr for IJR. Their correlation of 0.87 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.06%/yr for IJR.

Performance

DWAS vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and iShares Core S&P Small-Cap ETF (IJR). 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 IJR's 16.42% return. Over the past 10 years, DWAS has outperformed IJR with an annualized return of 13.13%, while IJR has yielded a comparatively lower 10.76% annualized 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%

IJR

• 1D: 0.89%
• 1M: 1.64%
• YTD: 16.42%
• 6M: 16.87%
• 1Y: 34.85%
• 3Y*: 14.73%
• 5Y*: 5.90%
• 10Y*: 10.76%

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

DWAS vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWAS Invesco DWA SmallCap Momentum ETF	19.58%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%
IJR iShares Core S&P Small-Cap ETF	16.42%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between DWAS and IJR is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 20, 2012	0.87

The correlation between DWAS and IJR shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

DWAS vs. IJR - Sectors Allocation Comparison

Sectors	DWAS	IJR
Healthcare	28.2%	11.1%
Technology	18.6%	15.5%
Industrials	16.9%	15.5%
Financial Services	13.0%	16.8%
Energy	7.7%	5.9%
Consumer Cyclical	6.0%	13.4%
Basic Materials	4.0%	5.1%
Consumer Defensive	3.1%	3.5%
Real Estate	1.1%	7.6%
Communication Services	1.1%	3.6%
Utilities	0.3%	2.0%

Return for Risk

DWAS vs. IJR — 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

IJR

IJR Risk / Return Rank: 64
IJR Sharpe Ratio Rank: 59
IJR Sortino Ratio Rank: 61
IJR Omega Ratio Rank: 55
IJR Calmar Ratio Rank: 77
IJR Martin Ratio Rank: 70

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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and iShares Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.00	-0.15
Sortino ratio Return per unit of downside risk	2.53	2.88	-0.35
Omega ratio Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	4.24	3.96	+0.28
Martin ratio Return relative to average drawdown	13.89	13.21	+0.68
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. IJR - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is comparable to the IJR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of DWAS and IJR, 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	IJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.00	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.28	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.47	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.44	+0.05

Drawdowns

DWAS vs. IJR - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for DWAS and IJR.

Drawdown Indicators

	DWAS	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-58.15%	+11.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-8.68%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-28.02%	-5.81%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-28.02%	-5.81%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-44.36%	-1.80%
Current Drawdown Current decline from peak	-1.14%	-0.02%	-1.12%
Average Drawdown Average peak-to-trough decline	-10.30%	-9.28%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.60%	+0.46%

Volatility

DWAS vs. IJR - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to iShares Core S&P Small-Cap ETF (IJR) at 4.46%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	4.46%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	11.63%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	17.51%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	21.40%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	22.91%	+3.70%

DWAS vs. IJR - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

DWAS vs. IJR - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than IJR's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IJR iShares Core S&P Small-Cap ETF	1.14%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%

Frequently Asked Questions

Can I hold both DWAS and IJR in my portfolio?

DWAS and IJR have a correlation of 0.78, 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 IJR?

DWAS has higher volatility (6.77%) compared to IJR (4.46%). In terms of maximum drawdown, DWAS dropped -46.16% vs IJR's -58.15%.

Which ETF is better, DWAS or IJR?

On 10-year performance, DWAS leads with 13.13% vs 10.76% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or IJR?

Over the 10-year period, DWAS has performed better with a 13.13% return vs 10.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.60% for DWAS.

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

IJR has the higher dividend yield at 1.14%, compared with 0.01% for DWAS.

What is the main difference between DWAS and IJR?

DWAS is categorized as Momentum, while IJR is Small Cap Blend Equities. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for DWAS and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (2.00 vs 1.85), 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.