IWO vs. DWAS

Last updated Jun 26, 2026

IWO (iShares Russell 2000 Growth ETF) and DWAS (Invesco DWA SmallCap Momentum ETF) are both exchange-traded funds - IWO is a Small Cap Growth Equities fund tracking the Russell 2000 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, IWO returned 12.48%/yr vs 14.40%/yr for DWAS. Their correlation of 0.93 suggests significant overlap in exposure. IWO charges 0.24%/yr vs 0.60%/yr for DWAS.

Performance

IWO vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Growth ETF (IWO) 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, IWO achieves a 21.51% return, which is significantly lower than DWAS's 27.36% return. Over the past 10 years, IWO has underperformed DWAS with an annualized return of 12.48%, while DWAS has yielded a comparatively higher 14.40% annualized return.

IWO

• 1D: 0.75%
• 1M: 3.34%
• YTD: 21.51%
• 6M: 17.87%
• 1Y: 40.60%
• 3Y*: 19.65%
• 5Y*: 5.33%
• 10Y*: 12.48%

DWAS

• 1D: 2.34%
• 1M: 5.71%
• YTD: 27.36%
• 6M: 23.73%
• 1Y: 48.14%
• 3Y*: 18.57%
• 5Y*: 7.33%
• 10Y*: 14.40%

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

IWO vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWO iShares Russell 2000 Growth ETF	21.51%	12.90%	15.04%	18.51%	-26.27%	2.54%	34.68%	28.48%	-9.43%	22.25%
DWAS Invesco DWA SmallCap Momentum ETF	27.36%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%

Correlation

The correlation between IWO and DWAS is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 19, 2012	0.93

The correlation between IWO and DWAS has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

IWO vs. DWAS - Sectors Allocation Comparison

Sectors	IWO	DWAS
Technology	25.9%	20.9%
Industrials	23.0%	18.0%
Healthcare	21.9%	25.9%
Financial Services	7.8%	13.3%
Consumer Cyclical	7.0%	5.9%
Basic Materials	4.0%	3.9%
Energy	3.1%	6.5%
Consumer Defensive	2.3%	3.0%
Communication Services	2.2%	1.1%
Real Estate	2.0%	1.2%
Utilities	0.6%	0.3%

Return for Risk

IWO vs. DWAS — Risk / Return Rank

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

IWO

IWO Risk / Return Rank: 62
IWO Sharpe Ratio Rank: 65
IWO Sortino Ratio Rank: 62
IWO Omega Ratio Rank: 56
IWO Calmar Ratio Rank: 64
IWO Martin Ratio Rank: 63

DWAS

DWAS Risk / Return Rank: 75
DWAS Sharpe Ratio Rank: 72
DWAS Sortino Ratio Rank: 68
DWAS Omega Ratio Rank: 62
DWAS Calmar Ratio Rank: 90
DWAS Martin Ratio Rank: 86

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.

IWO vs. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Growth ETF (IWO) 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.

	IWO	DWAS	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.02	-0.17
Sortino ratio: Return per unit of downside risk	2.51	2.69	-0.18
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.02
Calmar ratio: Return relative to maximum drawdown	2.74	4.83	-2.09
Martin ratio: Return relative to average drawdown	9.79	15.55	-5.76

IWO vs. DWAS - Sharpe Ratio Comparison

The current IWO Sharpe Ratio is 1.85, which is comparable to the DWAS Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of IWO 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

IWO vs. DWAS - Drawdown Comparison

The maximum IWO drawdown since its inception was -60.11%, which is greater than DWAS's maximum drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for IWO and DWAS.

Drawdown Indicators

	IWO	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-60.11%	-46.16%	-13.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.87%	-10.02%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.57%	-33.83%	+5.26%
Max Drawdown (5Y) Largest decline over 5 years	-40.51%	-33.83%	-6.68%
Max Drawdown (10Y) Largest decline over 10 years	-42.02%	-46.16%	+4.14%
Current Drawdown Current decline from peak	-0.49%	0.00%	-0.49%
Average Drawdown Average peak-to-trough decline	-16.67%	-10.26%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.10%	+1.06%

Volatility

IWO vs. DWAS - Volatility Comparison

The current volatility for iShares Russell 2000 Growth ETF (IWO) is 7.60%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 8.83%. This indicates that IWO 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

	IWO	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	8.83%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	18.16%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	22.14%	24.03%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.64%	25.87%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.17%	26.69%	-2.52%

IWO vs. DWAS - Expense Ratio Comparison

IWO has a 0.24% expense ratio, which is lower than DWAS's 0.60% expense ratio.

Dividends

IWO vs. DWAS - Dividend Comparison

IWO's dividend yield for the trailing twelve months is around 0.42%, 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%
IWO iShares Russell 2000 Growth ETF	0.42%	0.56%	0.80%	0.73%	0.73%	0.32%	0.44%	0.71%	0.76%	0.73%	0.97%	0.89%

Frequently Asked Questions

Can I hold both IWO and DWAS in my portfolio?

With a correlation of 0.92, IWO and DWAS 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, IWO or DWAS?

DWAS has higher volatility (8.83%) compared to IWO (7.60%). In terms of maximum drawdown, IWO dropped -60.11% vs DWAS's -46.16%.

Which ETF is better, IWO or DWAS?

On 10-year performance, DWAS leads with 14.40% vs 12.48% for IWO. On fees, IWO is cheaper at 0.24% per year. On volatility, IWO has been the lower-risk option at 7.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWO or DWAS?

Over the 10-year period, DWAS has performed better with a 14.40% return vs 12.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWO or DWAS?

IWO is cheaper with a 0.24% expense ratio, compared with 0.60% for DWAS.

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

IWO has the higher dividend yield at 0.42%, compared with 0.00% for DWAS.

What is the main difference between IWO and DWAS?

IWO is categorized as Small Cap Growth Equities, while DWAS is Momentum. IWO tracks Russell 2000 Growth Index, while DWAS tracks Dorsey Wright SmallCap Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.24% for IWO and 0.60% for DWAS.

Which has better risk-adjusted returns?

DWAS currently has the higher Sharpe Ratio (2.02 vs 1.85), 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.