DWAS vs VFMO: Grades, Fees and Holdings Compared

Invesco Dorsey Wright SmallCap Momentum ETF

DWASBNasdaq

Vanguard U.S. Momentum Factor ETF

VFMOACboe

Overlap

13.5%by weight

Expense ratio

VFMO −0.47pt a year

DWAS0.60%VFMO0.13%

Avg volume · 30D

VFMO 3.4×the volume

DWAS17.4KVFMO58.6K

5Y return · a year

VFMO +8.0pt

DWAS+1.9%VFMO+9.9%

DWAS vs VFMO Performance

Nov 3, 2021 – Nov 3, 2026

+9.9%DWAS+60.6%VFMO

Expense ratio: DWAS 0.60%; VFMO 0.13%, better
Fund size: DWAS $379M; VFMO $1.9B
1Y total return: DWAS +11.0%, better; VFMO +10.6%
Yield (12M): DWAS 0.03%; VFMO 0.63%, better
Holdings: DWAS 204; VFMO 702
Avg volume (30D): DWAS 17.4K sh; VFMO 58.6K sh, better
NAV per share: DWAS $102.54; VFMO $212.51
52W range

ETF.net Grade

Pillar letters and Scores for DWAS, VFMO, with each pillar’s weight
Pillar	DWAS	VFMO
Cost30% weight	B64	A95Higher
Mission25% weight	C41Higher	D39
Risk15% weight	D28	C52Higher
Tradability15% weight	A82Higher	B60
Holdings10% weight	A83	A89Higher
Durability5% weight	A90	A93Higher

Rank among US Active Momentum funds

How we build Categories ›

Same Category. DWAS and VFMO 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 ›

VFMO ranks 3rd 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 3AVFMOVanguard U.S. Momentum Factor ETFScore 78
Rank 4AQMOMAlpha Architect U.S. Quantitative Momentum ETFScore 73
Rank 5BFMTMMarketDesk Focused U.S. Momentum ETFScore 66
Rank 6BDWASInvesco Dorsey Wright SmallCap Momentum ETFScore 64
Rank 7BSMOMSymmetry Panoramic Sector Momentum ETFScore 58

Our read on each fund

ETF.net Research

DWASBInvesco Dorsey Wright SmallCap Momentum ETF

VFMOAVanguard 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.

VFMO Vanguard doing active. A quant team buys the strongest recent performers across the entire US market, roughly 600 names deep, at 0.13% a year for a job that usually costs several times more.

Stated mandate

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

VFMO The Fund seeks long-term capital appreciation by investing in U.S. stocks with strong recent performance selected through the advisor’s quantitative process.

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.

VFMO Costs 0.13% a year, sitting with the cheapest systematic momentum funds (JMOM 0.12%, SPMO 0.13%, MTUM 0.15%) and well under the group's typical fee.
Hunts winners across the full Russell 3000, small and mid caps included, and spreads the bet over about 600 stocks rather than a short list of mega caps.vanguard.com
Actively run through Vanguard's quantitative process: the Russell 3000 is the yardstick, not a rulebook the fund has to copy on index-review day.vanguard.com
A multi-billion-dollar fund paying quarterly, and one of the stronger implementations in the US momentum group on cost and portfolio construction.

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.

VFMO Momentum by design owns what has already run. When market leadership flips, this style tends to take the turn harder than a plain total-market fund.
No index to hide behind. Results ride on Vanguard's model, and the portfolio can look very different from the Russell 3000 in either direction.
Trading activity is moderate rather than category-leading, which shows up in spreads on large orders more than small ones.

Full DWAS profile⁠

Full VFMO profile⁠

DWAS vs VFMO Holdings

How DWAS and VFMO differ

Overlap by weight

13.5%

Shared holdings make up 65.0% of DWAS and 13.5% of VFMO.

Level by level

Holdings122 in both13.5%
Sector11 Sectors63.3%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in DWAS and VFMO, widest gap first
Sector	Gap	DWAS	VFMO
Health Care	DWAS +24.0 points	42.9%	18.9%
Technology	VFMO +15.0 points	12.8%	27.8%
Financials	DWAS +11.9 points	17.5%	5.5%
Industrials	VFMO +9.0 points	10.2%	19.2%
Energy	VFMO +7.1 points	5.1%	12.2%
Materials	VFMO +3.2 points	1.8%	5.0%
Consumer Staples	VFMO +1.2 points	0.9%	2.1%
Communication	VFMO +1.0 points	2.6%	3.6%
Real Estate	DWAS +0.8 points	0.8%	0.0%
Utilities	VFMO +0.1 points	0.0%	0.1%
Consumer Discretionary	VFMO +0.1 points	5.5%	5.6%

Country, concentration and asset class

Country by domicile

Country weights in DWAS and VFMO, widest gap first
Country	More in DWASMore in VFMO	Gap	DWAS	VFMO
United States		VFMO +0.7 points	99.3%	100.0%
Other countries (2)		DWAS +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

DWAS13.7%
VFMO9.7%

Securities held

DWAS202
VFMO698

Asset class

DWAS: Equity
VFMO: Equity

Holdings

Only in DWAS80
In both122
Only in VFMO576

Only in DWAS

80 securities, 35.0% of DWAS by weight

Victory Capital Holdings Inc1.34%
Northeast Bank1.07%
Aehr Test Systems0.89%
EZCORP Inc0.71%
Rhythm Pharmaceuticals Inc0.62%
SiriusPoint Ltd0.60%
Xeris Biopharma Holdings Inc0.58%
Tenable Holdings Inc0.54%
Griffon Corp0.53%
Via Transportation Inc0.53%
Porch Group Inc0.51%
Amplitude Inc0.51%
Fossil Group Inc0.51%
Interface Inc0.50%
Rapid7 Inc0.50%
Bank7 Corp0.50%
OFG Bancorp0.49%
Capital Bancorp Inc0.48%
WisdomTree Inc0.48%
Customers Bancorp Inc0.48%
PagerDuty Inc0.48%
Qualys Inc0.48%
IDT Corp0.47%
Cheesecake Factory Inc/The0.47%
Rocky Brands Inc0.47%
First Business Financial Services Inc0.47%
Frontdoor Inc0.47%
Outfront Media Inc0.46%
Everforth Inc0.46%
Sight Sciences Inc0.46%
Chefs' Warehouse Inc/The0.46%
Metropolitan Bank Holding Corp0.45%
IBEX Holdings Ltd0.45%
NIQ Global Intelligence Plc0.44%
Commvault Systems Inc0.44%
PCB Bancorp0.44%
HeartFlow Inc0.43%
CNO Financial Group Inc0.43%
Gitlab Inc0.43%
HBT Financial Inc0.42%
Hamilton Beach Brands Holding Co0.42%
QCR Holdings Inc0.42%
AtriCure Inc0.42%
Monarch Casino & Resort Inc0.41%
Red Violet Inc0.41%
Aveanna Healthcare Holdings Inc0.41%
Twin Disc Inc0.41%
Nuvectis Pharma Inc0.40%
Hancock Whitney Corp0.40%
Hyperliquid Strategies Inc0.40%

Only in VFMO

576 securities, 86.3% of VFMO by weight

SLBBH11421.24%
Advanced Micro Devices Inc1.07%
Marathon Petroleum Corp0.99%
Intel Corp0.95%
Valero Energy Corp0.94%
Dell Technologies Inc0.94%
Phillips 660.92%
Fortinet Inc0.91%
Micron Technology Inc0.88%
Applied Materials Inc0.88%
Marvell Technology Inc0.87%
KLA Corp0.80%
Lam Research Corp0.79%
Sandisk Corp0.78%
Crowdstrike Holdings Inc0.77%
Western Digital Corp0.75%
Datadog Inc0.73%
Johnson & Johnson0.73%
Merck & Co Inc0.71%
Palo Alto Networks Inc0.71%
GE Vernova Inc0.66%
EOG Resources Inc0.66%
Caterpillar Inc0.64%
Bank of New York Mellon Corp/The0.64%
Ross Stores Inc0.63%
Corning Inc0.63%
FedEx Corp0.61%
Moderna Inc0.60%
ExxonMobil Holdings Corp0.58%
Vertiv Holdings Co0.57%
CSX Corp0.57%
CVS Health Corp0.56%
Quanta Services Inc0.54%
Monster Beverage Corp0.52%
Eli Lilly & Co0.52%
Travelers Cos Inc/The0.49%
Cisco Systems Inc0.49%
Howmet Aerospace Inc0.48%
Texas Instruments Inc0.47%
SLB Ltd0.46%
Apple Inc0.45%
Analog Devices Inc0.45%
Snowflake Inc0.43%
Southern Copper Corp0.43%
Amgen Inc0.43%
Airbnb Inc0.43%
Union Pacific Corp0.41%
Cloudflare Inc0.40%
Williams Cos Inc/The0.40%
Millicom International Cellular SA0.39%

Weight gaps

The 100 widest of 122 Holdings in both funds.

Holding weights in DWAS and VFMO, widest gap first
Holding	Gap	DWAS	VFMO
Replimune Group IncREPL	DWAS +1.71 points	1.80%	0.09%
Amneal Pharmaceuticals IncAMRX	DWAS +1.66 points	1.70%	0.04%
Oruka Therapeutics IncORKA	DWAS +1.33 points	1.50%	0.17%
Acadian Asset Management IncAAMI	DWAS +1.26 points	1.39%	0.13%
Alto Neuroscience IncANRO	DWAS +1.20 points	1.28%	0.07%
Frequency Electronics IncFEIM	DWAS +1.14 points	1.29%	0.15%
Adaptive Biotechnologies CorpADPT	DWAS +1.13 points	1.22%	0.09%
DXP Enterprises Inc/TXDXPE	DWAS +1.06 points	1.10%	0.04%
Xometry IncXMTR	DWAS +0.94 points	1.01%	0.07%
Perimeter Solutions IncPRM	DWAS +0.87 points	0.92%	0.05%
Relay Therapeutics IncRLAY	DWAS +0.74 points	0.91%	0.17%
Inhibrx Biosciences IncINBX	DWAS +0.72 points	0.85%	0.13%
Palvella Therapeutics IncPVLA	DWAS +0.72 points	0.86%	0.14%
Semtech CorpSMTC	DWAS +0.71 points	0.89%	0.18%
Protagonist Therapeutics IncPTGX	DWAS +0.68 points	0.94%	0.26%
Spyre Therapeutics IncSYRE	DWAS +0.66 points	0.84%	0.18%
CareDx IncCDNA	DWAS +0.66 points	0.78%	0.12%
10X Genomics IncTXG	DWAS +0.64 points	0.91%	0.27%
Pitney Bowes IncPBI	DWAS +0.60 points	0.63%	0.03%
PACS Group IncPACS	DWAS +0.59 points	0.75%	0.16%
Paysign IncPAYS	DWAS +0.57 points	0.65%	0.08%
Matson IncMATX	DWAS +0.56 points	0.57%	0.01%
Forum Energy Technologies IncFET	DWAS +0.55 points	0.70%	0.15%
Preformed Line Products CoPLPC	DWAS +0.52 points	0.58%	0.06%
Par Pacific Holdings IncPARR	DWAS +0.49 points	0.66%	0.17%
Twist Bioscience CorpTWST	DWAS +0.49 points	0.70%	0.21%
Arcutis Biotherapeutics IncARQT	DWAS +0.49 points	0.50%	0.01%
Glaukos CorpGKOS	DWAS +0.48 points	0.65%	0.17%
Aclaris Therapeutics IncACRS	DWAS +0.47 points	0.56%	0.09%
AMN Healthcare Services IncAMN	DWAS +0.47 points	0.54%	0.07%
Puma Biotechnology IncPBYI	DWAS +0.46 points	0.47%	<0.01%
Nektar TherapeuticsNKTR	DWAS +0.46 points	0.52%	0.06%
Xencor IncXNCR	DWAS +0.44 points	0.48%	0.05%
Hinge Health IncHNGE	DWAS +0.43 points	0.51%	0.08%
Ligand Pharmaceuticals IncLGND	DWAS +0.43 points	0.49%	0.06%
Pediatrix Medical Group IncMD	DWAS +0.43 points	0.51%	0.08%
Ryder System IncR	DWAS +0.43 points	0.61%	0.18%
Zymeworks IncZYME	DWAS +0.41 points	0.45%	0.04%
Bankwell Financial Group IncBWFG	DWAS +0.41 points	0.45%	0.04%
Zenas Biopharma IncZBIO	DWAS +0.41 points	0.48%	0.07%
Dianthus Therapeutics IncDNTH	DWAS +0.40 points	0.52%	0.12%
Axogen IncAXGN	DWAS +0.40 points	0.54%	0.14%
Manitowoc Co Inc/TheMTW	DWAS +0.41 points	0.43%	0.02%
Haemonetics CorpHAE	DWAS +0.40 points	0.45%	0.05%
Universal Insurance Holdings IncUVE	DWAS +0.40 points	0.48%	0.08%
Nurix Therapeutics IncNRIX	DWAS +0.40 points	0.42%	0.02%
Fortrea Holdings IncFTRE	DWAS +0.39 points	0.47%	0.07%
AZZ IncAZZ	DWAS +0.39 points	0.42%	0.03%
Insperity IncNSP	DWAS +0.39 points	0.43%	0.04%
Immix Biopharma IncIMMX	DWAS +0.39 points	0.49%	0.10%
Karat Packaging IncKRT	DWAS +0.38 points	0.43%	0.05%
First BanCorp/Puerto RicoFBP	DWAS +0.38 points	0.40%	0.02%
LifeStance Health Group IncLFST	DWAS +0.37 points	0.43%	0.06%
Seneca Foods CorpSENEA	DWAS +0.37 points	0.43%	0.06%
SmartFinancial IncSMBK	DWAS +0.37 points	0.39%	0.02%
Liquidity Services IncLQDT	DWAS +0.36 points	0.42%	0.06%
United Fire Group IncUFCS	DWAS +0.36 points	0.42%	0.06%
Digi International IncDGII	DWAS +0.36 points	0.40%	0.04%
First Advantage CorpFA	DWAS +0.36 points	0.43%	0.07%
Marcus Corp/TheMCS	DWAS +0.35 points	0.39%	0.04%
Bread Financial Holdings IncBFH	DWAS +0.36 points	0.41%	0.05%
Delek US Holdings IncDK	DWAS +0.36 points	0.53%	0.17%
Merchants Bancorp/INMBIN	DWAS +0.34 points	0.42%	0.07%
CVR Energy IncCVI	DWAS +0.34 points	0.42%	0.08%
Compass Diversified HoldingsCODI	DWAS +0.34 points	0.43%	0.09%
Neogen CorpNEOG	DWAS +0.34 points	0.37%	0.03%
Calumet IncCLMT	DWAS +0.34 points	0.50%	0.16%
Carter Bankshares IncCARE	DWAS +0.32 points	0.38%	0.06%
4D Molecular Therapeutics IncFDMT	DWAS +0.33 points	0.40%	0.07%
Oscar Health IncOSCR	DWAS +0.32 points	0.39%	0.07%
NeoGenomics IncNEO	DWAS +0.31 points	0.37%	0.06%
Absci CorpABSI	DWAS +0.32 points	0.48%	0.16%
Sanmina CorpSANM	DWAS +0.31 points	0.56%	0.25%
Mercury General CorpMCY	DWAS +0.32 points	0.42%	0.10%
Sagimet Biosciences IncSGMT	DWAS +0.31 points	0.35%	0.04%
PubMatic IncPUBM	DWAS +0.30 points	0.36%	0.06%
Design Therapeutics IncDSGN	DWAS +0.30 points	0.35%	0.05%
Life Time Group Holdings IncLTH	DWAS +0.30 points	0.44%	0.14%
RingCentral IncRNG	DWAS +0.30 points	0.44%	0.14%
Immunome IncIMNM	DWAS +0.29 points	0.34%	0.05%
Watts Water Technologies IncWTS	DWAS +0.29 points	0.41%	0.12%
Nuvation Bio IncNUVB	DWAS +0.29 points	0.32%	0.03%
Nutex Health IncNUTX	DWAS +0.28 points	0.36%	0.08%
Rapport Therapeutics IncRAPP	DWAS +0.29 points	0.40%	0.11%
CryoPort IncCYRX	DWAS +0.28 points	0.39%	0.10%
Enliven Therapeutics IncELVN	DWAS +0.28 points	0.39%	0.11%
Eton Pharmaceuticals IncETON	DWAS +0.27 points	0.43%	0.16%
Starling Oncology IncSTLN	DWAS +0.28 points	0.38%	0.10%
Pulse Biosciences IncPLSE	DWAS +0.27 points	0.41%	0.14%
Guardian Pharmacy Services IncGRDN	DWAS +0.27 points	0.36%	0.09%
Myers Industries IncMYE	DWAS +0.27 points	0.38%	0.11%
Ooma IncOOMA	DWAS +0.26 points	0.34%	0.08%
Proto Labs IncPRLB	DWAS +0.26 points	0.31%	0.05%
Iovance Biotherapeutics IncIOVA	DWAS +0.26 points	0.57%	0.31%
Achieve Life Sciences IncACHV	DWAS +0.26 points	0.34%	0.08%
CECO Environmental CorpCECO	DWAS +0.25 points	0.28%	0.03%
MeiraGTx Holdings plcMGTX	DWAS +0.25 points	0.28%	0.03%
Encore Capital Group IncECPG	DWAS +0.25 points	0.41%	0.16%
Sphere Entertainment CoSPHR	DWAS +0.25 points	0.37%	0.12%
National HealthCare CorpNHC	DWAS +0.23 points	0.38%	0.15%

All 202 DWAS holdings⁠All 697 VFMO 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 VFMO Cost

Overpaying DWAS vs VFMO

$9,091

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

DWAS 0.60%
$11,817
VFMO 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

DWAS 0.60%
VFMO 0.13%
Overpaying

Year by year

Year	DWAS	VFMO	Overpaying
10	$1,076	$238	$838
20	$4,116	$930	$3,186
30	$11,817	$2,726	$9,091

Expense ratio

0.60%DWAS
0.13%VFMO, cheaper

VFMO0.13%DWAS0.60%

0.12%3.53%

Middle half of US Active Momentum funds
Median 0.64%

VFMO 2nd cheapest of 20 funds

DWAS 8th cheapest of 20 funds

DWAS vs VFMO Dividends

Last 12 months to Nov 3, 2026

Yield (12M): DWAS 0.03%; VFMO 0.63%, better
Payout (12M): DWAS $0.04; VFMO $1.36
Last payment: DWAS $0.04; VFMO $0.31
Ex-dividend: DWAS Sep 21, 2026; VFMO Sep 23, 2026
Paid on: DWAS Sep 25, 2026; VFMO Sep 25, 2026
Frequency: DWAS Annual; VFMO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DWASAnnual · 28 paymentsAll DWAS payments⁠

VFMOQuarterly · 34 paymentsAll VFMO payments⁠

DWAS vs VFMO Risk

Fall from peak · 5 years

DWAS
VFMO

Risk facts

VolatilityStd dev, 3 years: DWAS 22.2%VFMO 19.6%, better
Return per unit of riskSharpe ratio, 3 years: DWAS 0.55VFMO 1.12, better
Worst fallMax drawdown, 5 years: DWAS −33.8%VFMO −25.8%, better
Market sensitivityBeta, 5 years: DWAS 1.17VFMO 1.32; Market = 1

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