DWAS vs. JPSE

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index. Both are passively managed. Over the past 5 years, DWAS returned 6.47%/yr vs 7.41%/yr for JPSE. Their correlation of 0.85 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.29%/yr for JPSE.

Performance

DWAS vs. JPSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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 JPSE's 16.66% 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%

JPSE

• 1D: 1.09%
• 1M: 0.99%
• YTD: 16.66%
• 6M: 17.30%
• 1Y: 34.78%
• 3Y*: 15.64%
• 5Y*: 7.41%
• 10Y*: —

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

DWAS vs. JPSE - 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%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.66%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	14.38%

Correlation

The correlation between DWAS and JPSE is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	0.86

The correlation between DWAS and JPSE has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

DWAS vs. JPSE - Sectors Allocation Comparison

Sectors	DWAS	JPSE
Healthcare	28.2%	9.0%
Technology	18.6%	14.6%
Industrials	16.9%	11.7%
Financial Services	13.0%	9.7%
Energy	7.7%	8.9%
Consumer Cyclical	6.0%	7.9%
Basic Materials	4.0%	9.6%
Consumer Defensive	3.1%	8.1%
Real Estate	1.1%	13.1%
Communication Services	1.1%	2.7%
Utilities	0.3%	4.8%

Return for Risk

DWAS vs. JPSE — 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

JPSE

JPSE Risk / Return Rank: 70
JPSE Sharpe Ratio Rank: 65
JPSE Sortino Ratio Rank: 67
JPSE Omega Ratio Rank: 61
JPSE Calmar Ratio Rank: 82
JPSE Martin Ratio Rank: 78

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. JPSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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	JPSE	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.19	-0.34
Sortino ratio Return per unit of downside risk	2.53	3.13	-0.60
Omega ratio Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio Return relative to maximum drawdown	4.24	4.36	-0.12
Martin ratio Return relative to average drawdown	13.89	15.58	-1.69
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. JPSE - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is comparable to the JPSE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of DWAS and JPSE, 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	JPSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.19	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.37	-0.12
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	0.49	0.00

Drawdowns

DWAS vs. JPSE - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than JPSE's maximum drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for DWAS and JPSE.

Drawdown Indicators

	DWAS	JPSE	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-43.02%	-3.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-8.00%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-25.49%	-8.34%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-25.56%	-8.27%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	—	—
Current Drawdown Current decline from peak	-1.14%	-0.34%	-0.80%
Average Drawdown Average peak-to-trough decline	-10.30%	-7.43%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.24%	+0.82%

Volatility

DWAS vs. JPSE - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) at 4.52%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than JPSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	JPSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	4.52%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	10.86%	+6.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	15.96%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	20.07%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	21.82%	+4.79%

DWAS vs. JPSE - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than JPSE's 0.29% expense ratio.

Dividends

DWAS vs. JPSE - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than JPSE's 1.36% 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%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.36%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%	0.00%

Frequently Asked Questions

Can I hold both DWAS and JPSE in my portfolio?

DWAS and JPSE have a correlation of 0.82, 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 JPSE?

DWAS has higher volatility (6.77%) compared to JPSE (4.52%). In terms of maximum drawdown, DWAS dropped -46.16% vs JPSE's -43.02%.

Which ETF is better, DWAS or JPSE?

On 5-year performance, JPSE leads with 7.41% vs 6.47% for DWAS. On fees, JPSE is cheaper at 0.29% per year. On volatility, JPSE has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or JPSE?

Over the 5-year period, JPSE has performed better with a 7.41% 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 JPSE?

JPSE is cheaper with a 0.29% expense ratio, compared with 0.60% for DWAS.

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

JPSE has the higher dividend yield at 1.36%, compared with 0.01% for DWAS.

What is the main difference between DWAS and JPSE?

DWAS is categorized as Momentum, while JPSE is Small Cap Growth Equities. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.60% for DWAS and 0.29% for JPSE.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.19 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.