DWAS vs. QQQ

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, DWAS returned 13.13%/yr vs 21.97%/yr for QQQ. A 0.70 correlation means they provide meaningful diversification when combined. DWAS charges 0.60%/yr vs 0.18%/yr for QQQ.

Performance

DWAS vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco QQQ ETF (QQQ). 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 lower than QQQ's 21.62% return. Over the past 10 years, DWAS has underperformed QQQ with an annualized return of 13.13%, while QQQ has yielded a comparatively higher 21.97% 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%

QQQ

• 1D: 0.46%
• 1M: 10.68%
• YTD: 21.62%
• 6M: 20.27%
• 1Y: 43.30%
• 3Y*: 28.89%
• 5Y*: 18.43%
• 10Y*: 21.97%

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

DWAS vs. QQQ - 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%
QQQ Invesco QQQ ETF	21.62%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between DWAS and QQQ is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 20, 2012	0.70

The correlation between DWAS and QQQ has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

DWAS vs. QQQ - Sectors Allocation Comparison

Sectors	DWAS	QQQ
Healthcare	28.2%	4.2%
Technology	18.6%	53.8%
Industrials	16.9%	2.8%
Financial Services	13.0%	0.2%
Energy	7.7%	0.6%
Consumer Cyclical	6.0%	12.3%
Basic Materials	4.0%	1.1%
Consumer Defensive	3.1%	7.7%
Real Estate	1.1%	0.1%
Communication Services	1.1%	15.8%
Utilities	0.3%	1.4%

Return for Risk

DWAS vs. QQQ — 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

QQQ

QQQ Risk / Return Rank: 77
QQQ Sharpe Ratio Rank: 83
QQQ Sortino Ratio Rank: 78
QQQ Omega Ratio Rank: 77
QQQ Calmar Ratio Rank: 73
QQQ Martin Ratio Rank: 74

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.73	-0.88
Sortino ratio Return per unit of downside risk	2.53	3.55	-1.02
Omega ratio Gain probability vs. loss probability	1.30	1.47	-0.16
Calmar ratio Return relative to maximum drawdown	4.24	3.71	+0.53
Martin ratio Return relative to average drawdown	13.89	14.30	-0.41
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. QQQ - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is lower than the QQQ Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of DWAS and QQQ, 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	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.73	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.83	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.99	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.41	+0.08

Drawdowns

DWAS vs. QQQ - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for DWAS and QQQ.

Drawdown Indicators

	DWAS	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-82.97%	+36.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-11.96%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-22.77%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-35.12%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-35.12%	-11.04%
Current Drawdown Current decline from peak	-1.14%	0.00%	-1.14%
Average Drawdown Average peak-to-trough decline	-10.30%	-32.79%	+22.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	3.11%	-0.05%

Volatility

DWAS vs. QQQ - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to Invesco QQQ ETF (QQQ) at 4.48%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	4.48%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	12.11%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	15.95%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	22.39%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	22.30%	+4.31%

DWAS vs. QQQ - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

DWAS vs. QQQ - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than QQQ's 0.38% 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%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both DWAS and QQQ in my portfolio?

DWAS and QQQ have a correlation of 0.68, 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 QQQ?

DWAS has higher volatility (6.77%) compared to QQQ (4.48%). In terms of maximum drawdown, DWAS dropped -46.16% vs QQQ's -82.97%.

Which ETF is better, DWAS or QQQ?

On 10-year performance, QQQ leads with 21.97% vs 13.13% for DWAS. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or QQQ?

Over the 10-year period, QQQ has performed better with a 21.97% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.60% for DWAS.

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

QQQ has the higher dividend yield at 0.38%, compared with 0.01% for DWAS.

What is the main difference between DWAS and QQQ?

DWAS is categorized as Momentum, while QQQ is Nasdaq-100. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.60% for DWAS and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.73 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.