TUSA vs. PWC

Last updated Aug 2, 2026

TUSA (First Trust Total US Market AlphaDEX ETF) and PWC (Invesco Dynamic Market ETF) are both Mid Cap Blend Equities funds - TUSA tracks the NASDAQ AlphaDEX Total US Market Index while PWC tracks the Dynamic Market Intellidex Index. Both are passively managed. Over the past 10 years, TUSA returned 11.18%/yr vs 9.67%/yr for PWC. Their 0.64 correlation means they have sometimes moved together and sometimes differently. TUSA charges 0.70%/yr vs 0.60%/yr for PWC.

Performance

TUSA vs. PWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Total US Market AlphaDEX ETF (TUSA) 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, TUSA achieves a 15.08% return, which is significantly higher than PWC's 10.39% return. Over the past 10 years, TUSA has outperformed PWC with an annualized return of 11.18%, while PWC has yielded a comparatively lower 9.67% annualized return.

TUSA

• 1D: 0.31%
• 1M: 4.00%
• 6M: 8.67%
• YTD: 15.08%
• 1Y: 24.87%
• 3Y*: 15.10%
• 5Y*: 8.13%
• 10Y*: 11.18%
• ALL TIME*: 6.70%

PWC

• 1D: -0.14%
• 1M: 2.91%
• 6M: 5.45%
• YTD: 10.39%
• 1Y: 14.32%
• 3Y*: 12.40%
• 5Y*: 7.27%
• 10Y*: 9.67%
• ALL TIME*: 2.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PWC Invesco Dynamic Market ETF	$49.65K	$64.59K	$60.35K
TUSA First Trust Total US Market AlphaDEX ETF	$146.70K	$150.71K	$191.32K

TUSA vs. PWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUSA First Trust Total US Market AlphaDEX ETF	15.08%	13.64%	11.12%	11.75%	-13.54%	24.79%	14.16%	24.29%	-10.35%	20.07%
PWC Invesco Dynamic Market ETF	10.39%	6.15%	17.46%	19.03%	-16.01%	19.38%	8.52%	13.47%	-6.40%	20.16%

Correlation

The correlation between TUSA and PWC is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Apr 28, 2004	0.64

The correlation between TUSA and PWC shifts across timeframes, from 0.64 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

TUSA vs. PWC - Sectors Allocation Comparison

Sectors	TUSA	PWC
Financial Services	26.3%	16.9%
Industrials	21.1%	14.4%
Technology	15.8%	14.2%
Basic Materials	14.1%	5.5%
Consumer Defensive	10.5%	5.3%
Real Estate	10.5%	5.3%
Utilities	7.5%	5.3%
Communication Services	5.3%	7.3%
Consumer Cyclical	5.3%	7.4%
Healthcare	5.3%	10.9%
Energy	1.9%	5.8%

Return for Risk

TUSA vs. PWC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TUSA

TUSA Risk / Return Rank: 81
TUSA Sharpe Ratio Rank: 81
TUSA Sortino Ratio Rank: 84
TUSA Omega Ratio Rank: 78
TUSA Calmar Ratio Rank: 88
TUSA Martin Ratio Rank: 75

PWC

PWC Risk / Return Rank: 58
PWC Sharpe Ratio Rank: 58
PWC Sortino Ratio Rank: 62
PWC Omega Ratio Rank: 55
PWC Calmar Ratio Rank: 61
PWC Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TUSA vs. PWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Total US Market AlphaDEX ETF (TUSA) 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.

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.

	TUSA	PWC	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.40	+0.47
Sortino ratio: Return per unit of downside risk	2.76	2.09	+0.67
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	3.61	2.15	+1.46
Martin ratio: Return relative to average drawdown	9.38	6.44	+2.95

TUSA vs. PWC - Sharpe Ratio Comparison

The current TUSA Sharpe Ratio is 1.86, which is higher than the PWC Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of TUSA 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.

Drawdowns

TUSA vs. PWC - Drawdown Comparison

The maximum TUSA drawdown since its inception was -56.53%, smaller than the maximum PWC drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for TUSA and PWC.

Drawdown Indicators

	TUSA	PWC	Difference
Max Drawdown Largest peak-to-trough decline	-56.53%	-78.13%	+21.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-6.45%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-15.12%	-2.92%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-26.58%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-39.45%	-3.02%
Current Drawdown Current decline from peak	-0.74%	-1.56%	+0.82%
Average Drawdown Average peak-to-trough decline	-9.81%	-35.96%	+26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.15%	+0.38%

Volatility

TUSA vs. PWC - Volatility Comparison

First Trust Total US Market AlphaDEX ETF (TUSA) and Invesco Dynamic Market ETF (PWC) have volatilities of 3.55% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUSA	PWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	3.43%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	7.30%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	9.97%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	15.90%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.05%	18.73%	+1.32%

TUSA vs. PWC - Expense Ratio Comparison

TUSA has a 0.70% expense ratio, which is higher than PWC's 0.60% expense ratio.

Dividends

TUSA vs. PWC - Dividend Comparison

TUSA's dividend yield for the trailing twelve months is around 1.53%, less than PWC's 1.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWC Invesco Dynamic Market ETF	1.72%	1.77%	1.58%	1.67%	1.51%	0.56%	1.09%	0.95%	1.44%	1.75%	1.35%	1.02%
TUSA First Trust Total US Market AlphaDEX ETF	1.53%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%

Frequently Asked Questions

Can I hold both TUSA and PWC in my portfolio?

TUSA and PWC 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.

Which is riskier, TUSA or PWC?

TUSA has higher volatility (3.55%) compared to PWC (3.43%). In terms of maximum drawdown, TUSA dropped -56.53% vs PWC's -78.13%.

Which ETF is better, TUSA or PWC?

On 10-year performance, TUSA leads with 11.18% vs 9.67% for PWC. On fees, PWC is cheaper at 0.60% per year. On volatility, PWC has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSA or PWC?

Over the 10-year period, TUSA has performed better with a 11.18% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSA or PWC?

PWC is cheaper with a 0.60% expense ratio, compared with 0.70% for TUSA.

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

PWC has the higher dividend yield at 1.72%, compared with 1.53% for TUSA.

What is the main difference between TUSA and PWC?

TUSA tracks NASDAQ AlphaDEX Total US Market Index, while PWC tracks Dynamic Market Intellidex Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for TUSA and 0.60% for PWC.

Which has better risk-adjusted returns?

TUSA currently has the higher Sharpe Ratio (1.86 vs 1.40), 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.