PWB vs. EFA

Last updated Jun 14, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, PWB returned 18.33%/yr vs 9.84%/yr for EFA. A 0.74 correlation means they provide meaningful diversification when combined. PWB charges 0.56%/yr vs 0.32%/yr for EFA.

Performance

PWB vs. EFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Growth ETF (PWB) and iShares MSCI EAFE ETF (EFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWB achieves a 25.98% return, which is significantly higher than EFA's 9.36% return. Over the past 10 years, PWB has outperformed EFA with an annualized return of 18.33%, while EFA has yielded a comparatively lower 9.84% annualized return.

PWB

• 1D: 1.29%
• 1M: 2.46%
• YTD: 25.98%
• 6M: 26.73%
• 1Y: 43.40%
• 3Y*: 32.74%
• 5Y*: 17.69%
• 10Y*: 18.33%

EFA

• 1D: 0.28%
• 1M: 1.51%
• YTD: 9.36%
• 6M: 10.80%
• 1Y: 21.90%
• 3Y*: 16.14%
• 5Y*: 8.36%
• 10Y*: 9.84%

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

PWB vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWB Invesco Dynamic Large Cap Growth ETF	25.98%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	24.68%	0.88%	30.71%
EFA iShares MSCI EAFE ETF	9.36%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	22.04%	-13.82%	25.07%

Correlation

The correlation between PWB and EFA is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.74

The correlation between PWB and EFA shifts across timeframes, from 0.63 (3 years) to 0.74 (all time), reflecting how their relationship changes across market environments.

PWB vs. EFA - Sectors Allocation Comparison

Sectors	PWB	EFA
Technology	48.9%	12.1%
Industrials	14.8%	18.9%
Communication Services	10.6%	4.6%
Financial Services	9.2%	24.1%
Consumer Defensive	7.4%	6.7%
Consumer Cyclical	4.8%	7.4%
Healthcare	3.2%	10.1%
Utilities	1.6%	3.7%
Basic Materials	1.2%	6.2%
Energy	-	3.8%
Real Estate	-	1.6%

Return for Risk

PWB vs. EFA — Risk / Return Rank

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

PWB

PWB Risk / Return Rank: 76
PWB Sharpe Ratio Rank: 77
PWB Sortino Ratio Rank: 71
PWB Omega Ratio Rank: 72
PWB Calmar Ratio Rank: 77
PWB Martin Ratio Rank: 83

EFA

EFA Risk / Return Rank: 42
EFA Sharpe Ratio Rank: 42
EFA Sortino Ratio Rank: 42
EFA Omega Ratio Rank: 41
EFA Calmar Ratio Rank: 40
EFA Martin Ratio Rank: 46

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.

PWB vs. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and iShares MSCI EAFE ETF (EFA). 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.

	PWB	EFA	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.31	+0.83
Sortino ratio: Return per unit of downside risk	2.78	1.91	+0.87
Omega ratio: Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio: Return relative to maximum drawdown	3.50	1.79	+1.71
Martin ratio: Return relative to average drawdown	14.63	6.67	+7.96

PWB vs. EFA - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 2.14, which is higher than the EFA Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PWB and EFA, 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

PWB vs. EFA - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for PWB and EFA.

Drawdown Indicators

	PWB	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-61.04%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-11.42%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-14.05%	-8.05%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-29.53%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	-34.19%	+1.83%
Current Drawdown Current decline from peak	-2.10%	-0.61%	-1.49%
Average Drawdown Average peak-to-trough decline	-8.23%	-11.92%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.07%	-0.18%

Volatility

PWB vs. EFA - Volatility Comparison

Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 8.70% compared to iShares MSCI EAFE ETF (EFA) at 5.50%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWB	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	5.50%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	13.19%	+3.51%
Volatility (1Y) Calculated over the trailing 1-year period	19.80%	15.64%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	16.58%	+4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.27%	+3.56%

PWB vs. EFA - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is higher than EFA's 0.32% expense ratio.

Dividends

PWB vs. EFA - Dividend Comparison

PWB has not paid dividends to shareholders, while EFA's dividend yield for the trailing twelve months is around 3.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.09%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%

Frequently Asked Questions

Can I hold both PWB and EFA in my portfolio?

PWB and EFA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWB or EFA?

PWB has higher volatility (8.70%) compared to EFA (5.50%). In terms of maximum drawdown, PWB dropped -52.58% vs EFA's -61.04%.

Which ETF is better, PWB or EFA?

On 10-year performance, PWB leads with 18.33% vs 9.84% for EFA. On fees, EFA is cheaper at 0.32% per year. On volatility, EFA has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or EFA?

Over the 10-year period, PWB has performed better with a 18.33% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or EFA?

EFA is cheaper with a 0.32% expense ratio, compared with 0.56% for PWB.

Which ETF pays a higher dividend yield, PWB or EFA?

EFA has the higher dividend yield at 3.09%, compared with 0.00% for PWB.

What is the main difference between PWB and EFA?

PWB is categorized as Large Cap Growth Equities, while EFA is Foreign Large Cap Equities. PWB tracks Dynamic Large Cap Growth Intellidex Index, while EFA tracks MSCI EAFE Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.56% for PWB and 0.32% for EFA.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.14 vs 1.31), 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.