PEZ vs. IYW
PEZ (Invesco DWA Consumer Cyclicals Momentum ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - PEZ is a Momentum fund tracking the DWA Consumer Cyclicals Technical Leaders Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, PEZ returned 9.57%/yr vs 24.38%/yr for IYW. Their 0.67 correlation means they have sometimes moved together and sometimes differently. PEZ charges 0.60%/yr vs 0.38%/yr for IYW.
Performance
PEZ vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, PEZ achieves a -1.42% return, which is significantly lower than IYW's 19.29% return. Over the past 10 years, PEZ has underperformed IYW with an annualized return of 9.57%, while IYW has yielded a comparatively higher 24.38% annualized return.
PEZ
- 1D
- 0.17%
- 1M
- 0.32%
- 6M
- -0.38%
- YTD
- -1.42%
- 1Y
- 4.90%
- 3Y*
- 11.93%
- 5Y*
- 3.14%
- 10Y*
- 9.57%
- ALL TIME*
- 7.88%
IYW
- 1D
- 0.46%
- 1M
- -2.23%
- 6M
- 20.08%
- YTD
- 19.29%
- 1Y
- 34.47%
- 3Y*
- 28.25%
- 5Y*
- 18.55%
- 10Y*
- 24.38%
- ALL TIME*
- 9.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.49M | $126.55M | $189.91M | |
| $60.43K | $108.59K | $64.29K |
PEZ vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEZ Invesco DWA Consumer Cyclicals Momentum ETF | -1.42% | 5.40% | 20.06% | 29.55% | -29.59% | 20.35% | 38.97% | 18.05% | -6.85% | 19.87% |
IYW iShares U.S. Technology ETF | 19.29% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between PEZ and IYW is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006 | 0.67 |
The correlation between PEZ and IYW shifts across timeframes, from 0.48 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PEZ vs. IYW — Risk / Return Rank
PEZ
IYW
PEZ vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) and iShares U.S. Technology ETF (IYW). 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.
| PEZ | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.23 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.77 | -1.58 |
| Martin ratioReturn relative to average drawdown | 0.46 | 5.23 | -4.77 |
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Drawdowns
PEZ vs. IYW - Drawdown Comparison
The maximum PEZ drawdown since its inception was -58.39%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for PEZ and IYW.
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Drawdown Indicators
| PEZ | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.39% | -81.90% | +23.51% |
Max Drawdown (1Y)Largest decline over 1 year | -15.83% | -17.81% | +1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -31.48% | -26.47% | -5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -41.72% | -39.44% | -2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -52.05% | -39.44% | -12.61% |
Current DrawdownCurrent decline from peak | -8.64% | -8.40% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -13.82% | -34.48% | +20.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 6.03% | +0.63% |
Volatility
PEZ vs. IYW - Volatility Comparison
The current volatility for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) is 4.24%, while iShares U.S. Technology ETF (IYW) has a volatility of 7.86%. This indicates that PEZ experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEZ | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 7.86% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 19.90% | -5.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.09% | 23.79% | -3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.14% | 26.47% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.06% | 25.36% | -0.30% |
PEZ vs. IYW - Expense Ratio Comparison
PEZ has a 0.60% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
PEZ vs. IYW - Dividend Comparison
PEZ's dividend yield for the trailing twelve months is around 0.24%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
PEZ Invesco DWA Consumer Cyclicals Momentum ETF | 0.24% | 0.11% | 0.12% | 0.60% | 0.43% | 0.23% | 0.39% | 0.01% | 0.40% | 0.42% | 0.83% | 0.64% |
Frequently Asked Questions
PEZ and IYW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (7.86%) compared to PEZ (4.24%). In terms of maximum drawdown, PEZ dropped -58.39% vs IYW's -81.90%.
On 10-year performance, IYW leads with 24.38% vs 9.57% for PEZ. On fees, IYW is cheaper at 0.38% per year. On volatility, PEZ has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 24.38% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.60% for PEZ.
PEZ has the higher dividend yield at 0.24%, compared with 0.11% for IYW.
PEZ is categorized as Momentum, while IYW is Technology Equities. PEZ tracks DWA Consumer Cyclicals Technical Leaders Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for PEZ and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.33 vs 0.15), 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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