PWB vs. SMH
PWB (Invesco Dynamic Large Cap Growth ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, PWB returned 19.14%/yr vs 38.85%/yr for SMH. A 0.76 correlation means they provide meaningful diversification when combined. PWB charges 0.56%/yr vs 0.35%/yr for SMH.
Performance
PWB vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, PWB achieves a 32.57% return, which is significantly lower than SMH's 85.74% return. Over the past 10 years, PWB has underperformed SMH with an annualized return of 19.14%, while SMH has yielded a comparatively higher 38.85% annualized return.
PWB
- 1D
- 1.13%
- 1M
- 8.92%
- YTD
- 32.57%
- 6M
- 30.75%
- 1Y
- 51.42%
- 3Y*
- 34.91%
- 5Y*
- 18.43%
- 10Y*
- 19.14%
SMH
- 1D
- 1.37%
- 1M
- 16.07%
- YTD
- 85.74%
- 6M
- 85.96%
- 1Y
- 157.81%
- 3Y*
- 66.26%
- 5Y*
- 40.65%
- 10Y*
- 38.85%
PWB vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Dynamic Large Cap Growth ETF | 32.57% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
SMH VanEck Semiconductor ETF | 85.74% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between PWB and SMH 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 | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.76 |
The correlation between PWB and SMH has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.
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Return for Risk
PWB vs. SMH — Risk / Return Rank
PWB
SMH
PWB vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.66 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.27 | 10.63 | -6.37 |
| Martin ratioReturn relative to average drawdown | 17.82 | 38.91 | -21.09 |
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Drawdowns
PWB vs. SMH - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PWB and SMH.
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Drawdown Indicators
| PWB | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -84.96% | +32.38% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -14.93% | +2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -35.74% | +13.64% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -45.30% | +13.89% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -45.30% | +12.94% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -41.01% | +32.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 4.07% | -1.18% |
Volatility
PWB vs. SMH - Volatility Comparison
The current volatility for Invesco Dynamic Large Cap Growth ETF (PWB) is 9.11%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that PWB experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWB | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.11% | 17.29% | -8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.87% | 28.18% | -11.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 34.14% | -13.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.32% | 35.68% | -14.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.88% | 32.95% | -12.07% |
PWB vs. SMH - Expense Ratio Comparison
PWB has a 0.56% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
PWB vs. SMH - Dividend Comparison
PWB has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| 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% |
SMH VanEck Semiconductor ETF | 0.17% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
PWB and SMH 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.
SMH has higher volatility (17.29%) compared to PWB (9.11%). In terms of maximum drawdown, PWB dropped -52.58% vs SMH's -84.96%.
On 10-year performance, SMH leads with 38.85% vs 19.14% for PWB. On fees, SMH is cheaper at 0.35% per year. On volatility, PWB has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMH has performed better with a 38.85% return vs 19.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.56% for PWB.
SMH has the higher dividend yield at 0.17%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while SMH is Semiconductors. PWB tracks Dynamic Large Cap Growth Intellidex Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.56% for PWB and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.66 vs 2.56), 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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