Invesco DWA SmallCap Momentum ETF (DWAS) Performance
DWAS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.8% since Dec 31, 2025
- 1 year
- +10.4% total return
- 5 years
- +3.0% a year
- 10 years
- +11.4% a year
- Since first price
- +10.9% a year since 2012
DWAS trailing returns vs SPY, QQQ, AGG
| Period | DWAS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.2% | −5.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −11.1% | −11.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −7.6% | −7.6% | +7.8% | +8.4% | −1.5% |
| YTD | +6.8% | +6.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +10.4% | +10.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +52.6%+15.1%/yr | +49.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +15.7%+3.0%/yr | +12.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +194.8%+11.4%/yr | +182.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJul 19, 2012 | +337.4%+10.9%/yr | +312.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DWAS vs SPY
From Jul 19, 2012: DWAS grew to $43,740, SPY to $70,522.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DWAS returns by calendar year
9 of 13 full years positive. Best 2013 (+50.1%), worst 2022 (−18.5%). 2026 is year to date.
DWAS annual returns table
| Year | DWAS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.8% | −20.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +6.1% | −28.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.8% | −12.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +16.9% | −17.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −18.5% | −26.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +19.8% | −16.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +32.3% | −46.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +31.4% | −12.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −10.7% | −32.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +20.8% | −6.7% | +21.7% | +32.7% | +3.6% |
| 2016 | +8.0% | −16.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −3.5% | −15.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −1.6% | −19.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +50.1% | −6.5% | +32.3% | +36.6% | −2.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DWAS largest drawdowns
Now 18.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −46.2% | Mar 18, 2020 | Aug 4, 2020 | 27 days | 5 months |
| Nov 11, 2024 | −33.8% | Apr 8, 2025 | Jan 22, 2026 | 5 months | 1.2 years |
| Nov 8, 2021 | −33.7% | Jul 6, 2022 | Nov 6, 2024 | 8 months | 3.0 years |
| Aug 31, 2018 | −32.5% | Dec 24, 2018 | Feb 19, 2020 | 4 months | 1.5 years |
| Jul 22, 2015 | −29.5% | Feb 11, 2016 | Jun 8, 2017 | 7 months | 1.9 years |
| Jun 30, 2026 | −20.7% | Oct 16, 2026 | not yet | 4 months | 4 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DWAS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +13.7% | +5.0% | +11.4% | +11.5% |
| Volatility (annualized) | 22.6% | 23.5% | 23.0% | 21.3% |
| Sharpe ratio | 0.49 | 0.17 | 0.49 | 0.54 |
| Sortino ratio | 0.77 | 0.25 | 0.73 | 0.82 |
| Best month | +13.8% | +13.8% | +18.3% | +18.3% |
| Worst month | −11.7% | −15.3% | −22.0% | −22.0% |
| Best 12 months | +50.0% | +50.0% | +109.2% | +109.2% |
| Worst 12 months | −13.5% | −21.5% | −24.1% | −24.1% |
| Positive months | 56% | 55% | 60% | 62% |
| Beta vs S&P 500 | 1.33 | 1.17 | 1.18 | — |
| Correlation with S&P 500 | 0.73 | 0.78 | 0.79 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DWAS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 160 | −24.1% | +9.4% | +109.2% | 69% |
| 3-year (a year) | 136 | −1.7% | +9.6% | +27.7% | 97% |
| 5-year (a year) | 112 | −0.2% | +9.9% | +21.9% | 99% |
| 10-year (a year) | 52 | +6.8% | +9.7% | +14.2% | 100% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
DWAS performance overview
Invesco DWA SmallCap Momentum ETF (DWAS) returned +10.4% over the past year and +11.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +10.9% a year, turning $10,000 into about $43,740. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −46.2%, from Feb 20, 2020 to Mar 18, 2020, and it took 5 months to get back to the old high. DWAS finished 9 of its 13 full calendar years with a gain; the best year was 2013 (+50.1%) and the worst 2022 (−18.5%). Volatility has been 21.3% a year.
Related: DWAS chart, DWAS holdings, DWAS dividends. See the DWAS overview for the latest quote and fund facts.
DWAS performance FAQ
What is the DWAS return over the past year?
DWAS returned +10.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.4%.
What is the average annual return of DWAS?
DWAS has returned +3.0% a year over 5 years, +11.4% a year over 10 years, +10.9% a year since July 19, 2012 (total return, distributions reinvested).
How much would $10,000 invested in DWAS be worth?
$10,000 invested in DWAS at its first recorded close on July 19, 2012 would be worth about $43,740 on October 23, 2026 with distributions reinvested.
What was the worst year for DWAS?
The worst calendar year was 2022, with a total return of −18.5%. The best was 2013 at +50.1%.
What is the biggest drawdown of DWAS?
The largest peak-to-trough decline was −46.2% between February 20, 2020 and March 18, 2020. It recovered to the old high on August 4, 2020, 5 months after the bottom.
How volatile is DWAS?
Over the past 3 years DWAS had an annualized volatility of 22.6% and a Sharpe ratio of 0.49 (excess return over 1–3 month T-bills per unit of risk).