PWV vs. VOO
PWV (Invesco Dynamic Large Cap Value ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PWV returned 12.27%/yr vs 15.77%/yr for VOO. Their correlation of 0.84 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.03%/yr for VOO.
Performance
PWV vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 14.78% return, which is significantly higher than VOO's 9.75% return. Over the past 10 years, PWV has underperformed VOO with an annualized return of 12.27%, while VOO has yielded a comparatively higher 15.77% annualized return.
PWV
- 1D
- 1.24%
- 1M
- 1.86%
- YTD
- 14.78%
- 6M
- 14.57%
- 1Y
- 27.50%
- 3Y*
- 21.17%
- 5Y*
- 14.04%
- 10Y*
- 12.27%
VOO
- 1D
- -0.29%
- 1M
- 0.08%
- YTD
- 9.75%
- 6M
- 9.30%
- 1Y
- 26.77%
- 3Y*
- 21.36%
- 5Y*
- 13.58%
- 10Y*
- 15.77%
PWV vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 14.78% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
VOO Vanguard S&P 500 ETF | 9.75% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between PWV and VOO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.84 |
Over the past year, the correlation between PWV and VOO has dropped to 0.46 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.
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Return for Risk
PWV vs. VOO — Risk / Return Rank
PWV
VOO
PWV vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.39 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 6.81 | 3.02 | +3.79 |
| Martin ratioReturn relative to average drawdown | 22.78 | 13.58 | +9.20 |
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Drawdowns
PWV vs. VOO - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PWV and VOO.
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Drawdown Indicators
| PWV | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -33.99% | -15.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -8.90% | +4.85% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -18.69% | +4.38% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -24.52% | +8.16% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -33.99% | -3.68% |
Current DrawdownCurrent decline from peak | -1.08% | -1.74% | +0.66% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -3.68% | -5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.98% | -0.77% |
Volatility
PWV vs. VOO - Volatility Comparison
The current volatility for Invesco Dynamic Large Cap Value ETF (PWV) is 3.30%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.60%. This indicates that PWV experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 4.60% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 9.73% | -2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.55% | 12.39% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 16.90% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.18% | 18.05% | -0.87% |
PWV vs. VOO - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
PWV vs. VOO - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 2.33%, more than VOO's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 2.33% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
PWV and VOO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (4.60%) compared to PWV (3.30%). In terms of maximum drawdown, PWV dropped -49.04% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.77% vs 12.27% for PWV. On fees, VOO is cheaper at 0.03% per year. On volatility, PWV has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.77% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 2.33%, compared with 1.04% for VOO.
PWV is categorized as Large Cap Value Equities, while VOO is S&P 500. PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.58% for PWV and 0.03% for VOO.
PWV currently has the higher Sharpe Ratio (2.90 vs 2.17), 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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