TSME vs. PWC

Last updated Jun 4, 2026

TSME (Thrivent Small-Mid Cap ESG ETF) and PWC (Invesco Dynamic Market ETF) are both Mid Cap Blend Equities funds. TSME is actively managed, while PWC is passively managed. Over the past 3 years, TSME returned 21.67%/yr vs 13.71%/yr for PWC. A 0.78 correlation means they provide meaningful diversification when combined. TSME charges 0.65%/yr vs 0.60%/yr for PWC.

Performance

TSME vs. PWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small-Mid Cap ESG ETF (TSME) and Invesco Dynamic Market ETF (PWC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSME achieves a 16.53% return, which is significantly higher than PWC's 5.85% return.

TSME

• 1D: -0.35%
• 1M: 3.31%
• YTD: 16.53%
• 6M: 17.22%
• 1Y: 36.32%
• 3Y*: 21.67%
• 5Y*: —
• 10Y*: —

PWC

• 1D: -0.13%
• 1M: 0.31%
• YTD: 5.85%
• 6M: 6.04%
• 1Y: 8.50%
• 3Y*: 13.71%
• 5Y*: 6.10%
• 10Y*: 9.52%

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

TSME vs. PWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSME Thrivent Small-Mid Cap ESG ETF	16.53%	13.79%	18.98%	17.82%	2.41%
PWC Invesco Dynamic Market ETF	5.85%	6.15%	17.46%	19.03%	3.98%

Correlation

The correlation between TSME and PWC is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.78

The correlation between TSME and PWC shifts across timeframes, from 0.62 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

TSME vs. PWC - Sectors Allocation Comparison

Sectors	TSME	PWC
Industrials	29.0%	10.3%
Technology	21.2%	26.1%
Consumer Cyclical	19.9%	11.5%
Financial Services	8.6%	14.0%
Healthcare	7.6%	12.7%
Consumer Defensive	4.9%	6.8%
Basic Materials	4.6%	3.5%
Utilities	2.5%	2.7%
Energy	1.8%	5.5%
Communication Services	-	7.0%
Real Estate	-	5.6%

Return for Risk

TSME vs. PWC — Risk / Return Rank

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

TSME

TSME Risk / Return Rank: 50
TSME Sharpe Ratio Rank: 50
TSME Sortino Ratio Rank: 51
TSME Omega Ratio Rank: 48
TSME Calmar Ratio Rank: 51
TSME Martin Ratio Rank: 50

PWC

PWC Risk / Return Rank: 25
PWC Sharpe Ratio Rank: 25
PWC Sortino Ratio Rank: 24
PWC Omega Ratio Rank: 22
PWC Calmar Ratio Rank: 28
PWC Martin Ratio Rank: 28

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.

TSME vs. PWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Small-Mid Cap ESG ETF (TSME) and Invesco Dynamic Market ETF (PWC). 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.

	TSME	PWC	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.88	+0.86
Sortino ratio: Return per unit of downside risk	2.46	1.33	+1.14
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio: Return relative to maximum drawdown	2.48	1.32	+1.16
Martin ratio: Return relative to average drawdown	8.50	4.06	+4.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSME vs. PWC - Sharpe Ratio Comparison

The current TSME Sharpe Ratio is 1.74, which is higher than the PWC Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TSME and PWC, 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

	TSME	PWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.88	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.11	+0.78

Drawdowns

TSME vs. PWC - Drawdown Comparison

The maximum TSME drawdown since its inception was -26.59%, smaller than the maximum PWC drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for TSME and PWC.

Drawdown Indicators

	TSME	PWC	Difference
Max Drawdown Largest peak-to-trough decline	-26.59%	-78.13%	+51.54%
Max Drawdown (1Y) Largest decline over 1 year	-14.72%	-6.45%	-8.27%
Max Drawdown (3Y) Largest decline over 3 years	-26.59%	-15.12%	-11.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.45%	—
Current Drawdown Current decline from peak	-0.35%	-2.37%	+2.02%
Average Drawdown Average peak-to-trough decline	-5.19%	-36.21%	+31.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	2.10%	+2.19%

Volatility

TSME vs. PWC - Volatility Comparison

Thrivent Small-Mid Cap ESG ETF (TSME) has a higher volatility of 7.58% compared to Invesco Dynamic Market ETF (PWC) at 2.14%. This indicates that TSME's price experiences larger fluctuations and is considered to be riskier than PWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSME	PWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	2.14%	+5.44%
Volatility (6M) Calculated over the trailing 6-month period	17.07%	7.19%	+9.88%
Volatility (1Y) Calculated over the trailing 1-year period	21.13%	9.75%	+11.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	16.07%	+5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	18.81%	+2.87%

TSME vs. PWC - Expense Ratio Comparison

TSME has a 0.65% expense ratio, which is higher than PWC's 0.60% expense ratio.

Dividends

TSME vs. PWC - Dividend Comparison

TSME's dividend yield for the trailing twelve months is around 0.14%, less than PWC's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWC Invesco Dynamic Market ETF	1.68%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%
TSME Thrivent Small-Mid Cap ESG ETF	0.14%	0.17%	0.38%	0.53%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSME and PWC in my portfolio?

TSME and PWC have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSME or PWC?

TSME has higher volatility (7.58%) compared to PWC (2.14%). In terms of maximum drawdown, TSME dropped -26.59% vs PWC's -78.13%.

Which ETF is better, TSME or PWC?

On 3-year performance, TSME leads with 21.67% vs 13.71% for PWC. On fees, PWC is cheaper at 0.60% per year. On volatility, PWC has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSME or PWC?

Over the 3-year period, TSME has performed better with a 21.67% return vs 13.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSME or PWC?

PWC is cheaper with a 0.60% expense ratio, compared with 0.65% for TSME.

Which ETF pays a higher dividend yield, TSME or PWC?

PWC has the higher dividend yield at 1.68%, compared with 0.14% for TSME.

What is the main difference between TSME and PWC?

They also come from different issuers: Thrivent and Invesco. Their fees differ too: 0.65% for TSME and 0.60% for PWC.

Which has better risk-adjusted returns?

TSME currently has the higher Sharpe Ratio (1.74 vs 0.88), 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.