VPU vs. PUI

Last updated Jun 5, 2026

VPU (Vanguard Utilities ETF) and PUI (Invesco DWA Utilities Momentum ETF) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while PUI is a Momentum fund tracking the DWA Utilities Technical Leaders Index. Both are passively managed. Over the past 10 years, VPU returned 9.09%/yr vs 8.38%/yr for PUI. Their correlation of 0.91 suggests significant overlap in exposure. VPU charges 0.09%/yr vs 0.60%/yr for PUI.

Performance

VPU vs. PUI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) and Invesco DWA Utilities Momentum ETF (PUI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPU achieves a 3.82% return, which is significantly lower than PUI's 6.59% return. Over the past 10 years, VPU has outperformed PUI with an annualized return of 9.09%, while PUI has yielded a comparatively lower 8.38% annualized return.

VPU

• 1D: 0.62%
• 1M: -4.83%
• YTD: 3.82%
• 6M: 2.00%
• 1Y: 12.13%
• 3Y*: 13.74%
• 5Y*: 9.24%
• 10Y*: 9.09%

PUI

• 1D: 0.28%
• 1M: -4.52%
• YTD: 6.59%
• 6M: 2.93%
• 1Y: 13.83%
• 3Y*: 15.34%
• 5Y*: 8.61%
• 10Y*: 8.38%

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

VPU vs. PUI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	3.82%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
PUI Invesco DWA Utilities Momentum ETF	6.59%	15.25%	23.91%	-4.47%	-2.17%	15.02%	-5.05%	20.95%	6.12%	11.85%

Correlation

The correlation between VPU and PUI 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 27, 2005	0.91

The correlation between VPU and PUI has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

VPU vs. PUI - Sectors Allocation Comparison

Sectors	VPU	PUI
Utilities	99.3%	77.6%
Energy	0.5%	10.5%
Industrials	0.2%	9.8%
Basic Materials	-	-
Communication Services	-	2.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

VPU vs. PUI — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 25
VPU Sharpe Ratio Rank: 25
VPU Sortino Ratio Rank: 24
VPU Omega Ratio Rank: 24
VPU Calmar Ratio Rank: 29
VPU Martin Ratio Rank: 24

PUI

PUI Risk / Return Rank: 25
PUI Sharpe Ratio Rank: 27
PUI Sortino Ratio Rank: 25
PUI Omega Ratio Rank: 24
PUI Calmar Ratio Rank: 26
PUI Martin Ratio Rank: 23

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.

VPU vs. PUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) and Invesco DWA Utilities Momentum ETF (PUI). 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.

	VPU	PUI	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.93	-0.08
Sortino ratio: Return per unit of downside risk	1.24	1.33	-0.10
Omega ratio: Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	1.37	1.26	+0.11
Martin ratio: Return relative to average drawdown	3.06	2.91	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPU vs. PUI - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.86, which is comparable to the PUI Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of VPU and PUI, 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

	VPU	PUI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.93	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.52	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.44	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.45	+0.08

Drawdowns

VPU vs. PUI - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, which is greater than PUI's maximum drawdown of -43.20%. Use the drawdown chart below to compare losses from any high point for VPU and PUI.

Drawdown Indicators

	VPU	PUI	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-43.20%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-11.07%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-15.28%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-23.47%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-35.61%	-0.81%
Current Drawdown Current decline from peak	-6.68%	-5.07%	-1.61%
Average Drawdown Average peak-to-trough decline	-7.78%	-8.46%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	4.76%	-0.79%

Volatility

VPU vs. PUI - Volatility Comparison

Vanguard Utilities ETF (VPU) and Invesco DWA Utilities Momentum ETF (PUI) have volatilities of 5.42% and 5.29%, 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

	VPU	PUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	5.29%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.35%	11.14%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	14.96%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	16.67%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	19.07%	+0.05%

VPU vs. PUI - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than PUI's 0.60% expense ratio.

Dividends

VPU vs. PUI - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.67%, more than PUI's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUI Invesco DWA Utilities Momentum ETF	2.10%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%
VPU Vanguard Utilities ETF	2.67%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and PUI in my portfolio?

VPU and PUI 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, VPU or PUI?

VPU has higher volatility (5.42%) compared to PUI (5.29%). In terms of maximum drawdown, VPU dropped -46.31% vs PUI's -43.20%.

Which ETF is better, VPU or PUI?

On 10-year performance, VPU leads with 9.09% vs 8.38% for PUI. On fees, VPU is cheaper at 0.09% per year. On volatility, PUI has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or PUI?

Over the 10-year period, VPU has performed better with a 9.09% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or PUI?

VPU is cheaper with a 0.09% expense ratio, compared with 0.60% for PUI.

Which ETF pays a higher dividend yield, VPU or PUI?

VPU has the higher dividend yield at 2.67%, compared with 2.10% for PUI.

What is the main difference between VPU and PUI?

VPU is categorized as Utilities Equities, while PUI is Momentum. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while PUI tracks DWA Utilities Technical Leaders Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.09% for VPU and 0.60% for PUI.

Which has better risk-adjusted returns?

PUI currently has the higher Sharpe Ratio (0.93 vs 0.86), 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.