DWAS vs. SEIM

Last updated Jun 24, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and SEIM (SEI Enhanced US Large Cap Momentum Factor ETF) are both Momentum funds. DWAS is passively managed, while SEIM is actively managed. Over the past 3 years, DWAS returned 17.62%/yr vs 29.06%/yr for SEIM. Their correlation of 0.80 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.15%/yr for SEIM.

Performance

DWAS vs. SEIM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and SEI Enhanced US Large Cap Momentum Factor ETF (SEIM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAS achieves a 24.87% return, which is significantly higher than SEIM's 18.33% 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%

SEIM

• 1D: -2.24%
• 1M: 2.95%
• YTD: 18.33%
• 6M: 16.44%
• 1Y: 34.90%
• 3Y*: 29.06%
• 5Y*: —
• 10Y*: —

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

DWAS vs. SEIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DWAS Invesco DWA SmallCap Momentum ETF	24.87%	6.09%	9.81%	16.88%	-7.10%
SEIM SEI Enhanced US Large Cap Momentum Factor ETF	18.33%	20.20%	39.12%	16.25%	-5.62%

Correlation

The correlation between DWAS and SEIM is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 18, 2022	0.80

The correlation between DWAS and SEIM has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

DWAS vs. SEIM - Sectors Allocation Comparison

Sectors	DWAS	SEIM
Healthcare	25.9%	9.5%
Technology	20.9%	29.5%
Industrials	18.0%	6.8%
Financial Services	13.3%	8.1%
Energy	6.5%	11.8%
Consumer Cyclical	5.9%	7.2%
Basic Materials	3.9%	4.7%
Consumer Defensive	3.0%	7.9%
Real Estate	1.2%	7.2%
Communication Services	1.1%	4.4%
Utilities	0.3%	2.4%

Return for Risk

DWAS vs. SEIM — Risk / Return Rank

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

DWAS

DWAS Risk / Return Rank: 67
DWAS Sharpe Ratio Rank: 60
DWAS Sortino Ratio Rank: 56
DWAS Omega Ratio Rank: 52
DWAS Calmar Ratio Rank: 85
DWAS Martin Ratio Rank: 79

SEIM

SEIM Risk / Return Rank: 68
SEIM Sharpe Ratio Rank: 65
SEIM Sortino Ratio Rank: 62
SEIM Omega Ratio Rank: 62
SEIM Calmar Ratio Rank: 72
SEIM Martin Ratio Rank: 80

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. SEIM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and SEI Enhanced US Large Cap Momentum Factor ETF (SEIM). 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	SEIM	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.01	-0.13
Sortino ratio: Return per unit of downside risk	2.55	2.72	-0.18
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	4.51	3.48	+1.03
Martin ratio: Return relative to average drawdown	14.54	14.90	-0.35

DWAS vs. SEIM - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.89, which is comparable to the SEIM Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of DWAS and SEIM, 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. SEIM - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than SEIM's maximum drawdown of -22.17%. Use the drawdown chart below to compare losses from any high point for DWAS and SEIM.

Drawdown Indicators

	DWAS	SEIM	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-22.17%	-23.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-10.07%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-22.17%	-11.66%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	—	—
Current Drawdown Current decline from peak	-1.80%	-2.24%	+0.44%
Average Drawdown Average peak-to-trough decline	-10.27%	-3.97%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.35%	+0.75%

Volatility

DWAS vs. SEIM - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 8.88% compared to SEI Enhanced US Large Cap Momentum Factor ETF (SEIM) at 7.15%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than SEIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	SEIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	7.15%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	18.12%	14.49%	+3.63%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	17.45%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.86%	19.09%	+6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.69%	19.09%	+7.60%

DWAS vs. SEIM - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than SEIM's 0.15% expense ratio.

Dividends

DWAS vs. SEIM - Dividend Comparison

DWAS has not paid dividends to shareholders, while SEIM's dividend yield for the trailing twelve months is around 0.52%.

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%
SEIM SEI Enhanced US Large Cap Momentum Factor ETF	0.52%	0.56%	0.48%	0.89%	1.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWAS and SEIM in my portfolio?

DWAS and SEIM have a correlation of 0.77, 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 SEIM?

DWAS has higher volatility (8.88%) compared to SEIM (7.15%). In terms of maximum drawdown, DWAS dropped -46.16% vs SEIM's -22.17%.

Which ETF is better, DWAS or SEIM?

On 3-year performance, SEIM leads with 29.06% vs 17.62% for DWAS. On fees, SEIM is cheaper at 0.15% per year. On volatility, SEIM has been the lower-risk option at 7.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or SEIM?

Over the 3-year period, SEIM has performed better with a 29.06% return vs 17.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or SEIM?

SEIM is cheaper with a 0.15% expense ratio, compared with 0.60% for DWAS.

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

SEIM has the higher dividend yield at 0.52%, compared with 0.00% for DWAS.

What is the main difference between DWAS and SEIM?

They also come from different issuers: Invesco and SEI. Their fees differ too: 0.60% for DWAS and 0.15% for SEIM.

Which has better risk-adjusted returns?

SEIM currently has the higher Sharpe Ratio (2.01 vs 1.89), 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.