PWB vs. QQQ
PWB (Invesco Large Cap Growth ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, PWB returned 17.31%/yr vs 20.44%/yr for QQQ. Their correlation of 0.90 means they have usually moved in the same direction. PWB charges 0.55%/yr vs 0.18%/yr for QQQ.
Performance
PWB vs. QQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PWB achieves a 20.52% return, which is significantly higher than QQQ's 12.26% return. Over the past 10 years, PWB has underperformed QQQ with an annualized return of 17.31%, while QQQ has yielded a comparatively higher 20.44% annualized return.
PWB
- 1D
- 0.86%
- 1M
- -3.41%
- 6M
- 14.31%
- YTD
- 20.52%
- 1Y
- 31.05%
- 3Y*
- 28.93%
- 5Y*
- 15.18%
- 10Y*
- 17.31%
- ALL TIME*
- 12.03%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.62M | $17.39M | $15.67M | |
| $30.32B | $28.40B | $31.45B |
PWB vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Large Cap Growth ETF | 20.52% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between PWB and QQQ is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.90 |
The correlation between PWB and QQQ has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PWB vs. QQQ — Risk / Return Rank
PWB
QQQ
PWB vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Growth ETF (PWB) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 1.88 | +0.23 |
| Martin ratioReturn relative to average drawdown | 7.89 | 6.00 | +1.89 |
Loading charts...
Drawdowns
PWB vs. QQQ - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for PWB and QQQ.
Loading charts...
Drawdown Indicators
| PWB | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -82.97% | +30.39% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -11.96% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -22.77% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -35.12% | +3.71% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -35.12% | +2.76% |
Current DrawdownCurrent decline from peak | -9.09% | -7.69% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -32.62% | +24.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 3.74% | -0.08% |
Volatility
PWB vs. QQQ - Volatility Comparison
Invesco Large Cap Growth ETF (PWB) has a higher volatility of 9.36% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PWB | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 6.87% | +2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 20.08% | 16.08% | +4.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.17% | 19.38% | +3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 22.90% | -1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.17% | 22.50% | -1.33% |
PWB vs. QQQ - Expense Ratio Comparison
PWB has a 0.55% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
PWB vs. QQQ - Dividend Comparison
PWB has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco 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% |
QQQ Invesco QQQ ETF | 0.44% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
With a correlation of 0.93, PWB and QQQ 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 (9.36%) compared to QQQ (6.87%). In terms of maximum drawdown, PWB dropped -52.58% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs 17.31% for PWB. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 20.44% return vs 17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.55% for PWB.
QQQ has the higher dividend yield at 0.44%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. PWB tracks Dynamic Large Cap Growth Intellidex Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.55% for PWB and 0.18% for QQQ.
PWB currently has the higher Sharpe Ratio (1.25 vs 1.16), 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.
Find the right allocation for PWB and QQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer