PWB vs. SHLD

Last updated Jun 16, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, PWB returned 48.14% vs 7.35% for SHLD. At a 0.46 correlation, their price movements are largely independent. PWB charges 0.56%/yr vs 0.50%/yr for SHLD.

Performance

PWB vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, PWB achieves a 30.14% return, which is significantly higher than SHLD's -2.33% return.

PWB

• 1D: 3.30%
• 1M: 7.93%
• YTD: 30.14%
• 6M: 31.70%
• 1Y: 48.14%
• 3Y*: 33.67%
• 5Y*: 18.60%
• 10Y*: 18.77%

SHLD

• 1D: -0.85%
• 1M: 1.51%
• YTD: -2.33%
• 6M: -1.40%
• 1Y: 7.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWB vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PWB Invesco Dynamic Large Cap Growth ETF	30.14%	24.94%	31.04%	9.23%
SHLD Global X Defense Tech ETF	-2.33%	74.16%	35.03%	12.89%

Correlation

The correlation between PWB and SHLD is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.46

PWB vs. SHLD - Sectors Allocation Comparison

Sectors	PWB	SHLD
Technology	48.9%	12.2%
Industrials	14.8%	87.8%
Communication Services	10.6%	-
Financial Services	9.2%	-
Consumer Defensive	7.4%	-
Consumer Cyclical	4.8%	-
Healthcare	3.2%	-
Utilities	1.6%	-
Basic Materials	1.2%	-
Energy	-	-
Real Estate	-	-

Return for Risk

PWB vs. SHLD — Risk / Return Rank

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

PWB

PWB Risk / Return Rank: 81
PWB Sharpe Ratio Rank: 83
PWB Sortino Ratio Rank: 77
PWB Omega Ratio Rank: 77
PWB Calmar Ratio Rank: 82
PWB Martin Ratio Rank: 87

SHLD

SHLD Risk / Return Rank: 14
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 14
SHLD Omega Ratio Rank: 13
SHLD Calmar Ratio Rank: 14
SHLD Martin Ratio Rank: 14

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.42	0.30	+2.11
Sortino ratio: Return per unit of downside risk	3.09	0.61	+2.48
Omega ratio: Gain probability vs. loss probability	1.41	1.07	+0.34
Calmar ratio: Return relative to maximum drawdown	4.00	0.37	+3.63
Martin ratio: Return relative to average drawdown	16.69	0.90	+15.80

PWB vs. SHLD - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 2.42, which is higher than the SHLD Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of PWB and SHLD, 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. SHLD - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for PWB and SHLD.

Drawdown Indicators

	PWB	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-20.10%	-32.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-20.10%	+7.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	—	—
Current Drawdown Current decline from peak	0.00%	-18.89%	+18.89%
Average Drawdown Average peak-to-trough decline	-8.23%	-3.37%	-4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	8.21%	-5.32%

Volatility

PWB vs. SHLD - Volatility Comparison

Invesco Dynamic Large Cap Growth ETF (PWB) and Global X Defense Tech ETF (SHLD) have volatilities of 9.23% and 9.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWB	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	9.07%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	19.95%	-2.97%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	24.49%	-4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	21.28%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	21.28%	-0.42%

PWB vs. SHLD - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

PWB vs. SHLD - Dividend Comparison

PWB has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWB and SHLD in my portfolio?

PWB and SHLD have a correlation of 0.43, 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 SHLD?

PWB has higher volatility (9.23%) compared to SHLD (9.07%). In terms of maximum drawdown, PWB dropped -52.58% vs SHLD's -20.10%.

Which ETF is better, PWB or SHLD?

On 1-year performance, PWB leads with 48.14% vs 7.35% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or SHLD?

Over the 1-year period, PWB has performed better with a 48.14% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.56% for PWB.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for PWB.

What is the main difference between PWB and SHLD?

PWB is categorized as Large Cap Growth Equities, while SHLD is Aerospace & Defense. PWB tracks Dynamic Large Cap Growth Intellidex Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.56% for PWB and 0.50% for SHLD.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.42 vs 0.30), 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.