GVIP vs. PWB
GVIP (Goldman Sachs Hedge Industry VIP ETF) and PWB (Invesco Large Cap Growth ETF) are both Large Cap Growth Equities funds - GVIP tracks the Goldman Sachs Hedge Fund VIP Index while PWB tracks the Dynamic Large Cap Growth Intellidex Index. Both are passively managed. Over the past 5 years, GVIP returned 10.95%/yr vs 15.18%/yr for PWB. Their correlation of 0.91 means they have usually moved in the same direction. GVIP charges 0.45%/yr vs 0.55%/yr for PWB.
Performance
GVIP vs. PWB - Performance Comparison
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Returns By Period
In the year-to-date period, GVIP achieves a 8.45% return, which is significantly lower than PWB's 20.52% return.
GVIP
- 1D
- -0.64%
- 1M
- -6.63%
- 6M
- 5.72%
- YTD
- 8.45%
- 1Y
- 21.61%
- 3Y*
- 24.01%
- 5Y*
- 10.95%
- 10Y*
- —
- ALL TIME*
- 16.41%
PWB
- 1D
- 0.86%
- 1M
- -3.41%
- 6M
- 14.31%
- YTD
- 20.52%
- 1Y
- 31.05%
- 3Y*
- 28.93%
- 5Y*
- 15.18%
- 10Y*
- 17.31%
- ALL TIME*
- 12.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.23M | $1.88M | $2.26M | |
| $15.62M | $17.39M | $15.67M |
GVIP vs. PWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 8.45% | 25.27% | 29.82% | 39.15% | -31.95% | 11.86% | 44.12% | 30.21% | -6.85% | 25.79% |
PWB Invesco Large Cap Growth ETF | 20.52% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
Correlation
The correlation between GVIP and PWB is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.91 |
The correlation between GVIP and PWB has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
GVIP vs. PWB — Risk / Return Rank
GVIP
PWB
GVIP vs. PWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and Invesco Large Cap Growth ETF (PWB). 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.
| GVIP | PWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.22 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.11 | -0.91 |
| Martin ratioReturn relative to average drawdown | 4.60 | 7.89 | -3.28 |
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Drawdowns
GVIP vs. PWB - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, smaller than the maximum PWB drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for GVIP and PWB.
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Drawdown Indicators
| GVIP | PWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -52.58% | +15.49% |
Max Drawdown (1Y)Largest decline over 1 year | -16.36% | -13.73% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -22.10% | -1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | -31.41% | -5.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.36% | — |
Current DrawdownCurrent decline from peak | -12.39% | -9.09% | -3.30% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -8.21% | +0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.26% | 3.66% | +0.60% |
Volatility
GVIP vs. PWB - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) and Invesco Large Cap Growth ETF (PWB) have volatilities of 9.71% and 9.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GVIP | PWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.71% | 9.36% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 20.33% | 20.08% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.29% | 23.17% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.24% | 21.90% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.02% | 21.17% | +0.85% |
GVIP vs. PWB - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is lower than PWB's 0.55% expense ratio.
Dividends
GVIP vs. PWB - Dividend Comparison
GVIP's dividend yield for the trailing twelve months is around 0.31%, while PWB has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.31% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% | 0.00% |
PWB Invesco Large Cap Growth ETF | 0.00% | 0.00% | 0.08% | 0.37% | 0.31% | 0.04% | 0.21% | 0.58% | 0.97% | 0.54% | 0.82% | 0.67% |
Frequently Asked Questions
With a correlation of 0.93, GVIP and PWB 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.
GVIP has higher volatility (9.71%) compared to PWB (9.36%). In terms of maximum drawdown, GVIP dropped -37.09% vs PWB's -52.58%.
On 5-year performance, PWB leads with 15.18% vs 10.95% for GVIP. On fees, GVIP is cheaper at 0.45% per year. On volatility, PWB has been the lower-risk option at 9.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PWB has performed better with a 15.18% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GVIP is cheaper with a 0.45% expense ratio, compared with 0.55% for PWB.
GVIP has the higher dividend yield at 0.31%, compared with 0.00% for PWB.
GVIP tracks Goldman Sachs Hedge Fund VIP Index, while PWB tracks Dynamic Large Cap Growth Intellidex Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.45% for GVIP and 0.55% for PWB.
PWB currently has the higher Sharpe Ratio (1.25 vs 0.84), 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.
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