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PFI vs. QQQA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PFI vs. QQQA

Last updated Jun 24, 2026

PFI (Invesco Dorsey Wright Financial Momentum ETF) and QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) are both exchange-traded funds - PFI is a Momentum fund tracking the Dorsey Wright Financials Technical Leaders Index, while QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, PFI returned 5.43%/yr vs 14.28%/yr for QQQA. A 0.62 correlation means they provide meaningful diversification when combined. PFI charges 0.60%/yr vs 0.58%/yr for QQQA.

Performance

PFI vs. QQQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PFI achieves a 7.04% return, which is significantly lower than QQQA's 64.24% return.

PFI

1D
0.56%
1M
4.63%
YTD
7.04%
6M
4.43%
1Y
12.22%
3Y*
16.97%
5Y*
5.43%
10Y*
9.22%

QQQA

1D
-6.13%
1M
11.00%
YTD
64.24%
6M
61.01%
1Y
85.96%
3Y*
33.54%
5Y*
14.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PFI vs. QQQA - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PFI
Invesco Dorsey Wright Financial Momentum ETF		7.04%1.98%30.58%12.58%-24.09%11.04%
QQQA
ProShares Nasdaq-100 Dorsey Wright Momentum ETF		64.24%9.87%16.17%24.98%-29.08%9.84%

Correlation

The correlation between PFI and QQQA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (All Time)
Calculated using the full available price history since May 20, 2021

0.62

The correlation between PFI and QQQA shifts across timeframes, from 0.48 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

PFI vs. QQQA - Sectors Allocation Comparison

Sectors
PFI
QQQA

Financial Services

81.2%

-

Real Estate

18.8%

-

Basic Materials

-

-

Communication Services

-

6.7%

Consumer Cyclical

-

3.3%

Consumer Defensive

-

-

Energy

-

6.0%

Healthcare

-

5.4%

Industrials

-

-

Technology

-

78.6%

Utilities

-

-

Financial Services

PFI
81.2%
QQQA

-

Real Estate

PFI
18.8%
QQQA

-

Basic Materials

PFI

-

QQQA

-

Communication Services

PFI

-

QQQA
6.7%

Consumer Cyclical

PFI

-

QQQA
3.3%

Consumer Defensive

PFI

-

QQQA

-

Energy

PFI

-

QQQA
6.0%

Healthcare

PFI

-

QQQA
5.4%

Industrials

PFI

-

QQQA

-

Technology

PFI

-

QQQA
78.6%

Utilities

PFI

-

QQQA

-

Compare stocks, funds, or ETFs

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Invesco Dorsey Wright Financial Momentum ETF

ProShares Nasdaq-100 Dorsey Wright Momentum ETF

Often compared with PFI:
PFI vs. MBOXPFI vs. VFHPFI vs. KOPFI vs. KMBPFI vs. SMLVPFI vs. VOOPFI vs. FDGRX
Often compared with QQQA:
QQQA vs. QQQQQQA vs. QQQMQQQA vs. JEPQQQQA vs. MOATQQQA vs. JEPIQQQA vs. SPMOQQQA vs. SPY

Return for Risk

PFI vs. QQQA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PFI
PFI Risk / Return Rank: 2020
Overall Rank
PFI Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PFI Sortino Ratio Rank: 1919
Sortino Ratio Rank
PFI Omega Ratio Rank: 1919
Omega Ratio Rank
PFI Calmar Ratio Rank: 2020
Calmar Ratio Rank
PFI Martin Ratio Rank: 2222
Martin Ratio Rank
QQQA
QQQA Risk / Return Rank: 8787
Overall Rank
QQQA Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
QQQA Sortino Ratio Rank: 7979
Sortino Ratio Rank
QQQA Omega Ratio Rank: 8282
Omega Ratio Rank
QQQA Calmar Ratio Rank: 9292
Calmar Ratio Rank
QQQA Martin Ratio Rank: 9292
Martin Ratio Rank
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. QQQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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.

PFIQQQADifference
Sharpe ratioReturn per unit of total volatility
0.66
2.86

-2.21

Sortino ratioReturn per unit of downside risk
0.99
3.31

-2.32

Omega ratioGain probability vs. loss probability

1.12

1.47

-0.34

Calmar ratioReturn relative to maximum drawdown

0.89

5.94

-5.06

Martin ratioReturn relative to average drawdown

2.65

21.29

-18.64

PFI vs. QQQA - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.66, which is lower than the QQQA Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of PFI and QQQA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PFI vs. QQQA - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, which is greater than QQQA's maximum drawdown of -38.44%. Use the drawdown chart below to compare losses from any high point for PFI and QQQA.

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Drawdown Indicators

PFIQQQADifference

Max Drawdown

Largest peak-to-trough decline

-59.53%

-38.44%

-21.09%

Max Drawdown (1Y)

Largest decline over 1 year

-13.86%

-14.54%

+0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-24.82%

-30.84%

+6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-35.43%

-38.44%

+3.01%

Max Drawdown (10Y)

Largest decline over 10 years

-43.09%

—

—

Current Drawdown

Current decline from peak

-1.04%

-6.13%

+5.09%

Average Drawdown

Average peak-to-trough decline

-14.47%

-15.54%

+1.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.62%

4.05%

+0.57%

Volatility

PFI vs. QQQA - Volatility Comparison

The current volatility for Invesco Dorsey Wright Financial Momentum ETF (PFI) is 4.05%, while ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has a volatility of 17.13%. This indicates that PFI experiences smaller price fluctuations and is considered to be less risky than QQQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PFIQQQADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.05%

17.13%

-13.08%

Volatility (6M)

Calculated over the trailing 6-month period

13.70%

26.70%

-13.00%

Volatility (1Y)

Calculated over the trailing 1-year period

18.77%

30.23%

-11.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.84%

26.72%

-4.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.26%

26.55%

-4.29%

PFI vs. QQQA - Expense Ratio Comparison

PFI has a 0.60% expense ratio, which is higher than QQQA's 0.58% expense ratio.

Dividends

PFI vs. QQQA - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 1.00%, more than QQQA's 0.06% yield.

PositionTTM20252024202320222021202020192018201720162015
PFI
Invesco Dorsey Wright Financial Momentum ETF		1.00%0.68%2.77%1.85%1.93%1.28%1.56%0.92%1.98%0.35%2.16%1.44%
QQQA
ProShares Nasdaq-100 Dorsey Wright Momentum ETF		0.06%0.10%0.09%0.34%0.28%0.10%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PFI and QQQA 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.

QQQA has higher volatility (17.13%) compared to PFI (4.05%). In terms of maximum drawdown, PFI dropped -59.53% vs QQQA's -38.44%.

On 5-year performance, QQQA leads with 14.28% vs 5.43% for PFI. On fees, QQQA is cheaper at 0.58% per year. On volatility, PFI has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QQQA has performed better with a 14.28% return vs 5.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQA is cheaper with a 0.58% expense ratio, compared with 0.60% for PFI.

PFI has the higher dividend yield at 1.00%, compared with 0.06% for QQQA.

PFI is categorized as Momentum, while QQQA is Nasdaq-100. PFI tracks Dorsey Wright Financials Technical Leaders Index, while QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.60% for PFI and 0.58% for QQQA.

QQQA currently has the higher Sharpe Ratio (2.86 vs 0.66), 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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