DWAS vs. PXI

Last updated Jul 14, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds from Invesco - DWAS tracks the Dorsey Wright SmallCap Technical Leaders Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, DWAS returned 12.66%/yr vs 5.98%/yr for PXI. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

DWAS vs. PXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco DWA Energy Momentum ETF (PXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAS achieves a 20.43% return, which is significantly lower than PXI's 29.02% return. Over the past 10 years, DWAS has outperformed PXI with an annualized return of 12.66%, while PXI has yielded a comparatively lower 5.98% annualized return.

DWAS

• 1D: -2.58%
• 1M: -1.51%
• 6M: 16.18%
• YTD: 20.43%
• 1Y: 39.51%
• 3Y*: 14.12%
• 5Y*: 7.20%
• 10Y*: 12.66%

PXI

• 1D: 2.30%
• 1M: 0.07%
• 6M: 24.43%
• YTD: 29.02%
• 1Y: 33.12%
• 3Y*: 14.90%
• 5Y*: 18.42%
• 10Y*: 5.98%

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

DWAS vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWAS Invesco DWA SmallCap Momentum ETF	20.43%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%
PXI Invesco DWA Energy Momentum ETF	29.02%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between DWAS and PXI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012	0.55

Over the past year, the correlation between DWAS and PXI has dropped to 0.16 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

DWAS vs. PXI - Sectors Allocation Comparison

Sectors	DWAS	PXI
Healthcare	25.9%	-
Technology	20.9%	-
Industrials	18.0%	0.9%
Financial Services	13.3%	0.3%
Energy	6.5%	95.1%
Consumer Cyclical	5.9%	-
Basic Materials	3.9%	4.9%
Consumer Defensive	3.0%	-
Real Estate	1.2%	-
Communication Services	1.1%	-
Utilities	0.3%	-

Return for Risk

DWAS vs. PXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DWAS

DWAS Risk / Return Rank: 68
DWAS Sharpe Ratio Rank: 61
DWAS Sortino Ratio Rank: 59
DWAS Omega Ratio Rank: 54
DWAS Calmar Ratio Rank: 87
DWAS Martin Ratio Rank: 80

PXI

PXI Risk / Return Rank: 55
PXI Sharpe Ratio Rank: 55
PXI Sortino Ratio Rank: 51
PXI Omega Ratio Rank: 49
PXI Calmar Ratio Rank: 68
PXI Martin Ratio Rank: 54

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. PXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco DWA Energy Momentum ETF (PXI). 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	PXI	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.49	+0.12
Sortino ratio: Return per unit of downside risk	2.21	2.01	+0.20
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	3.96	2.68	+1.28
Martin ratio: Return relative to average drawdown	12.15	7.29	+4.86

DWAS vs. PXI - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.61, which is comparable to the PXI Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of DWAS and PXI, 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. PXI - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for DWAS and PXI.

Drawdown Indicators

	DWAS	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-85.08%	+38.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-12.40%	+2.38%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-30.74%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-33.47%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-79.55%	+33.39%
Current Drawdown Current decline from peak	-8.46%	-6.01%	-2.45%
Average Drawdown Average peak-to-trough decline	-10.25%	-29.32%	+19.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	4.56%	-1.30%

Volatility

DWAS vs. PXI - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.31% compared to Invesco DWA Energy Momentum ETF (PXI) at 7.31%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	7.31%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	19.09%	17.49%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	24.66%	22.36%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.94%	33.25%	-7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.73%	36.99%	-10.26%

DWAS vs. PXI - Expense Ratio Comparison

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

Dividends

DWAS vs. PXI - Dividend Comparison

DWAS has not paid dividends to shareholders, while PXI's dividend yield for the trailing twelve months is around 1.27%.

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%
PXI Invesco DWA Energy Momentum ETF	1.27%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%

Frequently Asked Questions

Can I hold both DWAS and PXI in my portfolio?

DWAS and PXI have a correlation of 0.16, 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 PXI?

DWAS has higher volatility (9.31%) compared to PXI (7.31%). In terms of maximum drawdown, DWAS dropped -46.16% vs PXI's -85.08%.

Which ETF is better, DWAS or PXI?

On 10-year performance, DWAS leads with 12.66% vs 5.98% for PXI. Both ETFs have the same 0.60% expense ratio. On volatility, PXI has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or PXI?

Over the 10-year period, DWAS has performed better with a 12.66% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or PXI?

DWAS and PXI have the same expense ratio: 0.60% per year.

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

PXI has the higher dividend yield at 1.27%, compared with 0.00% for DWAS.

What is the main difference between DWAS and PXI?

DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (1.61 vs 1.49), 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.