DWAS vs. IVOG
DWAS (Invesco DWA SmallCap Momentum ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while IVOG is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, DWAS returned 13.88%/yr vs 11.91%/yr for IVOG. Their correlation of 0.87 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.15%/yr for IVOG.
Performance
DWAS vs. IVOG - Performance Comparison
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Returns By Period
In the year-to-date period, DWAS achieves a 24.87% return, which is significantly higher than IVOG's 18.76% return. Over the past 10 years, DWAS has outperformed IVOG with an annualized return of 13.88%, while IVOG has yielded a comparatively lower 11.91% annualized return.
DWAS
- 1D
- -1.80%
- 1M
- 6.39%
- YTD
- 24.87%
- 6M
- 21.56%
- 1Y
- 45.00%
- 3Y*
- 17.62%
- 5Y*
- 6.84%
- 10Y*
- 13.88%
IVOG
- 1D
- -1.58%
- 1M
- 2.55%
- YTD
- 18.76%
- 6M
- 16.00%
- 1Y
- 29.76%
- 3Y*
- 17.78%
- 5Y*
- 8.30%
- 10Y*
- 11.91%
DWAS vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 24.87% | 6.09% | 9.81% | 16.88% | -18.51% | 19.75% | 32.32% | 31.39% | -10.68% | 20.84% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 18.76% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between DWAS and IVOG is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012 | 0.87 |
The correlation between DWAS and IVOG has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.
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Return for Risk
DWAS vs. IVOG — Risk / Return Rank
DWAS
IVOG
DWAS vs. IVOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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 | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 3.09 | +1.43 |
| Martin ratioReturn relative to average drawdown | 14.54 | 12.01 | +2.53 |
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Drawdowns
DWAS vs. IVOG - Drawdown Comparison
The maximum DWAS drawdown since its inception was -46.16%, which is greater than IVOG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for DWAS and IVOG.
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Drawdown Indicators
| DWAS | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.16% | -39.32% | -6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -9.69% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -25.61% | -8.22% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -29.31% | -4.52% |
Max Drawdown (10Y)Largest decline over 10 years | -46.16% | -39.32% | -6.84% |
Current DrawdownCurrent decline from peak | -1.80% | -1.58% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -10.27% | -5.86% | -4.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 2.48% | +0.62% |
Volatility
DWAS vs. IVOG - Volatility Comparison
Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 8.88% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 5.83%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWAS | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 5.83% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 18.12% | 13.89% | +4.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.99% | 17.69% | +6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.86% | 20.70% | +5.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.69% | 20.61% | +6.08% |
DWAS vs. IVOG - Expense Ratio Comparison
DWAS has a 0.60% expense ratio, which is higher than IVOG's 0.15% expense ratio.
Dividends
DWAS vs. IVOG - Dividend Comparison
DWAS has not paid dividends to shareholders, while IVOG's dividend yield for the trailing twelve months is around 0.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.54% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
Frequently Asked Questions
DWAS and IVOG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWAS has higher volatility (8.88%) compared to IVOG (5.83%). In terms of maximum drawdown, DWAS dropped -46.16% vs IVOG's -39.32%.
On 10-year performance, DWAS leads with 13.88% vs 11.91% for IVOG. On fees, IVOG is cheaper at 0.15% per year. On volatility, IVOG has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DWAS has performed better with a 13.88% return vs 11.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.15% expense ratio, compared with 0.60% for DWAS.
IVOG has the higher dividend yield at 0.54%, compared with 0.00% for DWAS.
DWAS is categorized as Momentum, while IVOG is Small Cap Growth Equities. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while IVOG tracks S&P MidCap 400 Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for DWAS and 0.15% for IVOG.
DWAS currently has the higher Sharpe Ratio (1.89 vs 1.69), 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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