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IWR vs. PDP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWR vs. PDP

Last updated Jun 4, 2026

IWR (iShares Russell Midcap ETF) and PDP (Invesco Dorsey Wright Momentum ETF) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while PDP is a Momentum fund tracking the Dorsey Wright Technical Leaders Index. Both are passively managed. Over the past 10 years, IWR returned 11.55%/yr vs 13.60%/yr for PDP. Their correlation of 0.90 suggests significant overlap in exposure. IWR charges 0.19%/yr vs 0.62%/yr for PDP.

Performance

IWR vs. PDP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and Invesco Dorsey Wright Momentum ETF (PDP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWR achieves a 12.43% return, which is significantly lower than PDP's 24.95% return. Over the past 10 years, IWR has underperformed PDP with an annualized return of 11.55%, while PDP has yielded a comparatively higher 13.60% annualized return.

IWR

1D
-0.26%
1M
3.79%
YTD
12.43%
6M
12.21%
1Y
21.66%
3Y*
17.25%
5Y*
8.00%
10Y*
11.55%

PDP

1D
0.57%
1M
6.22%
YTD
24.95%
6M
24.18%
1Y
37.20%
3Y*
24.44%
5Y*
11.32%
10Y*
13.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWR vs. PDP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWR
iShares Russell Midcap ETF		12.43%10.37%15.21%17.05%-17.48%22.44%16.93%30.23%-9.10%18.25%
PDP
Invesco Dorsey Wright Momentum ETF		24.95%8.37%26.06%20.88%-24.49%7.72%36.59%33.13%-5.96%23.30%

Correlation

The correlation between IWR and PDP is 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (10Y)
Calculated over the trailing 10-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Mar 2, 2007

0.90

The correlation between IWR and PDP shifts across timeframes, from 0.76 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

IWR vs. PDP - Sectors Allocation Comparison

Sectors
IWR
PDP

Industrials

18.4%
39.2%

Technology

17.2%
26.9%

Financial Services

12.5%
4.4%

Consumer Cyclical

11.2%
5.5%

Healthcare

8.7%
6.5%

Energy

7.2%
6.3%

Real Estate

7.0%
1.3%

Utilities

6.1%
1.6%

Basic Materials

4.3%
2.3%

Consumer Defensive

4.1%
3.8%

Communication Services

3.4%
2.2%

Industrials

IWR
18.4%
PDP
39.2%

Technology

IWR
17.2%
PDP
26.9%

Financial Services

IWR
12.5%
PDP
4.4%

Consumer Cyclical

IWR
11.2%
PDP
5.5%

Healthcare

IWR
8.7%
PDP
6.5%

Energy

IWR
7.2%
PDP
6.3%

Real Estate

IWR
7.0%
PDP
1.3%

Utilities

IWR
6.1%
PDP
1.6%

Basic Materials

IWR
4.3%
PDP
2.3%

Consumer Defensive

IWR
4.1%
PDP
3.8%

Communication Services

IWR
3.4%
PDP
2.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell Midcap ETF

Invesco Dorsey Wright Momentum ETF

Often compared with IWR:
IWR vs. VOIWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGL
Often compared with PDP:
PDP vs. MTUMPDP vs. QQQPDP vs. SPYPDP vs. MMTMPDP vs. VOOPDP vs. BBUSPDP vs. RSP

Return for Risk

IWR vs. PDP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWR
IWR Risk / Return Rank: 4949
Overall Rank
IWR Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 4747
Sortino Ratio Rank
IWR Omega Ratio Rank: 4444
Omega Ratio Rank
IWR Calmar Ratio Rank: 5353
Calmar Ratio Rank
IWR Martin Ratio Rank: 5858
Martin Ratio Rank
PDP
PDP Risk / Return Rank: 5353
Overall Rank
PDP Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
PDP Sortino Ratio Rank: 4646
Sortino Ratio Rank
PDP Omega Ratio Rank: 4646
Omega Ratio Rank
PDP Calmar Ratio Rank: 6363
Calmar Ratio Rank
PDP Martin Ratio Rank: 6161
Martin Ratio Rank
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.

IWR vs. PDP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and Invesco Dorsey Wright Momentum ETF (PDP). 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.

IWRPDPDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.70

-0.07

Sortino ratioReturn per unit of downside risk
2.35
2.29

+0.06

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.66

3.15

-0.48

Martin ratioReturn relative to average drawdown

10.28

11.16

-0.88

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWR vs. PDP - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.63, which is comparable to the PDP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of IWR and PDP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IWRPDPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.63

1.70

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.52

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.63

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.45

+0.04

Drawdowns

IWR vs. PDP - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, roughly equal to the maximum PDP drawdown of -59.34%. Use the drawdown chart below to compare losses from any high point for IWR and PDP.

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Drawdown Indicators

IWRPDPDifference

Max Drawdown

Largest peak-to-trough decline

-58.78%

-59.34%

+0.56%

Max Drawdown (1Y)

Largest decline over 1 year

-8.17%

-11.87%

+3.70%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-23.79%

+2.70%

Max Drawdown (5Y)

Largest decline over 5 years

-26.18%

-33.91%

+7.73%

Max Drawdown (10Y)

Largest decline over 10 years

-40.59%

-34.70%

-5.89%

Current Drawdown

Current decline from peak

-0.26%

0.00%

-0.26%

Average Drawdown

Average peak-to-trough decline

-7.80%

-10.61%

+2.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.11%

3.34%

-1.23%

Volatility

IWR vs. PDP - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 3.26%, while Invesco Dorsey Wright Momentum ETF (PDP) has a volatility of 6.51%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than PDP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWRPDPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.26%

6.51%

-3.25%

Volatility (6M)

Calculated over the trailing 6-month period

9.84%

17.34%

-7.50%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

21.94%

-8.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

22.00%

-3.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.36%

21.59%

-2.23%

IWR vs. PDP - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than PDP's 0.62% expense ratio.

Dividends

IWR vs. PDP - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.15%, more than PDP's 0.11% yield.

PositionTTM20252024202320222021202020192018201720162015
IWR
iShares Russell Midcap ETF		1.15%1.29%1.27%1.43%1.59%1.04%1.28%1.43%1.98%1.52%1.72%1.59%
PDP
Invesco Dorsey Wright Momentum ETF		0.11%0.17%0.15%0.42%0.45%0.00%0.11%0.25%0.18%0.28%0.81%0.39%

Frequently Asked Questions

IWR and PDP have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PDP has higher volatility (6.51%) compared to IWR (3.26%). In terms of maximum drawdown, IWR dropped -58.78% vs PDP's -59.34%.

On 10-year performance, PDP leads with 13.60% vs 11.55% for IWR. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PDP has performed better with a 13.60% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWR is cheaper with a 0.19% expense ratio, compared with 0.62% for PDP.

IWR has the higher dividend yield at 1.15%, compared with 0.11% for PDP.

IWR is categorized as Mid Cap Growth Equities, while PDP is Momentum. IWR tracks Russell Midcap Index, while PDP tracks Dorsey Wright Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.19% for IWR and 0.62% for PDP.

PDP currently has the higher Sharpe Ratio (1.70 vs 1.63), 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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