DWAS vs. SPHD
DWAS (Invesco DWA SmallCap Momentum ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, DWAS returned 13.88%/yr vs 7.55%/yr for SPHD. A 0.53 correlation means they provide meaningful diversification when combined. DWAS charges 0.60%/yr vs 0.30%/yr for SPHD.
Performance
DWAS vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, DWAS achieves a 24.87% return, which is significantly higher than SPHD's 8.20% return. Over the past 10 years, DWAS has outperformed SPHD with an annualized return of 13.88%, while SPHD has yielded a comparatively lower 7.55% annualized 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%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
DWAS vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 24.87% | 6.09% | 9.81% | 16.88% | -18.51% | 19.75% | 32.32% | 31.39% | -10.68% | 20.84% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between DWAS and SPHD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.53 |
Over the past year, the correlation between DWAS and SPHD has dropped to 0.22 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
DWAS vs. SPHD — Risk / Return Rank
DWAS
SPHD
DWAS vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.18 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.51 | 1.66 | +2.86 |
| Martin ratioReturn relative to average drawdown | 14.54 | 4.06 | +10.48 |
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Drawdowns
DWAS vs. SPHD - Drawdown Comparison
The maximum DWAS drawdown since its inception was -46.16%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DWAS and SPHD.
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Drawdown Indicators
| DWAS | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.16% | -41.39% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -7.33% | -2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -13.29% | -20.54% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -19.50% | -14.33% |
Max Drawdown (10Y)Largest decline over 10 years | -46.16% | -41.39% | -4.77% |
Current DrawdownCurrent decline from peak | -1.80% | -1.91% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -10.27% | -4.69% | -5.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.10% | 2.98% | +0.12% |
Volatility
DWAS vs. SPHD - Volatility Comparison
Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 8.88% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.26%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWAS | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 4.26% | +4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 18.12% | 8.13% | +9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.99% | 11.48% | +12.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.86% | 14.16% | +11.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.69% | 17.65% | +9.04% |
DWAS vs. SPHD - Expense Ratio Comparison
DWAS has a 0.60% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
DWAS vs. SPHD - Dividend Comparison
DWAS has not paid dividends to shareholders, while SPHD's dividend yield for the trailing twelve months is around 4.60%.
| 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
DWAS and SPHD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWAS has higher volatility (8.88%) compared to SPHD (4.26%). In terms of maximum drawdown, DWAS dropped -46.16% vs SPHD's -41.39%.
On 10-year performance, DWAS leads with 13.88% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DWAS has performed better with a 13.88% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.60% for DWAS.
SPHD has the higher dividend yield at 4.60%, compared with 0.00% for DWAS.
DWAS is categorized as Momentum, while SPHD is Dividend. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.60% for DWAS and 0.30% for SPHD.
DWAS currently has the higher Sharpe Ratio (1.89 vs 1.06), 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.
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