HASI vs. PWB

Last updated Aug 1, 2026

HASI (Hannon Armstrong Sustainable Infrastructure Capital, Inc.) is a stock, while PWB (Invesco Large Cap Growth ETF) is Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index. Over the past 10 years, HASI returned 11.04%/yr vs 17.31%/yr for PWB. Their 0.40 correlation means their historical movements had little consistent relationship.

Performance

HASI vs. PWB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and Invesco Large Cap Growth ETF (PWB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HASI achieves a 23.22% return, which is significantly higher than PWB's 20.52% return. Over the past 10 years, HASI has underperformed PWB with an annualized return of 11.04%, while PWB has yielded a comparatively higher 17.31% annualized return.

HASI

• 1D: -0.24%
• 1M: -1.02%
• 6M: 12.55%
• YTD: 23.22%
• 1Y: 54.79%
• 3Y*: 21.66%
• 5Y*: -2.93%
• 10Y*: 11.04%
• ALL TIME*: 15.22%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HASI Hannon Armstrong Sustainable Infrastructure Capital, Inc.	$33.16M	$30.49M	$40.30M
PWB Invesco Large Cap Growth ETF	$15.62M	$17.39M	$15.67M

HASI vs. PWB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HASI Hannon Armstrong Sustainable Infrastructure Capital, Inc.	23.22%	23.95%	3.02%	1.49%	-43.05%	-14.08%	105.59%	77.07%	-15.37%	34.31%
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 HASI and PWB is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.40
Correlation (10Y) Provides a long-term view across more market conditions.	0.40
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.40

The correlation between HASI and PWB shifts across timeframes, from 0.28 (3 years) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HASI vs. PWB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HASI

HASI Risk / Return Rank: 88
HASI Sharpe Ratio Rank: 89
HASI Sortino Ratio Rank: 90
HASI Omega Ratio Rank: 87
HASI Calmar Ratio Rank: 89
HASI Martin Ratio Rank: 88

PWB

PWB Risk / Return Rank: 55
PWB Sharpe Ratio Rank: 51
PWB Sortino Ratio Rank: 49
PWB Omega Ratio Rank: 49
PWB Calmar Ratio Rank: 60
PWB Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HASI vs. PWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) 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.

	HASI	PWB	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.25	+0.49
Sortino ratio: Return per unit of downside risk	2.74	1.74	+0.99
Omega ratio: Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio: Return relative to maximum drawdown	3.33	2.11	+1.22
Martin ratio: Return relative to average drawdown	8.54	7.89	+0.65

HASI vs. PWB - Sharpe Ratio Comparison

The current HASI Sharpe Ratio is 1.74, which is higher than the PWB Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HASI and PWB, 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

HASI vs. PWB - Drawdown Comparison

The maximum HASI drawdown since its inception was -76.94%, which is greater than PWB's maximum drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for HASI and PWB.

Drawdown Indicators

	HASI	PWB	Difference
Max Drawdown Largest peak-to-trough decline	-76.94%	-52.58%	-24.36%
Max Drawdown (1Y) Largest decline over 1 year	-16.02%	-13.73%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-41.41%	-22.10%	-19.31%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-31.41%	-43.83%
Max Drawdown (10Y) Largest decline over 10 years	-76.94%	-32.36%	-44.58%
Current Drawdown Current decline from peak	-29.32%	-9.09%	-20.23%
Average Drawdown Average peak-to-trough decline	-22.81%	-8.21%	-14.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	3.66%	+2.59%

Volatility

HASI vs. PWB - Volatility Comparison

The current volatility for Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is 5.43%, while Invesco Large Cap Growth ETF (PWB) has a volatility of 9.36%. This indicates that HASI experiences smaller price fluctuations and is considered to be less risky than PWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HASI	PWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	9.36%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	20.41%	20.08%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	30.85%	23.17%	+7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.99%	21.90%	+25.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.22%	21.17%	+21.05%

Dividends

HASI vs. PWB - Dividend Comparison

HASI's dividend yield for the trailing twelve months is around 4.46%, while PWB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HASI Hannon Armstrong Sustainable Infrastructure Capital, Inc.	4.46%	5.35%	6.19%	5.73%	5.18%	2.64%	2.14%	4.16%	6.93%	5.49%	6.48%	5.71%
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

Can I hold both HASI and PWB in my portfolio?

HASI and PWB have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HASI or PWB?

PWB has higher volatility (9.36%) compared to HASI (5.43%). In terms of maximum drawdown, HASI dropped -76.94% vs PWB's -52.58%.

Which has better risk-adjusted returns?

HASI currently has the higher Sharpe Ratio (1.74 vs 1.25), 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.