PWB vs SCHG: Grades, Fees and Holdings Compared

Invesco Large Cap Growth ETF

PWBCNYSE Arca

Schwab U.S. Large-Cap Growth ETF

SCHGANYSE Arca

Overlap

40.5%by weight

Expense ratio

SCHG −0.51pt a year

PWB0.55%SCHG0.04%

Avg volume · 30D

SCHG 70.9×the volume

PWB107KSCHG7.59M

10Y return · a year

SCHG +1.2pt

PWB+17.3%SCHG+18.5%

PWB vs SCHG Performance

Oct 29, 2021 – Oct 30, 2026

+88.0%PWB+74.3%SCHG

Expense ratio: PWB 0.55%; SCHG 0.04%, better
Fund size: PWB $2.53B; SCHG $61.7B
1Y total return: PWB +13.2%, better; SCHG +3.3%
Yield (12M): PWB 0.00%; SCHG 0.40%, better
Holdings: PWB 52; SCHG 187
Avg volume (30D): PWB 107K sh; SCHG 7.59M sh, better
NAV per share: PWB $147.74; SCHG $34.31
52W range

ETF.net Grade

Pillar letters and Scores for PWB, SCHG, with each pillar’s weight
Pillar	PWB	SCHG
Cost30% weight	F12	A96Higher
Mission25% weight	A84	A92Higher
Risk15% weight	C51Higher	C41
Tradability15% weight	A73	A87Higher
Holdings10% weight	B66Higher	D36
Durability5% weight	B59	A75Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. PWB and SCHG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

SCHG ranks 2nd and PWB 26th of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 2AIMCGiShares Morningstar Mid-Cap Growth ETFScore 78
Rank 2ASCHGSchwab U.S. Large-Cap Growth ETFScore 78
Rank 5AVUGVanguard Morningstar Growth ETFScore 77
Rank 24CGFLWVictoryshares Free Cash Flow Growth ETFScore 53
Rank 26CPWBInvesco Large Cap Growth ETFScore 52
Rank 27CBKLGBNY Mellon US Large Cap Equity Growth ETFScore 51

Our read on each fund

ETF.net Research

PWBCInvesco Large Cap Growth ETF

SCHGASchwab U.S. Large-Cap Growth ETF

In short

PWB Smart beta before it had a name. Since 2005, PWB has run a rules-based Intellidex screen down to about 50 large-cap growth names instead of owning the whole growth index by size.

SCHG Schwab's growth workhorse: roughly 200 large-cap U.S. growth names for four basis points, one of the cheapest tickets in a crowded category. Running since 2009 and among the most heavily traded growth funds around.

Stated mandate

PWB The Fund seeks capital appreciation by tracking the Dynamic Large Cap Growth IntellidexSM Index.

SCHG SCHG seeks to track, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It generally invests in stocks included in that index, which represents large-cap U.S. growth equities.

Why people hold it

PWB Live since 2005, making it one of the longest-running rules-based growth ETFs on the market, with two decades of history through multiple full market cycles.invesco.com
The Intellidex screen lands on roughly 50 names, so it behaves less like a cap-weighted growth index and more like a quant stock-picker in an index wrapper.
A billion-dollar-plus fund with moderate trading activity and one clearly stated job: capital appreciation by tracking the Dynamic Large Cap Growth Intellidex Index.

SCHG 0.04% a year against a growth-category median of 0.18%. Costs sit near the floor of the group.
Hews closely to the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, one of the tighter index implementations in its peer group.
Live since 2009, a multi-billion-dollar fund, and one of the busier tickers in the growth aisle, so entering and exiting is usually cheap and easy.
The benchmark is carved out of a total-market growth index, not S&P 500 membership, so a stock does not need an index committee's nod to qualify.

Worth knowing

PWB At 0.55% a year, it runs roughly three times the 0.18% median for its growth cohort, and the cheapest peers (VUG, SCHG) charge 0.03% to 0.04%.
With about 50 holdings, single names and sector tilts carry real weight, so the ride can look quite different from a broad cap-weighted growth index.
The stated mandate is capital appreciation, not income, and the fund has not been a regular distribution payer.

SCHG Growth-only by design. Value and dividend-heavy corners of the market sit outside the mandate, so the ride differs from a total-market fund.
Large-cap U.S. only, roughly 200 stocks. No mid-caps, no small-caps, nothing overseas.
VUG charges a hair less for a similar broad-growth mandate. A tiny gap, but it is there. Distributions here arrive quarterly.

Full PWB profile⁠

Full SCHG profile⁠

PWB vs SCHG Holdings

How PWB and SCHG differ

Overlap by weight

40.5%

Shared holdings make up 70.3% of PWB and 61.9% of SCHG.

Level by level

Holdings31 in both40.5%
Asset classEquity100%
Countryby domicile99.8%

Sector

No Sector split for PWB.

Country, concentration and asset class

Country by domicile

Country weights in PWB and SCHG, widest gap first
Country	More in PWBMore in SCHG	PWB	SCHG
United States	PWB +0.2 points	100.0%	99.8%
China	SCHG +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

PWB36.1%
SCHG59.9%

Securities held

PWB51
SCHG187

Asset class

PWB: Equity
SCHG: Equity

Holdings

Only in PWB20
In both31
Only in SCHG156

Only in PWB

20 securities, 29.7% of PWB by weight

Intel Corp3.54%
Texas Instruments Inc1.73%
Analog Devices Inc1.67%
Lockheed Martin Corp1.67%
Johnson Controls International plc1.61%
Dell Technologies Inc1.52%
Rockwell Automation Inc1.51%
AMETEK Inc1.50%
Amphenol Corp1.49%
Keysight Technologies Inc1.49%
TJX Cos Inc/The1.46%
Starbucks Corp1.44%
Ross Stores Inc1.39%
Westinghouse Air Brake Technologies Corp1.39%
Monster Beverage Corp1.37%
RTX Corp1.37%
Corning Inc1.26%
Lam Research Corp1.16%
Nebius Group NV1.12%
Invesco Government & Agency Portfolio0.03%

Only in SCHG

156 securities, 38.1% of SCHG by weight

Microsoft9.21%
Alphabet Class C3.14%
Tesla Inc3.09%
UnitedHealth Group1.00%
Ge Aerospace0.88%
Palo Alto Networks0.84%
Crowdstrike Holdings Class A0.72%
Thermo Fisher Scientific0.71%
Linde PLC0.63%
Sandisk0.53%
Walt Disney0.52%
BlackRock0.46%
Deere0.45%
Intuitive Surgical0.43%
Eaton PLC0.41%
S&P Global0.38%
Vertex Pharmaceuticals0.37%
Boeing0.37%
Uber Technologies0.36%
Parker-Hannifin0.32%
Snowflake0.31%
Mckesson Corp0.31%
Servicenow0.31%
Booking Holdings0.31%
Phillips0.30%
Equinix Reit0.28%
Cloudflare Class A0.27%
Trane Technologies PLC0.26%
Cadence Design Systems0.26%
Synopsys0.26%
Intuit0.25%
Datadog Inc Class A0.24%
Constellation Energy Corp0.24%
Marriott International Class A0.23%
Hilton Worldwide Holdings0.22%
Regeneron Pharmaceuticals0.22%
Royal Caribbean Group0.21%
Sherwin Williams0.21%
Moodys0.20%
Robinhood Markets Class A0.20%
Applovin Class A0.19%
Doordash Class A0.18%
Targa Resources0.18%
Kkr and Co Inc0.18%
Te Connectivity PLC0.18%
Transdigm Group0.18%
Natera0.17%
Ww Grainger Inc0.16%
Apollo Global Management0.15%
Baker Hughes Class A0.15%

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in PWB and SCHG, widest gap first
Holding	More in PWBMore in SCHG	PWB	SCHG
NVIDIA CorpNVDA	SCHG +8.73 points	3.37%	12.10%
Apple IncAAPL	SCHG +8.13 points	3.79%	11.92%
Amazon.com IncAMZN	SCHG +2.46 points	3.14%	5.60%
Costco Wholesale CorpCOST	PWB +2.29 points	3.49%	1.20%
Mastercard IncMA	PWB +2.17 points	3.57%	1.40%
Applied Materials IncAMAT	PWB +2.04 points	2.95%	0.91%
Caterpillar IncCAT	PWB +1.87 points	2.68%	0.81%
Visa IncV	PWB +1.69 points	3.59%	1.90%
Advanced Micro Devices IncAMD	PWB +1.46 points	3.97%	2.51%
United Rentals IncURI	PWB +1.44 points	1.64%	0.20%
Lumentum Holdings IncLITE	PWB +1.28 points	1.50%	0.22%
Quanta Services IncPWR	PWB +1.26 points	1.52%	0.26%
Monolithic Power Systems IncMPWR	PWB +1.16 points	1.32%	0.16%
Ciena CorpCIEN	PWB +1.17 points	1.30%	0.13%
Alphabet IncGOOGL	SCHG +1.15 points	2.75%	3.90%
Vertiv Holdings CoVRT	PWB +1.13 points	1.39%	0.26%
Comfort Systems USA IncFIX	PWB +1.09 points	1.22%	0.13%
Fortinet IncFTNT	PWB +1.07 points	1.30%	0.23%
Airbnb IncABNB	PWB +1.07 points	1.26%	0.19%
Teradyne IncTER	PWB +1.03 points	1.16%	0.13%
Broadcom IncAVGO	SCHG +0.95 points	3.25%	4.20%
Howmet Aerospace IncHWM	PWB +0.90 points	1.12%	0.22%
Western Digital CorpWDC	PWB +0.87 points	1.26%	0.39%
Arista Networks IncANET	PWB +0.87 points	1.39%	0.52%
Seagate Technology Holdings PLCSTX	PWB +0.80 points	1.23%	0.43%
Eli Lilly & CoLLY	PWB +0.76 points	3.74%	2.98%
GE Vernova IncGEV	PWB +0.74 points	1.38%	0.64%
KLA CorpKLAC	PWB +0.73 points	1.32%	0.59%
Micron Technology IncMU	PWB +0.51 points	3.37%	2.86%
Palantir Technologies IncPLTR	PWB +0.41 points	1.64%	1.23%
Meta Platforms IncMETA	SCHG +0.06 points	3.68%	3.74%

All 51 PWB holdings⁠All 189 SCHG 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.

PWB vs SCHG Cost

Overpaying PWB vs SCHG

$10,055

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

PWB 0.55%
$10,904
SCHG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

PWB 0.55%
SCHG 0.04%
Overpaying

Year by year

Year	PWB	SCHG	Overpaying
10	$988	$73	$915
20	$3,790	$288	$3,502
30	$10,904	$849	$10,055

Expense ratio

0.55%PWB
0.04%SCHG, cheaper

SCHG0.04%PWB0.55%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

SCHG 2nd cheapest of 35 funds

PWB 31st cheapest of 35 funds

PWB vs SCHG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PWB 0.00%; SCHG 0.40%, better
Payout (12M): PWB None; SCHG $0.14
Last payment: PWB No data; SCHG $0.04
Ex-dividend: PWB No data; SCHG Sep 23, 2026
Paid on: PWB No data; SCHG Sep 28, 2026
Frequency: PWB No data; SCHG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PWB29 paymentsAll PWB payments⁠

SCHGQuarterly · 42 paymentsAll SCHG payments⁠

PWB vs SCHG Risk

Fall from peak · 5 years

PWB
SCHG

Risk facts

VolatilityStd dev, 3 years: PWB 20.3%SCHG 16.5%, better
Return per unit of riskSharpe ratio, 3 years: PWB 1.19, betterSCHG 1.16
Worst fallMax drawdown, 5 years: PWB −31.4%, betterSCHG −34.6%
Market sensitivityBeta, 5 years: PWB 1.22SCHG 1.20; Market = 1

PWB and SCHG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026SCHG
Best ETFs
The cheap large-cap growth pick is the S&P 500 list
Updated Oct 2, 2026SCHG

Popular comparisons

PWBCvsSPYGA
Invesco Large Cap Growth ETF · State Street SPDR Portfolio S&P 500 Growth ETF
Expense ratio
0.55% · 0.04%
Category
SCHGAvsSPYGA
Schwab U.S. Large-Cap Growth ETF · State Street SPDR Portfolio S&P 500 Growth ETF
Expense ratio
0.04% · 0.04%
Category
PWBCvsILCGA
Invesco Large Cap Growth ETF · iShares Morningstar Growth ETF
Expense ratio
0.55% · 0.04%
Category
SCHGAvsILCGA
Schwab U.S. Large-Cap Growth ETF · iShares Morningstar Growth ETF
Expense ratio
0.04% · 0.04%
Category
PWBCvsIMCGA
Invesco Large Cap Growth ETF · iShares Morningstar Mid-Cap Growth ETF
Expense ratio
0.55% · 0.06%
Category
SCHGAvsIMCGA
Schwab U.S. Large-Cap Growth ETF · iShares Morningstar Mid-Cap Growth ETF
Expense ratio
0.04% · 0.06%
Category