DWAS vs SPY
Invesco Dorsey Wright SmallCap Momentum ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DWAS delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DWAS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $434M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 202 | 505 | |
| YTD Return | +22.64% | +13.79% | |
| 1Y Return | +38.85% | +23.66% | |
| 3Y Return (annualized) | +14.45% | +21.40% | |
| 5Y Return (annualized) | +7.38% | +13.37% | |
| Volatility (annualized) | 21.3% | 15.3% | |
| Max Drawdown | -46.2% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 19, 2012 | Jan 22, 1993 |
DWAS vs SPY Performance
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DWAS returned +38.85% while SPY returned +23.66%. Year to date, DWAS is up 22.64% versus a gain of 13.79% for SPY.
Over three years, DWAS compounded at +14.45% per year against +21.40% for SPY; over five years the annualized figures are +7.38% and +13.37% respectively. Across the full 14-year window we track, DWAS has the edge at +12.13% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DWAS has been the more volatile fund, with annualized monthly volatility of 21.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.2% for DWAS and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DWAS charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, DWAS currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
DWAS and SPY share 3 holdings out of 699 unique holdings combined, representing a 0.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DWAS or SPY?
DWAS has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, DWAS or SPY?
Over the past year DWAS returned +38.85% vs +23.66% for SPY, so DWAS leads on 1-year performance. Over the longest common window we track (14 years), DWAS annualized +12.13% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DWAS or SPY?
DWAS has been the more volatile fund at 21.3% annualized versus 15.3% for SPY. Worst drawdown: DWAS -46.2% vs SPY -56.5%.
Should I hold both DWAS and SPY?
DWAS and SPY have a monthly-return correlation of 0.78, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DWAS and SPY?
DWAS and SPY share 3 common holdings with a 0.5% weight overlap. Combined, they hold 699 unique securities.
Which pays a higher dividend, DWAS or SPY?
DWAS yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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