DWAS vs. SPY
Compare and contrast key facts about Invesco DWA SmallCap Momentum ETF (DWAS) and State Street SPDR S&P 500 ETF (SPY).
DWAS and SPY 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. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both DWAS and SPY 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. SPY - Performance Comparison
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DWAS vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DWAS Invesco DWA SmallCap Momentum ETF | 1.76% | 6.09% | 9.81% | 16.88% | -18.51% | 19.75% | 32.32% | 31.39% | -10.68% | 20.84% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, DWAS achieves a 1.76% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, DWAS has underperformed SPY with an annualized return of 11.50%, while SPY has yielded a comparatively higher 13.98% annualized return.
DWAS
- 1D
- 4.79%
- 1M
- -3.96%
- YTD
- 1.76%
- 6M
- 6.85%
- 1Y
- 26.30%
- 3Y*
- 10.99%
- 5Y*
- 3.34%
- 10Y*
- 11.50%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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DWAS vs. SPY - Expense Ratio Comparison
DWAS has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
DWAS vs. SPY — Risk / Return Rank
DWAS
SPY
DWAS vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.05 | 0.93 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.56 | 1.45 | +0.10 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.02 | 1.53 | +0.50 |
Martin ratioReturn relative to average drawdown | 7.38 | 7.30 | +0.08 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.93 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.69 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.78 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.56 | -0.12 |
Correlation
The correlation between DWAS and SPY is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DWAS vs. SPY - Dividend Comparison
DWAS's dividend yield for the trailing twelve months is around 0.02%, less than SPY's 1.14% 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% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
DWAS vs. SPY - Drawdown Comparison
The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DWAS and SPY.
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Drawdown Indicators
| DWAS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.16% | -55.19% | +9.03% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -12.05% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -24.50% | -9.33% |
Max Drawdown (10Y)Largest decline over 10 years | -46.16% | -33.72% | -12.44% |
Current DrawdownCurrent decline from peak | -5.71% | -6.24% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -10.41% | -9.09% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 2.52% | +1.10% |
Volatility
DWAS vs. SPY - Volatility Comparison
Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.76% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWAS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.76% | 5.31% | +4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 18.15% | 9.47% | +8.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.21% | 19.05% | +6.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.97% | 17.06% | +8.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.52% | 17.92% | +8.60% |