Invesco Dorsey Wright SmallCap Momentum ETF
$104.83−1.24 (−1.16%)
- 0.60%
- $399M
- +15.7%
- 0.03%
- 0M sh
- $107.22
- low $88.62high $127.77
The ETF.net DWAS Grade
B
Score 61 out of 100
- 6 of 22
Score 61 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B60 out of 100Rank 9 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.C43 out of 100Rank 4 of 6Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F22 out of 100Rank 19 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A81 out of 100Rank 3 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A84 out of 100Rank 2 of 21Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A90 out of 100Rank 3 of 22
Our read on DWAS
BMomentum, but downmarket. Most factor funds hunt winners inside the S&P 500; DWAS points Dorsey Wright's relative-strength screen at small caps instead, holding roughly 200 of them and doing it since 2012.
The fund is designed around the Dorsey Wright SmallCap Technical Leaders Index as its stated index basis.
Why people hold it
- Runs momentum where the category's heavyweights don't go: small caps. JMOM, VFMO, SPMO and MTUM all screen large-cap universes.
- 0.60% a year, under the median fee for systematic momentum funds.
- Roughly 200 positions, so no single small-cap name steers the whole fund.
- Rules-based and trading since 2012, real history for a strategy that reshuffles toward whatever is leading.
Worth knowing
- Small-cap momentum is a bumpy ride, and this sits among the higher-volatility profiles in its momentum peer group.
- The fee beats the cohort median but towers over large-cap momentum funds priced near 0.12% to 0.15% (VFMO, SPMO, MTUM). The small-cap screen is what you're paying for.
- Trading is thin for the category, so bid-ask spreads can run wider than in the big large-cap momentum names.
DWAS Holdings
- Stocks
- 203
- 13%
- AMRX
Sectors
- Health Care41.1%
- Financials17.5%
- Technology13.1%
- Industrials11.3%
- Consumer Discretionary5.6%
- Energy4.7%
- Communication2.6%
- Materials2.3%
- Consumer Staples0.9%
- Real Estate0.8%
Geography
- United States98.26%
- Puerto Rico0.85%
- Bermuda0.55%
- Netherlands0.34%
DWAS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
DWAS$11,573
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | DWAS |
|---|---|
| Year to date | +9.6% |
| 1 month | −3.5% |
| 3 months | −11.3% |
| 1 year | +15.7% |
| 3 years | +14.2% |
| 5 years | +3.9% |
| 10 years | +11.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | DWAS |
|---|---|---|
| 2026 YTD | +9.6% | |
| 2025 | +6.1% | |
| 2024 | +9.8% | |
| 2023 | +16.9% | |
| 2022 | −18.5% | |
| 2021 | +19.7% | |
| 2020 | +32.3% |
DWAS in the news
DWAS Dividends
- 0.03%
- $0.04
- $0.04 per share
- Annual
Distribution history
DWAS Risk
- 22.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.48
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −33.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
DWAS Cost
0.60%
DWAS0.60%
- The middle half of US Active Momentum funds
- Median 0.63%
8 of the 21 US Active Momentum funds charge less.
Other funds in US Active Momentum
- AQMOMAlpha Architect U.S. Quantitative Momentum ETFExpense ratio 0.28%1 year return +18.0%
- AFMTMMarketDesk Focused U.S. Momentum ETFExpense ratio 0.45%1 year return +40.6%
- BFVCFirst Trust Dorsey Wright Dynamic Focus 5 ETFExpense ratio 0.30%1 year return +21.2%
- CGTNDGoaltender ETFExpense ratio 0.46%1 year return —
- CMFMOMotley Fool Momentum Factor ETFExpense ratio 0.50%1 year return —