PWV vs. FTA
PWV (Invesco Dynamic Large Cap Value ETF) and FTA (First Trust Large Cap Value AlphaDEX Fund) are both Large Cap Value Equities funds - PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX) while FTA tracks the NASDAQ AlphaDEX Large Cap Value Index. Both are passively managed. Over the past 10 years, PWV returned 12.39%/yr vs 11.64%/yr for FTA. Their correlation of 0.87 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.60%/yr for FTA.
Performance
PWV vs. FTA - 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 FTA's 12.09% return. Over the past 10 years, PWV has outperformed FTA with an annualized return of 12.39%, while FTA has yielded a comparatively lower 11.64% annualized 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%
FTA
- 1D
- 0.75%
- 1M
- 1.31%
- YTD
- 12.09%
- 6M
- 11.69%
- 1Y
- 25.97%
- 3Y*
- 16.39%
- 5Y*
- 10.15%
- 10Y*
- 11.64%
PWV vs. FTA - 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% |
FTA First Trust Large Cap Value AlphaDEX Fund | 12.09% | 14.94% | 10.13% | 10.08% | -3.73% | 29.32% | -0.38% | 24.73% | -13.63% | 18.47% |
Correlation
The correlation between PWV and FTA is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
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 May 11, 2007 | 0.87 |
The correlation between PWV and FTA has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
PWV vs. FTA — Risk / Return Rank
PWV
FTA
PWV vs. FTA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and First Trust Large Cap Value AlphaDEX Fund (FTA). 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 | FTA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.39 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 6.86 | 5.08 | +1.78 |
| Martin ratioReturn relative to average drawdown | 22.94 | 15.98 | +6.96 |
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Drawdowns
PWV vs. FTA - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum FTA drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for PWV and FTA.
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Drawdown Indicators
| PWV | FTA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -62.45% | +13.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -5.13% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -18.73% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -19.80% | +3.44% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -44.97% | +7.30% |
Current DrawdownCurrent decline from peak | -0.05% | -1.27% | +1.22% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -9.01% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.63% | -0.42% |
Volatility
PWV vs. FTA - Volatility Comparison
Invesco Dynamic Large Cap Value ETF (PWV) and First Trust Large Cap Value AlphaDEX Fund (FTA) have volatilities of 3.42% and 3.39%, 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.
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Volatility by Period
| PWV | FTA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 3.39% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 7.68% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 11.74% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 16.26% | -1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 19.91% | -2.76% |
PWV vs. FTA - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is lower than FTA's 0.60% expense ratio.
Dividends
PWV vs. FTA - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.73%, more than FTA's 1.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTA First Trust Large Cap Value AlphaDEX Fund | 1.66% | 1.89% | 2.02% | 2.10% | 2.15% | 1.54% | 2.03% | 1.88% | 2.28% | 1.53% | 1.56% | 2.05% |
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 FTA have a correlation of 0.84, 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 FTA (3.39%). In terms of maximum drawdown, PWV dropped -49.04% vs FTA's -62.45%.
On 10-year performance, PWV leads with 12.39% vs 11.64% for FTA. 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.
Over the 10-year period, PWV has performed better with a 12.39% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PWV is cheaper with a 0.58% expense ratio, compared with 0.60% for FTA.
PWV has the higher dividend yield at 1.73%, compared with 1.66% for FTA.
PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while FTA tracks NASDAQ AlphaDEX Large Cap Value Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.58% for PWV and 0.60% for FTA.
PWV currently has the higher Sharpe Ratio (2.92 vs 2.22), 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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