PWV vs. VBIL

Last updated Jun 4, 2026

PWV (Invesco Dynamic Large Cap Value ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, PWV returned 25.33% vs 3.93% for VBIL. At a correlation of -0.01, they often move in opposite directions. PWV charges 0.58%/yr vs 0.07%/yr for VBIL.

Performance

PWV vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Value ETF (PWV) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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 higher than VBIL's 1.50% 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%

VBIL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.50%
• 6M: 1.80%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PWV vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
PWV Invesco Dynamic Large Cap Value ETF	12.10%	13.21%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.50%	3.71%

Correlation

The correlation between PWV and VBIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	-0.01

Return for Risk

PWV vs. VBIL — 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

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 99
VBIL Martin Ratio Rank: 100

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. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	2.74	15.17	-12.43
Sortino ratio: Return per unit of downside risk	3.93	39.11	-35.18
Omega ratio: Gain probability vs. loss probability	1.48	21.10	-19.62
Calmar ratio: Return relative to maximum drawdown	6.28	42.61	-36.34
Martin ratio: Return relative to average drawdown	21.16	532.54	-511.37
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. VBIL - Sharpe Ratio Comparison

The current PWV Sharpe Ratio is 2.74, which is lower than the VBIL Sharpe Ratio of 15.17. The chart below compares the historical Sharpe Ratios of PWV and VBIL, 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	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	15.17	-12.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	13.44	-13.02

Drawdowns

PWV vs. VBIL - Drawdown Comparison

The maximum PWV drawdown since its inception was -49.04%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for PWV and VBIL.

Drawdown Indicators

	PWV	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-49.04%	-0.09%	-48.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-0.09%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.67%	—	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-9.50%	-0.00%	-9.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.01%	+1.19%

Volatility

PWV vs. VBIL - Volatility Comparison

Invesco Dynamic Large Cap Value ETF (PWV) has a higher volatility of 2.35% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that PWV's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWV	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.06%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	6.62%	0.16%	+6.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	0.26%	+9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	0.30%	+14.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	0.30%	+16.86%

PWV vs. VBIL - Expense Ratio Comparison

PWV has a 0.58% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

PWV vs. VBIL - Dividend Comparison

PWV's dividend yield for the trailing twelve months is around 1.81%, less than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PWV and VBIL in my portfolio?

PWV and VBIL have a correlation of -0.08, 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 VBIL?

PWV has higher volatility (2.35%) compared to VBIL (0.06%). In terms of maximum drawdown, PWV dropped -49.04% vs VBIL's -0.09%.

Which ETF is better, PWV or VBIL?

On 1-year performance, PWV leads with 25.33% vs 3.93% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWV or VBIL?

Over the 1-year period, PWV has performed better with a 25.33% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWV or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.58% for PWV.

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

VBIL has the higher dividend yield at 3.65%, compared with 1.81% for PWV.

What is the main difference between PWV and VBIL?

PWV is categorized as Large Cap Value Equities, while VBIL is Ultrashort Bond. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.58% for PWV and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.17 vs 2.74), 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.