PFM vs. QWLD

Last updated Jul 15, 2026

PFM (Invesco Dividend Achievers™ ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds - PFM tracks the NASDAQ US Broad Dividend Achievers Index while QWLD tracks the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, PFM returned 11.32%/yr vs 11.53%/yr for QWLD. A 0.73 correlation means they provide meaningful diversification when combined. PFM charges 0.53%/yr vs 0.30%/yr for QWLD.

Performance

PFM vs. QWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dividend Achievers™ ETF (PFM) and SPDR MSCI World StrategicFactors ETF (QWLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFM achieves a 8.92% return, which is significantly higher than QWLD's 7.95% return. Both investments have delivered pretty close results over the past 10 years, with PFM having a 11.32% annualized return and QWLD not far ahead at 11.53%.

PFM

• 1D: -0.54%
• 1M: 0.74%
• 6M: 6.48%
• YTD: 8.92%
• 1Y: 16.33%
• 3Y*: 15.13%
• 5Y*: 10.56%
• 10Y*: 11.32%

QWLD

• 1D: -0.12%
• 1M: 1.12%
• 6M: 6.11%
• YTD: 7.95%
• 1Y: 15.88%
• 3Y*: 15.39%
• 5Y*: 9.96%
• 10Y*: 11.53%

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

PFM vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFM Invesco Dividend Achievers™ ETF	8.92%	14.00%	16.87%	11.40%	-6.22%	23.08%	9.53%	26.88%	-4.58%	17.65%
QWLD SPDR MSCI World StrategicFactors ETF	7.95%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%

Correlation

The correlation between PFM and QWLD is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 5, 2014	0.73

The correlation between PFM and QWLD shifts across timeframes, from 0.73 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

PFM vs. QWLD - Sectors Allocation Comparison

Sectors	PFM	QWLD
Technology	27.6%	25.3%
Financial Services	17.9%	14.6%
Healthcare	15.1%	12.9%
Consumer Defensive	11.1%	7.2%
Industrials	10.7%	8.5%
Energy	4.3%	2.6%
Utilities	3.9%	3.8%
Consumer Cyclical	3.7%	5.2%
Basic Materials	2.8%	2.3%
Real Estate	2.0%	0.7%
Communication Services	1.1%	8.4%

Return for Risk

PFM vs. QWLD — Risk / Return Rank

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

PFM

PFM Risk / Return Rank: 66
PFM Sharpe Ratio Rank: 68
PFM Sortino Ratio Rank: 71
PFM Omega Ratio Rank: 67
PFM Calmar Ratio Rank: 58
PFM Martin Ratio Rank: 66

QWLD

QWLD Risk / Return Rank: 60
QWLD Sharpe Ratio Rank: 62
QWLD Sortino Ratio Rank: 63
QWLD Omega Ratio Rank: 60
QWLD Calmar Ratio Rank: 51
QWLD Martin Ratio Rank: 63

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.

PFM vs. QWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dividend Achievers™ ETF (PFM) and SPDR MSCI World StrategicFactors ETF (QWLD). 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	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.64	+0.10
Sortino ratio: Return per unit of downside risk	2.56	2.36	+0.21
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.31	2.08	+0.23
Martin ratio: Return relative to average drawdown	9.39	8.97	+0.42

PFM vs. QWLD - Sharpe Ratio Comparison

The current PFM Sharpe Ratio is 1.75, which is comparable to the QWLD Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PFM and QWLD, 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. QWLD - Drawdown Comparison

The maximum PFM drawdown since its inception was -53.21%, which is greater than QWLD's maximum drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for PFM and QWLD.

Drawdown Indicators

	PFM	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-53.21%	-31.89%	-21.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-7.66%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-12.40%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	-17.81%	-22.84%	+5.03%
Max Drawdown (10Y) Largest decline over 10 years	-32.22%	-31.89%	-0.33%
Current Drawdown Current decline from peak	-0.69%	-0.28%	-0.41%
Average Drawdown Average peak-to-trough decline	-6.91%	-3.68%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.78%	-0.04%

Volatility

PFM vs. QWLD - Volatility Comparison

The current volatility for Invesco Dividend Achievers™ ETF (PFM) is 1.95%, while SPDR MSCI World StrategicFactors ETF (QWLD) has a volatility of 2.09%. This indicates that PFM experiences smaller price fluctuations and is considered to be less risky than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFM	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	2.09%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	7.80%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	9.70%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	13.52%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	15.11%	+0.07%

PFM vs. QWLD - Expense Ratio Comparison

PFM has a 0.53% expense ratio, which is higher than QWLD's 0.30% expense ratio.

Dividends

PFM vs. QWLD - Dividend Comparison

PFM's dividend yield for the trailing twelve months is around 1.34%, less than QWLD's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFM Invesco Dividend Achievers™ ETF	1.34%	1.41%	1.58%	1.86%	1.95%	1.69%	1.92%	1.94%	2.27%	1.70%	2.56%	2.36%
QWLD SPDR MSCI World StrategicFactors ETF	1.81%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both PFM and QWLD in my portfolio?

PFM and QWLD have a correlation of 0.88, 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 QWLD?

QWLD has higher volatility (2.09%) compared to PFM (1.95%). In terms of maximum drawdown, PFM dropped -53.21% vs QWLD's -31.89%.

Which ETF is better, PFM or QWLD?

On 10-year performance, QWLD leads with 11.53% vs 11.32% for PFM. On fees, QWLD is cheaper at 0.30% per year. On volatility, PFM has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFM or QWLD?

Over the 10-year period, QWLD has performed better with a 11.53% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFM or QWLD?

QWLD is cheaper with a 0.30% expense ratio, compared with 0.53% for PFM.

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

QWLD has the higher dividend yield at 1.81%, compared with 1.34% for PFM.

What is the main difference between PFM and QWLD?

PFM tracks NASDAQ US Broad Dividend Achievers Index, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.53% for PFM and 0.30% for QWLD.

Which has better risk-adjusted returns?

PFM currently has the higher Sharpe Ratio (1.75 vs 1.64), 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.