PKW vs. IWS

Last updated Jun 24, 2026

PKW (Invesco BuyBack Achievers™ ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - PKW tracks the NASDAQ US BuyBack Achievers Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, PKW returned 13.54%/yr vs 10.56%/yr for IWS. Their correlation of 0.91 suggests significant overlap in exposure. PKW charges 0.62%/yr vs 0.23%/yr for IWS.

Performance

PKW vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BuyBack Achievers™ ETF (PKW) and iShares Russell Mid-Cap Value ETF (IWS). 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 lower than IWS's 15.78% return. Over the past 10 years, PKW has outperformed IWS with an annualized return of 13.54%, while IWS has yielded a comparatively lower 10.56% annualized 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%

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

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

PKW vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PKW Invesco BuyBack Achievers™ ETF	3.81%	17.92%	17.33%	17.24%	-10.21%	32.62%	8.41%	34.09%	-10.53%	17.75%
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between PKW and IWS is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 20, 2006	0.91

The correlation between PKW and IWS has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

PKW vs. IWS - Sectors Allocation Comparison

Sectors	PKW	IWS
Financial Services	28.4%	13.7%
Consumer Cyclical	19.0%	8.5%
Industrials	14.0%	16.2%
Technology	12.3%	18.7%
Healthcare	10.2%	7.6%
Energy	5.4%	7.4%
Communication Services	4.1%	3.1%
Consumer Defensive	3.2%	4.7%
Utilities	2.2%	6.6%
Basic Materials	1.0%	5.3%
Real Estate	0.3%	8.3%

Return for Risk

PKW vs. IWS — 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

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS Martin Ratio Rank: 75

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. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BuyBack Achievers™ ETF (PKW) and iShares Russell Mid-Cap Value ETF (IWS). 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	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.98	-0.76
Sortino ratio: Return per unit of downside risk	1.83	2.83	-1.00
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	2.07	3.57	-1.50
Martin ratio: Return relative to average drawdown	6.50	13.39	-6.89

PKW vs. IWS - Sharpe Ratio Comparison

The current PKW Sharpe Ratio is 1.23, which is lower than the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PKW and IWS, 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. IWS - Drawdown Comparison

The maximum PKW drawdown since its inception was -54.59%, smaller than the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for PKW and IWS.

Drawdown Indicators

	PKW	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-54.59%	-62.40%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-7.53%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	-20.57%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-23.51%	-21.23%	-2.28%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	-43.83%	+2.90%
Current Drawdown Current decline from peak	-0.87%	-1.24%	+0.37%
Average Drawdown Average peak-to-trough decline	-7.94%	-8.00%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.00%	+0.50%

Volatility

PKW vs. IWS - Volatility Comparison

The current volatility for Invesco BuyBack Achievers™ ETF (PKW) is 3.39%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.37%. This indicates that PKW experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PKW	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	4.37%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	10.12%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	13.29%	13.57%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	17.33%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	19.35%	+0.40%

PKW vs. IWS - Expense Ratio Comparison

PKW has a 0.62% expense ratio, which is higher than IWS's 0.23% expense ratio.

Dividends

PKW vs. IWS - Dividend Comparison

PKW's dividend yield for the trailing twelve months is around 0.81%, less than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.34%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
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 IWS in my portfolio?

PKW and IWS 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, PKW or IWS?

IWS has higher volatility (4.37%) compared to PKW (3.39%). In terms of maximum drawdown, PKW dropped -54.59% vs IWS's -62.40%.

Which ETF is better, PKW or IWS?

On 10-year performance, PKW leads with 13.54% vs 10.56% for IWS. On fees, IWS is cheaper at 0.23% per year. On volatility, PKW has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PKW or IWS?

Over the 10-year period, PKW has performed better with a 13.54% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PKW or IWS?

IWS is cheaper with a 0.23% expense ratio, compared with 0.62% for PKW.

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

IWS has the higher dividend yield at 1.34%, compared with 0.81% for PKW.

What is the main difference between PKW and IWS?

PKW tracks NASDAQ US BuyBack Achievers Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PKW and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.98 vs 1.23), 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.