PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DWAS vs. XSMO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

DWAS vs. XSMO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DWA SmallCap Momentum ETF (DWAS) and Invesco S&P SmallCap Momentum ETF (XSMO).

DWAS and XSMO 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. XSMO is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Index. It was launched on Mar 3, 2005. Both DWAS and XSMO 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. XSMO - Performance Comparison

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

Loading graphics...

DWAS vs. XSMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XSMO
Invesco S&P SmallCap Momentum ETF		5.74%9.80%17.45%21.55%-15.44%19.24%21.96%28.65%-3.44%23.95%

Returns By Period

In the year-to-date period, DWAS achieves a 1.76% return, which is significantly lower than XSMO's 5.74% return. Over the past 10 years, DWAS has underperformed XSMO with an annualized return of 11.50%, while XSMO has yielded a comparatively higher 13.59% 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%

XSMO

1D
3.44%
1M
-4.59%
YTD
5.74%
6M
3.65%
1Y
21.94%
3Y*
18.88%
5Y*
8.42%
10Y*
13.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DWA SmallCap Momentum ETF

Invesco S&P SmallCap Momentum ETF

Often compared with DWAS:
DWAS vs. OBMCXDWAS vs. MTUMDWAS vs. SPYDWAS vs. VBRDWAS vs. IJRDWAS vs. VBKDWAS vs. VOO
Often compared with XSMO:
XSMO vs. AVUVXSMO vs. XSVMXSMO vs. FCPVXXSMO vs. VIOGXSMO vs. SLYGXSMO vs. CALFXSMO vs. DFAS

DWAS vs. XSMO - Expense Ratio Comparison

DWAS has a 0.60% expense ratio, which is higher than XSMO's 0.39% expense ratio.

DWAS
Invesco DWA SmallCap Momentum ETF
XSMO
Invesco S&P SmallCap Momentum ETF

Return for Risk

DWAS vs. XSMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DWAS
DWAS Risk / Return Rank: 6565
Overall Rank
DWAS Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
DWAS Sortino Ratio Rank: 6262
Sortino Ratio Rank
DWAS Omega Ratio Rank: 5353
Omega Ratio Rank
DWAS Calmar Ratio Rank: 7878
Calmar Ratio Rank
DWAS Martin Ratio Rank: 7373
Martin Ratio Rank
XSMO
XSMO Risk / Return Rank: 6767
Overall Rank
XSMO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XSMO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSMO Omega Ratio Rank: 5757
Omega Ratio Rank
XSMO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XSMO Martin Ratio Rank: 7878
Martin Ratio Rank
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. XSMO - 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 SmallCap Momentum ETF (XSMO). 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.

DWASXSMODifference

Sharpe ratio

Return per unit of total volatility

1.05

1.00

+0.05

Sortino ratio

Return per unit of downside risk

1.56

1.50

+0.05

Omega ratio

Gain probability vs. loss probability

1.19

1.20

-0.01

Calmar ratio

Return relative to maximum drawdown

2.02

1.91

+0.11

Martin ratio

Return relative to average drawdown

7.38

7.96

-0.58

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. XSMO - Sharpe Ratio Comparison

The current DWAS Sharpe Ratio is 1.05, which is comparable to the XSMO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of DWAS and XSMO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Loading graphics...

Sharpe Ratios by Period

DWASXSMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.05

1.00

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.13

0.37

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.57

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.36

+0.08

Correlation

The correlation between DWAS and XSMO is 0.86, 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. XSMO - Dividend Comparison

DWAS's dividend yield for the trailing twelve months is around 0.02%, less than XSMO's 0.61% yield.

TTM20252024202320222021202020192018201720162015
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%
XSMO
Invesco S&P SmallCap Momentum ETF		0.61%0.75%0.63%0.96%1.19%0.30%0.82%0.69%0.66%0.27%0.30%0.35%

Drawdowns

DWAS vs. XSMO - Drawdown Comparison

The maximum DWAS drawdown since its inception was -46.16%, smaller than the maximum XSMO drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for DWAS and XSMO.

Loading graphics...

Drawdown Indicators

DWASXSMODifference

Max Drawdown

Largest peak-to-trough decline

-46.16%

-58.06%

+11.90%

Max Drawdown (1Y)

Largest decline over 1 year

-13.21%

-13.42%

+0.21%

Max Drawdown (5Y)

Largest decline over 5 years

-33.83%

-29.62%

-4.21%

Max Drawdown (10Y)

Largest decline over 10 years

-46.16%

-39.39%

-6.77%

Current Drawdown

Current decline from peak

-5.71%

-5.75%

+0.04%

Average Drawdown

Average peak-to-trough decline

-10.41%

-11.21%

+0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

3.23%

+0.39%

Volatility

DWAS vs. XSMO - Volatility Comparison

Invesco DWA SmallCap Momentum ETF (DWAS) has a higher volatility of 9.76% compared to Invesco S&P SmallCap Momentum ETF (XSMO) at 7.68%. This indicates that DWAS's price experiences larger fluctuations and is considered to be riskier than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

DWASXSMODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.76%

7.68%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

18.15%

13.58%

+4.57%

Volatility (1Y)

Calculated over the trailing 1-year period

25.21%

22.28%

+2.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.97%

22.88%

+3.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.52%

24.05%

+2.47%