VONV vs. PWV
VONV (Vanguard Russell 1000 Value ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - VONV tracks the Russell 1000 Value Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, VONV returned 11.72%/yr vs 12.39%/yr for PWV. Their correlation of 0.92 suggests significant overlap in exposure. VONV charges 0.06%/yr vs 0.58%/yr for PWV.
Performance
VONV vs. PWV - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VONV having a 15.40% return and PWV slightly higher at 15.98%. Over the past 10 years, VONV has underperformed PWV with an annualized return of 11.72%, while PWV has yielded a comparatively higher 12.39% annualized return.
VONV
- 1D
- -1.08%
- 1M
- 2.29%
- YTD
- 15.40%
- 6M
- 14.70%
- 1Y
- 28.31%
- 3Y*
- 18.58%
- 5Y*
- 11.00%
- 10Y*
- 11.72%
PWV
- 1D
- 1.05%
- 1M
- 2.93%
- YTD
- 15.98%
- 6M
- 15.58%
- 1Y
- 27.69%
- 3Y*
- 21.59%
- 5Y*
- 14.11%
- 10Y*
- 12.39%
VONV vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VONV Vanguard Russell 1000 Value ETF | 15.40% | 15.81% | 14.28% | 11.40% | -7.65% | 25.28% | 2.71% | 26.48% | -8.45% | 13.59% |
PWV Invesco Dynamic Large Cap Value ETF | 15.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between VONV and PWV is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010 | 0.92 |
The correlation between VONV and PWV shifts across timeframes, from 0.75 (1 year) to 0.93 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
VONV vs. PWV — Risk / Return Rank
VONV
PWV
VONV vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Value ETF (VONV) 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.
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.
| VONV | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.52 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.17 | 6.86 | -2.69 |
| Martin ratioReturn relative to average drawdown | 17.35 | 22.94 | -5.59 |
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Drawdowns
VONV vs. PWV - Drawdown Comparison
The maximum VONV drawdown since its inception was -38.21%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for VONV and PWV.
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Drawdown Indicators
| VONV | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.21% | -49.04% | +10.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.81% | -4.05% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -15.70% | -14.31% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.87% | -16.36% | -2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -38.21% | -37.67% | -0.54% |
Current DrawdownCurrent decline from peak | -1.15% | -0.05% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -3.90% | -9.48% | +5.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 1.21% | +0.43% |
Volatility
VONV vs. PWV - Volatility Comparison
Vanguard Russell 1000 Value ETF (VONV) has a higher volatility of 4.13% compared to Invesco Dynamic Large Cap Value ETF (PWV) at 3.42%. This indicates that VONV'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.
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Volatility by Period
| VONV | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 3.42% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 8.70% | 7.04% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.30% | 9.57% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.81% | 14.33% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.23% | 17.15% | +0.08% |
VONV vs. PWV - Expense Ratio Comparison
VONV has a 0.06% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
VONV vs. PWV - Dividend Comparison
VONV's dividend yield for the trailing twelve months is around 1.63%, less than PWV's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 1.73% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
VONV Vanguard Russell 1000 Value ETF | 1.63% | 1.82% | 1.97% | 2.10% | 2.22% | 1.67% | 2.25% | 2.30% | 2.56% | 2.18% | 2.39% | 2.38% |
Frequently Asked Questions
VONV and PWV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VONV has higher volatility (4.13%) compared to PWV (3.42%). In terms of maximum drawdown, VONV dropped -38.21% vs PWV's -49.04%.
On 10-year performance, PWV leads with 12.39% vs 11.72% for VONV. On fees, VONV is cheaper at 0.06% per year. On volatility, PWV has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWV has performed better with a 12.39% return vs 11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VONV is cheaper with a 0.06% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.73%, compared with 1.63% for VONV.
VONV tracks Russell 1000 Value Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.06% for VONV and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.92 vs 2.52), 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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