PWB vs. VOO

Last updated Jun 16, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PWB returned 18.77%/yr vs 15.72%/yr for VOO. Their correlation of 0.91 suggests significant overlap in exposure. PWB charges 0.56%/yr vs 0.03%/yr for VOO.

Performance

PWB vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Growth ETF (PWB) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.99% return. Over the past 10 years, PWB has outperformed VOO with an annualized return of 18.77%, while VOO has yielded a comparatively lower 15.72% annualized 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%

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

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

PWB vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWB Invesco Dynamic Large Cap Growth ETF	30.14%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	24.68%	0.88%	30.71%
VOO Vanguard S&P 500 ETF	10.99%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PWB and VOO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.91

The correlation between PWB and VOO has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

PWB vs. VOO - Sectors Allocation Comparison

Sectors	PWB	VOO
Technology	48.9%	35.6%
Industrials	14.8%	8.0%
Communication Services	10.6%	11.1%
Financial Services	9.2%	11.6%
Consumer Defensive	7.4%	4.9%
Consumer Cyclical	4.8%	10.1%
Healthcare	3.2%	8.5%
Utilities	1.6%	2.8%
Basic Materials	1.2%	1.8%
Energy	-	3.5%
Real Estate	-	1.9%

Return for Risk

PWB vs. VOO — 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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.28	+0.14
Sortino ratio: Return per unit of downside risk	3.09	3.07	+0.03
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	4.00	3.15	+0.84
Martin ratio: Return relative to average drawdown	16.69	14.25	+2.44

PWB vs. VOO - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 2.42, which is comparable to the VOO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PWB and VOO, 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. VOO - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PWB and VOO.

Drawdown Indicators

	PWB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-33.99%	-18.59%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-8.90%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-18.69%	-3.41%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-24.52%	-6.89%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	-33.99%	+1.63%
Current Drawdown Current decline from peak	0.00%	-0.63%	+0.63%
Average Drawdown Average peak-to-trough decline	-8.23%	-3.68%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.97%	+0.92%

Volatility

PWB vs. VOO - Volatility Comparison

Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 9.23% compared to Vanguard S&P 500 ETF (VOO) at 4.61%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	4.61%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	9.72%	+7.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	12.34%	+7.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	16.90%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	18.05%	+2.81%

PWB vs. VOO - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PWB vs. VOO - Dividend Comparison

PWB has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.03%.

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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PWB and VOO in my portfolio?

PWB and VOO have a correlation of 0.89, 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 VOO?

PWB has higher volatility (9.23%) compared to VOO (4.61%). In terms of maximum drawdown, PWB dropped -52.58% vs VOO's -33.99%.

Which ETF is better, PWB or VOO?

On 10-year performance, PWB leads with 18.77% vs 15.72% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or VOO?

Over the 10-year period, PWB has performed better with a 18.77% return vs 15.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.56% for PWB.

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

VOO has the higher dividend yield at 1.03%, compared with 0.00% for PWB.

What is the main difference between PWB and VOO?

PWB is categorized as Large Cap Growth Equities, while VOO is S&P 500. PWB tracks Dynamic Large Cap Growth Intellidex Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.56% for PWB and 0.03% for VOO.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.42 vs 2.28), 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.