PFM vs. DGRW

Last updated Aug 4, 2026

PFM (Invesco Dividend Achievers™ ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - PFM is a Large Cap Growth Equities fund tracking the NASDAQ US Broad Dividend Achievers Index, while DGRW is a Quality Factor fund tracking the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, PFM returned 11.56%/yr vs 13.79%/yr for DGRW. Their correlation of 0.93 means they have usually moved in the same direction. PFM charges 0.53%/yr vs 0.28%/yr for DGRW.

Performance

PFM vs. DGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dividend Achievers™ ETF (PFM) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFM achieves a 10.65% return, which is significantly higher than DGRW's 10.05% return. Over the past 10 years, PFM has underperformed DGRW with an annualized return of 11.56%, while DGRW has yielded a comparatively higher 13.79% annualized return.

PFM

• 1D: 0.31%
• 1M: 1.14%
• 6M: 7.03%
• YTD: 10.65%
• 1Y: 19.46%
• 3Y*: 15.73%
• 5Y*: 10.76%
• 10Y*: 11.56%
• ALL TIME*: 8.78%

DGRW

• 1D: 1.37%
• 1M: 2.07%
• 6M: 6.86%
• YTD: 10.05%
• 1Y: 17.60%
• 3Y*: 15.28%
• 5Y*: 11.72%
• 10Y*: 13.79%
• ALL TIME*: 13.05%

*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)
DGRW WisdomTree U.S. Quality Dividend Growth Fund	$51.74M	$49.20M	$56.02M
PFM Invesco Dividend Achievers™ ETF	$789.97K	$827.49K	$977.52K

PFM vs. DGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFM Invesco Dividend Achievers™ ETF	10.65%	14.00%	16.87%	11.40%	-6.22%	23.08%	9.53%	26.88%	-4.58%	17.65%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	10.05%	12.17%	16.98%	18.66%	-6.33%	24.46%	13.87%	29.54%	-5.38%	26.90%

Correlation

The correlation between PFM and DGRW is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since May 22, 2013	0.93

The correlation between PFM and DGRW has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

PFM vs. DGRW - Sectors Allocation Comparison

Sectors	PFM	DGRW
Technology	23.4%	33.8%
Financial Services	19.0%	8.4%
Healthcare	16.6%	12.8%
Industrials	11.6%	11.8%
Consumer Defensive	11.3%	6.7%
Energy	4.2%	4.5%
Utilities	4.1%	0.2%
Consumer Cyclical	4.0%	8.0%
Basic Materials	3.0%	2.8%
Real Estate	2.0%	-
Communication Services	1.0%	11.1%

Return for Risk

PFM vs. DGRW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PFM

PFM Risk / Return Rank: 82
PFM Sharpe Ratio Rank: 85
PFM Sortino Ratio Rank: 87
PFM Omega Ratio Rank: 84
PFM Calmar Ratio Rank: 75
PFM Martin Ratio Rank: 81

DGRW

DGRW Risk / Return Rank: 70
DGRW Sharpe Ratio Rank: 73
DGRW Sortino Ratio Rank: 74
DGRW Omega Ratio Rank: 74
DGRW Calmar Ratio Rank: 59
DGRW Martin Ratio Rank: 69

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.

PFM vs. DGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dividend Achievers™ ETF (PFM) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). 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.

	PFM	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.69	+0.38
Sortino ratio: Return per unit of downside risk	3.01	2.41	+0.60
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	2.75	2.13	+0.63
Martin ratio: Return relative to average drawdown	11.27	8.60	+2.67

PFM vs. DGRW - Sharpe Ratio Comparison

The current PFM Sharpe Ratio is 2.07, which is comparable to the DGRW Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PFM and DGRW, 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

PFM vs. DGRW - Drawdown Comparison

The maximum PFM drawdown since its inception was -53.21%, which is greater than DGRW's maximum drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for PFM and DGRW.

Drawdown Indicators

	PFM	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-53.21%	-32.04%	-21.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-8.30%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-16.21%	+1.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.81%	-17.27%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-32.22%	-32.04%	-0.18%
Current Drawdown Current decline from peak	-0.70%	0.00%	-0.70%
Average Drawdown Average peak-to-trough decline	-6.89%	-3.00%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.05%	-0.32%

Volatility

PFM vs. DGRW - Volatility Comparison

The current volatility for Invesco Dividend Achievers™ ETF (PFM) is 2.43%, while WisdomTree U.S. Quality Dividend Growth Fund (DGRW) has a volatility of 3.19%. This indicates that PFM experiences smaller price fluctuations and is considered to be less risky than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFM	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	3.19%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	8.44%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	10.47%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	14.02%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	16.19%	-1.00%

PFM vs. DGRW - Expense Ratio Comparison

PFM has a 0.53% expense ratio, which is higher than DGRW's 0.28% expense ratio.

Dividends

PFM vs. DGRW - Dividend Comparison

PFM's dividend yield for the trailing twelve months is around 1.32%, more than DGRW's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.26%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
PFM Invesco Dividend Achievers™ ETF	1.32%	1.41%	1.58%	1.86%	1.95%	1.69%	1.92%	1.94%	2.27%	1.70%	2.56%	2.36%

Frequently Asked Questions

Can I hold both PFM and DGRW in my portfolio?

PFM and DGRW have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFM or DGRW?

DGRW has higher volatility (3.19%) compared to PFM (2.43%). In terms of maximum drawdown, PFM dropped -53.21% vs DGRW's -32.04%.

Which ETF is better, PFM or DGRW?

On 10-year performance, DGRW leads with 13.79% vs 11.56% for PFM. On fees, DGRW is cheaper at 0.28% per year. On volatility, PFM has been the lower-risk option at 2.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFM or DGRW?

Over the 10-year period, DGRW has performed better with a 13.79% return vs 11.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFM or DGRW?

DGRW is cheaper with a 0.28% expense ratio, compared with 0.53% for PFM.

Which ETF pays a higher dividend yield, PFM or DGRW?

PFM has the higher dividend yield at 1.32%, compared with 1.26% for DGRW.

What is the main difference between PFM and DGRW?

PFM is categorized as Large Cap Growth Equities, while DGRW is Quality Factor. PFM tracks NASDAQ US Broad Dividend Achievers Index, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.53% for PFM and 0.28% for DGRW.

Which has better risk-adjusted returns?

PFM currently has the higher Sharpe Ratio (2.07 vs 1.69), 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.