PSL vs. DVOL

Last updated Jun 4, 2026

PSL (Invesco DWA Consumer Staples Momentum ETF) and DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) are both Momentum funds - PSL tracks the DWA Consumer Staples Technical Leaders Index while DVOL tracks the Dorsey Wright Momentum Plus Low Volatility Index. Both are passively managed. Over the past 5 years, PSL returned 3.68%/yr vs 6.82%/yr for DVOL. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

PSL vs. DVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Staples Momentum ETF (PSL) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSL achieves a 9.10% return, which is significantly higher than DVOL's 1.61% return.

PSL

• 1D: 0.57%
• 1M: -1.77%
• YTD: 9.10%
• 6M: 9.15%
• 1Y: -1.02%
• 3Y*: 9.29%
• 5Y*: 3.68%
• 10Y*: 7.88%

DVOL

• 1D: 0.41%
• 1M: -3.19%
• YTD: 1.61%
• 6M: 2.02%
• 1Y: 0.82%
• 3Y*: 12.78%
• 5Y*: 6.82%
• 10Y*: —

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

PSL vs. DVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PSL Invesco DWA Consumer Staples Momentum ETF	9.10%	-3.47%	15.42%	12.32%	-7.76%	6.88%	18.15%	14.16%	-9.52%
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	1.61%	4.30%	24.84%	5.39%	-16.10%	30.08%	11.15%	26.10%	-9.89%

Correlation

The correlation between PSL and DVOL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 10, 2018	0.68

The correlation between PSL and DVOL shifts across timeframes, from 0.54 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

PSL vs. DVOL - Sectors Allocation Comparison

Sectors	PSL	DVOL
Consumer Defensive	85.9%	8.2%
Consumer Cyclical	10.9%	9.4%
Financial Services	1.8%	18.8%
Industrials	1.5%	16.6%
Basic Materials	-	6.0%
Communication Services	-	3.6%
Energy	-	14.0%
Healthcare	-	3.7%
Real Estate	-	12.1%
Technology	-	4.7%
Utilities	-	3.0%

Return for Risk

PSL vs. DVOL — Risk / Return Rank

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

PSL

PSL Risk / Return Rank: 8
PSL Sharpe Ratio Rank: 8
PSL Sortino Ratio Rank: 7
PSL Omega Ratio Rank: 7
PSL Calmar Ratio Rank: 8
PSL Martin Ratio Rank: 8

DVOL

DVOL Risk / Return Rank: 9
DVOL Sharpe Ratio Rank: 9
DVOL Sortino Ratio Rank: 9
DVOL Omega Ratio Rank: 9
DVOL Calmar Ratio Rank: 10
DVOL Martin Ratio Rank: 10

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.

PSL vs. DVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Staples Momentum ETF (PSL) and First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL). 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.

	PSL	DVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	0.07	-0.15
Sortino ratio: Return per unit of downside risk	-0.02	0.19	-0.21
Omega ratio: Gain probability vs. loss probability	1.00	1.02	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.08	0.08	-0.16
Martin ratio: Return relative to average drawdown	-0.17	0.30	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSL vs. DVOL - Sharpe Ratio Comparison

The current PSL Sharpe Ratio is -0.08, which is lower than the DVOL Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of PSL and DVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSL	DVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	0.07	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.48	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.50	+0.05

Drawdowns

PSL vs. DVOL - Drawdown Comparison

The maximum PSL drawdown since its inception was -41.58%, which is greater than DVOL's maximum drawdown of -38.26%. Use the drawdown chart below to compare losses from any high point for PSL and DVOL.

Drawdown Indicators

	PSL	DVOL	Difference
Max Drawdown Largest peak-to-trough decline	-41.58%	-38.26%	-3.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.64%	-9.82%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.64%	-11.66%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-22.35%	-24.65%	+2.30%
Max Drawdown (10Y) Largest decline over 10 years	-34.67%	—	—
Current Drawdown Current decline from peak	-6.41%	-4.85%	-1.56%
Average Drawdown Average peak-to-trough decline	-5.82%	-7.17%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.09%	2.87%	+3.22%

Volatility

PSL vs. DVOL - Volatility Comparison

Invesco DWA Consumer Staples Momentum ETF (PSL) has a higher volatility of 3.29% compared to First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) at 2.91%. This indicates that PSL's price experiences larger fluctuations and is considered to be riskier than DVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSL	DVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	2.91%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	9.35%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	11.79%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	14.40%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	17.72%	-1.22%

PSL vs. DVOL - Expense Ratio Comparison

Both PSL and DVOL have an expense ratio of 0.60%.

Dividends

PSL vs. DVOL - Dividend Comparison

PSL's dividend yield for the trailing twelve months is around 0.84%, more than DVOL's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.68%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%	0.00%	0.00%	0.00%
PSL Invesco DWA Consumer Staples Momentum ETF	0.84%	0.93%	0.60%	1.37%	1.98%	1.24%	0.80%	0.47%	0.75%	0.34%	2.08%	1.18%

Frequently Asked Questions

Can I hold both PSL and DVOL in my portfolio?

PSL and DVOL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSL or DVOL?

PSL has higher volatility (3.29%) compared to DVOL (2.91%). In terms of maximum drawdown, PSL dropped -41.58% vs DVOL's -38.26%.

Which ETF is better, PSL or DVOL?

On 5-year performance, DVOL leads with 6.82% vs 3.68% for PSL. Both ETFs have the same 0.60% expense ratio. On volatility, DVOL has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSL or DVOL?

Over the 5-year period, DVOL has performed better with a 6.82% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSL or DVOL?

PSL and DVOL have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, PSL or DVOL?

PSL has the higher dividend yield at 0.84%, compared with 0.68% for DVOL.

What is the main difference between PSL and DVOL?

PSL tracks DWA Consumer Staples Technical Leaders Index, while DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index. They also come from different issuers: Invesco and First Trust.

Which has better risk-adjusted returns?

DVOL currently has the higher Sharpe Ratio (0.07 vs -0.08), 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.