PSP vs. IPKW

Last updated Jun 4, 2026

PSP (Invesco Global Listed Private Equity ETF) and IPKW (Invesco International BuyBack Achievers™ ETF) are both Global Equities funds from Invesco - PSP tracks the Red Rocks Global Listed Private Equity Index while IPKW tracks the NASDAQ International BuyBack Achievers Index. Both are passively managed. Over the past 10 years, PSP returned 7.53%/yr vs 11.44%/yr for IPKW. A 0.76 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 0.55%/yr for IPKW.

Performance

PSP vs. IPKW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Listed Private Equity ETF (PSP) and Invesco International BuyBack Achievers™ ETF (IPKW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSP achieves a -13.50% return, which is significantly lower than IPKW's 6.08% return. Over the past 10 years, PSP has underperformed IPKW with an annualized return of 7.53%, while IPKW has yielded a comparatively higher 11.44% annualized return.

PSP

• 1D: -4.75%
• 1M: -5.00%
• YTD: -13.50%
• 6M: -10.48%
• 1Y: -7.74%
• 3Y*: 10.19%
• 5Y*: -0.12%
• 10Y*: 7.53%

IPKW

• 1D: -1.07%
• 1M: 0.86%
• YTD: 6.08%
• 6M: 9.96%
• 1Y: 26.14%
• 3Y*: 23.62%
• 5Y*: 9.19%
• 10Y*: 11.44%

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

PSP vs. IPKW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSP Invesco Global Listed Private Equity ETF	-13.50%	6.49%	17.42%	37.72%	-37.37%	27.30%	12.47%	35.73%	-15.12%	24.13%
IPKW Invesco International BuyBack Achievers™ ETF	6.08%	45.50%	10.56%	15.12%	-12.81%	11.41%	16.18%	20.26%	-21.59%	34.21%

Correlation

The correlation between PSP and IPKW is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 28, 2014	0.76

The correlation between PSP and IPKW shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

PSP vs. IPKW - Sectors Allocation Comparison

Sectors	PSP	IPKW
Financial Services	90.7%	32.3%
Consumer Defensive	5.4%	0.4%
Industrials	3.2%	11.4%
Communication Services	1.0%	6.3%
Healthcare	0.5%	1.0%
Basic Materials	0.1%	2.9%
Technology	0.1%	3.8%
Consumer Cyclical	-	15.8%
Energy	-	21.4%
Real Estate	-	1.1%
Utilities	-	3.5%

Return for Risk

PSP vs. IPKW — Risk / Return Rank

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

PSP

PSP Risk / Return Rank: 5
PSP Sharpe Ratio Rank: 5
PSP Sortino Ratio Rank: 5
PSP Omega Ratio Rank: 5
PSP Calmar Ratio Rank: 6
PSP Martin Ratio Rank: 5

IPKW

IPKW Risk / Return Rank: 54
IPKW Sharpe Ratio Rank: 53
IPKW Sortino Ratio Rank: 53
IPKW Omega Ratio Rank: 53
IPKW Calmar Ratio Rank: 58
IPKW Martin Ratio Rank: 56

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.

PSP vs. IPKW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) and Invesco International BuyBack Achievers™ ETF (IPKW). 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.

	PSP	IPKW	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.84	-2.23
Sortino ratio: Return per unit of downside risk	-0.41	2.58	-2.99
Omega ratio: Gain probability vs. loss probability	0.95	1.33	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.35	2.87	-3.22
Martin ratio: Return relative to average drawdown	-0.80	9.91	-10.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSP vs. IPKW - Sharpe Ratio Comparison

The current PSP Sharpe Ratio is -0.39, which is lower than the IPKW Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of PSP and IPKW, 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

	PSP	IPKW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	1.84	-2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.54	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.64	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.60	-0.52

Drawdowns

PSP vs. IPKW - Drawdown Comparison

The maximum PSP drawdown since its inception was -85.40%, which is greater than IPKW's maximum drawdown of -47.24%. Use the drawdown chart below to compare losses from any high point for PSP and IPKW.

Drawdown Indicators

	PSP	IPKW	Difference
Max Drawdown Largest peak-to-trough decline	-85.40%	-47.24%	-38.16%
Max Drawdown (1Y) Largest decline over 1 year	-22.37%	-9.14%	-13.23%
Max Drawdown (3Y) Largest decline over 3 years	-22.94%	-17.77%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-33.18%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-47.16%	-47.24%	+0.08%
Current Drawdown Current decline from peak	-17.72%	-2.45%	-15.27%
Average Drawdown Average peak-to-trough decline	-30.69%	-9.00%	-21.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.67%	2.64%	+7.03%

Volatility

PSP vs. IPKW - Volatility Comparison

Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 6.89% compared to Invesco International BuyBack Achievers™ ETF (IPKW) at 4.37%. This indicates that PSP's price experiences larger fluctuations and is considered to be riskier than IPKW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSP	IPKW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	4.37%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	11.86%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	14.31%	+5.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.79%	17.01%	+6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	17.91%	+4.54%

PSP vs. IPKW - Expense Ratio Comparison

PSP has a 1.44% expense ratio, which is higher than IPKW's 0.55% expense ratio.

Dividends

PSP vs. IPKW - Dividend Comparison

PSP's dividend yield for the trailing twelve months is around 6.68%, more than IPKW's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPKW Invesco International BuyBack Achievers™ ETF	3.52%	3.55%	4.12%	2.66%	3.77%	7.37%	1.45%	2.41%	2.61%	0.93%	2.82%	1.31%
PSP Invesco Global Listed Private Equity ETF	6.68%	5.87%	8.62%	3.96%	2.88%	10.34%	4.66%	5.87%	6.81%	10.18%	4.12%	6.23%

Frequently Asked Questions

Can I hold both PSP and IPKW in my portfolio?

PSP and IPKW have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSP or IPKW?

PSP has higher volatility (6.89%) compared to IPKW (4.37%). In terms of maximum drawdown, PSP dropped -85.40% vs IPKW's -47.24%.

Which ETF is better, PSP or IPKW?

On 10-year performance, IPKW leads with 11.44% vs 7.53% for PSP. On fees, IPKW is cheaper at 0.55% per year. On volatility, IPKW has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSP or IPKW?

Over the 10-year period, IPKW has performed better with a 11.44% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSP or IPKW?

IPKW is cheaper with a 0.55% expense ratio, compared with 1.44% for PSP.

Which ETF pays a higher dividend yield, PSP or IPKW?

PSP has the higher dividend yield at 6.68%, compared with 3.52% for IPKW.

What is the main difference between PSP and IPKW?

PSP tracks Red Rocks Global Listed Private Equity Index, while IPKW tracks NASDAQ International BuyBack Achievers Index. Their fees differ too: 1.44% for PSP and 0.55% for IPKW.

Which has better risk-adjusted returns?

IPKW currently has the higher Sharpe Ratio (1.84 vs -0.39), 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.