PWC vs. VFMO

Last updated Jun 24, 2026

PWC (Invesco Dynamic Market ETF) and VFMO (Vanguard U.S. Momentum Factor ETF) are both exchange-traded funds - PWC is a Mid Cap Blend Equities fund tracking the Dynamic Market Intellidex Index, while VFMO is a Momentum fund actively managed by Vanguard. PWC is passively managed, while VFMO is actively managed. Over the past 5 years, PWC returned 6.41%/yr vs 14.02%/yr for VFMO. Their correlation of 0.82 suggests significant overlap in exposure. PWC charges 0.60%/yr vs 0.13%/yr for VFMO.

Performance

PWC vs. VFMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Market ETF (PWC) and Vanguard U.S. Momentum Factor ETF (VFMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWC achieves a 5.50% return, which is significantly lower than VFMO's 25.84% return.

PWC

• 1D: 0.70%
• 1M: -1.43%
• YTD: 5.50%
• 6M: 4.60%
• 1Y: 8.55%
• 3Y*: 13.17%
• 5Y*: 6.41%
• 10Y*: 9.67%

VFMO

• 1D: -2.31%
• 1M: 4.69%
• YTD: 25.84%
• 6M: 22.71%
• 1Y: 44.30%
• 3Y*: 27.88%
• 5Y*: 14.02%
• 10Y*: —

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

PWC vs. VFMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PWC Invesco Dynamic Market ETF	5.50%	6.15%	17.46%	19.03%	-16.01%	19.38%	8.52%	13.47%	-8.41%
VFMO Vanguard U.S. Momentum Factor ETF	25.84%	17.39%	26.14%	16.25%	-12.84%	19.16%	31.36%	28.22%	-11.41%

Correlation

The correlation between PWC and VFMO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.82

Over the past year, the correlation between PWC and VFMO has dropped to 0.49 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

PWC vs. VFMO - Sectors Allocation Comparison

Sectors	PWC	VFMO
Technology	26.1%	17.5%
Financial Services	14.0%	6.5%
Healthcare	12.7%	22.9%
Consumer Cyclical	11.5%	8.7%
Industrials	10.3%	24.7%
Communication Services	7.0%	3.4%
Consumer Defensive	6.8%	2.5%
Energy	5.5%	7.3%
Real Estate	5.3%	0.1%
Basic Materials	3.5%	6.4%
Utilities	2.7%	0.2%

Return for Risk

PWC vs. VFMO — Risk / Return Rank

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

PWC

PWC Risk / Return Rank: 26
PWC Sharpe Ratio Rank: 26
PWC Sortino Ratio Rank: 25
PWC Omega Ratio Rank: 23
PWC Calmar Ratio Rank: 29
PWC Martin Ratio Rank: 30

VFMO

VFMO Risk / Return Rank: 67
VFMO Sharpe Ratio Rank: 63
VFMO Sortino Ratio Rank: 56
VFMO Omega Ratio Rank: 57
VFMO Calmar Ratio Rank: 80
VFMO Martin Ratio Rank: 80

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. VFMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) and Vanguard U.S. Momentum Factor ETF (VFMO). 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	VFMO	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.99	-1.12
Sortino ratio: Return per unit of downside risk	1.31	2.59	-1.28
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.33	4.05	-2.72
Martin ratio: Return relative to average drawdown	3.99	15.07	-11.08

PWC vs. VFMO - Sharpe Ratio Comparison

The current PWC Sharpe Ratio is 0.88, which is lower than the VFMO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PWC and VFMO, 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. VFMO - Drawdown Comparison

The maximum PWC drawdown since its inception was -78.13%, which is greater than VFMO's maximum drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for PWC and VFMO.

Drawdown Indicators

	PWC	VFMO	Difference
Max Drawdown Largest peak-to-trough decline	-78.13%	-36.77%	-41.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-10.98%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-24.40%	+9.28%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-25.80%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	—	—
Current Drawdown Current decline from peak	-2.69%	-2.31%	-0.38%
Average Drawdown Average peak-to-trough decline	-36.13%	-7.73%	-28.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.95%	-0.80%

Volatility

PWC vs. VFMO - Volatility Comparison

The current volatility for Invesco Dynamic Market ETF (PWC) is 2.87%, while Vanguard U.S. Momentum Factor ETF (VFMO) has a volatility of 8.33%. This indicates that PWC experiences smaller price fluctuations and is considered to be less risky than VFMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWC	VFMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	8.33%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	17.49%	-10.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	22.34%	-12.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	21.90%	-5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	23.64%	-4.85%

PWC vs. VFMO - Expense Ratio Comparison

PWC has a 0.60% expense ratio, which is higher than VFMO's 0.13% expense ratio.

Dividends

PWC vs. VFMO - Dividend Comparison

PWC's dividend yield for the trailing twelve months is around 1.80%, more than VFMO's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWC Invesco Dynamic Market ETF	1.80%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%
VFMO Vanguard U.S. Momentum Factor ETF	0.39%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWC and VFMO in my portfolio?

PWC and VFMO have a correlation of 0.49, 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 VFMO?

VFMO has higher volatility (8.33%) compared to PWC (2.87%). In terms of maximum drawdown, PWC dropped -78.13% vs VFMO's -36.77%.

Which ETF is better, PWC or VFMO?

On 5-year performance, VFMO leads with 14.02% vs 6.41% for PWC. On fees, VFMO is cheaper at 0.13% per year. On volatility, PWC has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWC or VFMO?

Over the 5-year period, VFMO has performed better with a 14.02% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWC or VFMO?

VFMO is cheaper with a 0.13% expense ratio, compared with 0.60% for PWC.

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

PWC has the higher dividend yield at 1.80%, compared with 0.39% for VFMO.

What is the main difference between PWC and VFMO?

PWC is categorized as Mid Cap Blend Equities, while VFMO is Momentum. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for PWC and 0.13% for VFMO.

Which has better risk-adjusted returns?

VFMO currently has the higher Sharpe Ratio (1.99 vs 0.88), 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.