DWAS vs. PPA
Compare and contrast key facts about Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco Aerospace & Defense ETF (PPA).
DWAS and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DWAS is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright SmallCap Technical Leaders Index. It was launched on Jul 19, 2012. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. Both DWAS and PPA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DWAS vs. PPA - Performance Comparison
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DWAS vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 3.25% | 6.09% | 9.81% | 16.88% | -18.51% | 19.75% | 32.32% | 31.39% | -10.68% | 20.84% |
PPA Invesco Aerospace & Defense ETF | 8.35% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Returns By Period
In the year-to-date period, DWAS achieves a 3.25% return, which is significantly lower than PPA's 8.35% return. Over the past 10 years, DWAS has underperformed PPA with an annualized return of 11.66%, while PPA has yielded a comparatively higher 17.98% annualized return.
DWAS
- 1D
- 1.46%
- 1M
- -3.62%
- YTD
- 3.25%
- 6M
- 8.03%
- 1Y
- 28.75%
- 3Y*
- 11.53%
- 5Y*
- 3.64%
- 10Y*
- 11.66%
PPA
- 1D
- 2.39%
- 1M
- -8.56%
- YTD
- 8.35%
- 6M
- 8.97%
- 1Y
- 45.28%
- 3Y*
- 28.92%
- 5Y*
- 19.15%
- 10Y*
- 17.98%
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DWAS vs. PPA - Expense Ratio Comparison
DWAS has a 0.60% expense ratio, which is lower than PPA's 0.61% expense ratio.
Return for Risk
DWAS vs. PPA — Risk / Return Rank
DWAS
PPA
DWAS vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 2.09 | -0.95 |
Sortino ratioReturn per unit of downside risk | 1.67 | 2.80 | -1.13 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.39 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 2.13 | 3.37 | -1.24 |
Martin ratioReturn relative to average drawdown | 7.75 | 13.40 | -5.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DWAS | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 2.09 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 1.06 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.88 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.66 | -0.22 |
Correlation
The correlation between DWAS and PPA is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
DWAS vs. PPA - Dividend Comparison
DWAS's dividend yield for the trailing twelve months is around 0.02%, less than PPA's 0.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 0.02% | 0.07% | 0.79% | 1.42% | 0.81% | 0.16% | 0.21% | 0.13% | 0.04% | 0.20% | 0.52% | 0.19% |
PPA Invesco Aerospace & Defense ETF | 0.39% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Drawdowns
DWAS vs. PPA - Drawdown Comparison
The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for DWAS and PPA.
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Drawdown Indicators
| DWAS | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.16% | -57.37% | +11.21% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -13.71% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -18.37% | -15.46% |
Max Drawdown (10Y)Largest decline over 10 years | -46.16% | -43.92% | -2.24% |
Current DrawdownCurrent decline from peak | -4.33% | -8.56% | +4.23% |
Average DrawdownAverage peak-to-trough decline | -10.41% | -9.19% | -1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 3.45% | +0.18% |
Volatility
DWAS vs. PPA - Volatility Comparison
Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.52% compared to Invesco Aerospace & Defense ETF (PPA) at 7.57%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWAS | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.52% | 7.57% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 18.21% | 15.14% | +3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.25% | 21.75% | +3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.97% | 18.22% | +7.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.51% | 20.48% | +6.03% |