PDP vs. DVOL

Last updated Aug 2, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds - PDP tracks the Dorsey Wright Technical Leaders Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, PDP returned 8.11%/yr vs 6.77%/yr for DVOL. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PDP charges 0.62%/yr vs 0.60%/yr for DVOL.

Performance

PDP vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDP achieves a 14.75% return, which is significantly higher than DVOL's 8.15% return.

PDP

• 1D: 0.32%
• 1M: -5.52%
• 6M: 9.33%
• YTD: 14.75%
• 1Y: 20.18%
• 3Y*: 18.14%
• 5Y*: 8.11%
• 10Y*: 12.35%
• ALL TIME*: 9.66%

DVOL

• 1D: 0.16%
• 1M: 2.33%
• 6M: 5.83%
• YTD: 8.15%
• 1Y: 10.88%
• 3Y*: 13.90%
• 5Y*: 6.77%
• 10Y*: —
• ALL TIME*: 9.44%

*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)
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	$232.56K	$170.69K	$310.57K
PDP Invesco Dorsey Wright Momentum ETF	$3.96M	$3.45M	$3.85M

PDP vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PDP Invesco Dorsey Wright Momentum ETF	14.75%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-18.25%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	8.15%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-10.21%

Correlation

The correlation between PDP and DVOL is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018	0.70

Over the past year, the correlation between PDP and DVOL has dropped to 0.44 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

PDP vs. DVOL - Sectors Allocation Comparison

Sectors	PDP	DVOL
Technology	42.9%	4.7%
Industrials	25.3%	17.4%
Healthcare	8.4%	3.3%
Financial Services	6.0%	19.1%
Energy	4.9%	13.7%
Basic Materials	4.7%	6.1%
Consumer Cyclical	2.5%	9.5%
Consumer Defensive	1.3%	8.0%
Communication Services	1.1%	3.0%
Real Estate	0.7%	12.4%
Utilities	0.5%	3.0%

Return for Risk

PDP vs. DVOL — Risk / Return Rank

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

PDP

PDP Risk / Return Rank: 31
PDP Sharpe Ratio Rank: 29
PDP Sortino Ratio Rank: 29
PDP Omega Ratio Rank: 29
PDP Calmar Ratio Rank: 31
PDP Martin Ratio Rank: 38

DVOL

DVOL Risk / Return Rank: 35
DVOL Sharpe Ratio Rank: 36
DVOL Sortino Ratio Rank: 37
DVOL Omega Ratio Rank: 34
DVOL Calmar Ratio Rank: 32
DVOL Martin Ratio Rank: 37

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.

PDP vs. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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	DVOL	Difference
Sharpe ratio: Return per unit of total volatility	0.70	0.90	-0.20
Sortino ratio: Return per unit of downside risk	1.10	1.39	-0.29
Omega ratio: Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.03	1.09	-0.06
Martin ratio: Return relative to average drawdown	4.02	3.81	+0.21

PDP vs. DVOL - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is comparable to the DVOL Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of PDP and DVOL, 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. DVOL - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, which is greater than DVOL's maximum drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for PDP and DVOL.

Drawdown Indicators

	PDP	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-38.26%	-21.08%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-9.82%	-7.76%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-11.66%	-12.13%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-24.65%	-9.26%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	—	—
Current Drawdown Current decline from peak	-12.80%	-1.02%	-11.78%
Average Drawdown Average peak-to-trough decline	-10.57%	-7.06%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.79%	+1.72%

Volatility

PDP vs. DVOL - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 3.31%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	3.31%	+8.10%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	9.42%	+11.81%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	11.82%	+14.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	14.36%	+8.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	17.60%	+4.41%

PDP vs. DVOL - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than DVOL's 0.60% expense ratio.

Dividends

PDP vs. DVOL - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than DVOL's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.75%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%	0.00%	0.00%
PDP Invesco Dorsey Wright Momentum ETF	0.08%	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 DVOL in my portfolio?

PDP and DVOL have a correlation of 0.44, 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 DVOL?

PDP has higher volatility (11.41%) compared to DVOL (3.31%). In terms of maximum drawdown, PDP dropped -59.34% vs DVOL's -38.26%.

Which ETF is better, PDP or DVOL?

On 5-year performance, PDP leads with 8.11% vs 6.77% for DVOL. On fees, DVOL is cheaper at 0.60% per year. On volatility, DVOL has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or DVOL?

Over the 5-year period, PDP has performed better with a 8.11% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or DVOL?

DVOL is cheaper with a 0.60% expense ratio, compared with 0.62% for PDP.

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

DVOL has the higher dividend yield at 0.75%, compared with 0.08% for PDP.

What is the main difference between PDP and DVOL?

PDP tracks Dorsey Wright Technical Leaders Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.62% for PDP and 0.60% for DVOL.

Which has better risk-adjusted returns?

DVOL currently has the higher Sharpe Ratio (0.90 vs 0.70), 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.