VLLU vs. PWV

Last updated Jun 3, 2026

VLLU (Harbor AlphaEdge Large Cap Value ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - VLLU tracks the Harbor AlphaEdge Large Cap Value Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past year, VLLU returned 26.23% vs 25.33% for PWV. Their correlation of 0.86 suggests significant overlap in exposure. VLLU charges 0.25%/yr vs 0.58%/yr for PWV.

Performance

VLLU vs. PWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor AlphaEdge Large Cap Value ETF (VLLU) and Invesco Dynamic Large Cap Value ETF (PWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VLLU achieves a 11.14% return, which is significantly lower than PWV's 12.10% return.

VLLU

• 1D: 0.59%
• 1M: 5.60%
• YTD: 11.14%
• 6M: 14.80%
• 1Y: 26.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

VLLU vs. PWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VLLU Harbor AlphaEdge Large Cap Value ETF	11.14%	17.35%	2.68%
PWV Invesco Dynamic Large Cap Value ETF	12.10%	19.65%	0.45%

Correlation

The correlation between VLLU and PWV is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.86

The correlation between VLLU and PWV has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

VLLU vs. PWV — Risk / Return Rank

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

VLLU

VLLU Risk / Return Rank: 74
VLLU Sharpe Ratio Rank: 71
VLLU Sortino Ratio Rank: 76
VLLU Omega Ratio Rank: 68
VLLU Calmar Ratio Rank: 80
VLLU Martin Ratio Rank: 78

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

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.

VLLU vs. PWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor AlphaEdge Large Cap Value ETF (VLLU) and Invesco Dynamic Large Cap Value ETF (PWV). 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.

	VLLU	PWV	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.74	-0.35
Sortino ratio Return per unit of downside risk	3.48	3.93	-0.45
Omega ratio Gain probability vs. loss probability	1.42	1.48	-0.06
Calmar ratio Return relative to maximum drawdown	4.20	6.28	-2.07
Martin ratio Return relative to average drawdown	15.41	21.16	-5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLLU vs. PWV - Sharpe Ratio Comparison

The current VLLU Sharpe Ratio is 2.39, which is comparable to the PWV Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of VLLU and PWV, 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

	VLLU	PWV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.74	-0.35
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	1.24	0.41	+0.83

Drawdowns

VLLU vs. PWV - Drawdown Comparison

The maximum VLLU drawdown since its inception was -16.62%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for VLLU and PWV.

Drawdown Indicators

	VLLU	PWV	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-49.04%	+32.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-4.05%	-2.28%
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	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-2.45%	-9.50%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.20%	+0.53%

Volatility

VLLU vs. PWV - Volatility Comparison

Harbor AlphaEdge Large Cap Value ETF (VLLU) has a higher volatility of 3.66% compared to Invesco Dynamic Large Cap Value ETF (PWV) at 2.35%. This indicates that VLLU's price experiences larger fluctuations and is considered to be riskier than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLLU	PWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.35%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	6.62%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	9.31%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	14.35%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	17.16%	-2.30%

VLLU vs. PWV - Expense Ratio Comparison

VLLU has a 0.25% expense ratio, which is lower than PWV's 0.58% expense ratio.

Dividends

VLLU vs. PWV - Dividend Comparison

VLLU's dividend yield for the trailing twelve months is around 1.37%, less than PWV's 1.81% 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%
VLLU Harbor AlphaEdge Large Cap Value ETF	1.37%	1.52%	0.90%	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 VLLU and PWV in my portfolio?

VLLU and PWV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VLLU or PWV?

VLLU has higher volatility (3.66%) compared to PWV (2.35%). In terms of maximum drawdown, VLLU dropped -16.62% vs PWV's -49.04%.

Which ETF is better, VLLU or PWV?

On 1-year performance, VLLU leads with 26.23% vs 25.33% for PWV. On fees, VLLU is cheaper at 0.25% per year. On volatility, PWV has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLLU or PWV?

Over the 1-year period, VLLU has performed better with a 26.23% return vs 25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLLU or PWV?

VLLU is cheaper with a 0.25% expense ratio, compared with 0.58% for PWV.

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

PWV has the higher dividend yield at 1.81%, compared with 1.37% for VLLU.

What is the main difference between VLLU and PWV?

VLLU tracks Harbor AlphaEdge Large Cap Value Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: Harbor and Invesco. Their fees differ too: 0.25% for VLLU and 0.58% for PWV.

Which has better risk-adjusted returns?

PWV currently has the higher Sharpe Ratio (2.74 vs 2.39), 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.