PWB vs. SPMO
PWB (Invesco Dynamic Large Cap Growth ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, PWB returned 17.80%/yr vs 20.66%/yr for SPMO. Their correlation of 0.82 suggests significant overlap in exposure. PWB charges 0.56%/yr vs 0.13%/yr for SPMO.
Performance
PWB vs. SPMO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PWB having a 24.96% return and SPMO slightly higher at 26.03%. Over the past 10 years, PWB has underperformed SPMO with an annualized return of 17.80%, while SPMO has yielded a comparatively higher 20.66% annualized return.
PWB
- 1D
- -2.16%
- 1M
- -0.81%
- 6M
- 19.67%
- YTD
- 24.96%
- 1Y
- 36.90%
- 3Y*
- 30.77%
- 5Y*
- 16.41%
- 10Y*
- 17.80%
SPMO
- 1D
- -2.61%
- 1M
- -1.65%
- 6M
- 24.83%
- YTD
- 26.03%
- 1Y
- 34.61%
- 3Y*
- 40.56%
- 5Y*
- 21.26%
- 10Y*
- 20.66%
PWB vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Dynamic Large Cap Growth ETF | 24.96% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
SPMO Invesco S&P 500 Momentum ETF | 26.03% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between PWB and SPMO is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.82 |
The correlation between PWB and SPMO shifts across timeframes, from 0.82 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PWB vs. SPMO — Risk / Return Rank
PWB
SPMO
PWB vs. SPMO - 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 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 2.74 | +0.32 |
| Martin ratioReturn relative to average drawdown | 12.04 | 9.73 | +2.30 |
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Drawdowns
PWB vs. SPMO - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for PWB and SPMO.
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Drawdown Indicators
| PWB | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -30.95% | -21.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.11% | -12.70% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -20.13% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -22.74% | -8.67% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -30.95% | -1.41% |
Current DrawdownCurrent decline from peak | -5.74% | -7.38% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -4.59% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 3.56% | -0.49% |
Volatility
PWB vs. SPMO - Volatility Comparison
The current volatility for Invesco Dynamic Large Cap Growth ETF (PWB) is 11.34%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 12.53%. This indicates that PWB experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWB | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 12.53% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 18.88% | 19.77% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.01% | 22.23% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 20.25% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.04% | 20.80% | +0.24% |
PWB vs. SPMO - Expense Ratio Comparison
PWB has a 0.56% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
PWB vs. SPMO - Dividend Comparison
PWB has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.70%.
| 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.70% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
With a correlation of 0.92, PWB and SPMO 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.
SPMO has higher volatility (12.53%) compared to PWB (11.34%). In terms of maximum drawdown, PWB dropped -52.58% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.66% vs 17.80% for PWB. On fees, SPMO is cheaper at 0.13% per year. On volatility, PWB has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.66% return vs 17.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.56% for PWB.
SPMO has the higher dividend yield at 0.70%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while SPMO is Momentum. PWB tracks Dynamic Large Cap Growth Intellidex Index, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.56% for PWB and 0.13% for SPMO.
PWB currently has the higher Sharpe Ratio (1.69 vs 1.57), 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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