MGK vs. PWB

Last updated Jun 14, 2026

MGK (Vanguard Mega Cap Growth ETF) and PWB (Invesco Dynamic Large Cap Growth ETF) are both Large Cap Growth Equities funds - MGK tracks the CRSP US Mega Cap Growth Index while PWB tracks the Dynamic Large Cap Growth Intellidex Index. Both are passively managed. Over the past 10 years, MGK returned 18.85%/yr vs 18.33%/yr for PWB. Their correlation of 0.93 suggests significant overlap in exposure. MGK charges 0.05%/yr vs 0.56%/yr for PWB.

Performance

MGK vs. PWB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mega Cap Growth ETF (MGK) and Invesco Dynamic Large Cap Growth ETF (PWB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGK achieves a 5.33% return, which is significantly lower than PWB's 25.98% return. Both investments have delivered pretty close results over the past 10 years, with MGK having a 18.85% annualized return and PWB not far behind at 18.33%.

MGK

• 1D: 0.22%
• 1M: -3.17%
• YTD: 5.33%
• 6M: 6.21%
• 1Y: 24.77%
• 3Y*: 24.17%
• 5Y*: 14.87%
• 10Y*: 18.85%

PWB

• 1D: 1.29%
• 1M: 2.46%
• YTD: 25.98%
• 6M: 26.73%
• 1Y: 43.40%
• 3Y*: 32.74%
• 5Y*: 17.69%
• 10Y*: 18.33%

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

MGK vs. PWB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGK Vanguard Mega Cap Growth ETF	5.33%	20.67%	32.94%	51.67%	-33.59%	28.58%	41.01%	37.38%	-2.91%	29.49%
PWB Invesco Dynamic Large Cap Growth ETF	25.98%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	24.68%	0.88%	30.71%

Correlation

The correlation between MGK and PWB is 0.84, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.93

The correlation between MGK and PWB has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

MGK vs. PWB - Sectors Allocation Comparison

Sectors	MGK	PWB
Technology	56.1%	48.9%
Communication Services	17.3%	10.6%
Consumer Cyclical	12.8%	4.8%
Healthcare	4.5%	3.2%
Financial Services	4.5%	9.2%
Real Estate	1.3%	-
Utilities	1.2%	1.6%
Industrials	1.1%	14.8%
Basic Materials	0.7%	1.2%
Consumer Defensive	0.4%	7.4%
Energy	-	-

Return for Risk

MGK vs. PWB — Risk / Return Rank

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

MGK

MGK Risk / Return Rank: 39
MGK Sharpe Ratio Rank: 44
MGK Sortino Ratio Rank: 42
MGK Omega Ratio Rank: 42
MGK Calmar Ratio Rank: 31
MGK Martin Ratio Rank: 35

PWB

PWB Risk / Return Rank: 76
PWB Sharpe Ratio Rank: 77
PWB Sortino Ratio Rank: 71
PWB Omega Ratio Rank: 72
PWB Calmar Ratio Rank: 77
PWB Martin Ratio Rank: 83

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.

MGK vs. PWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mega Cap Growth ETF (MGK) and Invesco Dynamic Large Cap Growth ETF (PWB). 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.

	MGK	PWB	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.14	-0.77
Sortino ratio: Return per unit of downside risk	1.89	2.78	-0.89
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.37	3.50	-2.13
Martin ratio: Return relative to average drawdown	4.65	14.63	-9.98

MGK vs. PWB - Sharpe Ratio Comparison

The current MGK Sharpe Ratio is 1.37, which is lower than the PWB Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of MGK and PWB, 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

MGK vs. PWB - Drawdown Comparison

The maximum MGK drawdown since its inception was -48.43%, smaller than the maximum PWB drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for MGK and PWB.

Drawdown Indicators

	MGK	PWB	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-52.58%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-12.11%	-4.74%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-22.10%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-31.41%	-4.60%
Max Drawdown (10Y) Largest decline over 10 years	-36.01%	-32.36%	-3.65%
Current Drawdown Current decline from peak	-5.63%	-2.10%	-3.53%
Average Drawdown Average peak-to-trough decline	-7.58%	-8.23%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	2.89%	+2.08%

Volatility

MGK vs. PWB - Volatility Comparison

The current volatility for Vanguard Mega Cap Growth ETF (MGK) is 5.96%, while Invesco Dynamic Large Cap Growth ETF (PWB) has a volatility of 8.70%. This indicates that MGK experiences smaller price fluctuations and is considered to be less risky than PWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGK	PWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	8.70%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	16.70%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	19.80%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	21.23%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	20.83%	+1.10%

MGK vs. PWB - Expense Ratio Comparison

MGK has a 0.05% expense ratio, which is lower than PWB's 0.56% expense ratio.

Dividends

MGK vs. PWB - Dividend Comparison

MGK's dividend yield for the trailing twelve months is around 0.33%, while PWB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGK Vanguard Mega Cap Growth ETF	0.33%	0.35%	0.43%	0.50%	0.70%	0.41%	0.65%	0.85%	1.12%	1.23%	1.53%	1.43%
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%

Frequently Asked Questions

Can I hold both MGK and PWB in my portfolio?

MGK and PWB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGK or PWB?

PWB has higher volatility (8.70%) compared to MGK (5.96%). In terms of maximum drawdown, MGK dropped -48.43% vs PWB's -52.58%.

Which ETF is better, MGK or PWB?

On 10-year performance, MGK leads with 18.85% vs 18.33% for PWB. On fees, MGK is cheaper at 0.05% per year. On volatility, MGK has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGK or PWB?

Over the 10-year period, MGK has performed better with a 18.85% return vs 18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGK or PWB?

MGK is cheaper with a 0.05% expense ratio, compared with 0.56% for PWB.

Which ETF pays a higher dividend yield, MGK or PWB?

MGK has the higher dividend yield at 0.33%, compared with 0.00% for PWB.

What is the main difference between MGK and PWB?

MGK tracks CRSP US Mega Cap Growth Index, while PWB tracks Dynamic Large Cap Growth Intellidex Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.05% for MGK and 0.56% for PWB.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.14 vs 1.37), 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.