DWAS vs JMOM: Grades, Fees and Holdings Compared

Invesco Dorsey Wright SmallCap Momentum ETF

DWASBNasdaq

JPMorgan U.S. Momentum Factor ETF

JMOMANYSE Arca

Overlap

1.4%by weight

Expense ratio

JMOM −0.48pt a year

DWAS0.60%JMOM0.12%

Avg volume · 30D

JMOM 7.7×the volume

DWAS17.4KJMOM133K

5Y return · a year

JMOM +9.5pt

DWAS+1.9%JMOM+11.4%

DWAS vs JMOM Performance

Nov 2, 2021 – Nov 2, 2026

+10.1%DWAS+71.3%JMOM

Expense ratio: DWAS 0.60%; JMOM 0.12%, better
Fund size: DWAS $388M; JMOM $2.69B
1Y total return: DWAS +9.0%; JMOM +15.0%, better
Yield (12M): DWAS 0.03%; JMOM 0.79%, better
Holdings: DWAS 204; JMOM 290
Avg volume (30D): DWAS 17.4K sh; JMOM 133K sh, better
NAV per share: DWAS $104.74; JMOM $79.53
52W range

ETF.net Grade

Pillar letters and Scores for DWAS, JMOM, with each pillar’s weight
Pillar	DWAS	JMOM
Cost30% weight	B64	A100Higher
Mission25% weight	C42	A93Higher
Risk15% weight	D26	A84Higher
Tradability15% weight	A85Higher	B63
Holdings10% weight	A83Higher	A82
Durability5% weight	A90	A93Higher

Rank among US Active Momentum funds

How we build Categories ›

Same Category. DWAS and JMOM are both graded against the same 20 US Active Momentum funds, so their Grades compare head to head.

US Active Momentum⁠

Category · 20 funds

See all 20 ›

JMOM ranks 1st and DWAS 6th of 20 funds in the US Active Momentum Category.

Rank 1AJMOMJPMorgan U.S. Momentum Factor ETFScore 86
Rank 2ASEIMSEI QiM U.S. Large Cap Momentum Active ETFScore 81
Rank 5BFMTMMarketDesk Focused U.S. Momentum ETFScore 66
Rank 6BDWASInvesco Dorsey Wright SmallCap Momentum ETFScore 64
Rank 7BSMOMSymmetry Panoramic Sector Momentum ETFScore 60

Our read on each fund

ETF.net Research

DWASBInvesco Dorsey Wright SmallCap Momentum ETF

JMOMAJPMorgan U.S. Momentum Factor ETF

In short

DWAS Momentum, 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.

JMOM Momentum without the markup. JMOM screens US stocks for strong risk-adjusted momentum rather than raw price runs, and charges 0.12%, a fraction of what the typical fund in its category asks.

Stated mandate

DWAS The fund is designed around the Dorsey Wright SmallCap Technical Leaders Index as its stated index basis.

JMOM The fund seeks domestic equity exposure focused on companies with strong risk-adjusted momentum and potential return enhancement.

Why people hold it

DWAS 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.

JMOM At 0.12%, the lowest fee among its momentum peers: it undercuts VFMO and SPMO (0.13%) and MTUM (0.15%), and sits far below the roughly 0.69% category median.
The screen targets risk-adjusted momentum, not just the biggest price runs, so how bumpy a stock's climb was factors into whether it makes the cut.jpmorgan.com
Holds roughly 300 US names, a wider net than momentum sleeves that concentrate in a few dozen winners, and it pays out quarterly.
Live since 2017 and now a multi-billion-dollar fund, it rates as one of the stronger implementations in the systematic US momentum group.

Worth knowing

DWAS 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.

JMOM Momentum by construction leans into what has already been working, which means the portfolio can be caught on the wrong side when market leadership flips.
The benchmark is J.P. Morgan's own US Momentum Factor Index, so methodology and rebalance rules sit with the issuer rather than an outside index provider.jpmorgan.com
Only moderately traded next to the category's headline tickers, so spreads are worth a look before placing size.

Full DWAS profile⁠

Full JMOM profile⁠

DWAS vs JMOM Holdings

How DWAS and JMOM differ

Overlap by weight

1.4%

Shared holdings make up 3.7% of DWAS and 1.4% of JMOM.

Level by level

Holdings8 in both1.4%
Sector11 Sectors57.2%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in DWAS and JMOM, widest gap first
Sector	More in DWASMore in JMOM	DWAS	JMOM
Technology	JMOM +32.4 points	12.4%	44.8%
Health Care	DWAS +32.0 points	41.7%	9.7%
Financials	DWAS +8.6 points	17.9%	9.3%
Consumer Staples	JMOM +4.1 points	0.9%	5.0%
Utilities	JMOM +2.0 points	0.0%	2.0%
Real Estate	JMOM +1.5 points	0.8%	2.3%
Communication	JMOM +1.3 points	2.6%	3.9%
Energy	DWAS +1.2 points	4.7%	3.5%
Materials	DWAS +1.1 points	2.3%	1.2%
Consumer Discretionary	JMOM +0.8 points	5.8%	6.6%
Industrials	JMOM +0.7 points	11.0%	11.7%

Country, concentration and asset class

Country by domicile

Country weights in DWAS and JMOM, widest gap first
Country	More in DWASMore in JMOM	DWAS	JMOM
United States	JMOM +0.1 points	99.3%	99.4%
Netherlands	DWAS +0.4 points	0.4%	0.0%
United Kingdom	Same weight	0.3%	0.3%
Mexico	JMOM +0.3 points	0.0%	0.3%
Australia	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DWAS13.4%
JMOM18.7%

Securities held

DWAS202
JMOM288

Asset class

DWAS: Equity
JMOM: Equity

Holdings

Only in DWAS194
In both8
Only in JMOM280

Only in DWAS

194 securities, 96.3% of DWAS by weight

Amneal Pharmaceuticals Inc1.75%
Replimune Group Inc1.59%
Oruka Therapeutics Inc1.49%
Acadian Asset Management Inc1.38%
Frequency Electronics Inc1.30%
Alto Neuroscience Inc1.28%
Victory Capital Holdings Inc1.27%
Adaptive Biotechnologies Corp1.27%
DXP Enterprises Inc/TX1.08%
10X Genomics Inc1.01%
Northeast Bank0.99%
Xometry Inc0.97%
Protagonist Therapeutics Inc0.96%
Relay Therapeutics Inc0.95%
Aehr Test Systems0.93%
Perimeter Solutions Inc0.90%
Palvella Therapeutics Inc0.84%
Spyre Therapeutics Inc0.83%
Inhibrx Biosciences Inc0.83%
Twist Bioscience Corp0.81%
CareDx Inc0.77%
PACS Group Inc0.77%
Forum Energy Technologies Inc0.75%
Par Pacific Holdings Inc0.69%
EZCORP Inc0.68%
Glaukos Corp0.63%
Pitney Bowes Inc0.63%
Paysign Inc0.62%
Rhythm Pharmaceuticals Inc0.60%
Preformed Line Products Co0.59%
Xeris Biopharma Holdings Inc0.59%
Iovance Biotherapeutics Inc0.58%
SiriusPoint Ltd0.58%
Aclaris Therapeutics Inc0.58%
Matson Inc0.57%
Tenable Holdings Inc0.56%
Rapid7 Inc0.55%
AMN Healthcare Services Inc0.54%
Delek US Holdings Inc0.54%
Absci Corp0.54%
Nektar Therapeutics0.53%
Axogen Inc0.53%
Calumet Inc0.52%
Via Transportation Inc0.51%
Dianthus Therapeutics Inc0.51%
Porch Group Inc0.51%
Amplitude Inc0.51%
Griffon Corp0.51%
Qualys Inc0.51%
Ligand Pharmaceuticals Inc0.51%

Only in JMOM

280 securities, 98.6% of JMOM by weight

Apple Inc Common Stock2.25%
Advanced Micro Devices2.21%
Microsoft Corp Common2.18%
Johnson & Johnson Common1.95%
Broadcom Inc Common1.90%
NVIDIA Corp Common Stock1.86%
Micron Technology Inc1.82%
Alphabet Inc-Cl A -1.73%
Walmart Inc Common Stock1.42%
Costco Wholesale Corp1.33%
Palantir Technologies Inc1.31%
AbbVie Inc Common Stock1.30%
Eli Lilly and Company1.16%
Merck & Co Inc Common1.06%
Philip Morris1.05%
Palo Alto Networks Inc1.01%
Applied Materials Inc1.00%
Texas Instruments Inc0.97%
Lam Research Corp Common0.96%
General Electric Co0.95%
Intel Corp Common Stock0.94%
Crowdstrike Holdings Inc0.91%
Goldman Sachs Group0.86%
Caterpillar Inc Common0.86%
Rtx Corp0.85%
Gilead Sciences Inc0.79%
Ge Vernova Inc Common0.78%
Analog Devices Inc0.78%
International Business0.75%
Citigroup Inc Common0.73%
Kla Corp Common Stock USD0.73%
Morgan Stanley Dean0.72%
Exxonmobil Holdings Corp0.72%
Amphenol Corp Common0.72%
Welltower Inc0.66%
Qualcomm Inc Common Stock0.66%
Marvell Technology Inc0.64%
Marathon Petroleum Corp0.59%
American Express Co0.58%
Sandisk Corp Common0.58%
Amazon.com Inc Common0.57%
Eaton Corp PLC Common0.57%
Cisco Systems Inc Common0.55%
Altria Group Inc Common0.53%
Tjx Cos Inc/The Common0.52%
Charles Schwab Corp/The0.51%
Dell Technologies Inc0.51%
Western Digital Corp0.50%
Phillips 66 Common Stock0.47%
Mckesson Corp Common0.47%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in DWAS and JMOM, widest gap first
Holding	More in DWASMore in JMOM	DWAS	JMOM
Semtech CorpSMTC	DWAS +0.69 points	0.90%	0.21%
Sanmina CorpSANM	DWAS +0.41 points	0.57%	0.16%
Ryder System IncR	DWAS +0.35 points	0.59%	0.24%
MGIC Investment CorpMTG	DWAS +0.28 points	0.38%	0.10%
RingCentral IncRNG	DWAS +0.20 points	0.45%	0.25%
DigitalOcean Holdings IncDOCN	DWAS +0.17 points	0.36%	0.19%
MSG Knickerbockers CorpMSGS	DWAS +0.13 points	0.31%	0.18%
MSG Rangers CorpMSGR	DWAS +0.05 points	0.11%	0.06%

All 202 DWAS holdings⁠All 288 JMOM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DWAS vs JMOM Cost

Overpaying DWAS vs JMOM

$9,297

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DWAS 0.60%
$11,817
JMOM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

DWAS 0.60%
JMOM 0.12%
Overpaying

Year by year

Year	DWAS	JMOM	Overpaying
10	$1,076	$220	$856
20	$4,116	$859	$3,257
30	$11,817	$2,520	$9,297

Expense ratio

0.60%DWAS
0.12%JMOM, cheaper

JMOM0.12%DWAS0.60%

0.12%3.53%

Middle half of US Active Momentum funds
Median 0.64%

JMOM cheapest of 20 funds

DWAS 8th cheapest of 20 funds

DWAS vs JMOM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DWAS 0.03%; JMOM 0.79%, better
Payout (12M): DWAS $0.04; JMOM $0.62
Last payment: DWAS $0.04; JMOM $0.18
Ex-dividend: DWAS Sep 21, 2026; JMOM Sep 22, 2026
Paid on: DWAS Sep 25, 2026; JMOM Sep 24, 2026
Frequency: DWAS Annual; JMOM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DWASAnnual · 28 paymentsAll DWAS payments⁠

JMOMQuarterly · 36 paymentsAll JMOM payments⁠

DWAS vs JMOM Risk

Fall from peak · 5 years

DWAS
JMOM

Risk facts

VolatilityStd dev, 3 years: DWAS 22.2%JMOM 15.1%, better
Return per unit of riskSharpe ratio, 3 years: DWAS 0.55JMOM 1.37, better
Worst fallMax drawdown, 5 years: DWAS −33.8%JMOM −28.3%, better
Market sensitivityBeta, 5 years: DWAS 1.17JMOM 1.07; Market = 1

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