IVOG vs. PBW
IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both Small Cap Growth Equities funds - IVOG tracks the S&P MidCap 400 Growth Index while PBW tracks the The WilderHill Clean Energy Index (AMEX). Both are passively managed. Over the past 10 years, IVOG returned 11.91%/yr vs 9.92%/yr for PBW. A 0.71 correlation means they provide meaningful diversification when combined. IVOG charges 0.15%/yr vs 0.61%/yr for PBW.
Performance
IVOG vs. PBW - Performance Comparison
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Returns By Period
In the year-to-date period, IVOG achieves a 18.76% return, which is significantly lower than PBW's 28.31% return. Over the past 10 years, IVOG has outperformed PBW with an annualized return of 11.91%, while PBW has yielded a comparatively lower 9.92% annualized return.
IVOG
- 1D
- -1.58%
- 1M
- 2.55%
- YTD
- 18.76%
- 6M
- 16.00%
- 1Y
- 29.76%
- 3Y*
- 17.78%
- 5Y*
- 8.30%
- 10Y*
- 11.91%
PBW
- 1D
- -5.58%
- 1M
- -8.98%
- YTD
- 28.31%
- 6M
- 22.11%
- 1Y
- 107.61%
- 3Y*
- 3.84%
- 5Y*
- -13.40%
- 10Y*
- 9.92%
IVOG vs. PBW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 18.76% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
PBW Invesco WilderHill Clean Energy ETF | 28.31% | 53.96% | -30.77% | -20.03% | -44.55% | -29.86% | 204.82% | 62.58% | -14.11% | 39.92% |
Correlation
The correlation between IVOG and PBW is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.71 |
The correlation between IVOG and PBW has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
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Return for Risk
IVOG vs. PBW — Risk / Return Rank
IVOG
PBW
IVOG vs. PBW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and Invesco WilderHill Clean Energy ETF (PBW). 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.
| IVOG | PBW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 5.09 | -2.01 |
| Martin ratioReturn relative to average drawdown | 12.01 | 13.07 | -1.06 |
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Drawdowns
IVOG vs. PBW - Drawdown Comparison
The maximum IVOG drawdown since its inception was -39.32%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for IVOG and PBW.
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Drawdown Indicators
| IVOG | PBW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.32% | -89.02% | +49.70% |
Max Drawdown (1Y)Largest decline over 1 year | -9.69% | -21.24% | +11.55% |
Max Drawdown (3Y)Largest decline over 3 years | -25.61% | -68.04% | +42.43% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -84.50% | +55.19% |
Max Drawdown (10Y)Largest decline over 10 years | -39.32% | -89.02% | +49.70% |
Current DrawdownCurrent decline from peak | -1.58% | -67.66% | +66.08% |
Average DrawdownAverage peak-to-trough decline | -5.86% | -62.90% | +57.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 8.26% | -5.78% |
Volatility
IVOG vs. PBW - Volatility Comparison
The current volatility for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) is 5.83%, while Invesco WilderHill Clean Energy ETF (PBW) has a volatility of 17.93%. This indicates that IVOG experiences smaller price fluctuations and is considered to be less risky than PBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOG | PBW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.83% | 17.93% | -12.10% |
Volatility (6M)Calculated over the trailing 6-month period | 13.89% | 31.32% | -17.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.69% | 42.50% | -24.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.70% | 43.39% | -22.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.61% | 39.02% | -18.41% |
IVOG vs. PBW - Expense Ratio Comparison
IVOG has a 0.15% expense ratio, which is lower than PBW's 0.61% expense ratio.
Dividends
IVOG vs. PBW - Dividend Comparison
IVOG's dividend yield for the trailing twelve months is around 0.54%, less than PBW's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.54% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
PBW Invesco WilderHill Clean Energy ETF | 1.21% | 0.79% | 2.84% | 3.68% | 4.21% | 1.71% | 0.44% | 1.45% | 2.04% | 1.28% | 2.68% | 1.53% |
Frequently Asked Questions
IVOG and PBW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBW has higher volatility (17.93%) compared to IVOG (5.83%). In terms of maximum drawdown, IVOG dropped -39.32% vs PBW's -89.02%.
On 10-year performance, IVOG leads with 11.91% vs 9.92% for PBW. On fees, IVOG is cheaper at 0.15% per year. On volatility, IVOG has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVOG has performed better with a 11.91% return vs 9.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.15% expense ratio, compared with 0.61% for PBW.
PBW has the higher dividend yield at 1.21%, compared with 0.54% for IVOG.
IVOG tracks S&P MidCap 400 Growth Index, while PBW tracks The WilderHill Clean Energy Index (AMEX). They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.15% for IVOG and 0.61% for PBW.
PBW currently has the higher Sharpe Ratio (2.55 vs 1.69), 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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