DWAS vs. VAMO

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and VAMO (Cambria Value and Momentum ETF) are both Momentum funds. DWAS is passively managed, while VAMO is actively managed. Over the past 10 years, DWAS returned 13.13%/yr vs 5.63%/yr for VAMO. A 0.63 correlation means they provide meaningful diversification when combined. DWAS charges 0.60%/yr vs 0.65%/yr for VAMO.

Performance

DWAS vs. VAMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and Cambria Value and Momentum ETF (VAMO). 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 higher than VAMO's 3.11% return. Over the past 10 years, DWAS has outperformed VAMO with an annualized return of 13.13%, while VAMO has yielded a comparatively lower 5.63% 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%

VAMO

• 1D: 0.73%
• 1M: -1.50%
• YTD: 3.11%
• 6M: 5.31%
• 1Y: 18.69%
• 3Y*: 13.89%
• 5Y*: 8.06%
• 10Y*: 5.63%

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

DWAS vs. VAMO - 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%
VAMO Cambria Value and Momentum ETF	3.11%	16.51%	6.11%	5.58%	8.55%	32.16%	-4.92%	-4.63%	-11.43%	3.82%

Correlation

The correlation between DWAS and VAMO is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 10, 2015	0.63

The correlation between DWAS and VAMO shifts across timeframes, from 0.63 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.

DWAS vs. VAMO - Sectors Allocation Comparison

Sectors	DWAS	VAMO
Healthcare	28.2%	17.5%
Technology	18.6%	8.3%
Industrials	16.9%	21.4%
Financial Services	13.0%	38.8%
Energy	7.7%	34.0%
Consumer Cyclical	6.0%	33.5%
Basic Materials	4.0%	7.3%
Consumer Defensive	3.1%	6.5%
Real Estate	1.1%	-
Communication Services	1.1%	5.0%
Utilities	0.3%	1.6%

Return for Risk

DWAS vs. VAMO — 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

VAMO

VAMO Risk / Return Rank: 53
VAMO Sharpe Ratio Rank: 48
VAMO Sortino Ratio Rank: 50
VAMO Omega Ratio Rank: 45
VAMO Calmar Ratio Rank: 66
VAMO Martin Ratio Rank: 56

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. VAMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Cambria Value and Momentum ETF (VAMO). 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	VAMO	Difference
Sharpe ratio Return per unit of total volatility	1.85	1.68	+0.17
Sortino ratio Return per unit of downside risk	2.53	2.47	+0.06
Omega ratio Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio Return relative to maximum drawdown	4.24	3.38	+0.87
Martin ratio Return relative to average drawdown	13.89	9.81	+4.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWAS vs. VAMO - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is comparable to the VAMO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of DWAS and VAMO, 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	VAMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.68	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.47	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.31	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.24	+0.24

Drawdowns

DWAS vs. VAMO - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than VAMO's maximum drawdown of -41.84%. Use the drawdown chart below to compare losses from any high point for DWAS and VAMO.

Drawdown Indicators

	DWAS	VAMO	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-41.84%	-4.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-5.55%	-4.47%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-11.61%	-22.22%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-17.25%	-16.58%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-41.84%	-4.32%
Current Drawdown Current decline from peak	-1.14%	-2.80%	+1.66%
Average Drawdown Average peak-to-trough decline	-10.30%	-9.98%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.91%	+1.15%

Volatility

DWAS vs. VAMO - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to Cambria Value and Momentum ETF (VAMO) at 2.98%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than VAMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	VAMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	2.98%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	7.68%	+9.35%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	11.19%	+11.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	17.34%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	18.10%	+8.51%

DWAS vs. VAMO - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is lower than VAMO's 0.65% expense ratio.

Dividends

DWAS vs. VAMO - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than VAMO's 0.63% 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%
VAMO Cambria Value and Momentum ETF	0.63%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both DWAS and VAMO in my portfolio?

DWAS and VAMO have a correlation of 0.70, 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 VAMO?

DWAS has higher volatility (6.77%) compared to VAMO (2.98%). In terms of maximum drawdown, DWAS dropped -46.16% vs VAMO's -41.84%.

Which ETF is better, DWAS or VAMO?

On 10-year performance, DWAS leads with 13.13% vs 5.63% for VAMO. On fees, DWAS is cheaper at 0.60% per year. On volatility, VAMO has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or VAMO?

Over the 10-year period, DWAS has performed better with a 13.13% return vs 5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or VAMO?

DWAS is cheaper with a 0.60% expense ratio, compared with 0.65% for VAMO.

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

VAMO has the higher dividend yield at 0.63%, compared with 0.01% for DWAS.

What is the main difference between DWAS and VAMO?

They also come from different issuers: Invesco and Cambria. Their fees differ too: 0.60% for DWAS and 0.65% for VAMO.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (1.85 vs 1.68), 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.