PWB vs. XLK
PWB (Invesco Large Cap Growth ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, PWB returned 17.31%/yr vs 23.77%/yr for XLK. Their correlation of 0.87 means they have usually moved in the same direction. PWB charges 0.55%/yr vs 0.08%/yr for XLK.
Performance
PWB vs. XLK - Performance Comparison
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Returns By Period
In the year-to-date period, PWB achieves a 20.52% return, which is significantly lower than XLK's 22.09% return. Over the past 10 years, PWB has underperformed XLK with an annualized return of 17.31%, while XLK has yielded a comparatively higher 23.77% annualized return.
PWB
- 1D
- 0.86%
- 1M
- -3.41%
- 6M
- 14.31%
- YTD
- 20.52%
- 1Y
- 31.05%
- 3Y*
- 28.93%
- 5Y*
- 15.18%
- 10Y*
- 17.31%
- ALL TIME*
- 12.03%
XLK
- 1D
- -0.22%
- 1M
- -2.90%
- 6M
- 22.17%
- YTD
- 22.09%
- 1Y
- 37.14%
- 3Y*
- 26.04%
- 5Y*
- 18.87%
- 10Y*
- 23.77%
- ALL TIME*
- 10.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.62M | $17.39M | $15.67M | |
| $1.61B | $1.67B | $2.22B |
PWB vs. XLK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Large Cap Growth ETF | 20.52% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
XLK State Street Technology Select Sector SPDR ETF | 22.09% | 24.61% | 21.63% | 56.02% | -27.73% | 34.74% | 43.62% | 49.86% | -1.68% | 34.26% |
Correlation
The correlation between PWB and XLK is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.87 |
The correlation between PWB and XLK has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
PWB vs. XLK — Risk / Return Rank
PWB
XLK
PWB vs. XLK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Growth ETF (PWB) and State Street Technology Select Sector SPDR ETF (XLK). 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 | XLK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.16 | -0.05 |
| Martin ratioReturn relative to average drawdown | 7.89 | 5.85 | +2.04 |
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Drawdowns
PWB vs. XLK - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for PWB and XLK.
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Drawdown Indicators
| PWB | XLK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -82.05% | +29.47% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -15.92% | +2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -25.66% | +3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -33.56% | +2.15% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -33.56% | +1.20% |
Current DrawdownCurrent decline from peak | -9.09% | -11.43% | +2.34% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -34.80% | +26.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 5.86% | -2.20% |
Volatility
PWB vs. XLK - Volatility Comparison
Invesco Large Cap Growth ETF (PWB) and State Street Technology Select Sector SPDR ETF (XLK) have volatilities of 9.36% and 9.58%, 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.
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Volatility by Period
| PWB | XLK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 9.58% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 20.08% | 21.81% | -1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.17% | 25.59% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 25.75% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.17% | 24.90% | -3.73% |
PWB vs. XLK - Expense Ratio Comparison
PWB has a 0.55% expense ratio, which is higher than XLK's 0.08% expense ratio.
Dividends
PWB vs. XLK - Dividend Comparison
PWB has not paid dividends to shareholders, while XLK's dividend yield for the trailing twelve months is around 0.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco 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% |
XLK State Street Technology Select Sector SPDR ETF | 0.45% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
Frequently Asked Questions
With a correlation of 0.91, PWB and XLK 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.
XLK has higher volatility (9.58%) compared to PWB (9.36%). In terms of maximum drawdown, PWB dropped -52.58% vs XLK's -82.05%.
On 10-year performance, XLK leads with 23.77% vs 17.31% for PWB. On fees, XLK is cheaper at 0.08% per year. On volatility, PWB has been the lower-risk option at 9.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLK has performed better with a 23.77% return vs 17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLK is cheaper with a 0.08% expense ratio, compared with 0.55% for PWB.
XLK has the higher dividend yield at 0.45%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while XLK is Technology Equities. PWB tracks Dynamic Large Cap Growth Intellidex Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.55% for PWB and 0.08% for XLK.
XLK currently has the higher Sharpe Ratio (1.34 vs 1.25), 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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