PWV vs VYM
Invesco Large Cap Value ETF vs Vanguard High Dividend Yield ETF
Which is better, PWV or VYM?
Nearly the same fund. VYM costs less.
VYM has a lower expense ratio. PWV led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. VYM is less concentrated, with 25.9% of the fund in its ten largest positions against 34.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PWV | VYM |
|---|---|---|
| Expense Ratio | 0.55% | 0.04%Best |
| AUM | $2.4B | $81.6B |
| Dividend Yield | 1.62% | 2.22% |
| Holdings | 53 | 613 |
| YTD Return | +23.48%Best | +13.15% |
| 1Y Return | +29.58%Best | +17.82% |
| 3Y Return (annualized) | +21.75%Best | +17.99% |
| 5Y Return (annualized) | +15.28%Best | +12.16% |
| Volatility (annualized) | 14.9% | 14.5%Best |
| Max Drawdown | -50.7%Best | -58.8% |
| $10,000 over 5 years | $20,360Best | $17,750 |
| Top 10 Weight | 34.4% | 25.9%Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Mar 3, 2005 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Nov 16, 2006 to Sep 10, 2026 (19.8 years).
PWV vs VYM growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.8 years both funds cover.
PWV vs VYM Performance
Invesco Large Cap Value ETF (PWV) is an ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year PWV returned +29.58% while VYM returned +17.82%. Year to date, PWV is up 23.48% versus a gain of 13.15% for VYM.
Over three years, PWV compounded at +21.75% per year against +17.99% for VYM; over five years the annualized figures are +15.28% and +12.16% respectively. Across the full 20-year window we track, PWV has the edge at +8.19% annualized vs +6.91%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PWV has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.5% for VYM. 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 -50.7% for PWV and -58.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PWV charges 0.55% per year while VYM charges 0.04%. On a $10,000 position that is $55 vs $4 annually, a gap of $51 per year that compounds over a long holding period. On income, PWV currently yields 1.62% against 2.22% for VYM.
Holdings Overlap
93.9% of PWV's money is in holdings VYM also owns. 32.9% of VYM's money is in holdings PWV also owns.
Most of PWV is already inside VYM. Owning both mostly buys the same companies twice.
46 positions in common, counted across the 51 positions we hold weights for in PWV and 603 in VYM, against full books of 53 and 613.
What only one of them owns
Measured across the 51 and 603 positions we hold weights for.
VYM holds 522 positions PWV does not, 64.5% of the fund.
Largest: AVGO 7.29%, CAT 2.01%, CSCO 1.93%, HD 1.46%, PG 1.42%
Top Shared Holdings
| Stock | Weight in PWV | Weight in VYM | Difference |
|---|---|---|---|
| JPMJpmorgan Chase & Co. | 3.59% | 3.38% | 0.21% |
| JNJJohnson & Johnson | 3.41% | 2.54% | 0.87% |
| XOMExxon Mobil Corp. | 3.17% | 2.36% | 0.81% |
| ABBVAbbvie Inc. | 3.55% | 1.85% | 1.70% |
| BACBank Of America Corp. | 3.71% | 1.56% | 2.15% |
| UNHUnitedhealth Group Inc. | 3.34% | 1.56% | 1.78% |
| KOCoca Cola Co. | 3.32% | 1.31% | 2.01% |
| MRKMerck & Co. Inc. | 3.30% | 1.32% | 1.98% |
| WFCWells Fargo & Co. | 3.52% | 1.05% | 2.47% |
| CVXChevron Corp. | 3.18% | 1.28% | 1.90% |
93.9% of PWV is already inside VYM.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PWV or VYM?
PWV has an expense ratio of 0.55% while VYM charges 0.04%. VYM is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, PWV or VYM?
Over the past year PWV returned +29.58% vs +17.82% for VYM, so PWV leads on 1-year performance. Over the longest common window we track (20 years), PWV annualized +8.19% vs +6.91% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PWV or VYM?
PWV has been the more volatile fund at 14.9% annualized versus 14.5% for VYM. Worst drawdown: PWV -50.7% vs VYM -58.8%.
Should I hold both PWV and VYM?
PWV and VYM have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between PWV and VYM?
93.9% of PWV's money is in holdings VYM also owns. 32.9% of VYM's is in holdings PWV also owns. They hold 46 positions in common, counted across the 51 positions we hold weights for in PWV and 603 in VYM.
Which pays a higher dividend, PWV or VYM?
PWV yields 1.62% while VYM yields 2.22%, so VYM currently pays the higher dividend yield.
Is VYM better than PWV?
VYM has a lower expense ratio. PWV led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. VYM is less concentrated, with 25.9% of the fund in its ten largest positions against 34.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.