PDP vs. ONEO

Last updated Aug 2, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and ONEO (SPDR Russell 1000 Momentum Focus ETF) are both Momentum funds - PDP tracks the Dorsey Wright Technical Leaders Index while ONEO tracks the Russell 1000 Momentum Focused Factor Index. Both are passively managed. Over the past 10 years, PDP returned 12.35%/yr vs 11.76%/yr for ONEO. Their correlation of 0.82 means they have usually moved in the same direction. PDP charges 0.62%/yr vs 0.20%/yr for ONEO.

Performance

PDP vs. ONEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and SPDR Russell 1000 Momentum Focus ETF (ONEO). 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 lower than ONEO's 19.27% return. Both investments have delivered pretty close results over the past 10 years, with PDP having a 12.35% annualized return and ONEO not far behind at 11.76%.

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%

ONEO

• 1D: 0.00%
• 1M: 0.57%
• 6M: 14.51%
• YTD: 19.27%
• 1Y: 26.17%
• 3Y*: 16.54%
• 5Y*: 10.58%
• 10Y*: 11.76%
• ALL TIME*: 11.54%

*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)
ONEO SPDR Russell 1000 Momentum Focus ETF	$103.19K	$75.01K	$61.74K
PDP Invesco Dorsey Wright Momentum ETF	$3.96M	$3.45M	$3.85M

PDP vs. ONEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDP Invesco Dorsey Wright Momentum ETF	14.75%	8.37%	26.06%	20.88%	-24.49%	7.72%	36.59%	33.13%	-5.96%	23.30%
ONEO SPDR Russell 1000 Momentum Focus ETF	19.27%	10.61%	15.01%	15.64%	-12.01%	26.72%	10.76%	26.53%	-12.41%	21.16%

Correlation

The correlation between PDP and ONEO is 0.74, 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.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.82

The correlation between PDP and ONEO shifts across timeframes, from 0.74 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

PDP vs. ONEO - Sectors Allocation Comparison

Sectors	PDP	ONEO
Technology	42.9%	16.9%
Industrials	25.3%	19.0%
Healthcare	8.4%	11.5%
Financial Services	6.0%	10.5%
Energy	4.9%	6.3%
Basic Materials	4.7%	5.1%
Consumer Cyclical	2.5%	11.9%
Consumer Defensive	1.3%	5.6%
Communication Services	1.1%	3.5%
Real Estate	0.7%	3.8%
Utilities	0.5%	5.8%

Return for Risk

PDP vs. ONEO — 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

ONEO

ONEO Risk / Return Rank: 84
ONEO Sharpe Ratio Rank: 81
ONEO Sortino Ratio Rank: 83
ONEO Omega Ratio Rank: 80
ONEO Calmar Ratio Rank: 87
ONEO Martin Ratio Rank: 88

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. ONEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and SPDR Russell 1000 Momentum Focus ETF (ONEO). 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	ONEO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.88	-1.18
Sortino ratio: Return per unit of downside risk	1.10	2.70	-1.60
Omega ratio: Gain probability vs. loss probability	1.14	1.33	-0.20
Calmar ratio: Return relative to maximum drawdown	1.03	3.38	-2.35
Martin ratio: Return relative to average drawdown	4.02	13.48	-9.45

PDP vs. ONEO - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is lower than the ONEO Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PDP and ONEO, 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. ONEO - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, which is greater than ONEO's maximum drawdown of -40.86%. Use the drawdown chart below to compare losses from any high point for PDP and ONEO.

Drawdown Indicators

	PDP	ONEO	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-40.86%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-7.37%	-10.21%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-19.72%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-22.39%	-11.52%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-40.86%	+6.16%
Current Drawdown Current decline from peak	-12.80%	-0.81%	-11.99%
Average Drawdown Average peak-to-trough decline	-10.57%	-4.93%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	1.84%	+2.67%

Volatility

PDP vs. ONEO - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to SPDR Russell 1000 Momentum Focus ETF (ONEO) at 2.46%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than ONEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	ONEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	2.46%	+8.95%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	10.16%	+11.07%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	13.27%	+12.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	17.18%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	18.61%	+3.40%

PDP vs. ONEO - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than ONEO's 0.20% expense ratio.

Dividends

PDP vs. ONEO - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than ONEO's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEO SPDR Russell 1000 Momentum Focus ETF	1.18%	1.29%	1.30%	1.56%	1.73%	1.19%	1.28%	1.64%	1.72%	7.69%	1.82%	0.17%
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 ONEO in my portfolio?

PDP and ONEO have a correlation of 0.74, 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 ONEO?

PDP has higher volatility (11.41%) compared to ONEO (2.46%). In terms of maximum drawdown, PDP dropped -59.34% vs ONEO's -40.86%.

Which ETF is better, PDP or ONEO?

On 10-year performance, PDP leads with 12.35% vs 11.76% for ONEO. On fees, ONEO is cheaper at 0.20% per year. On volatility, ONEO has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or ONEO?

Over the 10-year period, PDP has performed better with a 12.35% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or ONEO?

ONEO is cheaper with a 0.20% expense ratio, compared with 0.62% for PDP.

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

ONEO has the higher dividend yield at 1.18%, compared with 0.08% for PDP.

What is the main difference between PDP and ONEO?

PDP tracks Dorsey Wright Technical Leaders Index, while ONEO tracks Russell 1000 Momentum Focused Factor Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.62% for PDP and 0.20% for ONEO.

Which has better risk-adjusted returns?

ONEO currently has the higher Sharpe Ratio (1.88 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.