PKW vs. CVAR

Last updated Jun 24, 2026

PKW (Invesco BuyBack Achievers™ ETF) and CVAR (Cultivar ETF) are both Mid Cap Value Equities funds. PKW is passively managed, while CVAR is actively managed. Over the past 3 years, PKW returned 18.43%/yr vs 8.06%/yr for CVAR. Their correlation of 0.82 suggests significant overlap in exposure. PKW charges 0.62%/yr vs 0.87%/yr for CVAR.

Performance

PKW vs. CVAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BuyBack Achievers™ ETF (PKW) and Cultivar ETF (CVAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PKW achieves a 3.81% return, which is significantly higher than CVAR's -0.65% return.

PKW

• 1D: 0.23%
• 1M: 2.07%
• YTD: 3.81%
• 6M: 2.73%
• 1Y: 16.22%
• 3Y*: 18.43%
• 5Y*: 10.28%
• 10Y*: 13.54%

CVAR

• 1D: 0.38%
• 1M: -1.69%
• YTD: -0.65%
• 6M: -1.19%
• 1Y: 9.44%
• 3Y*: 8.06%
• 5Y*: —
• 10Y*: —

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

PKW vs. CVAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PKW Invesco BuyBack Achievers™ ETF	3.81%	17.92%	17.33%	17.24%	-10.21%	1.91%
CVAR Cultivar ETF	-0.65%	14.95%	3.12%	11.74%	-5.03%	0.70%

Correlation

The correlation between PKW and CVAR is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 23, 2021	0.82

The correlation between PKW and CVAR has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

Return for Risk

PKW vs. CVAR — Risk / Return Rank

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

PKW

PKW Risk / Return Rank: 38
PKW Sharpe Ratio Rank: 36
PKW Sortino Ratio Rank: 36
PKW Omega Ratio Rank: 33
PKW Calmar Ratio Rank: 43
PKW Martin Ratio Rank: 42

CVAR

CVAR Risk / Return Rank: 23
CVAR Sharpe Ratio Rank: 24
CVAR Sortino Ratio Rank: 23
CVAR Omega Ratio Rank: 22
CVAR Calmar Ratio Rank: 25
CVAR Martin Ratio Rank: 22

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.

PKW vs. CVAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BuyBack Achievers™ ETF (PKW) and Cultivar ETF (CVAR). 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.

	PKW	CVAR	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.81	+0.41
Sortino ratio: Return per unit of downside risk	1.83	1.23	+0.60
Omega ratio: Gain probability vs. loss probability	1.21	1.14	+0.07
Calmar ratio: Return relative to maximum drawdown	2.07	1.12	+0.95
Martin ratio: Return relative to average drawdown	6.50	2.52	+3.98

PKW vs. CVAR - Sharpe Ratio Comparison

The current PKW Sharpe Ratio is 1.23, which is higher than the CVAR Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PKW and CVAR, 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

PKW vs. CVAR - Drawdown Comparison

The maximum PKW drawdown since its inception was -54.59%, which is greater than CVAR's maximum drawdown of -19.39%. Use the drawdown chart below to compare losses from any high point for PKW and CVAR.

Drawdown Indicators

	PKW	CVAR	Difference
Max Drawdown Largest peak-to-trough decline	-54.59%	-19.39%	-35.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-8.45%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	-15.58%	-5.33%
Max Drawdown (5Y) Largest decline over 5 years	-23.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	—	—
Current Drawdown Current decline from peak	-0.87%	-7.41%	+6.54%
Average Drawdown Average peak-to-trough decline	-7.94%	-5.51%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.75%	-1.25%

Volatility

PKW vs. CVAR - Volatility Comparison

Invesco BuyBack Achievers™ ETF (PKW) and Cultivar ETF (CVAR) have volatilities of 3.39% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PKW	CVAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.43%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	7.77%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.29%	11.66%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	15.44%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	15.44%	+4.31%

PKW vs. CVAR - Expense Ratio Comparison

PKW has a 0.62% expense ratio, which is lower than CVAR's 0.87% expense ratio.

Dividends

PKW vs. CVAR - Dividend Comparison

PKW's dividend yield for the trailing twelve months is around 0.81%, less than CVAR's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVAR Cultivar ETF	1.54%	1.53%	3.57%	1.41%	5.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PKW Invesco BuyBack Achievers™ ETF	0.81%	0.99%	0.86%	1.17%	1.22%	0.72%	1.48%	1.30%	1.30%	0.65%	1.59%	1.14%

Frequently Asked Questions

Can I hold both PKW and CVAR in my portfolio?

PKW and CVAR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PKW or CVAR?

CVAR has higher volatility (3.43%) compared to PKW (3.39%). In terms of maximum drawdown, PKW dropped -54.59% vs CVAR's -19.39%.

Which ETF is better, PKW or CVAR?

On 3-year performance, PKW leads with 18.43% vs 8.06% for CVAR. On fees, PKW is cheaper at 0.62% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PKW or CVAR?

Over the 3-year period, PKW has performed better with a 18.43% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PKW or CVAR?

PKW is cheaper with a 0.62% expense ratio, compared with 0.87% for CVAR.

Which ETF pays a higher dividend yield, PKW or CVAR?

CVAR has the higher dividend yield at 1.54%, compared with 0.81% for PKW.

What is the main difference between PKW and CVAR?

They also come from different issuers: Invesco and Cultivar. Their fees differ too: 0.62% for PKW and 0.87% for CVAR.

Which has better risk-adjusted returns?

PKW currently has the higher Sharpe Ratio (1.23 vs 0.81), 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.