PWV vs. HDV
PWV (Invesco Dynamic Large Cap Value ETF) and HDV (iShares Core High Dividend ETF) are both Large Cap Value Equities funds - PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX) while HDV tracks the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, PWV returned 11.81%/yr vs 9.26%/yr for HDV. Their correlation of 0.87 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.08%/yr for HDV.
Performance
PWV vs. HDV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PWV having a 12.10% return and HDV slightly higher at 12.69%. Over the past 10 years, PWV has outperformed HDV with an annualized return of 11.81%, while HDV has yielded a comparatively lower 9.26% annualized return.
PWV
- 1D
- -0.14%
- 1M
- 2.43%
- YTD
- 12.10%
- 6M
- 12.38%
- 1Y
- 25.33%
- 3Y*
- 20.79%
- 5Y*
- 12.50%
- 10Y*
- 11.81%
HDV
- 1D
- 0.37%
- 1M
- 0.29%
- YTD
- 12.69%
- 6M
- 12.16%
- 1Y
- 20.35%
- 3Y*
- 14.94%
- 5Y*
- 10.32%
- 10Y*
- 9.26%
PWV vs. HDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 12.10% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
HDV iShares Core High Dividend ETF | 12.69% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
Correlation
The correlation between PWV and HDV is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011 | 0.87 |
The correlation between PWV and HDV shifts across timeframes, from 0.69 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PWV vs. HDV — Risk / Return Rank
PWV
HDV
PWV vs. HDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and iShares Core High Dividend ETF (HDV). 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.
| PWV | HDV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.74 | 2.10 | +0.64 |
Sortino ratioReturn per unit of downside risk | 3.93 | 3.11 | +0.82 |
Omega ratioGain probability vs. loss probability | 1.48 | 1.36 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 6.28 | 3.95 | +2.33 |
Martin ratioReturn relative to average drawdown | 21.16 | 11.02 | +10.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PWV | HDV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.74 | 2.10 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.81 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.59 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.72 | -0.31 |
Drawdowns
PWV vs. HDV - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for PWV and HDV.
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Drawdown Indicators
| PWV | HDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -37.04% | -12.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -5.18% | +1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -10.49% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -15.42% | -0.94% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -37.04% | -0.63% |
Current DrawdownCurrent decline from peak | -0.51% | -2.54% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -9.50% | -3.09% | -6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.85% | -0.65% |
Volatility
PWV vs. HDV - Volatility Comparison
The current volatility for Invesco Dynamic Large Cap Value ETF (PWV) is 2.35%, while iShares Core High Dividend ETF (HDV) has a volatility of 3.19%. This indicates that PWV experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | HDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 3.19% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 6.62% | 7.56% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.31% | 9.73% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.35% | 12.82% | +1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 15.73% | +1.43% |
PWV vs. HDV - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is higher than HDV's 0.08% expense ratio.
Dividends
PWV vs. HDV - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.81%, less than HDV's 2.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 2.91% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
PWV Invesco Dynamic Large Cap Value ETF | 1.81% | 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 HDV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDV has higher volatility (3.19%) compared to PWV (2.35%). In terms of maximum drawdown, PWV dropped -49.04% vs HDV's -37.04%.
On 10-year performance, PWV leads with 11.81% vs 9.26% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, PWV has been the lower-risk option at 2.35%. 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 11.81% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 0.58% for PWV.
HDV has the higher dividend yield at 2.91%, compared with 1.81% for PWV.
PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.58% for PWV and 0.08% for HDV.
PWV currently has the higher Sharpe Ratio (2.74 vs 2.10), 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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