PDP vs. VOO

Last updated Aug 2, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PDP is a Momentum fund tracking the Dorsey Wright Technical Leaders Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PDP returned 12.35%/yr vs 15.14%/yr for VOO. Their correlation of 0.87 means they have usually moved in the same direction. PDP charges 0.62%/yr vs 0.03%/yr for VOO.

Performance

PDP vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.16% return. Over the past 10 years, PDP has underperformed VOO with an annualized return of 12.35%, while VOO has yielded a comparatively higher 15.14% annualized 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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
PDP Invesco Dorsey Wright Momentum ETF	$3.96M	$3.45M	$3.85M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

PDP vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PDP and VOO is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.87

The correlation between PDP and VOO has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

PDP vs. VOO - Sectors Allocation Comparison

Sectors	PDP	VOO
Technology	42.9%	38.6%
Industrials	25.3%	8.5%
Healthcare	8.4%	8.9%
Financial Services	6.0%	11.4%
Energy	4.9%	3.0%
Basic Materials	4.7%	1.7%
Consumer Cyclical	2.5%	9.5%
Consumer Defensive	1.3%	4.5%
Communication Services	1.1%	9.9%
Real Estate	0.7%	1.8%
Utilities	0.5%	2.2%

Return for Risk

PDP vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.53	-0.83
Sortino ratio: Return per unit of downside risk	1.10	2.13	-1.03
Omega ratio: Gain probability vs. loss probability	1.14	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	1.03	2.21	-1.18
Martin ratio: Return relative to average drawdown	4.02	9.44	-5.42

PDP vs. VOO - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is lower than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of PDP and VOO, 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. VOO - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PDP and VOO.

Drawdown Indicators

	PDP	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-33.99%	-25.35%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-8.90%	-8.68%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-18.69%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-24.52%	-9.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-33.99%	-0.71%
Current Drawdown Current decline from peak	-12.80%	-1.38%	-11.42%
Average Drawdown Average peak-to-trough decline	-10.57%	-3.67%	-6.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.08%	+2.43%

Volatility

PDP vs. VOO - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	3.54%	+7.87%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	10.10%	+11.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	12.82%	+13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	16.93%	+5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	18.01%	+4.00%

PDP vs. VOO - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PDP vs. VOO - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PDP and VOO in my portfolio?

PDP and VOO have a correlation of 0.77, 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 VOO?

PDP has higher volatility (11.41%) compared to VOO (3.54%). In terms of maximum drawdown, PDP dropped -59.34% vs VOO's -33.99%.

Which ETF is better, PDP or VOO?

On 10-year performance, VOO leads with 15.14% vs 12.35% for PDP. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDP or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.62% for PDP.

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

VOO has the higher dividend yield at 1.07%, compared with 0.08% for PDP.

What is the main difference between PDP and VOO?

PDP is categorized as Momentum, while VOO is S&P 500. PDP tracks Dorsey Wright Technical Leaders Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.62% for PDP and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 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.