PWB vs. SPHD
PWB (Invesco Dynamic Large Cap Growth ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PWB returned 18.61%/yr vs 7.55%/yr for SPHD. At a 0.49 correlation, their price movements are largely independent. PWB charges 0.56%/yr vs 0.30%/yr for SPHD.
Performance
PWB vs. SPHD - 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 SPHD's 8.20% return. Over the past 10 years, PWB has outperformed SPHD with an annualized return of 18.61%, while SPHD has yielded a comparatively lower 7.55% annualized return.
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%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
PWB vs. SPHD - 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PWB and SPHD is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.49 |
The correlation between PWB and SPHD shifts across timeframes, from -0.01 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PWB vs. SPHD — Risk / Return Rank
PWB
SPHD
PWB vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 1.66 | +1.89 |
| Martin ratioReturn relative to average drawdown | 14.75 | 4.06 | +10.69 |
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Drawdowns
PWB vs. SPHD - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PWB and SPHD.
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Drawdown Indicators
| PWB | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -41.39% | -11.19% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -7.33% | -4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -13.29% | -8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -19.50% | -11.91% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -41.39% | +9.03% |
Current DrawdownCurrent decline from peak | -4.36% | -1.91% | -2.45% |
Average DrawdownAverage peak-to-trough decline | -8.22% | -4.69% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 2.98% | -0.07% |
Volatility
PWB vs. SPHD - Volatility Comparison
Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 10.34% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.26%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWB | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.34% | 4.26% | +6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 17.43% | 8.13% | +9.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.72% | 11.48% | +9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.41% | 14.16% | +7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 17.65% | +3.26% |
PWB vs. SPHD - Expense Ratio Comparison
PWB has a 0.56% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PWB vs. SPHD - Dividend Comparison
PWB has not paid dividends to shareholders, while SPHD's dividend yield for the trailing twelve months is around 4.60%.
| 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
PWB and SPHD have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWB has higher volatility (10.34%) compared to SPHD (4.26%). In terms of maximum drawdown, PWB dropped -52.58% vs SPHD's -41.39%.
On 10-year performance, PWB leads with 18.61% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. 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 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.56% for PWB.
SPHD has the higher dividend yield at 4.60%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while SPHD is Dividend. PWB tracks Dynamic Large Cap Growth Intellidex Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.56% for PWB and 0.30% for SPHD.
PWB currently has the higher Sharpe Ratio (2.08 vs 1.06), 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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