PWV vs. CAT

Last updated Jun 23, 2026

PWV (Invesco Dynamic Large Cap Value ETF) is Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while CAT (Caterpillar Inc.) is a stock. Over the past 10 years, PWV returned 12.27%/yr vs 33.19%/yr for CAT. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

PWV vs. CAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Value ETF (PWV) and Caterpillar Inc. (CAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWV achieves a 14.78% return, which is significantly lower than CAT's 79.21% return. Over the past 10 years, PWV has underperformed CAT with an annualized return of 12.27%, while CAT has yielded a comparatively higher 33.19% annualized return.

PWV

• 1D: 1.24%
• 1M: 1.86%
• YTD: 14.78%
• 6M: 14.57%
• 1Y: 27.50%
• 3Y*: 21.17%
• 5Y*: 14.04%
• 10Y*: 12.27%

CAT

• 1D: 3.70%
• 1M: 16.18%
• YTD: 79.21%
• 6M: 76.27%
• 1Y: 186.63%
• 3Y*: 65.85%
• 5Y*: 39.22%
• 10Y*: 33.19%

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

PWV vs. CAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PWV Invesco Dynamic Large Cap Value ETF	14.78%	19.65%	14.48%	10.36%	-1.16%	29.06%	-3.77%	29.84%	-14.12%	16.98%
CAT Caterpillar Inc.	79.21%	60.30%	24.66%	25.95%	18.60%	15.95%	26.97%	19.51%	-17.56%	75.03%

Correlation

The correlation between PWV and CAT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.66

Over the past year, the correlation between PWV and CAT has dropped to 0.42 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

PWV vs. CAT — Risk / Return Rank

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

PWV

PWV Risk / Return Rank: 91
PWV Sharpe Ratio Rank: 90
PWV Sortino Ratio Rank: 92
PWV Omega Ratio Rank: 87
PWV Calmar Ratio Rank: 94
PWV Martin Ratio Rank: 93

CAT

CAT Risk / Return Rank: 99
CAT Sharpe Ratio Rank: 99
CAT Sortino Ratio Rank: 99
CAT Omega Ratio Rank: 98
CAT Calmar Ratio Rank: 99
CAT Martin Ratio Rank: 99

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.

PWV vs. CAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Caterpillar Inc. (CAT). 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.

	PWV	CAT	Difference
Sharpe ratio: Return per unit of total volatility	2.90	5.30	-2.40
Sortino ratio: Return per unit of downside risk	4.18	5.65	-1.47
Omega ratio: Gain probability vs. loss probability	1.51	1.73	-0.22
Calmar ratio: Return relative to maximum drawdown	6.81	13.53	-6.72
Martin ratio: Return relative to average drawdown	22.78	44.33	-21.55

PWV vs. CAT - Sharpe Ratio Comparison

The current PWV Sharpe Ratio is 2.90, which is lower than the CAT Sharpe Ratio of 5.30. The chart below compares the historical Sharpe Ratios of PWV and CAT, 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

PWV vs. CAT - Drawdown Comparison

The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum CAT drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for PWV and CAT.

Drawdown Indicators

	PWV	CAT	Difference
Max Drawdown Largest peak-to-trough decline	-49.04%	-73.43%	+24.39%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-13.88%	+9.83%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-34.05%	+19.74%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-34.05%	+17.69%
Max Drawdown (10Y) Largest decline over 10 years	-37.67%	-43.36%	+5.69%
Current Drawdown Current decline from peak	-1.08%	0.00%	-1.08%
Average Drawdown Average peak-to-trough decline	-9.48%	-19.72%	+10.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	4.23%	-3.02%

Volatility

PWV vs. CAT - Volatility Comparison

The current volatility for Invesco Dynamic Large Cap Value ETF (PWV) is 3.30%, while Caterpillar Inc. (CAT) has a volatility of 12.90%. This indicates that PWV experiences smaller price fluctuations and is considered to be less risky than CAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWV	CAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	12.90%	-9.60%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	27.80%	-20.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	35.49%	-25.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	30.84%	-16.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	31.03%	-13.85%

Dividends

PWV vs. CAT - Dividend Comparison

PWV's dividend yield for the trailing twelve months is around 2.33%, more than CAT's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAT Caterpillar Inc.	0.59%	1.02%	1.49%	1.69%	1.93%	2.07%	2.26%	2.56%	2.58%	1.97%	3.32%	4.33%
PWV Invesco Dynamic Large Cap Value ETF	2.33%	2.12%	2.08%	2.16%	2.29%	1.89%	2.66%	2.24%	2.34%	1.55%	2.35%	2.42%

Frequently Asked Questions

Can I hold both PWV and CAT in my portfolio?

PWV and CAT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWV or CAT?

CAT has higher volatility (12.90%) compared to PWV (3.30%). In terms of maximum drawdown, PWV dropped -49.04% vs CAT's -73.43%.

Which has better risk-adjusted returns?

CAT currently has the higher Sharpe Ratio (5.30 vs 2.90), 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.