PDP vs. IEI
PDP (Invesco Dorsey Wright Momentum ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both exchange-traded funds - PDP is a Momentum fund tracking the Dorsey Wright Technical Leaders Index, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, PDP returned 13.75%/yr vs 1.24%/yr for IEI. At a correlation of -0.22, they often move in opposite directions. PDP charges 0.62%/yr vs 0.15%/yr for IEI.
Performance
PDP vs. IEI - Performance Comparison
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Returns By Period
In the year-to-date period, PDP achieves a 25.21% return, which is significantly higher than IEI's -0.30% return. Over the past 10 years, PDP has outperformed IEI with an annualized return of 13.75%, while IEI has yielded a comparatively lower 1.24% annualized return.
PDP
- 1D
- 1.04%
- 1M
- 2.51%
- YTD
- 25.21%
- 6M
- 24.09%
- 1Y
- 37.56%
- 3Y*
- 23.29%
- 5Y*
- 10.97%
- 10Y*
- 13.75%
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
PDP vs. IEI - 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% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
Correlation
The correlation between PDP and IEI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.22 |
The correlation between PDP and IEI shifts across timeframes, from -0.22 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PDP vs. IEI — Risk / Return Rank
PDP
IEI
PDP vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and iShares 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 1.19 | +1.98 |
| Martin ratioReturn relative to average drawdown | 11.21 | 3.35 | +7.86 |
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Drawdowns
PDP vs. IEI - Drawdown Comparison
The maximum PDP drawdown since its inception was -59.34%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for PDP and IEI.
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Drawdown Indicators
| PDP | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.34% | -14.60% | -44.74% |
Max Drawdown (1Y)Largest decline over 1 year | -11.87% | -2.50% | -9.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.79% | -3.66% | -20.13% |
Max Drawdown (5Y)Largest decline over 5 years | -33.91% | -13.88% | -20.03% |
Max Drawdown (10Y)Largest decline over 10 years | -34.70% | -14.60% | -20.10% |
Current DrawdownCurrent decline from peak | 0.00% | -1.74% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -2.67% | -7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 0.89% | +2.47% |
Volatility
PDP vs. IEI - Volatility Comparison
Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 7.89% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDP | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.89% | 0.98% | +6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 18.31% | 2.18% | +16.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.72% | 3.00% | +19.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.15% | 4.78% | +17.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.66% | 3.93% | +17.73% |
PDP vs. IEI - Expense Ratio Comparison
PDP has a 0.62% expense ratio, which is higher than IEI's 0.15% expense ratio.
Dividends
PDP vs. IEI - Dividend Comparison
PDP's dividend yield for the trailing twelve months is around 0.11%, less than IEI's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
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
PDP and IEI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDP has higher volatility (7.89%) compared to IEI (0.98%). In terms of maximum drawdown, PDP dropped -59.34% vs IEI's -14.60%.
On 10-year performance, PDP leads with 13.75% vs 1.24% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDP has performed better with a 13.75% return vs 1.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 0.62% for PDP.
IEI has the higher dividend yield at 3.64%, compared with 0.11% for PDP.
PDP is categorized as Momentum, while IEI is Government Bonds. PDP tracks Dorsey Wright Technical Leaders Index, while IEI tracks ICE U.S. Treasury 3-7 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PDP and 0.15% for IEI.
PDP currently has the higher Sharpe Ratio (1.66 vs 1.00), 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.
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