JPSE vs. DWAS

Last updated Jun 24, 2026

JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and DWAS (Invesco DWA SmallCap Momentum ETF) are both exchange-traded funds - JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index, while DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index. Both are passively managed. Over the past 5 years, JPSE returned 7.37%/yr vs 6.84%/yr for DWAS. Their correlation of 0.85 suggests significant overlap in exposure. JPSE charges 0.29%/yr vs 0.60%/yr for DWAS.

Performance

JPSE vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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, JPSE achieves a 18.18% return, which is significantly lower than DWAS's 24.87% return.

JPSE

• 1D: -0.57%
• 1M: 2.65%
• YTD: 18.18%
• 6M: 16.01%
• 1Y: 32.88%
• 3Y*: 16.38%
• 5Y*: 7.37%
• 10Y*: —

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)

JPSE vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	18.18%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	14.38%
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 JPSE and DWAS is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016	0.85

The correlation between JPSE and DWAS has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

JPSE vs. DWAS - Sectors Allocation Comparison

Sectors	JPSE	DWAS
Technology	15.8%	20.9%
Real Estate	12.8%	1.2%
Industrials	10.5%	18.0%
Financial Services	9.2%	13.3%
Basic Materials	8.6%	3.9%
Healthcare	8.5%	25.9%
Consumer Cyclical	8.0%	5.9%
Energy	7.7%	6.5%
Consumer Defensive	7.4%	3.0%
Utilities	5.1%	0.3%
Communication Services	2.0%	1.1%

Return for Risk

JPSE vs. DWAS — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 73
JPSE Sharpe Ratio Rank: 68
JPSE Sortino Ratio Rank: 70
JPSE Omega Ratio Rank: 62
JPSE Calmar Ratio Rank: 83
JPSE Martin Ratio Rank: 80

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.

JPSE vs. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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.

	JPSE	DWAS	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.89	+0.16
Sortino ratio: Return per unit of downside risk	2.94	2.55	+0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	4.13	4.51	-0.39
Martin ratio: Return relative to average drawdown	14.71	14.54	+0.17

JPSE vs. DWAS - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.05, which is comparable to the DWAS Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of JPSE 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

JPSE vs. DWAS - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, smaller than the maximum DWAS drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for JPSE and DWAS.

Drawdown Indicators

	JPSE	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-46.16%	+3.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-10.02%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-33.83%	+8.34%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-33.83%	+8.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.16%	—
Current Drawdown Current decline from peak	-0.66%	-1.80%	+1.14%
Average Drawdown Average peak-to-trough decline	-7.38%	-10.27%	+2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.10%	-0.86%

Volatility

JPSE vs. DWAS - Volatility Comparison

The current volatility for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) is 4.80%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 8.88%. This indicates that JPSE 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

	JPSE	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	8.88%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	18.12%	-6.90%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	23.99%	-7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	25.86%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	26.69%	-4.90%

JPSE vs. DWAS - Expense Ratio Comparison

JPSE has a 0.29% expense ratio, which is lower than DWAS's 0.60% expense ratio.

Dividends

JPSE vs. DWAS - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.35%, 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%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.06%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%	0.00%

Frequently Asked Questions

Can I hold both JPSE and DWAS in my portfolio?

JPSE and DWAS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPSE or DWAS?

DWAS has higher volatility (8.88%) compared to JPSE (4.80%). In terms of maximum drawdown, JPSE dropped -43.02% vs DWAS's -46.16%.

Which ETF is better, JPSE or DWAS?

On 5-year performance, JPSE leads with 7.37% vs 6.84% for DWAS. On fees, JPSE is cheaper at 0.29% per year. On volatility, JPSE has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPSE or DWAS?

Over the 5-year period, JPSE has performed better with a 7.37% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSE or DWAS?

JPSE is cheaper with a 0.29% expense ratio, compared with 0.60% for DWAS.

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

JPSE has the higher dividend yield at 1.35%, compared with 0.00% for DWAS.

What is the main difference between JPSE and DWAS?

JPSE is categorized as Small Cap Growth Equities, while DWAS is Momentum. JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index, while DWAS tracks Dorsey Wright SmallCap Technical Leaders Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.29% for JPSE and 0.60% for DWAS.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.05 vs 1.89), 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.