PSCH vs. IWY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P SmallCap Health Care ETF (PSCH) and iShares Russell Top 200 Growth ETF (IWY).

PSCH and IWY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSCH is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Health Care Index. It was launched on Apr 7, 2010. IWY is a passively managed fund by iShares that tracks the performance of the Russell Top 200 Growth Index. It was launched on Sep 22, 2009. Both PSCH and IWY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PSCH vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Health Care ETF (PSCH) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

PSCH vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCH Invesco S&P SmallCap Health Care ETF	-6.37%	-0.49%	3.77%	-2.71%	-25.15%	5.75%	31.47%	20.17%	9.15%	34.87%
IWY iShares Russell Top 200 Growth ETF	-9.30%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Returns By Period

In the year-to-date period, PSCH achieves a -6.37% return, which is significantly higher than IWY's -9.30% return. Over the past 10 years, PSCH has underperformed IWY with an annualized return of 6.54%, while IWY has yielded a comparatively higher 17.59% annualized return.

PSCH

• 1D: 0.25%
• 1M: -4.93%
• YTD: -6.37%
• 6M: -1.85%
• 1Y: -2.33%
• 3Y*: -1.76%
• 5Y*: -7.33%
• 10Y*: 6.54%

IWY

• 1D: 0.87%
• 1M: -4.60%
• YTD: -9.30%
• 6M: -8.67%
• 1Y: 18.58%
• 3Y*: 22.41%
• 5Y*: 13.61%
• 10Y*: 17.59%

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

PSCH vs. IWY - Expense Ratio Comparison

PSCH has a 0.29% expense ratio, which is higher than IWY's 0.20% expense ratio.

PSCH

Invesco S&P SmallCap Health Care ETF

IWY

iShares Russell Top 200 Growth ETF

Return for Risk

PSCH vs. IWY — Risk / Return Rank

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

PSCH

PSCH Risk / Return Rank: 8
PSCH Sharpe Ratio Rank: 10
PSCH Sortino Ratio Rank: 10
PSCH Omega Ratio Rank: 10
PSCH Calmar Ratio Rank: 7
PSCH Martin Ratio Rank: 6

IWY

IWY Risk / Return Rank: 44
IWY Sharpe Ratio Rank: 44
IWY Sortino Ratio Rank: 47
IWY Omega Ratio Rank: 47
IWY Calmar Ratio Rank: 43
IWY Martin Ratio Rank: 41

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.

PSCH vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Health Care ETF (PSCH) and iShares Russell Top 200 Growth ETF (IWY). 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.

	PSCH	IWY	Difference
Sharpe ratio Return per unit of total volatility	-0.10	0.84	-0.94
Sortino ratio Return per unit of downside risk	0.02	1.35	-1.33
Omega ratio Gain probability vs. loss probability	1.00	1.19	-0.19
Calmar ratio Return relative to maximum drawdown	-0.30	1.17	-1.47
Martin ratio Return relative to average drawdown	-0.75	3.89	-4.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCH vs. IWY - Sharpe Ratio Comparison

The current PSCH Sharpe Ratio is -0.10, which is lower than the IWY Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of PSCH and IWY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSCH	IWY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	0.84	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.64	-0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.84	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.87	-0.38

Correlation

The correlation between PSCH and IWY is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PSCH vs. IWY - Dividend Comparison

PSCH's dividend yield for the trailing twelve months is around 0.01%, less than IWY's 0.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSCH Invesco S&P SmallCap Health Care ETF	0.01%	0.04%	0.27%	0.01%	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%
IWY iShares Russell Top 200 Growth ETF	0.39%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Drawdowns

PSCH vs. IWY - Drawdown Comparison

The maximum PSCH drawdown since its inception was -46.32%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for PSCH and IWY.

Drawdown Indicators

	PSCH	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-46.32%	-32.68%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-16.63%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-46.32%	-32.68%	-13.64%
Max Drawdown (10Y) Largest decline over 10 years	-46.32%	-32.68%	-13.64%
Current Drawdown Current decline from peak	-36.16%	-12.77%	-23.39%
Average Drawdown Average peak-to-trough decline	-13.26%	-4.77%	-8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	4.99%	+1.26%

Volatility

PSCH vs. IWY - Volatility Comparison

Invesco S&P SmallCap Health Care ETF (PSCH) has a higher volatility of 8.55% compared to iShares Russell Top 200 Growth ETF (IWY) at 6.70%. This indicates that PSCH's price experiences larger fluctuations and is considered to be riskier than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCH	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.55%	6.70%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	12.40%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.32%	22.29%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.91%	21.49%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	20.92%	+2.72%