DWAS vs. VFMO

Last updated Jun 24, 2026

DWAS (Invesco DWA SmallCap Momentum ETF) and VFMO (Vanguard U.S. Momentum Factor ETF) are both Momentum funds. DWAS is passively managed, while VFMO is actively managed. Over the past 5 years, DWAS returned 6.84%/yr vs 14.02%/yr for VFMO. Their correlation of 0.93 suggests significant overlap in exposure. DWAS charges 0.60%/yr vs 0.13%/yr for VFMO.

Performance

DWAS vs. VFMO - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DWAS having a 24.87% return and VFMO slightly higher at 25.84%.

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%

VFMO

• 1D: -2.31%
• 1M: 4.69%
• YTD: 25.84%
• 6M: 22.71%
• 1Y: 44.30%
• 3Y*: 27.88%
• 5Y*: 14.02%
• 10Y*: —

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

DWAS vs. VFMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DWAS Invesco DWA SmallCap Momentum ETF	24.87%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-12.64%
VFMO Vanguard U.S. Momentum Factor ETF	25.84%	17.39%	26.14%	16.25%	-12.84%	19.16%	31.36%	28.22%	-11.41%

Correlation

The correlation between DWAS and VFMO is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.93

The correlation between DWAS and VFMO has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

DWAS vs. VFMO - Sectors Allocation Comparison

Sectors	DWAS	VFMO
Healthcare	25.9%	22.9%
Technology	20.9%	17.5%
Industrials	18.0%	24.7%
Financial Services	13.3%	6.5%
Energy	6.5%	7.3%
Consumer Cyclical	5.9%	8.7%
Basic Materials	3.9%	6.4%
Consumer Defensive	3.0%	2.5%
Real Estate	1.2%	0.1%
Communication Services	1.1%	3.4%
Utilities	0.3%	0.2%

Return for Risk

DWAS vs. VFMO — 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

VFMO

VFMO Risk / Return Rank: 67
VFMO Sharpe Ratio Rank: 63
VFMO Sortino Ratio Rank: 56
VFMO Omega Ratio Rank: 57
VFMO Calmar Ratio Rank: 80
VFMO 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. VFMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA SmallCap Momentum ETF (DWAS) and Vanguard U.S. Momentum Factor ETF (VFMO). 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	VFMO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.99	-0.11
Sortino ratio: Return per unit of downside risk	2.55	2.59	-0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	4.51	4.05	+0.46
Martin ratio: Return relative to average drawdown	14.54	15.07	-0.53

DWAS vs. VFMO - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.89, which is comparable to the VFMO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of DWAS and VFMO, 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. VFMO - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, which is greater than VFMO's maximum drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for DWAS and VFMO.

Drawdown Indicators

	DWAS	VFMO	Difference
Max Drawdown Largest peak-to-trough decline	-46.16%	-36.77%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-10.98%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-33.83%	-24.40%	-9.43%
Max Drawdown (5Y) Largest decline over 5 years	-33.83%	-25.80%	-8.03%
Max Drawdown (10Y) Largest decline over 10 years	-46.16%	—	—
Current Drawdown Current decline from peak	-1.80%	-2.31%	+0.51%
Average Drawdown Average peak-to-trough decline	-10.27%	-7.73%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.95%	+0.15%

Volatility

DWAS vs. VFMO - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 8.88% compared to Vanguard U.S. Momentum Factor ETF (VFMO) at 8.33%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than VFMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWAS	VFMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	8.33%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	18.12%	17.49%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	22.34%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.86%	21.90%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.69%	23.64%	+3.05%

DWAS vs. VFMO - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than VFMO's 0.13% expense ratio.

Dividends

DWAS vs. VFMO - Dividend Comparison

DWAS has not paid dividends to shareholders, while VFMO's dividend yield for the trailing twelve months is around 0.39%.

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%
VFMO Vanguard U.S. Momentum Factor ETF	0.39%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWAS and VFMO in my portfolio?

With a correlation of 0.92, DWAS and VFMO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DWAS or VFMO?

DWAS has higher volatility (8.88%) compared to VFMO (8.33%). In terms of maximum drawdown, DWAS dropped -46.16% vs VFMO's -36.77%.

Which ETF is better, DWAS or VFMO?

On 5-year performance, VFMO leads with 14.02% vs 6.84% for DWAS. On fees, VFMO is cheaper at 0.13% per year. On volatility, VFMO has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAS or VFMO?

Over the 5-year period, VFMO has performed better with a 14.02% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAS or VFMO?

VFMO is cheaper with a 0.13% expense ratio, compared with 0.60% for DWAS.

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

VFMO has the higher dividend yield at 0.39%, compared with 0.00% for DWAS.

What is the main difference between DWAS and VFMO?

They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for DWAS and 0.13% for VFMO.

Which has better risk-adjusted returns?

VFMO currently has the higher Sharpe Ratio (1.99 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.