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DWAS vs QMOM

Invesco Dorsey Wright SmallCap Momentum ETF

DWASBNasdaq

Alpha Architect U.S. Quantitative Momentum ETF

QMOMANasdaq

Overlap

Expense ratio

QMOM −0.32pt a year

DWAS0.60%QMOM0.28%

Avg volume · 30D

QMOM 1.2×the volume

DWAS17.4KQMOM20.3K

10Y return · a year

QMOM +0.2pt

DWAS+11.9%QMOM+12.1%

DWAS vs QMOM Performance

Nov 2, 2021 – Nov 2, 2026

+10.1%DWAS+36.0%QMOM

Nov 2, 2021 to Nov 2, 2026. DWAS +10.1%. QMOM +36.0%. Use the arrow keys to read each point.−20%0%20%60%Nov 2021May 2024Nov 2026
Expense ratio
DWAS 0.60%
QMOM 0.28%, better
Fund size
DWAS $388M
QMOM $408M
1Y total return
DWAS +9.0%, better
QMOM +4.0%
Yield (12M)
DWAS 0.03%
QMOM 0.51%, better
Holdings
DWAS 204
QMOM 66
Avg volume (30D)
DWAS 17.4K sh
QMOM 20.3K sh, better
NAV per share
DWAS $104.74
QMOM $69.42
52W range

ETF.net Grade

DWAS: Cost 64, Risk 26, Mission 42, Tradability 85, Holdings 83, Durability 90. QMOM: Cost 86, Risk 38, Mission not scored, Tradability 78, Holdings 77, Durability 88.
Pillar letters and Scores for DWAS, QMOM, with each pillar’s weight
PillarDWASQMOM
Cost30% weightB64A86Higher
Mission25% weightC42Not scored
Risk15% weightD26D38Higher
Tradability15% weightA85HigherA78
Holdings10% weightA83HigherA77
Durability5% weightA90HigherA88

Rank among US Active Momentum funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DWAS and QMOM 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 ›

QMOM ranks 4th and DWAS 6th of 20 funds in the US Active Momentum Category.

  1. Rank 1AJMOMJPMorgan U.S. Momentum Factor ETFScore 86
  2. Rank 2ASEIMSEI QiM U.S. Large Cap Momentum Active ETFScore 81
  3. Rank 3AVFMOVanguard U.S. Momentum Factor ETFScore 78
  4. Rank 4AQMOMAlpha Architect U.S. Quantitative Momentum ETFScore 73
  5. Rank 5BFMTMMarketDesk Focused U.S. Momentum ETFScore 66
  6. Rank 6BDWASInvesco Dorsey Wright SmallCap Momentum ETFScore 64
  7. Rank 7BSMOMSymmetry Panoramic Sector Momentum ETFScore 60

Our read on each fund

ETF.net Research

DWASBInvesco Dorsey Wright SmallCap Momentum ETF

QMOMAAlpha Architect U.S. Quantitative Momentum 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.

QMOM Momentum, undiluted. Where most factor funds spread the bet across hundreds of names, QMOM concentrates on roughly 50 of the strongest-trending U.S. stocks, with a quality screen layered on top.

Stated mandate

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

QMOM QMOM seeks long-term capital appreciation by maintaining consistent exposure to the strongest-momentum stocks in the U.S. market.

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.
  • QMOM At 0.28% a year, it costs well under the typical fee in its systematic momentum peer group.
  • About 50 holdings, not hundreds: a concentrated take on U.S. momentum, with a quality screen applied alongside the trend ranking.alphaarchitect.com
  • Live since 2015, so the strategy has a decade-plus public record, and it ranks in the upper half of its momentum cohort.

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.
  • QMOM Concentration cuts both ways. With about 50 names, results can swing well away from the broad market and from diversified momentum funds.
  • It trades thinly next to giants like MTUM and SPMO, so spreads can run wider, especially in fast markets.
  • Cheap for a quant-run fund, but broad index momentum peers such as JMOM (0.12%) and VFMO (0.13%) are cheaper still.

Full DWAS profile⁠

Full QMOM profile⁠

DWAS vs QMOM 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 QMOM Cost

Overpaying DWAS vs QMOM

$6,062

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

  • DWAS 0.60%

    $11,817

  • QMOM 0.28%

    $5,755

$10,000
30 years

Cost over time

  • DWAS 0.60%
  • QMOM 0.28%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530DWAS $11,817QMOM $5,755

Year by year

YearDWASQMOMOverpaying
10$1,076$509$567
20$4,116$1,976$2,140
30$11,817$5,755$6,062

Expense ratio

  • 0.60%DWAS
  • 0.28%QMOM, cheaper
  • Middle half of US Active Momentum funds
  • Median 0.64%

QMOM 4th cheapest of 20 funds

DWAS 8th cheapest of 20 funds

DWAS vs QMOM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
DWAS 0.03%
QMOM 0.51%, better
Payout (12M)
DWAS $0.04
QMOM $0.35
Last payment
DWAS $0.04
QMOM $0.35
Ex-dividend
DWAS Sep 21, 2026
QMOM Dec 23, 2025
Paid on
DWAS Sep 25, 2026
QMOM Dec 24, 2025
Frequency
DWAS Annual
QMOM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

DWASAnnual · 28 paymentsAll DWAS payments⁠
One bar per payment. 28 payments from 2017 to 2026 YTD. Sep 18, 2017 $0.01; Dec 18, 2017 $0.08; Mar 19, 2018 $0.02; Sep 23, 2019 $0.01; Dec 23, 2019 $0.06; Mar 23, 2020 $0.04; Jun 22, 2020 $0.07; Sep 21, 2020 $0.03; Dec 21, 2020 $0.02; Jun 21, 2021 $0.04; Sep 20, 2021 $0.03; Dec 20, 2021 $0.07; Mar 21, 2022 $0.06; Jun 21, 2022 $0.13; Sep 19, 2022 $0.26; Dec 19, 2022 $0.14; Mar 20, 2023 $0.05; Jun 20, 2023 $0.18; Sep 18, 2023 $0.12; Dec 18, 2023 $0.83; Mar 18, 2024 $0.05; Jun 24, 2024 $0.08; Sep 23, 2024 $0.51; Dec 23, 2024 $0.07; Mar 24, 2025 $0.05; Jun 23, 2025 $0.01; Sep 22, 2025 $0.0053; Sep 21, 2026 $0.04. Use the arrow keys to read each point.$0$12017202020232026YTD
QMOMAnnual · 10 paymentsAll QMOM payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Mar 20, 2017 $0.01; Jun 19, 2017 $0.03; Dec 27, 2018 $0.01; Mar 18, 2019 $0.002; Mar 16, 2020 $0.04; Dec 30, 2021 $0.06; Dec 29, 2022 $0.73; Dec 20, 2023 $0.44; Dec 24, 2024 $0.90; Dec 23, 2025 $0.35. Use the arrow keys to read each point.$0$12017202020232026YTD

DWAS vs QMOM Risk

Fall from peak · 5 years

  • DWAS
  • QMOM
Nov 2, 2021 to Nov 2, 2026. Worst fall: DWAS −33.8% · Apr 2025. Use the arrow keys to read each point.−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
DWAS 22.2%QMOM 20.0%, better
Return per unit of riskSharpe ratio, 3 years
DWAS 0.55QMOM 0.84, better
Worst fallMax drawdown, 5 years
DWAS −33.8%QMOM −26.8%, better
Market sensitivityBeta, 5 years
DWAS 1.17QMOM 1.32

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