PTH vs. IYW
PTH (Invesco DWA Healthcare Momentum ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - PTH is a Momentum fund tracking the Dorsey Wright Healthcare Technical Leaders Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, PTH returned 13.97%/yr vs 24.38%/yr for IYW. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PTH charges 0.60%/yr vs 0.38%/yr for IYW.
Performance
PTH vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, PTH achieves a 16.89% return, which is significantly lower than IYW's 19.29% return. Over the past 10 years, PTH has underperformed IYW with an annualized return of 13.97%, while IYW has yielded a comparatively higher 24.38% annualized return.
PTH
- 1D
- -1.98%
- 1M
- -4.06%
- 6M
- 20.25%
- YTD
- 16.89%
- 1Y
- 59.54%
- 3Y*
- 15.84%
- 5Y*
- 1.65%
- 10Y*
- 13.97%
- ALL TIME*
- 10.60%
IYW
- 1D
- 0.46%
- 1M
- -2.23%
- 6M
- 20.08%
- YTD
- 19.29%
- 1Y
- 34.47%
- 3Y*
- 28.25%
- 5Y*
- 18.55%
- 10Y*
- 24.38%
- ALL TIME*
- 9.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $125.49M | $126.55M | $189.91M | |
| $8.81M | $6.38M | $2.61M |
PTH vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTH Invesco DWA Healthcare Momentum ETF | 16.89% | 27.91% | 2.36% | -4.54% | -20.61% | -3.20% | 67.26% | 34.45% | -1.23% | 50.15% |
IYW iShares U.S. Technology ETF | 19.29% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between PTH and IYW is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2006 | 0.62 |
Over the past year, the correlation between PTH and IYW has dropped to 0.39 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
PTH vs. IYW — Risk / Return Rank
PTH
IYW
PTH vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Healthcare Momentum ETF (PTH) and iShares U.S. Technology ETF (IYW). 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.
| PTH | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.23 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 1.77 | +3.12 |
| Martin ratioReturn relative to average drawdown | 12.12 | 5.23 | +6.89 |
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Drawdowns
PTH vs. IYW - Drawdown Comparison
The maximum PTH drawdown since its inception was -53.52%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for PTH and IYW.
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Drawdown Indicators
| PTH | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.52% | -81.90% | +28.38% |
Max Drawdown (1Y)Largest decline over 1 year | -11.98% | -17.81% | +5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -27.51% | -26.47% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -50.07% | -39.44% | -10.63% |
Max Drawdown (10Y)Largest decline over 10 years | -53.52% | -39.44% | -14.08% |
Current DrawdownCurrent decline from peak | -5.79% | -8.40% | +2.61% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -34.48% | +17.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.83% | 6.03% | -1.20% |
Volatility
PTH vs. IYW - Volatility Comparison
Invesco DWA Healthcare Momentum ETF (PTH) has a higher volatility of 8.60% compared to iShares U.S. Technology ETF (IYW) at 7.86%. This indicates that PTH's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTH | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.60% | 7.86% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 19.90% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.90% | 23.79% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.73% | 26.47% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.39% | 25.36% | +2.03% |
PTH vs. IYW - Expense Ratio Comparison
PTH has a 0.60% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
PTH vs. IYW - Dividend Comparison
PTH's dividend yield for the trailing twelve months is around 2.63%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
PTH Invesco DWA Healthcare Momentum ETF | 2.63% | 3.07% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PTH and IYW have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTH has higher volatility (8.60%) compared to IYW (7.86%). In terms of maximum drawdown, PTH dropped -53.52% vs IYW's -81.90%.
On 10-year performance, IYW leads with 24.38% vs 13.97% for PTH. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 24.38% return vs 13.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.60% for PTH.
PTH has the higher dividend yield at 2.63%, compared with 0.11% for IYW.
PTH is categorized as Momentum, while IYW is Technology Equities. PTH tracks Dorsey Wright Healthcare Technical Leaders Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for PTH and 0.38% for IYW.
PTH currently has the higher Sharpe Ratio (2.36 vs 1.33), 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.
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