IJT vs. DWAS

Last updated Jun 24, 2026

IJT (iShares S&P SmallCap 600 Growth ETF) and DWAS (Invesco DWA SmallCap Momentum ETF) are both exchange-traded funds - IJT is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index, while DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index. Both are passively managed. Over the past 10 years, IJT returned 11.60%/yr vs 13.88%/yr for DWAS. Their correlation of 0.90 suggests significant overlap in exposure. IJT charges 0.18%/yr vs 0.60%/yr for DWAS.

Performance

IJT vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P SmallCap 600 Growth ETF (IJT) and Invesco DWA SmallCap Momentum ETF (DWAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJT achieves a 21.22% return, which is significantly lower than DWAS's 24.87% return. Over the past 10 years, IJT has underperformed DWAS with an annualized return of 11.60%, while DWAS has yielded a comparatively higher 13.88% annualized return.

IJT

• 1D: -0.43%
• 1M: 5.51%
• YTD: 21.22%
• 6M: 17.80%
• 1Y: 31.64%
• 3Y*: 16.70%
• 5Y*: 6.16%
• 10Y*: 11.60%

DWAS

• 1D: -1.80%
• 1M: 6.39%
• YTD: 24.87%
• 6M: 21.56%
• 1Y: 45.00%
• 3Y*: 17.62%
• 5Y*: 6.84%
• 10Y*: 13.88%

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

IJT vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJT iShares S&P SmallCap 600 Growth ETF	21.22%	5.26%	9.33%	17.11%	-21.32%	22.37%	19.22%	20.98%	-4.40%	14.47%
DWAS Invesco DWA SmallCap Momentum ETF	24.87%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%

Correlation

The correlation between IJT and DWAS is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012	0.90

The correlation between IJT and DWAS has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

IJT vs. DWAS - Sectors Allocation Comparison

Sectors	IJT	DWAS
Technology	21.2%	20.9%
Industrials	18.7%	18.0%
Healthcare	14.7%	25.9%
Financial Services	13.5%	13.3%
Consumer Cyclical	10.7%	5.9%
Real Estate	6.5%	1.2%
Energy	3.8%	6.5%
Consumer Defensive	3.3%	3.0%
Basic Materials	3.0%	3.9%
Communication Services	2.9%	1.1%
Utilities	1.7%	0.3%

Return for Risk

IJT vs. DWAS — Risk / Return Rank

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

IJT

IJT Risk / Return Rank: 61
IJT Sharpe Ratio Rank: 55
IJT Sortino Ratio Rank: 57
IJT Omega Ratio Rank: 51
IJT Calmar Ratio Rank: 73
IJT Martin Ratio Rank: 69

DWAS

DWAS Risk / Return Rank: 67
DWAS Sharpe Ratio Rank: 60
DWAS Sortino Ratio Rank: 56
DWAS Omega Ratio Rank: 52
DWAS Calmar Ratio Rank: 85
DWAS Martin Ratio Rank: 79

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.

IJT vs. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P SmallCap 600 Growth ETF (IJT) and Invesco DWA SmallCap Momentum ETF (DWAS). 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.

	IJT	DWAS	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.89	-0.11
Sortino ratio: Return per unit of downside risk	2.61	2.55	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.50	4.51	-1.01
Martin ratio: Return relative to average drawdown	12.23	14.54	-2.31

IJT vs. DWAS - Sharpe Ratio Comparison

The current IJT Sharpe Ratio is 1.78, which is comparable to the DWAS Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IJT and DWAS, 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

IJT vs. DWAS - Drawdown Comparison

The maximum IJT drawdown since its inception was -57.61%, which is greater than DWAS's maximum drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for IJT and DWAS.

Drawdown Indicators

	IJT	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-57.61%	-46.16%	-11.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-10.02%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-27.41%	-33.83%	+6.42%
Max Drawdown (5Y) Largest decline over 5 years	-29.24%	-33.83%	+4.59%
Max Drawdown (10Y) Largest decline over 10 years	-42.03%	-46.16%	+4.13%
Current Drawdown Current decline from peak	-0.43%	-1.80%	+1.37%
Average Drawdown Average peak-to-trough decline	-10.29%	-10.27%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.10%	-0.51%

Volatility

IJT vs. DWAS - Volatility Comparison

The current volatility for iShares S&P SmallCap 600 Growth ETF (IJT) is 5.32%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 8.88%. This indicates that IJT experiences smaller price fluctuations and is considered to be less risky than DWAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJT	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	8.88%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	18.12%	-5.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.93%	23.99%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.55%	25.86%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	26.69%	-3.67%

IJT vs. DWAS - Expense Ratio Comparison

IJT has a 0.18% expense ratio, which is lower than DWAS's 0.60% expense ratio.

Dividends

IJT vs. DWAS - Dividend Comparison

IJT's dividend yield for the trailing twelve months is around 0.71%, while DWAS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWAS Invesco DWA SmallCap Momentum ETF	0.00%	0.07%	0.79%	1.42%	0.81%	0.16%	0.21%	0.13%	0.04%	0.20%	0.52%	0.19%
IJT iShares S&P SmallCap 600 Growth ETF	0.71%	0.91%	1.06%	1.02%	1.08%	0.63%	0.68%	0.92%	0.92%	0.86%	1.03%	1.14%

Frequently Asked Questions

Can I hold both IJT and DWAS in my portfolio?

IJT and DWAS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJT or DWAS?

DWAS has higher volatility (8.88%) compared to IJT (5.32%). In terms of maximum drawdown, IJT dropped -57.61% vs DWAS's -46.16%.

Which ETF is better, IJT or DWAS?

On 10-year performance, DWAS leads with 13.88% vs 11.60% for IJT. On fees, IJT is cheaper at 0.18% per year. On volatility, IJT has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJT or DWAS?

Over the 10-year period, DWAS has performed better with a 13.88% return vs 11.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJT or DWAS?

IJT is cheaper with a 0.18% expense ratio, compared with 0.60% for DWAS.

Which ETF pays a higher dividend yield, IJT or DWAS?

IJT has the higher dividend yield at 0.71%, compared with 0.00% for DWAS.

What is the main difference between IJT and DWAS?

IJT is categorized as Small Cap Growth Equities, while DWAS is Momentum. IJT tracks S&P SmallCap 600 Growth Index, while DWAS tracks Dorsey Wright SmallCap Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IJT and 0.60% for DWAS.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (1.89 vs 1.78), 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.