PWV vs. PWB

Last updated Jun 4, 2026

PWV (Invesco Dynamic Large Cap Value ETF) and PWB (Invesco Dynamic Large Cap Growth ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index. Both are passively managed. Over the past 10 years, PWV returned 11.81%/yr vs 18.47%/yr for PWB. A 0.73 correlation means they provide meaningful diversification when combined. PWV charges 0.58%/yr vs 0.56%/yr for PWB.

Performance

PWV vs. PWB - Performance Comparison

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

Returns By Period

In the year-to-date period, PWV achieves a 12.10% return, which is significantly lower than PWB's 28.68% return. Over the past 10 years, PWV has underperformed PWB with an annualized return of 11.81%, while PWB has yielded a comparatively higher 18.47% 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%

PWB

• 1D: 0.22%
• 1M: 10.94%
• YTD: 28.68%
• 6M: 28.89%
• 1Y: 45.84%
• 3Y*: 34.49%
• 5Y*: 18.36%
• 10Y*: 18.47%

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

PWV vs. PWB - 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%
PWB Invesco Dynamic Large Cap Growth ETF	28.68%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	24.68%	0.88%	30.71%

Correlation

The correlation between PWV and PWB is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.73

Over the past year, the correlation between PWV and PWB has dropped to 0.35 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

PWV vs. PWB — Risk / Return Rank

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

PWV

PWV Risk / Return Rank: 86
PWV Sharpe Ratio Rank: 83
PWV Sortino Ratio Rank: 86
PWV Omega Ratio Rank: 80
PWV Calmar Ratio Rank: 92
PWV Martin Ratio Rank: 90

PWB

PWB Risk / Return Rank: 74
PWB Sharpe Ratio Rank: 76
PWB Sortino Ratio Rank: 70
PWB Omega Ratio Rank: 69
PWB Calmar Ratio Rank: 75
PWB Martin Ratio Rank: 81

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. PWB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Invesco Dynamic Large Cap Growth ETF (PWB). 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	PWB	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.50	+0.24
Sortino ratio Return per unit of downside risk	3.93	3.23	+0.70
Omega ratio Gain probability vs. loss probability	1.48	1.42	+0.06
Calmar ratio Return relative to maximum drawdown	6.28	3.80	+2.47
Martin ratio Return relative to average drawdown	21.16	16.42	+4.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PWV vs. PWB - Sharpe Ratio Comparison

The current PWV Sharpe Ratio is 2.74, which is comparable to the PWB Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of PWV and PWB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PWV	PWB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.50	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.88	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.89	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.61	-0.20

Drawdowns

PWV vs. PWB - Drawdown Comparison

The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum PWB drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for PWV and PWB.

Drawdown Indicators

	PWV	PWB	Difference
Max Drawdown Largest peak-to-trough decline	-49.04%	-52.58%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-12.11%	+8.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-22.10%	+7.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-31.41%	+15.05%
Max Drawdown (10Y) Largest decline over 10 years	-37.67%	-32.36%	-5.31%
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-9.50%	-8.23%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	2.80%	-1.60%

Volatility

PWV vs. PWB - Volatility Comparison

The current volatility for Invesco Dynamic Large Cap Value ETF (PWV) is 2.35%, while Invesco Dynamic Large Cap Growth ETF (PWB) has a volatility of 5.38%. This indicates that PWV experiences smaller price fluctuations and is considered to be less risky than PWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWV	PWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	5.38%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	6.62%	15.00%	-8.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	18.47%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	20.99%	-6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	20.71%	-3.55%

PWV vs. PWB - Expense Ratio Comparison

PWV has a 0.58% expense ratio, which is higher than PWB's 0.56% expense ratio.

Dividends

PWV vs. PWB - Dividend Comparison

PWV's dividend yield for the trailing twelve months is around 1.81%, while PWB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%
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

Can I hold both PWV and PWB in my portfolio?

PWV and PWB have a correlation of 0.35, 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 PWB?

PWB has higher volatility (5.38%) compared to PWV (2.35%). In terms of maximum drawdown, PWV dropped -49.04% vs PWB's -52.58%.

Which ETF is better, PWV or PWB?

On 10-year performance, PWB leads with 18.47% vs 11.81% for PWV. On fees, PWB is cheaper at 0.56% 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.

Which ETF has performed better, PWV or PWB?

Over the 10-year period, PWB has performed better with a 18.47% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWV or PWB?

PWB is cheaper with a 0.56% expense ratio, compared with 0.58% for PWV.

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

PWV has the higher dividend yield at 1.81%, compared with 0.00% for PWB.

What is the main difference between PWV and PWB?

PWV is categorized as Large Cap Value Equities, while PWB is Large Cap Growth Equities. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while PWB tracks Dynamic Large Cap Growth Intellidex Index. Their fees differ too: 0.58% for PWV and 0.56% for PWB.

Which has better risk-adjusted returns?

PWV currently has the higher Sharpe Ratio (2.74 vs 2.50), 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.