PWV vs. SPYV
PWV (Invesco Dynamic Large Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, PWV returned 12.39%/yr vs 12.11%/yr for SPYV. Their correlation of 0.91 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.04%/yr for SPYV.
Performance
PWV vs. SPYV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PWV achieves a 15.98% return, which is significantly higher than SPYV's 7.47% return. Both investments have delivered pretty close results over the past 10 years, with PWV having a 12.39% annualized return and SPYV not far behind at 12.11%.
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%
SPYV
- 1D
- -0.28%
- 1M
- -0.41%
- YTD
- 7.47%
- 6M
- 6.91%
- 1Y
- 20.05%
- 3Y*
- 15.17%
- 5Y*
- 11.21%
- 10Y*
- 12.11%
PWV vs. SPYV - 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% |
SPYV SPDR Portfolio S&P 500 Value ETF | 7.47% | 13.18% | 12.24% | 22.20% | -5.28% | 24.91% | 1.38% | 31.70% | -9.01% | 15.40% |
Correlation
The correlation between PWV and SPYV is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005 | 0.91 |
The correlation between PWV and SPYV shifts across timeframes, from 0.78 (1 year) to 0.92 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PWV vs. SPYV — Risk / Return Rank
PWV
SPYV
PWV vs. SPYV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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 | SPYV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.36 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 6.86 | 3.24 | +3.63 |
| Martin ratioReturn relative to average drawdown | 22.94 | 12.32 | +10.63 |
Loading charts...
Drawdowns
PWV vs. SPYV - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for PWV and SPYV.
Loading charts...
Drawdown Indicators
| PWV | SPYV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -58.45% | +9.41% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -6.22% | +2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -17.54% | +3.23% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -17.89% | +1.53% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -36.89% | -0.78% |
Current DrawdownCurrent decline from peak | -0.05% | -1.24% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -8.70% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.63% | -0.42% |
Volatility
PWV vs. SPYV - Volatility Comparison
Invesco Dynamic Large Cap Value ETF (PWV) has a higher volatility of 3.42% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.90%. This indicates that PWV's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PWV | SPYV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.90% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 7.33% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 9.97% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 14.38% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 16.93% | +0.22% |
PWV vs. SPYV - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is higher than SPYV's 0.04% expense ratio.
Dividends
PWV vs. SPYV - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.73%, which matches SPYV's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPYV SPDR Portfolio S&P 500 Value ETF | 1.73% | 1.77% | 2.29% | 1.75% | 2.22% | 2.10% | 2.38% | 2.25% | 2.97% | 2.77% | 2.39% | 2.53% |
Frequently Asked Questions
PWV and SPYV have a correlation of 0.78, 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 SPYV (2.90%). In terms of maximum drawdown, PWV dropped -49.04% vs SPYV's -58.45%.
On 10-year performance, PWV leads with 12.39% vs 12.11% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.90%. 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 12.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYV is cheaper with a 0.04% expense ratio, compared with 0.58% for PWV.
PWV and SPYV have nearly identical dividend yields, around 1.73%.
PWV is categorized as Large Cap Value Equities, while SPYV is S&P 500. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while SPYV tracks S&P 500 Value Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.58% for PWV and 0.04% for SPYV.
PWV currently has the higher Sharpe Ratio (2.92 vs 2.02), 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.
Find the right allocation for PWV and SPYV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer