HVAC vs. PRN

Last updated Jun 4, 2026

HVAC (AdvisorShares HVAC and Industrials ETF) and PRN (Invesco DWA Industrials Momentum ETF) are both exchange-traded funds - HVAC is a Industrials Equities fund actively managed by AdvisorShares, while PRN is a Momentum fund tracking the DWA Industrials Technical Leaders Index. HVAC is actively managed, while PRN is passively managed. Over the past year, HVAC returned 59.65% vs 65.12% for PRN. Their correlation of 0.91 suggests significant overlap in exposure. HVAC charges 1.00%/yr vs 0.60%/yr for PRN.

Performance

HVAC vs. PRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares HVAC and Industrials ETF (HVAC) and Invesco DWA Industrials Momentum ETF (PRN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HVAC achieves a 36.48% return, which is significantly lower than PRN's 41.80% return.

HVAC

• 1D: 1.91%
• 1M: 6.24%
• YTD: 36.48%
• 6M: 32.88%
• 1Y: 59.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRN

• 1D: 0.59%
• 1M: 6.86%
• YTD: 41.80%
• 6M: 45.38%
• 1Y: 65.12%
• 3Y*: 36.96%
• 5Y*: 20.18%
• 10Y*: 18.51%

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

HVAC vs. PRN - Yearly Performance Comparison

	2026 (YTD)	2025
HVAC AdvisorShares HVAC and Industrials ETF	36.48%	24.04%
PRN Invesco DWA Industrials Momentum ETF	41.80%	12.61%

Correlation

The correlation between HVAC and PRN is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.91

The correlation between HVAC and PRN has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

HVAC vs. PRN - Sectors Allocation Comparison

Sectors	HVAC	PRN
Industrials	67.0%	79.3%
Technology	16.9%	19.4%
Utilities	7.4%	-
Consumer Cyclical	4.5%	1.2%
Real Estate	2.8%	-
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	1.6%
Financial Services	-	0.1%
Healthcare	-	-

Return for Risk

HVAC vs. PRN — Risk / Return Rank

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

HVAC

HVAC Risk / Return Rank: 68
HVAC Sharpe Ratio Rank: 66
HVAC Sortino Ratio Rank: 59
HVAC Omega Ratio Rank: 60
HVAC Calmar Ratio Rank: 79
HVAC Martin Ratio Rank: 75

PRN

PRN Risk / Return Rank: 70
PRN Sharpe Ratio Rank: 68
PRN Sortino Ratio Rank: 60
PRN Omega Ratio Rank: 60
PRN Calmar Ratio Rank: 84
PRN Martin Ratio Rank: 78

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.

HVAC vs. PRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares HVAC and Industrials ETF (HVAC) and Invesco DWA Industrials Momentum ETF (PRN). 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.

	HVAC	PRN	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.29	-0.10
Sortino ratio: Return per unit of downside risk	2.75	2.86	-0.11
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	4.04	4.63	-0.58
Martin ratio: Return relative to average drawdown	14.29	15.45	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HVAC vs. PRN - Sharpe Ratio Comparison

The current HVAC Sharpe Ratio is 2.19, which is comparable to the PRN Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of HVAC and PRN, 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

	HVAC	PRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.29	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	0.52	+1.14

Drawdowns

HVAC vs. PRN - Drawdown Comparison

The maximum HVAC drawdown since its inception was -21.22%, smaller than the maximum PRN drawdown of -59.88%. Use the drawdown chart below to compare losses from any high point for HVAC and PRN.

Drawdown Indicators

	HVAC	PRN	Difference
Max Drawdown Largest peak-to-trough decline	-21.22%	-59.88%	+38.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-14.15%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.27%	—
Current Drawdown Current decline from peak	-0.60%	-0.47%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.95%	-10.84%	+6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	4.23%	-0.04%

Volatility

HVAC vs. PRN - Volatility Comparison

AdvisorShares HVAC and Industrials ETF (HVAC) and Invesco DWA Industrials Momentum ETF (PRN) have volatilities of 11.09% and 10.95%, 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.

Volatility by Period

	HVAC	PRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.09%	10.95%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	23.22%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	27.43%	28.66%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.39%	25.03%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.39%	24.17%	+5.22%

HVAC vs. PRN - Expense Ratio Comparison

HVAC has a 1.00% expense ratio, which is higher than PRN's 0.60% expense ratio.

Dividends

HVAC vs. PRN - Dividend Comparison

HVAC's dividend yield for the trailing twelve months is around 0.14%, more than PRN's 0.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HVAC AdvisorShares HVAC and Industrials ETF	0.14%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRN Invesco DWA Industrials Momentum ETF	0.11%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%

Frequently Asked Questions

Can I hold both HVAC and PRN in my portfolio?

With a correlation of 0.90, HVAC and PRN 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, HVAC or PRN?

HVAC has higher volatility (11.09%) compared to PRN (10.95%). In terms of maximum drawdown, HVAC dropped -21.22% vs PRN's -59.88%.

Which ETF is better, HVAC or PRN?

On 1-year performance, PRN leads with 65.12% vs 59.65% for HVAC. On fees, PRN is cheaper at 0.60% per year. On volatility, PRN has been the lower-risk option at 10.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HVAC or PRN?

Over the 1-year period, PRN has performed better with a 65.12% return vs 59.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HVAC or PRN?

PRN is cheaper with a 0.60% expense ratio, compared with 1.00% for HVAC.

Which ETF pays a higher dividend yield, HVAC or PRN?

HVAC has the higher dividend yield at 0.14%, compared with 0.11% for PRN.

What is the main difference between HVAC and PRN?

HVAC is categorized as Industrials Equities, while PRN is Momentum. They also come from different issuers: AdvisorShares and Invesco. Their fees differ too: 1.00% for HVAC and 0.60% for PRN.

Which has better risk-adjusted returns?

PRN currently has the higher Sharpe Ratio (2.29 vs 2.19), 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.