PWC vs. LSAF

Last updated Jul 17, 2026

PWC (Invesco Dynamic Market ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - PWC tracks the Dynamic Market Intellidex Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, PWC returned 7.75%/yr vs 11.58%/yr for LSAF. Their correlation of 0.87 suggests significant overlap in exposure. PWC charges 0.60%/yr vs 0.75%/yr for LSAF.

Performance

PWC vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Market ETF (PWC) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWC achieves a 8.45% return, which is significantly lower than LSAF's 19.54% return.

PWC

• 1D: 1.42%
• 1M: 1.50%
• 6M: 3.27%
• YTD: 8.45%
• 1Y: 11.71%
• 3Y*: 12.11%
• 5Y*: 7.75%
• 10Y*: 9.36%

LSAF

• 1D: 1.13%
• 1M: 3.75%
• 6M: 14.54%
• YTD: 19.54%
• 1Y: 28.03%
• 3Y*: 19.35%
• 5Y*: 11.58%
• 10Y*: —

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

PWC vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PWC Invesco Dynamic Market ETF	8.45%	6.15%	17.46%	19.03%	-16.01%	19.38%	8.52%	13.47%	-16.73%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.54%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between PWC and LSAF is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.87

The correlation between PWC and LSAF shifts across timeframes, from 0.74 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

PWC vs. LSAF - Sectors Allocation Comparison

Sectors	PWC	LSAF
Industrials	17.2%	14.5%
Technology	16.4%	18.7%
Financial Services	15.3%	16.7%
Consumer Cyclical	11.0%	22.6%
Healthcare	9.7%	9.3%
Communication Services	6.6%	1.0%
Real Estate	5.5%	2.1%
Utilities	5.3%	0.9%
Consumer Defensive	4.9%	6.6%
Energy	4.7%	5.3%
Basic Materials	1.5%	3.2%

Return for Risk

PWC vs. LSAF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PWC

PWC Risk / Return Rank: 41
PWC Sharpe Ratio Rank: 41
PWC Sortino Ratio Rank: 42
PWC Omega Ratio Rank: 38
PWC Calmar Ratio Rank: 44
PWC Martin Ratio Rank: 42

LSAF

LSAF Risk / Return Rank: 81
LSAF Sharpe Ratio Rank: 77
LSAF Sortino Ratio Rank: 81
LSAF Omega Ratio Rank: 73
LSAF Calmar Ratio Rank: 90
LSAF Martin Ratio Rank: 86

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.

PWC vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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.

	PWC	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.98	-0.78
Sortino ratio: Return per unit of downside risk	1.80	2.90	-1.10
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	1.82	4.28	-2.46
Martin ratio: Return relative to average drawdown	5.44	14.13	-8.69

PWC vs. LSAF - Sharpe Ratio Comparison

The current PWC Sharpe Ratio is 1.20, which is lower than the LSAF Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PWC and LSAF, 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

PWC vs. LSAF - Drawdown Comparison

The maximum PWC drawdown since its inception was -78.13%, which is greater than LSAF's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for PWC and LSAF.

Drawdown Indicators

	PWC	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-78.13%	-41.67%	-36.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-6.58%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-20.26%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.94%	-1.64%
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-36.03%	-6.24%	-29.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.99%	+0.17%

Volatility

PWC vs. LSAF - Volatility Comparison

Invesco Dynamic Market ETF (PWC) and LeaderShares AlphaFactor US Core Equity ETF (LSAF) have volatilities of 3.12% and 3.08%, 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.

Volatility by Period

	PWC	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	3.08%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	10.39%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.78%	14.22%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	18.40%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	21.76%	-3.04%

PWC vs. LSAF - Expense Ratio Comparison

PWC has a 0.60% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

PWC vs. LSAF - Dividend Comparison

PWC's dividend yield for the trailing twelve months is around 1.75%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%
PWC Invesco Dynamic Market ETF	1.75%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%

Frequently Asked Questions

Can I hold both PWC and LSAF in my portfolio?

PWC and LSAF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWC or LSAF?

PWC has higher volatility (3.12%) compared to LSAF (3.08%). In terms of maximum drawdown, PWC dropped -78.13% vs LSAF's -41.67%.

Which ETF is better, PWC or LSAF?

On 5-year performance, LSAF leads with 11.58% vs 7.75% for PWC. On fees, PWC is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWC or LSAF?

Over the 5-year period, LSAF has performed better with a 11.58% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWC or LSAF?

PWC is cheaper with a 0.60% expense ratio, compared with 0.75% for LSAF.

Which ETF pays a higher dividend yield, PWC or LSAF?

PWC has the higher dividend yield at 1.75%, compared with 0.57% for LSAF.

What is the main difference between PWC and LSAF?

PWC tracks Dynamic Market Intellidex Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Invesco and Redwood. Their fees differ too: 0.60% for PWC and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (1.98 vs 1.20), 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.