PDP vs. XMVM

Last updated Aug 2, 2026

PDP (Invesco Dorsey Wright Momentum ETF) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both Momentum funds from Invesco - PDP tracks the Dorsey Wright Technical Leaders Index while XMVM tracks the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, PDP returned 12.35%/yr vs 12.44%/yr for XMVM. Their 0.73 correlation means they have sometimes moved together and sometimes differently. PDP charges 0.62%/yr vs 0.39%/yr for XMVM.

Performance

PDP vs. XMVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Momentum ETF (PDP) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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 XMVM's 17.44% return. Both investments have delivered pretty close results over the past 10 years, with PDP having a 12.35% annualized return and XMVM not far ahead at 12.44%.

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%

XMVM

• 1D: -0.53%
• 1M: 5.11%
• 6M: 13.72%
• YTD: 17.44%
• 1Y: 38.27%
• 3Y*: 17.47%
• 5Y*: 12.42%
• 10Y*: 12.44%
• ALL TIME*: 9.70%

*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
XMVM Invesco S&P MidCap Value with Momentum ETF	$2.16M	$2.04M	$1.98M

PDP vs. XMVM - 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	17.44%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%

Correlation

The correlation between PDP and XMVM is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	0.73

Over the past year, the correlation between PDP and XMVM has dropped to 0.41 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

PDP vs. XMVM - Sectors Allocation Comparison

Sectors	PDP	XMVM
Technology	42.9%	5.1%
Industrials	25.3%	11.7%
Healthcare	8.4%	2.5%
Financial Services	6.0%	37.9%
Energy	4.9%	13.5%
Basic Materials	4.7%	0.8%
Consumer Cyclical	2.5%	14.8%
Consumer Defensive	1.3%	1.2%
Communication Services	1.1%	0.9%
Real Estate	0.7%	4.9%
Utilities	0.5%	8.5%

Return for Risk

PDP vs. XMVM — 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

XMVM

XMVM Risk / Return Rank: 91
XMVM Sharpe Ratio Rank: 92
XMVM Sortino Ratio Rank: 93
XMVM Omega Ratio Rank: 91
XMVM Calmar Ratio Rank: 90
XMVM Martin Ratio Rank: 87

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. XMVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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	XMVM	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.42	-1.72
Sortino ratio: Return per unit of downside risk	1.10	3.49	-2.39
Omega ratio: Gain probability vs. loss probability	1.14	1.43	-0.29
Calmar ratio: Return relative to maximum drawdown	1.03	3.91	-2.88
Martin ratio: Return relative to average drawdown	4.02	12.52	-8.50

PDP vs. XMVM - Sharpe Ratio Comparison

The current PDP Sharpe Ratio is 0.70, which is lower than the XMVM Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PDP and XMVM, 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. XMVM - Drawdown Comparison

The maximum PDP drawdown since its inception was -59.34%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for PDP and XMVM.

Drawdown Indicators

	PDP	XMVM	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-62.83%	+3.49%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-9.18%	-8.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.79%	-24.12%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-33.91%	-24.12%	-9.79%
Max Drawdown (10Y) Largest decline over 10 years	-34.70%	-45.07%	+10.37%
Current Drawdown Current decline from peak	-12.80%	-0.71%	-12.09%
Average Drawdown Average peak-to-trough decline	-10.57%	-10.20%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.86%	+1.65%

Volatility

PDP vs. XMVM - Volatility Comparison

Invesco Dorsey Wright Momentum ETF (PDP) has a higher volatility of 11.41% compared to Invesco S&P MidCap Value with Momentum ETF (XMVM) at 3.29%. This indicates that PDP's price experiences larger fluctuations and is considered to be riskier than XMVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDP	XMVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	3.29%	+8.12%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	9.25%	+11.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.85%	14.85%	+11.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	21.24%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	22.74%	-0.73%

PDP vs. XMVM - Expense Ratio Comparison

PDP has a 0.62% expense ratio, which is higher than XMVM's 0.39% expense ratio.

Dividends

PDP vs. XMVM - Dividend Comparison

PDP's dividend yield for the trailing twelve months is around 0.08%, less than XMVM's 1.79% 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.79%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both PDP and XMVM in my portfolio?

PDP and XMVM have a correlation of 0.41, 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 XMVM?

PDP has higher volatility (11.41%) compared to XMVM (3.29%). In terms of maximum drawdown, PDP dropped -59.34% vs XMVM's -62.83%.

Which ETF is better, PDP or XMVM?

On 10-year performance, XMVM leads with 12.44% vs 12.35% for PDP. On fees, XMVM is cheaper at 0.39% per year. On volatility, XMVM has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDP or XMVM?

Over the 10-year period, XMVM has performed better with a 12.44% 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 XMVM?

XMVM is cheaper with a 0.39% expense ratio, compared with 0.62% for PDP.

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

XMVM has the higher dividend yield at 1.79%, compared with 0.08% for PDP.

What is the main difference between PDP and XMVM?

PDP tracks Dorsey Wright Technical Leaders Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. Their fees differ too: 0.62% for PDP and 0.39% for XMVM.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.42 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.