DWAS vs. VBK

Last updated Jun 3, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and VBK (Vanguard Small-Cap Growth ETF) are both exchange-traded funds - DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index, while VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index. Both are passively managed. Over the past 10 years, DWAS returned 13.13%/yr vs 11.86%/yr for VBK. Their correlation of 0.90 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.07%/yr for VBK.

Performance

DWAS vs. VBK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA SmallCap Momentum ETF (DWAS) and Vanguard Small-Cap Growth ETF (VBK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DWAS having a 19.58% return and VBK slightly lower at 18.67%. Over the past 10 years, DWAS has outperformed VBK with an annualized return of 13.13%, while VBK has yielded a comparatively lower 11.86% 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%

VBK

• 1D: 0.73%
• 1M: 6.15%
• YTD: 18.67%
• 6M: 19.38%
• 1Y: 36.00%
• 3Y*: 18.15%
• 5Y*: 6.14%
• 10Y*: 11.86%

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

DWAS vs. VBK - 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%
VBK Vanguard Small-Cap Growth ETF	18.67%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%

Correlation

The correlation between DWAS and VBK is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 20, 2012	0.90

The correlation between DWAS and VBK has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

DWAS vs. VBK - Sectors Allocation Comparison

Sectors	DWAS	VBK
Healthcare	28.2%	15.3%
Technology	18.6%	25.9%
Industrials	16.9%	24.7%
Financial Services	13.0%	5.6%
Energy	7.7%	4.8%
Consumer Cyclical	6.0%	9.6%
Basic Materials	4.0%	3.2%
Consumer Defensive	3.1%	2.4%
Real Estate	1.1%	3.9%
Communication Services	1.1%	3.5%
Utilities	0.3%	1.2%

Return for Risk

DWAS vs. VBK — 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

VBK

VBK Risk / Return Rank: 57
VBK Sharpe Ratio Rank: 54
VBK Sortino Ratio Rank: 53
VBK Omega Ratio Rank: 50
VBK Calmar Ratio Rank: 64
VBK Martin Ratio Rank: 66

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. VBK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Vanguard Small-Cap Growth ETF (VBK). 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	VBK	Difference
Sharpe ratio Return per unit of total volatility	1.85	1.89	-0.04
Sortino ratio Return per unit of downside risk	2.53	2.58	-0.05
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	4.24	3.19	+1.06
Martin ratio Return relative to average drawdown	13.89	12.19	+1.70
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. VBK - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.85, which is comparable to the VBK Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DWAS and VBK, 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	VBK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.89	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.26	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.52	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.43	+0.06

Drawdowns

DWAS vs. VBK - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum VBK drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for DWAS and VBK.

Drawdown Indicators

	DWAS	VBK	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-58.68%	+12.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-11.44%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-27.54%	-6.29%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-38.39%	+4.56%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	-38.70%	-7.46%
Current Drawdown Current decline from peak	-1.14%	0.00%	-1.14%
Average Drawdown Average peak-to-trough decline	-10.30%	-10.16%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.99%	+0.07%

Volatility

DWAS vs. VBK - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 6.77% compared to Vanguard Small-Cap Growth ETF (VBK) at 5.20%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than VBK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	VBK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	5.20%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	14.62%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	19.17%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	23.48%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.61%	22.86%	+3.75%

DWAS vs. VBK - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than VBK's 0.07% expense ratio.

Dividends

DWAS vs. VBK - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.01%, less than VBK's 0.44% 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%
VBK Vanguard Small-Cap Growth ETF	0.44%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both DWAS and VBK in my portfolio?

DWAS and VBK have a correlation of 0.87, 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 VBK?

DWAS has higher volatility (6.77%) compared to VBK (5.20%). In terms of maximum drawdown, DWAS dropped -46.16% vs VBK's -58.68%.

Which ETF is better, DWAS or VBK?

On 10-year performance, DWAS leads with 13.13% vs 11.86% for VBK. On fees, VBK is cheaper at 0.07% per year. On volatility, VBK has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or VBK?

Over the 10-year period, DWAS has performed better with a 13.13% return vs 11.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or VBK?

VBK is cheaper with a 0.07% expense ratio, compared with 0.60% for DWAS.

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

VBK has the higher dividend yield at 0.44%, compared with 0.01% for DWAS.

What is the main difference between DWAS and VBK?

DWAS is categorized as Momentum, while VBK is Small Cap Growth Equities. DWAS tracks Dorsey Wright SmallCap Technical Leaders Index, while VBK tracks CRSP US Small Cap Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for DWAS and 0.07% for VBK.

Which has better risk-adjusted returns?

VBK currently has the higher Sharpe Ratio (1.89 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.