PDP vs SIZE: Grades, Fees and Holdings Compared

Invesco Dorsey Wright Momentum ETF

PDPDNasdaq

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

15.2%by weight

Expense ratio

SIZE −0.47pt a year

PDP0.62%SIZE0.15%

Avg volume · 30D

PDP 4.2×the volume

PDP22.1KSIZE5.21K

10Y return · a year

PDP +0.5pt

PDP+12.7%SIZE+12.2%

PDP vs SIZE Performance

Nov 2, 2021 – Nov 2, 2026

+32.0%PDP+43.0%SIZE

Expense ratio: PDP 0.62%; SIZE 0.15%, better
Fund size: PDP $1.4B; SIZE $433M
1Y total return: PDP +7.2%; SIZE +14.4%, better
Yield (12M): PDP 0.00%; SIZE 1.36%, better
Holdings: PDP 102; SIZE 518
Avg volume (30D): PDP 22.1K sh, better; SIZE 5.21K sh
NAV per share: PDP $132.96; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for PDP, SIZE, with each pillar’s weight
Pillar	PDP	SIZE
Cost30% weight	F5	A81Higher
Mission25% weight	Not scored	A93
Risk15% weight	F15	B66Higher
Tradability15% weight	B56Higher	F23
Holdings10% weight	A71	A88Higher
Durability5% weight	B58Higher	B57

Rank among US Factor Index funds

How we build Categories ›

Same Category. PDP and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and PDP 26th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 25DXSHDInvesco S&P SmallCap High Dividend Low Volatility ETFScore 31
Rank 26DPDPInvesco Dorsey Wright Momentum ETFScore 29
Rank 26DQFHDPacer S&P 500 Quality FCF High Dividend ETFScore 29

Our read on each fund

ETF.net Research

PDPDInvesco Dorsey Wright Momentum ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

PDP A momentum fund with a chart-reader's pedigree. PDP has followed Dorsey Wright's Technical Leaders Index since 2007, holding roughly 100 US stocks picked for relative strength rather than a textbook factor formula.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

PDP The issuer describes the fund as based on the Dorsey Wright® Technical Leaders Index.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

PDP Live since 2007, so its record runs through multiple market cycles instead of a backtest.
The index screens on Dorsey Wright's relative-strength work, so names earn their spot by price leadership, not by cheapness or size.invesco.com
Concentrated on purpose: about 100 US stocks, so leaders actually move the fund instead of getting diluted across the whole market.
A multi-billion-dollar fund from Invesco, one of the larger ETF shops in the US.

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

PDP At 0.62% a year, it costs more than the typical plain index tracker. That is the toll for a rules set that actively reshuffles toward leadership.
Trades lighter than the index heavyweights in its group, so spreads can run wider, particularly at the open and close.
A concentrated momentum sleeve behaves nothing like a total-market fund such as VT, and distributions land only once or twice a year.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full PDP profile⁠

Full SIZE profile⁠

PDP vs SIZE Holdings

How PDP and SIZE differ

Overlap by weight

15.2%

Shared holdings make up 72.9% of PDP and 15.2% of SIZE.

Level by level

Holdings69 in both15.2%
Sector11 Sectors62.2%
Countryby domicile98.9%
Asset classEquity100%

Sector

Sector weights in PDP and SIZE, widest gap first
Sector	More in PDPMore in SIZE	PDP	SIZE
Technology	PDP +26.3 points	44.2%	17.9%
Industrials	PDP +10.7 points	26.9%	16.2%
Financials	SIZE +10.1 points	6.0%	16.1%
Consumer Discretionary	SIZE +6.3 points	2.7%	9.0%
Utilities	SIZE +4.8 points	0.4%	5.2%
Consumer Staples	SIZE +4.4 points	1.3%	5.7%
Real Estate	SIZE +3.9 points	0.6%	4.5%
Materials	SIZE +3.2 points	1.6%	4.8%
Health Care	SIZE +2.9 points	9.9%	12.8%
Communication	SIZE +2.1 points	1.2%	3.3%
Energy	PDP +0.8 points	5.1%	4.3%

Country, concentration and asset class

Country by domicile

Country weights in PDP and SIZE, widest gap first
Country	More in PDPMore in SIZE	PDP	SIZE
United States	PDP +0.4 points	98.1%	97.7%
United Kingdom	PDP +0.4 points	1.0%	0.6%
Switzerland	PDP +0.2 points	0.8%	0.6%
Ireland	SIZE +0.2 points	0.0%	0.2%
Canada	SIZE +0.2 points	0.0%	0.2%
China	SIZE +0.2 points	0.0%	0.2%
Brazil	SIZE +0.2 points	0.0%	0.2%
Mexico	SIZE +0.1 points	0.0%	0.1%
Australia	SIZE +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

PDP23.4%
SIZE3.7%

Securities held

PDP101
SIZE515

Asset class

PDP: Equity
SIZE: Equity

Holdings

Only in PDP32
In both69
Only in SIZE446

Only in PDP

32 securities, 27.0% of PDP by weight

Guardant Health Inc1.87%
Tenet Healthcare Corp1.73%
US Foods Holding Corp1.24%
Moog Inc1.13%
American Healthcare REIT Inc1.10%
HF Sinclair Corp1.09%
Five Below Inc1.08%
Clean Harbors Inc1.08%
Applied Industrial Technologies Inc1.04%
Rubrik Inc0.96%
Primerica Inc0.90%
Exelixis Inc0.87%
Charles River Laboratories International Inc0.86%
Hecla Mining Co0.81%
Halozyme Therapeutics Inc0.75%
Popular Inc0.73%
Elanco Animal Health Inc0.72%
Ovintiv Inc0.72%
Affiliated Managers Group Inc0.71%
Revvity Inc0.69%
CACI International Inc0.66%
Jones Lang LaSalle Inc0.66%
Dynatrace Inc0.65%
East West Bancorp Inc0.65%
WESCO International Inc0.64%
TD SYNNEX Corp0.64%
Jazz Pharmaceuticals PLC0.62%
Chime Financial Inc0.61%
Tempus AI Inc0.60%
Invesco Ltd0.60%
Stifel Financial Corp0.55%
Invesco Government & Agency Portfolio0.08%

Only in SIZE

446 securities, 84.6% of SIZE by weight

Atlassian Corp Class A0.42%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Everpure Inc Class A0.32%
Best Buy0.32%
Hewlett Packard Enterprise0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Dollar Tree Inc0.28%
Williams Sonoma Inc0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Becton Dickinson0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%
Cheniere Energy0.25%
Veralto0.25%
Royalty Pharma PLC Class A0.24%
Masco0.24%
Willis Towers Watson0.24%
Dollar General Corp0.24%
Packaging Corp of America0.24%
Cognizant Technology Solutions Cla0.24%
PayPal Holdings0.24%
Expeditors International of Washin0.24%
International Paper0.24%
Automatic Data Processing Inc0.24%
Entegris Inc0.24%

Weight gaps

All 69 Holdings in both funds, largest gap first.

Holding weights in PDP and SIZE, widest gap first
Holding	More in PDPMore in SIZE	PDP	SIZE
Apple IncAAPL	PDP +3.08 points	3.26%	0.18%
Targa Resources CorpTRGP	PDP +2.82 points	3.03%	0.21%
Amphenol CorpAPH	PDP +2.76 points	2.99%	0.23%
Lumentum Holdings IncLITE	PDP +2.27 points	2.44%	0.17%
WW Grainger IncGWW	PDP +2.10 points	2.30%	0.20%
Micron Technology IncMU	PDP +1.89 points	2.10%	0.21%
Sandisk CorpSNDK	PDP +1.82 points	1.96%	0.14%
Trane Technologies PLCTT	PDP +1.48 points	1.64%	0.16%
United Rentals IncURI	PDP +1.38 points	1.61%	0.23%
Arista Networks IncANET	PDP +1.29 points	1.50%	0.21%
Natera IncNTRA	PDP +1.28 points	1.68%	0.40%
Robinhood Markets IncHOOD	PDP +1.28 points	1.49%	0.21%
Revolution Medicines IncRVMD	PDP +1.13 points	1.37%	0.24%
Alphabet IncGOOGL	PDP +1.10 points	1.16%	0.06%
Insmed IncINSM	PDP +0.98 points	1.18%	0.20%
Cardinal Health IncCAH	PDP +0.97 points	1.20%	0.23%
Lam Research CorpLRCX	PDP +0.97 points	1.12%	0.15%
Cloudflare IncNET	PDP +0.91 points	1.16%	0.25%
General Electric CoGE	PDP +0.87 points	1.05%	0.18%
Interactive Brokers Group IncIBKR	PDP +0.85 points	1.02%	0.17%
Roivant Sciences LtdROIV	PDP +0.85 points	1.05%	0.20%
Parker-Hannifin CorpPH	PDP +0.83 points	1.02%	0.19%
Dell Technologies IncDELL	PDP +0.79 points	1.11%	0.32%
Valero Energy CorpVLO	PDP +0.76 points	1.04%	0.28%
Marvell Technology IncMRVL	PDP +0.73 points	0.93%	0.20%
Crowdstrike Holdings IncCRWD	PDP +0.73 points	1.02%	0.29%
Marathon Petroleum CorpMPC	PDP +0.72 points	1.03%	0.31%
AMETEK IncAME	PDP +0.71 points	0.91%	0.20%
Newmont CorpNEM	PDP +0.71 points	0.89%	0.18%
Okta IncOKTA	PDP +0.68 points	1.15%	0.47%
Welltower IncWELL	PDP +0.67 points	0.86%	0.19%
Marriott International Inc/MDMAR	PDP +0.64 points	0.84%	0.20%
Palo Alto Networks IncPANW	PDP +0.62 points	0.89%	0.27%
Reliance IncRS	PDP +0.61 points	0.84%	0.23%
Cboe Global Markets IncCBOE	PDP +0.61 points	0.78%	0.17%
Centene CorpCNC	PDP +0.60 points	0.82%	0.22%
DoorDash IncDASH	PDP +0.59 points	0.80%	0.21%
Hilton Worldwide Holdings IncHLT	PDP +0.59 points	0.80%	0.21%
Garmin LtdGRMN	PDP +0.59 points	0.81%	0.22%
Arthur J Gallagher & CoAJG	PDP +0.58 points	0.83%	0.25%
Westinghouse Air Brake Technologies CorpWAB	PDP +0.58 points	0.78%	0.20%
Illumina IncILMN	PDP +0.58 points	0.90%	0.32%
Humana IncHUM	PDP +0.55 points	0.80%	0.25%
Snowflake IncSNOW	PDP +0.54 points	0.87%	0.33%
Bank of New York Mellon Corp/TheBNY	PDP +0.54 points	0.73%	0.19%
Eaton Corp PLCETN	PDP +0.52 points	0.70%	0.18%
Twilio IncTWLO	PDP +0.52 points	0.72%	0.20%
Cisco Systems IncCSCO	PDP +0.49 points	0.64%	0.15%
Occidental Petroleum CorpOXY	PDP +0.49 points	0.68%	0.19%
Phillips 66PSX	PDP +0.47 points	0.75%	0.28%
Johnson Controls International plcJCI	PDP +0.47 points	0.67%	0.20%
General Motors CoGM	PDP +0.47 points	0.69%	0.22%
Simon Property Group IncSPG	PDP +0.45 points	0.65%	0.20%
Fortinet IncFTNT	PDP +0.45 points	0.64%	0.19%
RTX CorpRTX	PDP +0.44 points	0.64%	0.20%
Expedia Group IncEXPE	PDP +0.44 points	0.69%	0.25%
NVIDIA CorpNVDA	PDP +0.44 points	0.58%	0.14%
State Street CorpSTT	PDP +0.42 points	0.63%	0.21%
Merck & Co IncMRK	PDP +0.42 points	0.65%	0.23%
Morgan StanleyMS	PDP +0.39 points	0.56%	0.17%
Skyworks Solutions IncSWKS	PDP +0.38 points	0.60%	0.22%
NetApp IncNTAP	PDP +0.38 points	0.69%	0.31%
F5 IncFFIV	PDP +0.38 points	0.55%	0.17%
Freeport-McMoRan IncFCX	PDP +0.37 points	0.56%	0.19%
Workday IncWDAY	PDP +0.36 points	0.65%	0.29%
Incyte CorpINCY	PDP +0.36 points	0.60%	0.24%
Dexcom IncDXCM	PDP +0.34 points	0.57%	0.23%
Super Micro Computer IncSMCI	PDP +0.32 points	0.53%	0.21%
HP IncHPQ	PDP +0.29 points	0.55%	0.26%

All 101 PDP holdings⁠All 515 SIZE 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.

PDP vs SIZE Cost

Overpaying PDP vs SIZE

$9,042

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

PDP 0.62%
$12,179
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

PDP 0.62%
SIZE 0.15%
Overpaying

Year by year

Year	PDP	SIZE	Overpaying
10	$1,111	$274	$837
20	$4,246	$1,071	$3,175
30	$12,179	$3,137	$9,042

Expense ratio

0.62%PDP
0.15%SIZE, cheaper

SIZE0.15%PDP0.62%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

PDP 29th cheapest of 30 funds

PDP vs SIZE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PDP 0.00%; SIZE 1.36%, better
Payout (12M): PDP None; SIZE $2.47
Last payment: PDP No data; SIZE $0.65
Ex-dividend: PDP No data; SIZE Sep 15, 2026
Paid on: PDP No data; SIZE Sep 18, 2026
Frequency: PDP No data; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PDP21 paymentsAll PDP payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

PDP vs SIZE Risk

Fall from peak · 5 years

PDP
SIZE

Risk facts

VolatilityStd dev, 3 years: PDP 19.5%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: PDP 0.89SIZE 1.06, better
Worst fallMax drawdown, 5 years: PDP −33.9%SIZE −24.0%, better
Market sensitivityBeta, 5 years: PDP 1.17SIZE 0.97; Market = 1

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