PDP vs. DLS

Last updated Jun 14, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - PDP is a Momentum fund tracking the Dorsey Wright Technical Leaders Index, while DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, PDP returned 13.75%/yr vs 8.07%/yr for DLS. A 0.71 correlation means they provide meaningful diversification when combined. PDP charges 0.62%/yr vs 0.58%/yr for DLS.

Performance

PDP vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and WisdomTree International SmallCap Dividend (DLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDP achieves a 25.21% return, which is significantly higher than DLS's 7.56% return. Over the past 10 years, PDP has outperformed DLS with an annualized return of 13.75%, while DLS has yielded a comparatively lower 8.07% annualized return.

PDP

• 1D: 1.04%
• 1M: 4.27%
• YTD: 25.21%
• 6M: 24.09%
• 1Y: 39.29%
• 3Y*: 23.29%
• 5Y*: 10.97%
• 10Y*: 13.75%

DLS

• 1D: 0.13%
• 1M: 0.56%
• YTD: 7.56%
• 6M: 9.92%
• 1Y: 23.02%
• 3Y*: 16.92%
• 5Y*: 6.78%
• 10Y*: 8.07%

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

PDP vs. DLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDP Invesco Dorsey Wright Momentum ETF	25.21%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	23.30%
DLS WisdomTree International SmallCap Dividend	7.56%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%

Correlation

The correlation between PDP and DLS is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	0.71

The correlation between PDP and DLS shifts across timeframes, from 0.59 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

PDP vs. DLS - Sectors Allocation Comparison

Sectors	PDP	DLS
Industrials	40.6%	27.8%
Technology	27.5%	8.9%
Healthcare	6.5%	3.6%
Energy	6.1%	2.7%
Consumer Cyclical	5.6%	12.7%
Financial Services	4.4%	13.4%
Consumer Defensive	3.7%	7.6%
Basic Materials	2.4%	9.2%
Communication Services	2.2%	4.3%
Utilities	1.4%	2.0%
Real Estate	1.2%	7.6%

Return for Risk

PDP vs. DLS — Risk / Return Rank

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

PDP

PDP Risk / Return Rank: 61
PDP Sharpe Ratio Rank: 56
PDP Sortino Ratio Rank: 52
PDP Omega Ratio Rank: 53
PDP Calmar Ratio Rank: 72
PDP Martin Ratio Rank: 70

DLS

DLS Risk / Return Rank: 50
DLS Sharpe Ratio Rank: 53
DLS Sortino Ratio Rank: 53
DLS Omega Ratio Rank: 52
DLS Calmar Ratio Rank: 45
DLS Martin Ratio Rank: 48

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.

PDP vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and WisdomTree International SmallCap Dividend (DLS). 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.

	PDP	DLS	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.58	+0.08
Sortino ratio: Return per unit of downside risk	2.24	2.27	-0.03
Omega ratio: Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	3.18	1.97	+1.21
Martin ratio: Return relative to average drawdown	11.21	7.11	+4.11

PDP vs. DLS - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 1.66, which is comparable to the DLS Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PDP and DLS, 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

PDP vs. DLS - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for PDP and DLS.

Drawdown Indicators

	PDP	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-63.13%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-11.04%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-12.69%	-11.10%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-32.22%	-1.69%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-44.77%	+10.07%
Current Drawdown Current decline from peak	0.00%	-2.36%	+2.36%
Average Drawdown Average peak-to-trough decline	-10.59%	-13.63%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.06%	+0.30%

Volatility

PDP vs. DLS - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 7.89% compared to WisdomTree International SmallCap Dividend (DLS) at 4.90%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	4.90%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	18.31%	11.48%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.72%	13.81%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	15.64%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	16.68%	+4.98%

PDP vs. DLS - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than DLS's 0.58% expense ratio.

Dividends

PDP vs. DLS - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.11%, less than DLS's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend	3.47%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
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

Can I hold both PDP and DLS in my portfolio?

PDP and DLS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDP or DLS?

PDP has higher volatility (7.89%) compared to DLS (4.90%). In terms of maximum drawdown, PDP dropped -59.34% vs DLS's -63.13%.

Which ETF is better, PDP or DLS?

On 10-year performance, PDP leads with 13.75% vs 8.07% for DLS. On fees, DLS is cheaper at 0.58% per year. On volatility, DLS has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or DLS?

Over the 10-year period, PDP has performed better with a 13.75% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or DLS?

DLS is cheaper with a 0.58% expense ratio, compared with 0.62% for PDP.

Which ETF pays a higher dividend yield, PDP or DLS?

DLS has the higher dividend yield at 3.47%, compared with 0.11% for PDP.

What is the main difference between PDP and DLS?

PDP is categorized as Momentum, while DLS is Foreign Small & Mid Cap Equities. PDP tracks Dorsey Wright Technical Leaders Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.62% for PDP and 0.58% for DLS.

Which has better risk-adjusted returns?

PDP currently has the higher Sharpe Ratio (1.66 vs 1.58), 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.