PFI vs. DWAS

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Dorsey Wright Financial Momentum ETF (PFI) and Invesco DWA SmallCap Momentum ETF (DWAS).

PFI and DWAS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFI is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Financials Technical Leaders Index. It was launched on Oct 12, 2006. DWAS is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright SmallCap Technical Leaders Index. It was launched on Jul 19, 2012. Both PFI and DWAS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PFI vs. DWAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) and Invesco DWA SmallCap Momentum ETF (DWAS). The values are adjusted to include any dividend payments, if applicable.

PFI vs. DWAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFI Invesco Dorsey Wright Financial Momentum ETF	-7.48%	1.98%	30.58%	12.58%	-24.09%	28.70%	13.85%	36.54%	-17.18%	15.00%
DWAS Invesco DWA SmallCap Momentum ETF	1.76%	6.09%	9.81%	16.88%	-18.51%	19.75%	32.32%	31.39%	-10.68%	20.84%

Returns By Period

In the year-to-date period, PFI achieves a -7.48% return, which is significantly lower than DWAS's 1.76% return. Over the past 10 years, PFI has underperformed DWAS with an annualized return of 7.52%, while DWAS has yielded a comparatively higher 11.50% annualized return.

PFI

• 1D: 2.79%
• 1M: -2.99%
• YTD: -7.48%
• 6M: -7.65%
• 1Y: 0.37%
• 3Y*: 12.17%
• 5Y*: 3.55%
• 10Y*: 7.52%

DWAS

• 1D: 4.79%
• 1M: -3.96%
• YTD: 1.76%
• 6M: 6.85%
• 1Y: 26.30%
• 3Y*: 10.99%
• 5Y*: 3.34%
• 10Y*: 11.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PFI vs. DWAS - Expense Ratio Comparison

Both PFI and DWAS have an expense ratio of 0.60%.

PFI

Invesco Dorsey Wright Financial Momentum ETF

DWAS

Invesco DWA SmallCap Momentum ETF

Return for Risk

PFI vs. DWAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFI

PFI Risk / Return Rank: 13
PFI Sharpe Ratio Rank: 12
PFI Sortino Ratio Rank: 12
PFI Omega Ratio Rank: 13
PFI Calmar Ratio Rank: 14
PFI Martin Ratio Rank: 14

DWAS

DWAS Risk / Return Rank: 65
DWAS Sharpe Ratio Rank: 61
DWAS Sortino Ratio Rank: 62
DWAS Omega Ratio Rank: 53
DWAS Calmar Ratio Rank: 78
DWAS Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFI vs. DWAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) and Invesco DWA SmallCap Momentum ETF (DWAS). 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.

	PFI	DWAS	Difference
Sharpe ratio Return per unit of total volatility	0.02	1.05	-1.03
Sortino ratio Return per unit of downside risk	0.18	1.56	-1.38
Omega ratio Gain probability vs. loss probability	1.02	1.19	-0.17
Calmar ratio Return relative to maximum drawdown	0.11	2.02	-1.91
Martin ratio Return relative to average drawdown	0.32	7.38	-7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFI vs. DWAS - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.02, which is lower than the DWAS Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of PFI and DWAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PFI	DWAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	1.05	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.13	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.44	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.44	-0.21

Correlation

The correlation between PFI and DWAS is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PFI vs. DWAS - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 0.77%, more than DWAS's 0.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFI Invesco Dorsey Wright Financial Momentum ETF	0.77%	0.68%	2.77%	1.85%	1.93%	1.28%	1.56%	0.92%	1.98%	0.35%	2.16%	1.44%
DWAS Invesco DWA SmallCap Momentum ETF	0.02%	0.07%	0.79%	1.42%	0.81%	0.16%	0.21%	0.13%	0.04%	0.20%	0.52%	0.19%

Drawdowns

PFI vs. DWAS - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, which is greater than DWAS's maximum drawdown of -46.16%. Use the drawdown chart below to compare losses from any high point for PFI and DWAS.

Drawdown Indicators

	PFI	DWAS	Difference
Max Drawdown Largest peak-to-trough decline	-59.53%	-46.16%	-13.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-13.21%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	-33.83%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-43.09%	-46.16%	+3.07%
Current Drawdown Current decline from peak	-14.46%	-5.71%	-8.75%
Average Drawdown Average peak-to-trough decline	-14.56%	-10.41%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	3.62%	+1.16%

Volatility

PFI vs. DWAS - Volatility Comparison

The current volatility for Invesco Dorsey Wright Financial Momentum ETF (PFI) is 5.81%, while Invesco DWA SmallCap Momentum ETF (DWAS) has a volatility of 9.76%. This indicates that PFI experiences smaller price fluctuations and is considered to be less risky than DWAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFI	DWAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	9.76%	-3.95%
Volatility (6M) Calculated over the trailing 6-month period	15.52%	18.15%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	25.21%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.10%	25.97%	-3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.20%	26.52%	-4.32%