GMOV vs. PWV

Last updated Jun 4, 2026

GMOV (GMO U.S. Value ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - GMOV tracks the MSCI USA Value (Gross) while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past year, GMOV returned 27.00% vs 25.33% for PWV. Their correlation of 0.88 suggests significant overlap in exposure. GMOV charges 0.50%/yr vs 0.58%/yr for PWV.

Performance

GMOV vs. PWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO U.S. Value ETF (GMOV) and Invesco Dynamic Large Cap Value ETF (PWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMOV achieves a 10.24% return, which is significantly lower than PWV's 12.10% return.

GMOV

• 1D: -0.59%
• 1M: 2.52%
• YTD: 10.24%
• 6M: 11.68%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PWV

• 1D: -0.14%
• 1M: 2.43%
• YTD: 12.10%
• 6M: 12.38%
• 1Y: 25.33%
• 3Y*: 20.79%
• 5Y*: 12.50%
• 10Y*: 11.81%

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

GMOV vs. PWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMOV GMO U.S. Value ETF	10.24%	14.81%	-1.27%
PWV Invesco Dynamic Large Cap Value ETF	12.10%	19.65%	-1.67%

Correlation

The correlation between GMOV and PWV is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.88

The correlation between GMOV and PWV has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

GMOV vs. PWV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMOV

GMOV Risk / Return Rank: 79
GMOV Sharpe Ratio Rank: 77
GMOV Sortino Ratio Rank: 84
GMOV Omega Ratio Rank: 75
GMOV Calmar Ratio Rank: 83
GMOV Martin Ratio Rank: 78

PWV

PWV Risk / Return Rank: 86
PWV Sharpe Ratio Rank: 83
PWV Sortino Ratio Rank: 86
PWV Omega Ratio Rank: 80
PWV Calmar Ratio Rank: 92
PWV Martin Ratio Rank: 90

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.

GMOV vs. PWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO U.S. Value ETF (GMOV) and Invesco Dynamic Large Cap Value ETF (PWV). 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.

	GMOV	PWV	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.74	-0.24
Sortino ratio: Return per unit of downside risk	3.72	3.93	-0.21
Omega ratio: Gain probability vs. loss probability	1.44	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	4.46	6.28	-1.81
Martin ratio: Return relative to average drawdown	15.05	21.16	-6.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMOV vs. PWV - Sharpe Ratio Comparison

The current GMOV Sharpe Ratio is 2.49, which is comparable to the PWV Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of GMOV and PWV, 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

	GMOV	PWV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.74	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.41	+0.60

Drawdowns

GMOV vs. PWV - Drawdown Comparison

The maximum GMOV drawdown since its inception was -16.71%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for GMOV and PWV.

Drawdown Indicators

	GMOV	PWV	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-49.04%	+32.33%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-4.05%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.67%	—
Current Drawdown Current decline from peak	-0.76%	-0.51%	-0.25%
Average Drawdown Average peak-to-trough decline	-2.84%	-9.50%	+6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.20%	+0.60%

Volatility

GMOV vs. PWV - Volatility Comparison

The current volatility for GMO U.S. Value ETF (GMOV) is 2.18%, while Invesco Dynamic Large Cap Value ETF (PWV) has a volatility of 2.35%. This indicates that GMOV experiences smaller price fluctuations and is considered to be less risky than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMOV	PWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	2.35%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	6.62%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	9.31%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	14.35%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	17.16%	-2.22%

GMOV vs. PWV - Expense Ratio Comparison

GMOV has a 0.50% expense ratio, which is lower than PWV's 0.58% expense ratio.

Dividends

GMOV vs. PWV - Dividend Comparison

GMOV's dividend yield for the trailing twelve months is around 2.02%, more than PWV's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMOV GMO U.S. Value ETF	2.02%	1.98%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PWV Invesco Dynamic Large Cap Value ETF	1.81%	2.12%	2.08%	2.16%	2.29%	1.89%	2.66%	2.24%	2.34%	1.55%	2.35%	2.42%

Frequently Asked Questions

Can I hold both GMOV and PWV in my portfolio?

GMOV and PWV have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMOV or PWV?

PWV has higher volatility (2.35%) compared to GMOV (2.18%). In terms of maximum drawdown, GMOV dropped -16.71% vs PWV's -49.04%.

Which ETF is better, GMOV or PWV?

On 1-year performance, GMOV leads with 27.00% vs 25.33% for PWV. On fees, GMOV is cheaper at 0.50% per year. On volatility, GMOV has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMOV or PWV?

Over the 1-year period, GMOV has performed better with a 27.00% return vs 25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMOV or PWV?

GMOV is cheaper with a 0.50% expense ratio, compared with 0.58% for PWV.

Which ETF pays a higher dividend yield, GMOV or PWV?

GMOV has the higher dividend yield at 2.02%, compared with 1.81% for PWV.

What is the main difference between GMOV and PWV?

GMOV tracks MSCI USA Value (Gross), while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: GMO and Invesco. Their fees differ too: 0.50% for GMOV and 0.58% for PWV.

Which has better risk-adjusted returns?

PWV currently has the higher Sharpe Ratio (2.74 vs 2.49), 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.