PWC vs. LST

Last updated Aug 4, 2026

PWC (Invesco Dynamic Market ETF) and LST (Leuthold Select Industries ETF) are both Mid Cap Blend Equities funds. PWC is passively managed, while LST is actively managed. Over the past year, PWC returned 14.63% vs 31.04% for LST. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PWC charges 0.60%/yr vs 0.65%/yr for LST.

Performance

PWC vs. LST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Market ETF (PWC) and Leuthold Select Industries ETF (LST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWC achieves a 10.69% return, which is significantly lower than LST's 16.29% return.

PWC

• 1D: 0.27%
• 1M: 3.19%
• 6M: 5.07%
• YTD: 10.69%
• 1Y: 14.63%
• 3Y*: 13.34%
• 5Y*: 7.35%
• 10Y*: 9.55%
• ALL TIME*: 2.96%

LST

• 1D: 1.22%
• 1M: 1.11%
• 6M: 10.93%
• YTD: 16.29%
• 1Y: 31.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LST Leuthold Select Industries ETF	$5.97M	$3.27M	$3.25M
PWC Invesco Dynamic Market ETF	$45.96K	$66.92K	$59.96K

PWC vs. LST - Yearly Performance Comparison

	2026 (YTD)	2025
PWC Invesco Dynamic Market ETF	10.69%	3.07%
LST Leuthold Select Industries ETF	16.29%	15.31%

Correlation

The correlation between PWC and LST is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Jan 21, 2025	0.62

The correlation between PWC and LST has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Return for Risk

PWC vs. LST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PWC

PWC Risk / Return Rank: 58
PWC Sharpe Ratio Rank: 58
PWC Sortino Ratio Rank: 62
PWC Omega Ratio Rank: 55
PWC Calmar Ratio Rank: 61
PWC Martin Ratio Rank: 54

LST

LST Risk / Return Rank: 80
LST Sharpe Ratio Rank: 82
LST Sortino Ratio Rank: 82
LST Omega Ratio Rank: 79
LST Calmar Ratio Rank: 75
LST Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PWC vs. LST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) and Leuthold Select Industries ETF (LST). 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	LST	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.06	-0.58
Sortino ratio: Return per unit of downside risk	2.21	2.90	-0.69
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.28	2.87	-0.60
Martin ratio: Return relative to average drawdown	6.81	11.29	-4.48

PWC vs. LST - Sharpe Ratio Comparison

The current PWC Sharpe Ratio is 1.48, which is comparable to the LST Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PWC and LST, 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. LST - Drawdown Comparison

The maximum PWC drawdown since its inception was -78.13%, which is greater than LST's maximum drawdown of -19.47%. Use the drawdown chart below to compare losses from any high point for PWC and LST.

Drawdown Indicators

	PWC	LST	Difference
Max Drawdown Largest peak-to-trough decline	-78.13%	-19.47%	-58.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-10.85%	+4.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	—	—
Current Drawdown Current decline from peak	-1.29%	-1.19%	-0.10%
Average Drawdown Average peak-to-trough decline	-35.96%	-2.84%	-33.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.76%	-0.61%

Volatility

PWC vs. LST - Volatility Comparison

The current volatility for Invesco Dynamic Market ETF (PWC) is 3.26%, while Leuthold Select Industries ETF (LST) has a volatility of 3.86%. This indicates that PWC experiences smaller price fluctuations and is considered to be less risky than LST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWC	LST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	3.86%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	12.42%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	15.15%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	17.66%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	17.66%	+1.08%

PWC vs. LST - Expense Ratio Comparison

PWC has a 0.60% expense ratio, which is lower than LST's 0.65% expense ratio.

Dividends

PWC vs. LST - Dividend Comparison

PWC's dividend yield for the trailing twelve months is around 1.71%, more than LST's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LST Leuthold Select Industries ETF	1.15%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PWC Invesco Dynamic Market ETF	1.71%	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 LST in my portfolio?

PWC and LST have a correlation of 0.54, 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 LST?

LST has higher volatility (3.86%) compared to PWC (3.26%). In terms of maximum drawdown, PWC dropped -78.13% vs LST's -19.47%.

Which ETF is better, PWC or LST?

On 1-year performance, LST leads with 31.04% vs 14.63% for PWC. On fees, PWC is cheaper at 0.60% per year. On volatility, PWC has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWC or LST?

Over the 1-year period, LST has performed better with a 31.04% return vs 14.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWC or LST?

PWC is cheaper with a 0.60% expense ratio, compared with 0.65% for LST.

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

PWC has the higher dividend yield at 1.71%, compared with 1.15% for LST.

What is the main difference between PWC and LST?

They also come from different issuers: Invesco and Leuthold. Their fees differ too: 0.60% for PWC and 0.65% for LST.

Which has better risk-adjusted returns?

LST currently has the higher Sharpe Ratio (2.06 vs 1.48), 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.