QWLD vs. PFM

Last updated Jun 4, 2026

QWLD (SPDR MSCI World StrategicFactors ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds - QWLD tracks the MSCI World Factor Mix A-Series (USD) while PFM tracks the NASDAQ US Broad Dividend Achievers Index. Both are passively managed. Over the past 10 years, QWLD returned 11.68%/yr vs 11.82%/yr for PFM. A 0.73 correlation means they provide meaningful diversification when combined. QWLD charges 0.30%/yr vs 0.53%/yr for PFM.

Performance

QWLD vs. PFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI World StrategicFactors ETF (QWLD) and Invesco Dividend Achievers™ ETF (PFM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QWLD achieves a 6.55% return, which is significantly lower than PFM's 8.18% return. Both investments have delivered pretty close results over the past 10 years, with QWLD having a 11.68% annualized return and PFM not far ahead at 11.82%.

QWLD

• 1D: -0.56%
• 1M: 2.55%
• YTD: 6.55%
• 6M: 7.32%
• 1Y: 17.09%
• 3Y*: 16.35%
• 5Y*: 9.96%
• 10Y*: 11.68%

PFM

• 1D: -0.23%
• 1M: 3.40%
• YTD: 8.18%
• 6M: 7.73%
• 1Y: 19.65%
• 3Y*: 16.31%
• 5Y*: 10.63%
• 10Y*: 11.82%

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

QWLD vs. PFM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QWLD SPDR MSCI World StrategicFactors ETF	6.55%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%
PFM Invesco Dividend Achievers™ ETF	8.18%	14.00%	16.87%	11.40%	-6.22%	23.08%	9.53%	26.88%	-4.58%	17.65%

Correlation

The correlation between QWLD and PFM is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.73

The correlation between QWLD and PFM shifts across timeframes, from 0.73 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

QWLD vs. PFM - Sectors Allocation Comparison

Sectors	QWLD	PFM
Technology	22.3%	24.7%
Financial Services	13.8%	18.5%
Healthcare	12.6%	14.9%
Communication Services	9.6%	1.1%
Industrials	8.6%	11.1%
Consumer Defensive	7.6%	12.0%
Consumer Cyclical	5.0%	4.0%
Energy	4.5%	4.7%
Utilities	3.7%	4.2%
Basic Materials	2.9%	3.0%
Real Estate	0.8%	2.0%

Return for Risk

QWLD vs. PFM — Risk / Return Rank

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

QWLD

QWLD Risk / Return Rank: 50
QWLD Sharpe Ratio Rank: 51
QWLD Sortino Ratio Rank: 52
QWLD Omega Ratio Rank: 49
QWLD Calmar Ratio Rank: 45
QWLD Martin Ratio Rank: 55

PFM

PFM Risk / Return Rank: 62
PFM Sharpe Ratio Rank: 61
PFM Sortino Ratio Rank: 66
PFM Omega Ratio Rank: 61
PFM Calmar Ratio Rank: 56
PFM Martin Ratio Rank: 63

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.

QWLD vs. PFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World StrategicFactors ETF (QWLD) and Invesco Dividend Achievers™ ETF (PFM). 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.

	QWLD	PFM	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.09	-0.31
Sortino ratio: Return per unit of downside risk	2.55	3.07	-0.52
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.24	2.78	-0.54
Martin ratio: Return relative to average drawdown	9.70	11.28	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QWLD vs. PFM - Sharpe Ratio Comparison

The current QWLD Sharpe Ratio is 1.77, which is comparable to the PFM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of QWLD and PFM, 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

	QWLD	PFM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.09	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.79	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.78	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.53	+0.17

Drawdowns

QWLD vs. PFM - Drawdown Comparison

The maximum QWLD drawdown since its inception was -31.89%, smaller than the maximum PFM drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for QWLD and PFM.

Drawdown Indicators

	QWLD	PFM	Difference
Max Drawdown Largest peak-to-trough decline	-31.89%	-53.21%	+21.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-7.09%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.40%	-14.50%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	-22.84%	-17.81%	-5.03%
Max Drawdown (10Y) Largest decline over 10 years	-31.89%	-32.22%	+0.33%
Current Drawdown Current decline from peak	-0.56%	-0.23%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.71%	-6.94%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	1.75%	+0.02%

Volatility

QWLD vs. PFM - Volatility Comparison

SPDR MSCI World StrategicFactors ETF (QWLD) has a higher volatility of 2.26% compared to Invesco Dividend Achievers™ ETF (PFM) at 2.04%. This indicates that QWLD's price experiences larger fluctuations and is considered to be riskier than PFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QWLD	PFM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.04%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	7.13%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	9.47%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.53%	13.54%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	15.21%	-0.03%

QWLD vs. PFM - Expense Ratio Comparison

QWLD has a 0.30% expense ratio, which is lower than PFM's 0.53% expense ratio.

Dividends

QWLD vs. PFM - Dividend Comparison

QWLD's dividend yield for the trailing twelve months is around 1.84%, more than PFM's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFM Invesco Dividend Achievers™ ETF	1.33%	1.41%	1.58%	1.86%	1.95%	1.69%	1.92%	1.94%	2.27%	1.70%	2.56%	2.36%
QWLD SPDR MSCI World StrategicFactors ETF	1.84%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both QWLD and PFM in my portfolio?

QWLD and PFM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QWLD or PFM?

QWLD has higher volatility (2.26%) compared to PFM (2.04%). In terms of maximum drawdown, QWLD dropped -31.89% vs PFM's -53.21%.

Which ETF is better, QWLD or PFM?

On 10-year performance, PFM leads with 11.82% vs 11.68% for QWLD. On fees, QWLD is cheaper at 0.30% per year. On volatility, PFM has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QWLD or PFM?

Over the 10-year period, PFM has performed better with a 11.82% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QWLD or PFM?

QWLD is cheaper with a 0.30% expense ratio, compared with 0.53% for PFM.

Which ETF pays a higher dividend yield, QWLD or PFM?

QWLD has the higher dividend yield at 1.84%, compared with 1.33% for PFM.

What is the main difference between QWLD and PFM?

QWLD tracks MSCI World Factor Mix A-Series (USD), while PFM tracks NASDAQ US Broad Dividend Achievers Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for QWLD and 0.53% for PFM.

Which has better risk-adjusted returns?

PFM currently has the higher Sharpe Ratio (2.09 vs 1.77), 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.