PWB vs. KNCT

Last updated Jun 14, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and KNCT (Invesco Next Gen Connectivity ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while KNCT is a Technology Equities fund tracking the STOXX World AC NexGen Connectivity Index. Both are passively managed. Over the past 10 years, PWB returned 18.33%/yr vs 20.79%/yr for KNCT. A 0.77 correlation means they provide meaningful diversification when combined. PWB charges 0.56%/yr vs 0.40%/yr for KNCT.

Performance

PWB vs. KNCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Growth ETF (PWB) and Invesco Next Gen Connectivity ETF (KNCT). 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 lower than KNCT's 52.62% return. Over the past 10 years, PWB has underperformed KNCT with an annualized return of 18.33%, while KNCT has yielded a comparatively higher 20.79% 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%

KNCT

• 1D: 0.65%
• 1M: 6.07%
• YTD: 52.62%
• 6M: 54.67%
• 1Y: 85.43%
• 3Y*: 39.08%
• 5Y*: 19.43%
• 10Y*: 20.79%

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

PWB vs. KNCT - 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%
KNCT Invesco Next Gen Connectivity ETF	52.62%	28.65%	19.41%	27.39%	-29.54%	21.83%	39.14%	26.35%	5.78%	15.41%

Correlation

The correlation between PWB and KNCT is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.77

The correlation between PWB and KNCT has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

PWB vs. KNCT - Sectors Allocation Comparison

Sectors	PWB	KNCT
Technology	48.9%	84.4%
Industrials	14.8%	0.8%
Communication Services	10.6%	11.4%
Financial Services	9.2%	0.2%
Consumer Defensive	7.4%	-
Consumer Cyclical	4.8%	-
Healthcare	3.2%	-
Utilities	1.6%	-
Basic Materials	1.2%	-
Energy	-	-
Real Estate	-	3.3%

Return for Risk

PWB vs. KNCT — 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

KNCT

KNCT Risk / Return Rank: 94
KNCT Sharpe Ratio Rank: 95
KNCT Sortino Ratio Rank: 93
KNCT Omega Ratio Rank: 93
KNCT Calmar Ratio Rank: 95
KNCT Martin Ratio Rank: 96

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. KNCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and Invesco Next Gen Connectivity ETF (KNCT). 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	KNCT	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.47	-1.33
Sortino ratio: Return per unit of downside risk	2.78	4.09	-1.31
Omega ratio: Gain probability vs. loss probability	1.37	1.58	-0.21
Calmar ratio: Return relative to maximum drawdown	3.50	6.77	-3.26
Martin ratio: Return relative to average drawdown	14.63	30.27	-15.64

PWB vs. KNCT - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 2.14, which is lower than the KNCT Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of PWB and KNCT, 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. KNCT - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum KNCT drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for PWB and KNCT.

Drawdown Indicators

	PWB	KNCT	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-57.18%	+4.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-12.30%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-21.40%	-0.70%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-34.55%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	-34.55%	+2.19%
Current Drawdown Current decline from peak	-2.10%	-7.20%	+5.10%
Average Drawdown Average peak-to-trough decline	-8.23%	-10.73%	+2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.75%	+0.14%

Volatility

PWB vs. KNCT - Volatility Comparison

The current volatility for Invesco Dynamic Large Cap Growth ETF (PWB) is 8.70%, while Invesco Next Gen Connectivity ETF (KNCT) has a volatility of 13.73%. This indicates that PWB experiences smaller price fluctuations and is considered to be less risky than KNCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWB	KNCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	13.73%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	20.56%	-3.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.80%	24.00%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	23.67%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	23.22%	-2.39%

PWB vs. KNCT - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is higher than KNCT's 0.40% expense ratio.

Dividends

PWB vs. KNCT - Dividend Comparison

PWB has not paid dividends to shareholders, while KNCT's dividend yield for the trailing twelve months is around 0.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KNCT Invesco Next Gen Connectivity ETF	0.61%	0.86%	1.38%	0.60%	2.24%	0.55%	0.18%	0.44%	1.22%	0.66%	0.44%	0.00%
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 KNCT in my portfolio?

PWB and KNCT have a correlation of 0.83, 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 KNCT?

KNCT has higher volatility (13.73%) compared to PWB (8.70%). In terms of maximum drawdown, PWB dropped -52.58% vs KNCT's -57.18%.

Which ETF is better, PWB or KNCT?

On 10-year performance, KNCT leads with 20.79% vs 18.33% for PWB. On fees, KNCT is cheaper at 0.40% per year. On volatility, PWB has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or KNCT?

Over the 10-year period, KNCT has performed better with a 20.79% return vs 18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or KNCT?

KNCT is cheaper with a 0.40% expense ratio, compared with 0.56% for PWB.

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

KNCT has the higher dividend yield at 0.61%, compared with 0.00% for PWB.

What is the main difference between PWB and KNCT?

PWB is categorized as Large Cap Growth Equities, while KNCT is Technology Equities. PWB tracks Dynamic Large Cap Growth Intellidex Index, while KNCT tracks STOXX World AC NexGen Connectivity Index. Their fees differ too: 0.56% for PWB and 0.40% for KNCT.

Which has better risk-adjusted returns?

KNCT currently has the higher Sharpe Ratio (3.47 vs 2.14), 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.