PWV vs. DLN
PWV (Invesco Dynamic Large Cap Value ETF) and DLN (WisdomTree U.S. LargeCap Dividend Fund) are both Large Cap Value Equities funds - PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX) while DLN tracks the WisdomTree U.S. LargeCap Dividend Index. Both are passively managed. Over the past 10 years, PWV returned 12.39%/yr vs 12.86%/yr for DLN. Their correlation of 0.92 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.28%/yr for DLN.
Performance
PWV vs. DLN - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 15.98% return, which is significantly higher than DLN's 9.95% return. Both investments have delivered pretty close results over the past 10 years, with PWV having a 12.39% annualized return and DLN not far ahead at 12.86%.
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%
DLN
- 1D
- -0.13%
- 1M
- 0.05%
- YTD
- 9.95%
- 6M
- 9.49%
- 1Y
- 21.42%
- 3Y*
- 18.12%
- 5Y*
- 12.49%
- 10Y*
- 12.86%
PWV vs. DLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 15.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
DLN WisdomTree U.S. LargeCap Dividend Fund | 9.95% | 15.53% | 19.66% | 9.95% | -3.78% | 25.60% | 4.59% | 28.91% | -5.82% | 18.22% |
Correlation
The correlation between PWV and DLN is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006 | 0.92 |
The correlation between PWV and DLN has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
PWV vs. DLN — Risk / Return Rank
PWV
DLN
PWV vs. DLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and WisdomTree U.S. LargeCap Dividend Fund (DLN). 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 | DLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.43 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 6.86 | 3.53 | +3.33 |
| Martin ratioReturn relative to average drawdown | 22.94 | 14.80 | +8.15 |
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Drawdowns
PWV vs. DLN - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for PWV and DLN.
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Drawdown Indicators
| PWV | DLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -57.84% | +8.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -6.10% | +2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -13.71% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -16.26% | -0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -35.82% | -1.85% |
Current DrawdownCurrent decline from peak | -0.05% | -1.12% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -7.50% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.45% | -0.24% |
Volatility
PWV vs. DLN - Volatility Comparison
Invesco Dynamic Large Cap Value ETF (PWV) has a higher volatility of 3.42% compared to WisdomTree U.S. LargeCap Dividend Fund (DLN) at 2.78%. This indicates that PWV's price experiences larger fluctuations and is considered to be riskier than DLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | DLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.78% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 7.00% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 9.03% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 13.27% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 16.14% | +1.01% |
PWV vs. DLN - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is higher than DLN's 0.28% expense ratio.
Dividends
PWV vs. DLN - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.73%, less than DLN's 1.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLN WisdomTree U.S. LargeCap Dividend Fund | 1.79% | 1.90% | 2.00% | 2.43% | 2.53% | 2.01% | 2.66% | 2.51% | 2.90% | 2.33% | 2.64% | 2.80% |
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
PWV and DLN have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (3.42%) compared to DLN (2.78%). In terms of maximum drawdown, PWV dropped -49.04% vs DLN's -57.84%.
On 10-year performance, DLN leads with 12.86% vs 12.39% for PWV. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DLN has performed better with a 12.86% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DLN is cheaper with a 0.28% expense ratio, compared with 0.58% for PWV.
DLN has the higher dividend yield at 1.79%, compared with 1.73% for PWV.
PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while DLN tracks WisdomTree U.S. LargeCap Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.58% for PWV and 0.28% for DLN.
PWV currently has the higher Sharpe Ratio (2.92 vs 2.39), 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.
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