JPSV vs. DWAS

Last updated Aug 2, 2026

JPSV (Jpmorgan Active Small Cap Value ETF) and DWAS (Invesco DWA SmallCap Momentum ETF) are both exchange-traded funds - JPSV is a Small Cap Value Equities fund actively managed by JPMorgan, while DWAS is a Momentum fund tracking the Dorsey Wright SmallCap Technical Leaders Index. JPSV is actively managed, while DWAS is passively managed. Over the past 3 years, JPSV returned 12.02%/yr vs 11.40%/yr for DWAS. Their 0.74 correlation means they have sometimes moved together and sometimes differently. JPSV charges 0.74%/yr vs 0.60%/yr for DWAS.

Performance

JPSV vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Jpmorgan Active Small Cap Value ETF (JPSV) 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, JPSV achieves a 20.54% return, which is significantly higher than DWAS's 16.15% return.

JPSV

• 1D: -0.41%
• 1M: 1.65%
• 6M: 15.01%
• YTD: 20.54%
• 1Y: 28.04%
• 3Y*: 12.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.57%

DWAS

• 1D: -0.37%
• 1M: -6.72%
• 6M: 12.84%
• YTD: 16.15%
• 1Y: 35.72%
• 3Y*: 11.40%
• 5Y*: 6.53%
• 10Y*: 12.26%
• ALL TIME*: 11.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DWAS Invesco DWA SmallCap Momentum ETF	$1.14M	$3.38M	$2.22M
JPSV Jpmorgan Active Small Cap Value ETF	$36.85K	$31.70K	$48.03K

JPSV vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPSV Jpmorgan Active Small Cap Value ETF	20.54%	0.63%	8.73%	9.99%
DWAS Invesco DWA SmallCap Momentum ETF	16.15%	6.09%	9.81%	10.59%

Correlation

The correlation between JPSV and DWAS is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 8, 2023	0.74

Over the past year, the correlation between JPSV and DWAS has dropped to 0.54 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

JPSV vs. DWAS - Sectors Allocation Comparison

Sectors	JPSV	DWAS
Financial Services	24.5%	14.1%
Industrials	13.4%	16.6%
Consumer Cyclical	11.0%	5.7%
Technology	9.9%	20.9%
Real Estate	9.4%	1.1%
Healthcare	7.3%	28.5%
Communication Services	7.0%	0.9%
Energy	6.0%	5.9%
Utilities	5.7%	0.3%
Basic Materials	4.1%	3.2%
Consumer Defensive	1.7%	2.9%

Return for Risk

JPSV vs. DWAS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JPSV

JPSV Risk / Return Rank: 77
JPSV Sharpe Ratio Rank: 77
JPSV Sortino Ratio Rank: 83
JPSV Omega Ratio Rank: 76
JPSV Calmar Ratio Rank: 81
JPSV Martin Ratio Rank: 68

DWAS

DWAS Risk / Return Rank: 57
DWAS Sharpe Ratio Rank: 53
DWAS Sortino Ratio Rank: 53
DWAS Omega Ratio Rank: 49
DWAS Calmar Ratio Rank: 63
DWAS Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JPSV vs. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Jpmorgan Active Small Cap Value ETF (JPSV) 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.

	JPSV	DWAS	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.30	+0.47
Sortino ratio: Return per unit of downside risk	2.73	1.86	+0.87
Omega ratio: Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio: Return relative to maximum drawdown	2.95	2.20	+0.75
Martin ratio: Return relative to average drawdown	8.39	8.30	+0.09

JPSV vs. DWAS - Sharpe Ratio Comparison

The current JPSV Sharpe Ratio is 1.77, which is higher than the DWAS Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of JPSV 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

JPSV vs. DWAS - Drawdown Comparison

The maximum JPSV drawdown since its inception was -22.78%, smaller than the maximum DWAS drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for JPSV and DWAS.

Drawdown Indicators

	JPSV	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-22.78%	-46.16%	+23.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-15.10%	+6.08%
Max Drawdown (3Y) Largest decline over 3 years	-22.78%	-33.83%	+11.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.16%	—
Current Drawdown Current decline from peak	-1.43%	-11.72%	+10.29%
Average Drawdown Average peak-to-trough decline	-5.39%	-10.24%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	4.00%	-0.83%

Volatility

JPSV vs. DWAS - Volatility Comparison

The current volatility for Jpmorgan Active Small Cap Value ETF (JPSV) is 3.69%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 9.86%. This indicates that JPSV 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

	JPSV	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	9.86%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	20.50%	-10.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	25.67%	-10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	25.92%	-8.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.71%	26.83%	-9.12%

JPSV vs. DWAS - Expense Ratio Comparison

JPSV has a 0.74% expense ratio, which is higher than DWAS's 0.60% expense ratio.

Dividends

JPSV vs. DWAS - Dividend Comparison

JPSV's dividend yield for the trailing twelve months is around 1.18%, 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%
JPSV Jpmorgan Active Small Cap Value ETF	1.18%	1.42%	1.21%	1.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPSV and DWAS in my portfolio?

JPSV and DWAS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPSV or DWAS?

DWAS has higher volatility (9.86%) compared to JPSV (3.69%). In terms of maximum drawdown, JPSV dropped -22.78% vs DWAS's -46.16%.

Which ETF is better, JPSV or DWAS?

On 3-year performance, JPSV leads with 12.02% vs 11.40% for DWAS. On fees, DWAS is cheaper at 0.60% per year. On volatility, JPSV has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPSV or DWAS?

Over the 3-year period, JPSV has performed better with a 12.02% return vs 11.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSV or DWAS?

DWAS is cheaper with a 0.60% expense ratio, compared with 0.74% for JPSV.

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

JPSV has the higher dividend yield at 1.18%, compared with 0.00% for DWAS.

What is the main difference between JPSV and DWAS?

JPSV is categorized as Small Cap Value Equities, while DWAS is Momentum. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.74% for JPSV and 0.60% for DWAS.

Which has better risk-adjusted returns?

JPSV currently has the higher Sharpe Ratio (1.77 vs 1.30), 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.