IVW vs. PFM

Last updated Jun 4, 2026

IVW (iShares S&P 500 Growth ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds - IVW tracks the S&P 500 Growth Index while PFM tracks the NASDAQ US Broad Dividend Achievers Index. Both are passively managed. Over the past 10 years, IVW returned 18.07%/yr vs 11.82%/yr for PFM. Their correlation of 0.82 suggests significant overlap in exposure. IVW charges 0.18%/yr vs 0.53%/yr for PFM.

Performance

IVW vs. PFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) and Invesco Dividend Achievers™ ETF (PFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVW achieves a 13.68% return, which is significantly higher than PFM's 8.18% return. Over the past 10 years, IVW has outperformed PFM with an annualized return of 18.07%, while PFM has yielded a comparatively lower 11.82% annualized return.

IVW

• 1D: -0.98%
• 1M: 7.39%
• YTD: 13.68%
• 6M: 13.49%
• 1Y: 33.77%
• 3Y*: 27.99%
• 5Y*: 15.93%
• 10Y*: 18.07%

PFM

• 1D: -0.23%
• 1M: 3.40%
• YTD: 8.18%
• 6M: 7.73%
• 1Y: 19.65%
• 3Y*: 16.31%
• 5Y*: 10.63%
• 10Y*: 11.82%

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

IVW vs. PFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVW iShares S&P 500 Growth ETF	13.68%	21.95%	35.82%	29.83%	-29.50%	31.80%	33.19%	30.77%	-0.21%	27.21%
PFM Invesco Dividend Achievers™ ETF	8.18%	14.00%	16.87%	11.40%	-6.22%	23.08%	9.53%	26.88%	-4.58%	17.65%

Correlation

The correlation between IVW and PFM is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Sep 16, 2005	0.82

Over the past year, the correlation between IVW and PFM has dropped to 0.60 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

IVW vs. PFM - Sectors Allocation Comparison

Sectors	IVW	PFM
Technology	49.3%	24.7%
Communication Services	18.0%	1.1%
Consumer Cyclical	9.4%	4.0%
Financial Services	8.9%	18.5%
Industrials	6.2%	11.1%
Healthcare	5.8%	14.9%
Consumer Defensive	1.0%	12.0%
Real Estate	0.6%	2.0%
Utilities	0.4%	4.2%
Basic Materials	0.4%	3.0%
Energy	0.1%	4.7%

Return for Risk

IVW vs. PFM — Risk / Return Rank

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

IVW

IVW Risk / Return Rank: 57
IVW Sharpe Ratio Rank: 62
IVW Sortino Ratio Rank: 60
IVW Omega Ratio Rank: 59
IVW Calmar Ratio Rank: 49
IVW Martin Ratio Rank: 57

PFM

PFM Risk / Return Rank: 62
PFM Sharpe Ratio Rank: 61
PFM Sortino Ratio Rank: 66
PFM Omega Ratio Rank: 61
PFM Calmar Ratio Rank: 56
PFM Martin Ratio Rank: 63

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.

IVW vs. PFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) and Invesco Dividend Achievers™ ETF (PFM). 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.

	IVW	PFM	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.09	+0.05
Sortino ratio: Return per unit of downside risk	2.88	3.07	-0.18
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.47	2.78	-0.31
Martin ratio: Return relative to average drawdown	10.19	11.28	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVW vs. PFM - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 2.14, which is comparable to the PFM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of IVW and PFM, 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

	IVW	PFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.09	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.79	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.78	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.53	-0.07

Drawdowns

IVW vs. PFM - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, which is greater than PFM's maximum drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for IVW and PFM.

Drawdown Indicators

	IVW	PFM	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-53.21%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-7.09%	-6.66%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-14.50%	-7.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-17.81%	-14.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	-32.22%	-0.50%
Current Drawdown Current decline from peak	-1.12%	-0.23%	-0.89%
Average Drawdown Average peak-to-trough decline	-17.62%	-6.94%	-10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	1.75%	+1.57%

Volatility

IVW vs. PFM - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) has a higher volatility of 4.30% compared to Invesco Dividend Achievers™ ETF (PFM) at 2.04%. This indicates that IVW's price experiences larger fluctuations and is considered to be riskier than PFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVW	PFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	2.04%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	7.13%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	9.47%	+6.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	13.54%	+7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	15.21%	+5.41%

IVW vs. PFM - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is lower than PFM's 0.53% expense ratio.

Dividends

IVW vs. PFM - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.35%, less than PFM's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.35%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%
PFM Invesco Dividend Achievers™ ETF	1.33%	1.41%	1.58%	1.86%	1.95%	1.69%	1.92%	1.94%	2.27%	1.70%	2.56%	2.36%

Frequently Asked Questions

Can I hold both IVW and PFM in my portfolio?

IVW and PFM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVW or PFM?

IVW has higher volatility (4.30%) compared to PFM (2.04%). In terms of maximum drawdown, IVW dropped -57.33% vs PFM's -53.21%.

Which ETF is better, IVW or PFM?

On 10-year performance, IVW leads with 18.07% vs 11.82% for PFM. On fees, IVW is cheaper at 0.18% per year. On volatility, PFM has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVW or PFM?

Over the 10-year period, IVW has performed better with a 18.07% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVW or PFM?

IVW is cheaper with a 0.18% expense ratio, compared with 0.53% for PFM.

Which ETF pays a higher dividend yield, IVW or PFM?

PFM has the higher dividend yield at 1.33%, compared with 0.35% for IVW.

What is the main difference between IVW and PFM?

IVW tracks S&P 500 Growth Index, while PFM tracks NASDAQ US Broad Dividend Achievers Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for IVW and 0.53% for PFM.

Which has better risk-adjusted returns?

IVW currently has the higher Sharpe Ratio (2.14 vs 2.09), 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.