PWV vs. DIVZ

Last updated Jun 24, 2026

PWV (Invesco Dynamic Large Cap Value ETF) and DIVZ (Opal Dividend Income ETF) are both Large Cap Value Equities funds. PWV is passively managed, while DIVZ is actively managed. Over the past 5 years, PWV returned 14.11%/yr vs 9.40%/yr for DIVZ. Their correlation of 0.87 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.65%/yr for DIVZ.

Performance

PWV vs. DIVZ - Performance Comparison

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

Returns By Period

In the year-to-date period, PWV achieves a 15.98% return, which is significantly higher than DIVZ's 4.86% return.

PWV

• 1D: 1.05%
• 1M: 2.93%
• YTD: 15.98%
• 6M: 15.58%
• 1Y: 27.69%
• 3Y*: 21.59%
• 5Y*: 14.11%
• 10Y*: 12.39%

DIVZ

• 1D: 1.12%
• 1M: -1.44%
• YTD: 4.86%
• 6M: 4.61%
• 1Y: 12.20%
• 3Y*: 15.51%
• 5Y*: 9.40%
• 10Y*: —

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

PWV vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PWV Invesco Dynamic Large Cap Value ETF	15.98%	19.65%	14.48%	10.36%	-1.16%	29.50%
DIVZ Opal Dividend Income ETF	4.86%	16.72%	18.44%	-0.51%	3.51%	19.03%

Correlation

The correlation between PWV and DIVZ is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 28, 2021	0.87

The correlation between PWV and DIVZ shifts across timeframes, from 0.77 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PWV vs. DIVZ — 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: 88
PWV Calmar Ratio Rank: 94
PWV Martin Ratio Rank: 93

DIVZ

DIVZ Risk / Return Rank: 38
DIVZ Sharpe Ratio Rank: 38
DIVZ Sortino Ratio Rank: 38
DIVZ Omega Ratio Rank: 35
DIVZ Calmar Ratio Rank: 44
DIVZ Martin Ratio Rank: 35

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. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Opal Dividend Income ETF (DIVZ). 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	DIVZ	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.29	+1.62
Sortino ratio: Return per unit of downside risk	4.21	1.88	+2.33
Omega ratio: Gain probability vs. loss probability	1.52	1.22	+0.29
Calmar ratio: Return relative to maximum drawdown	6.86	2.10	+4.76
Martin ratio: Return relative to average drawdown	22.94	4.98	+17.96

PWV vs. DIVZ - Sharpe Ratio Comparison

The current PWV Sharpe Ratio is 2.92, which is higher than the DIVZ Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of PWV and DIVZ, 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. DIVZ - Drawdown Comparison

The maximum PWV drawdown since its inception was -49.04%, which is greater than DIVZ's maximum drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for PWV and DIVZ.

Drawdown Indicators

	PWV	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-49.04%	-15.42%	-33.62%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-5.83%	+1.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-9.52%	-4.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-15.42%	-0.94%
Max Drawdown (10Y) Largest decline over 10 years	-37.67%	—	—
Current Drawdown Current decline from peak	-0.05%	-2.87%	+2.82%
Average Drawdown Average peak-to-trough decline	-9.48%	-3.48%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	2.45%	-1.24%

Volatility

PWV vs. DIVZ - Volatility Comparison

Invesco Dynamic Large Cap Value ETF (PWV) and Opal Dividend Income ETF (DIVZ) have volatilities of 3.42% and 3.51%, 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

	PWV	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.51%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	7.24%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	9.48%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	12.63%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	12.56%	+4.59%

PWV vs. DIVZ - Expense Ratio Comparison

PWV has a 0.58% expense ratio, which is lower than DIVZ's 0.65% expense ratio.

Dividends

PWV vs. DIVZ - Dividend Comparison

PWV's dividend yield for the trailing twelve months is around 1.73%, less than DIVZ's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVZ Opal Dividend Income ETF	2.55%	2.60%	2.63%	3.66%	3.23%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PWV Invesco Dynamic Large Cap Value ETF	1.73%	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 DIVZ in my portfolio?

PWV and DIVZ have a correlation of 0.77, 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 DIVZ?

DIVZ has higher volatility (3.51%) compared to PWV (3.42%). In terms of maximum drawdown, PWV dropped -49.04% vs DIVZ's -15.42%.

Which ETF is better, PWV or DIVZ?

On 5-year performance, PWV leads with 14.11% vs 9.40% for DIVZ. On fees, PWV is cheaper at 0.58% 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, PWV or DIVZ?

Over the 5-year period, PWV has performed better with a 14.11% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWV or DIVZ?

PWV is cheaper with a 0.58% expense ratio, compared with 0.65% for DIVZ.

Which ETF pays a higher dividend yield, PWV or DIVZ?

DIVZ has the higher dividend yield at 2.55%, compared with 1.73% for PWV.

What is the main difference between PWV and DIVZ?

They also come from different issuers: Invesco and TrueShares. Their fees differ too: 0.58% for PWV and 0.65% for DIVZ.

Which has better risk-adjusted returns?

PWV currently has the higher Sharpe Ratio (2.92 vs 1.29), 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.