PWB vs. ILCG
PWB (Invesco Dynamic Large Cap Growth ETF) and ILCG (iShares Morningstar Growth ETF) are both Large Cap Growth Equities funds - PWB tracks the Dynamic Large Cap Growth Intellidex Index while ILCG tracks the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, PWB returned 18.61%/yr vs 18.10%/yr for ILCG. Their correlation of 0.94 suggests significant overlap in exposure. PWB charges 0.56%/yr vs 0.04%/yr for ILCG.
Performance
PWB vs. ILCG - Performance Comparison
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Returns By Period
In the year-to-date period, PWB achieves a 26.79% return, which is significantly higher than ILCG's 9.21% return. Both investments have delivered pretty close results over the past 10 years, with PWB having a 18.61% annualized return and ILCG not far behind at 18.10%.
PWB
- 1D
- -4.36%
- 1M
- 4.17%
- YTD
- 26.79%
- 6M
- 24.81%
- 1Y
- 42.75%
- 3Y*
- 32.92%
- 5Y*
- 17.17%
- 10Y*
- 18.61%
ILCG
- 1D
- -2.86%
- 1M
- -1.80%
- YTD
- 9.21%
- 6M
- 7.82%
- 1Y
- 22.02%
- 3Y*
- 23.80%
- 5Y*
- 12.71%
- 10Y*
- 18.10%
PWB vs. ILCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Dynamic Large Cap Growth ETF | 26.79% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
ILCG iShares Morningstar Growth ETF | 9.21% | 16.71% | 32.82% | 40.41% | -31.75% | 24.33% | 38.56% | 33.22% | 2.06% | 30.57% |
Correlation
The correlation between PWB and ILCG is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.94 |
The correlation between PWB and ILCG has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PWB vs. ILCG — Risk / Return Rank
PWB
ILCG
PWB vs. ILCG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and iShares Morningstar Growth ETF (ILCG). 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 | ILCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.23 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 1.41 | +2.13 |
| Martin ratioReturn relative to average drawdown | 14.75 | 4.86 | +9.89 |
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Drawdowns
PWB vs. ILCG - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, roughly equal to the maximum ILCG drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for PWB and ILCG.
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Drawdown Indicators
| PWB | ILCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -52.98% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -15.65% | +3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -23.10% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -35.38% | +3.97% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -35.38% | +3.02% |
Current DrawdownCurrent decline from peak | -4.36% | -5.58% | +1.22% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -8.21% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 4.54% | -1.63% |
Volatility
PWB vs. ILCG - Volatility Comparison
Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 10.34% compared to iShares Morningstar Growth ETF (ILCG) at 7.83%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWB | ILCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | 7.83% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 17.43% | 14.51% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.72% | 17.70% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.41% | 22.22% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 21.63% | -0.72% |
PWB vs. ILCG - Expense Ratio Comparison
PWB has a 0.56% expense ratio, which is higher than ILCG's 0.04% expense ratio.
Dividends
PWB vs. ILCG - Dividend Comparison
PWB has not paid dividends to shareholders, while ILCG's dividend yield for the trailing twelve months is around 0.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ILCG iShares Morningstar Growth ETF | 0.42% | 0.47% | 0.50% | 0.69% | 0.75% | 0.34% | 0.28% | 0.54% | 0.81% | 0.89% | 0.95% | 0.99% |
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
With a correlation of 0.90, PWB and ILCG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PWB has higher volatility (10.34%) compared to ILCG (7.83%). In terms of maximum drawdown, PWB dropped -52.58% vs ILCG's -52.98%.
On 10-year performance, PWB leads with 18.61% vs 18.10% for ILCG. On fees, ILCG is cheaper at 0.04% per year. On volatility, ILCG has been the lower-risk option at 7.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWB has performed better with a 18.61% return vs 18.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ILCG is cheaper with a 0.04% expense ratio, compared with 0.56% for PWB.
ILCG has the higher dividend yield at 0.42%, compared with 0.00% for PWB.
PWB tracks Dynamic Large Cap Growth Intellidex Index, while ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.56% for PWB and 0.04% for ILCG.
PWB currently has the higher Sharpe Ratio (2.08 vs 1.25), 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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