PWC vs. VFMV

Last updated Jun 4, 2026

PWC (Invesco Dynamic Market ETF) and VFMV (Vanguard U.S. Minimum Volatility ETF) are both Mid Cap Blend Equities funds. PWC is passively managed, while VFMV is actively managed. Over the past 5 years, PWC returned 6.10%/yr vs 9.82%/yr for VFMV. Their correlation of 0.83 suggests significant overlap in exposure. PWC charges 0.60%/yr vs 0.13%/yr for VFMV.

Performance

PWC vs. VFMV - Performance Comparison

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

Returns By Period

In the year-to-date period, PWC achieves a 5.85% return, which is significantly lower than VFMV's 8.53% return.

PWC

• 1D: -0.13%
• 1M: 0.31%
• YTD: 5.85%
• 6M: 6.04%
• 1Y: 8.50%
• 3Y*: 13.71%
• 5Y*: 6.10%
• 10Y*: 9.52%

VFMV

• 1D: -0.14%
• 1M: 1.30%
• YTD: 8.53%
• 6M: 8.37%
• 1Y: 13.05%
• 3Y*: 14.70%
• 5Y*: 9.82%
• 10Y*: —

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

PWC vs. VFMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PWC Invesco Dynamic Market ETF	5.85%	6.15%	17.46%	19.03%	-16.01%	19.38%	8.52%	13.47%	-9.26%
VFMV Vanguard U.S. Minimum Volatility ETF	8.53%	10.52%	16.91%	8.86%	-5.73%	20.75%	-0.19%	27.26%	-1.10%

Correlation

The correlation between PWC and VFMV is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.83

The correlation between PWC and VFMV has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

PWC vs. VFMV - Sectors Allocation Comparison

Sectors	PWC	VFMV
Technology	26.1%	25.1%
Financial Services	14.0%	10.6%
Healthcare	12.7%	10.1%
Consumer Cyclical	11.5%	6.9%
Industrials	10.3%	10.1%
Communication Services	7.0%	10.7%
Consumer Defensive	6.8%	9.5%
Real Estate	5.6%	6.4%
Energy	5.5%	3.9%
Basic Materials	3.5%	-
Utilities	2.7%	6.7%

Return for Risk

PWC vs. VFMV — Risk / Return Rank

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

PWC

PWC Risk / Return Rank: 25
PWC Sharpe Ratio Rank: 25
PWC Sortino Ratio Rank: 24
PWC Omega Ratio Rank: 22
PWC Calmar Ratio Rank: 28
PWC Martin Ratio Rank: 28

VFMV

VFMV Risk / Return Rank: 43
VFMV Sharpe Ratio Rank: 41
VFMV Sortino Ratio Rank: 42
VFMV Omega Ratio Rank: 39
VFMV Calmar Ratio Rank: 43
VFMV Martin Ratio Rank: 50

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. VFMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) and Vanguard U.S. Minimum Volatility ETF (VFMV). 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.

	PWC	VFMV	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.49	-0.61
Sortino ratio: Return per unit of downside risk	1.33	2.17	-0.85
Omega ratio: Gain probability vs. loss probability	1.15	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	1.32	2.18	-0.86
Martin ratio: Return relative to average drawdown	4.06	8.57	-4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWC vs. VFMV - Sharpe Ratio Comparison

The current PWC Sharpe Ratio is 0.88, which is lower than the VFMV Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PWC and VFMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PWC	VFMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.49	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.84	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.69	-0.58

Drawdowns

PWC vs. VFMV - Drawdown Comparison

The maximum PWC drawdown since its inception was -78.13%, which is greater than VFMV's maximum drawdown of -33.64%. Use the drawdown chart below to compare losses from any high point for PWC and VFMV.

Drawdown Indicators

	PWC	VFMV	Difference
Max Drawdown Largest peak-to-trough decline	-78.13%	-33.64%	-44.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-6.00%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-10.35%	-4.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-15.41%	-11.17%
Max Drawdown (10Y) Largest decline over 10 years	-39.45%	—	—
Current Drawdown Current decline from peak	-2.37%	-1.02%	-1.35%
Average Drawdown Average peak-to-trough decline	-36.21%	-3.64%	-32.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.53%	+0.57%

Volatility

PWC vs. VFMV - Volatility Comparison

Invesco Dynamic Market ETF (PWC) and Vanguard U.S. Minimum Volatility ETF (VFMV) have volatilities of 2.14% and 2.09%, 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	VFMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	2.09%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	6.30%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	8.80%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	11.75%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	14.25%	+4.56%

PWC vs. VFMV - Expense Ratio Comparison

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

Dividends

PWC vs. VFMV - Dividend Comparison

PWC's dividend yield for the trailing twelve months is around 1.68%, less than VFMV's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWC Invesco Dynamic Market ETF	1.68%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%
VFMV Vanguard U.S. Minimum Volatility ETF	1.93%	2.12%	1.46%	2.20%	2.08%	1.31%	2.14%	2.43%	2.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWC and VFMV in my portfolio?

PWC and VFMV have a correlation of 0.86, 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 VFMV?

PWC has higher volatility (2.14%) compared to VFMV (2.09%). In terms of maximum drawdown, PWC dropped -78.13% vs VFMV's -33.64%.

Which ETF is better, PWC or VFMV?

On 5-year performance, VFMV leads with 9.82% vs 6.10% for PWC. On fees, VFMV is cheaper at 0.13% 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 VFMV?

Over the 5-year period, VFMV has performed better with a 9.82% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWC or VFMV?

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

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

VFMV has the higher dividend yield at 1.93%, compared with 1.68% for PWC.

What is the main difference between PWC and VFMV?

They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.60% for PWC and 0.13% for VFMV.

Which has better risk-adjusted returns?

VFMV currently has the higher Sharpe Ratio (1.49 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.