Invesco Dorsey Wright Momentum ETF (PDP)
$133.84−2.04%close of Oct 16, 2026
Invesco Dorsey Wright Momentum ETF (PDP) is an exchange-traded fund (ETF) run by Invesco. This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum. It charges 0.62% a year. From March 2007 to October 2026 it returned about 9.5% a year, and its worst drop was −59.3%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.62%
- about $62 on $10,000
- 1-year return
- 12.2%
- to Oct 16, 2026
- Return per year
- 9.5%
- since March 2007
- Worst drop
- −59.3%
- since 2007
- Below its high
- −12.6%
- now
- Volatility
- 22.5%
- yearly swings
- Issuer
- Invesco
- Tracks
- Dorsey Wright Technical Leaders Index
- Started trading
- March 1, 2007
- Type
- US stocks, ETF
- Expense ratio
- 0.62% a year
How has PDP done since 2007?#
From March 2007 to October 2026, PDP returned about 9.5% a year. The S&P 500 returned about 11.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $59,273 at the end, with every dividend reinvested.
| Period | PDP | S&P 500 (SPY) |
|---|---|---|
| 1 month | 2.3% | 1.5% |
| 3 months | −1.2% | 1.9% |
| 6 months | 1.8% | 9.3% |
| Year to date | 15.0% | 12.8% |
| 1 year | 12.2% | 16.8% |
| 3 years per year | 19.9% | 22.0% |
| 5 years per year | 8.0% | 12.8% |
| 10 years per year | 12.7% | 15.4% |
| Since 2007 per year | 9.5% | 11.0% |
Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
PDP returns by month and year#
PDP rose in 146 of its 236 months (62%). Its best month was April 2026, at 13.1%. Its worst was October 2008, at −20.4%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 15.0% | 5.0 | 5.6 | −6.4 | 13.1 | 4.6 | 6.2 | −12.0 | 0.1 | 3.1 | −2.9 | ||
| 2025 | 8.4% | 4.4 | −4.4 | −6.9 | 0.1 | 5.4 | 3.0 | 4.3 | −1.7 | 6.1 | 3.0 | −3.4 | −0.9 |
| 2024 | 26.1% | 1.5 | 9.6 | 3.8 | −6.3 | 4.3 | 1.3 | 0.7 | 2.6 | 2.2 | 0.3 | 12.7 | −7.7 |
| 2023 | 20.9% | 6.4 | −1.8 | 2.5 | −0.9 | −1.6 | 9.5 | 0.5 | −0.2 | −5.2 | −4.4 | 9.8 | 5.9 |
| 2022 | −24.5% | −13.7 | −2.6 | 2.1 | −8.0 | 2.9 | −11.2 | 11.0 | −2.0 | −8.6 | 10.6 | 3.0 | −7.4 |
| 2021 | 7.7% | −2.4 | 1.6 | −2.1 | 2.8 | −1.1 | 3.6 | 2.2 | 3.0 | −5.1 | 9.2 | −2.3 | −0.9 |
| 2020 | 36.6% | 2.5 | −6.8 | −12.1 | 12.4 | 9.8 | 1.2 | 9.0 | 5.8 | −1.6 | −1.3 | 10.9 | 4.9 |
| 2019 | 33.1% | 8.3 | 4.8 | 3.0 | 3.7 | −3.1 | 6.0 | 2.3 | 0.8 | −2.0 | 0.2 | 4.0 | 1.5 |
| 2018 | −6.0% | 6.4 | −3.7 | −0.4 | 0.0 | 5.2 | −0.1 | 1.5 | 6.5 | −0.4 | −11.1 | 0.8 | −9.2 |
| 2017 | 23.3% | 2.1 | 5.2 | 0.4 | 1.2 | 2.1 | 0.2 | 2.4 | 1.2 | 0.5 | 4.4 | 2.4 | −0.6 |
| 2016 | 2.3% | −7.2 | 1.0 | 5.3 | −0.7 | 2.7 | 1.5 | 2.3 | −0.6 | −0.8 | −2.8 | 1.8 | 0.6 |
| 2015 | 1.1% | −0.3 | 5.5 | 0.7 | −2.3 | 2.0 | −0.4 | 2.4 | −5.8 | −3.2 | 6.5 | −0.6 | −2.6 |
| 2014 | 12.2% | −1.9 | 6.0 | −2.3 | −0.8 | 3.8 | 1.7 | −2.4 | 5.6 | −2.0 | 2.7 | 3.0 | −1.2 |
| 2013 | 31.7% | 4.7 | 1.3 | 4.4 | 2.7 | 0.3 | −1.8 | 5.2 | −2.2 | 5.4 | 2.5 | 3.3 | 2.3 |
| 2012 | 18.2% | 5.0 | 5.5 | 3.4 | 2.1 | −5.6 | 0.6 | 0.3 | 3.4 | 0.7 | −0.5 | 2.2 | 0.3 |
| 2011 | 1.5% | 2.9 | 3.3 | 2.6 | 3.5 | −0.7 | −1.0 | −1.4 | −5.5 | −9.6 | 9.7 | 0.5 | −1.5 |
| 2010 | 26.6% | −5.4 | 8.0 | 7.0 | 4.3 | −7.2 | −6.7 | 7.8 | −4.7 | 11.2 | 5.2 | 2.5 | 4.0 |
| 2009 | 28.0% | −7.9 | −9.0 | 6.7 | 7.7 | 1.4 | 2.1 | 9.9 | 4.0 | 7.0 | −5.1 | 5.4 | 5.1 |
| 2008 | −46.2% | −9.1 | 0.4 | −1.4 | 5.9 | 4.7 | −5.1 | −6.2 | −2.7 | −17.6 | −20.4 | −9.6 | 5.1 |
| 2007 | 13.8% | 3.0 | 3.8 | 4.3 | −2.9 | −2.6 | −0.2 | 5.6 | 4.1 | −3.1 | 1.5 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is PDP compared with the S&P 500?#
Measured from October 2021 to October 2026, on the days both traded.
- Beta 1.15. When the S&P 500 moved 1% in a day, PDP tended to move about 1.15%.
- Correlation 0.86. PDP mostly moved with the S&P 500.
- Up and down months. In months the S&P 500 rose, PDP rose 91% as much on average. In months it fell, PDP fell 107% as much.
| Measure | PDP | S&P 500 (SPY) |
|---|---|---|
| Return per year | 7.8% | 12.8% |
| Volatility | 23.0% | 17.1% |
| Worst drop | −33.9% | −24.5% |
| Sharpe ratio | 0.44 | 0.79 |
| Sortino ratio | 0.62 | 1.15 |
| Calmar ratio | 0.23 | 0.52 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is PDP above its 200-day average?#
PDP closed 0.0% below its 200-day average on October 16, 2026. A rule that holds PDP only above that average would be out of it today.
- vs 200-day average
- 0.0%
- below it
- 50-day vs 200-day
- +2.5%
- trend rising
- vs 52-week high
- −12.6%
- high of $153.18
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for PDP and backtest it in a minute.
What was PDP’s worst drop?#
A drawdown is how far a fund falls from its last high point. PDP’s worst fall was −59.3%, from December 10, 2007 to March 9, 2009. It got back to that high on April 3, 2012. On October 16, 2026 it was 12.6% below its highest close.
| Drop | From the high | To the bottom | Back to the high |
|---|---|---|---|
| −59.3% | Dec 10, 2007 | Mar 9, 200915 months | Apr 3, 20123.1 years |
| −34.7% | Feb 19, 2020 | Mar 23, 202033 days | Jul 17, 20204 months |
| −33.9% | Nov 8, 2021 | Sep 26, 202211 months | Jul 12, 202422 months |
| −24.5% | Sep 14, 2018 | Dec 24, 20183 months | Jun 10, 20196 months |
| −23.8% | Dec 6, 2024 | Apr 8, 20254 months | Sep 19, 20255 months |
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does PDP hold?#
This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum. The list of stocks can change as prices move, so what it owns can shift over time.
It tracks the Dorsey Wright Technical Leaders Index.
What is the PDP expense ratio?#
PDP charges 0.62% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.62% fee comes to about $62 a year. Of the 162 ETFs on Tactfolio, 6% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold PDP?#
4 classic strategies hold PDP at least some of the time. Each is a set of written rules you can open, test and copy.
- GTAA 13: Faber’s 13-asset tactical allocation, by Mebane Faber, 2013
- GTAA Aggressive 3 (Faber GTAA AGG3), by Mebane Faber, 2013
- GTAA Aggressive 6 (Faber GTAA AGG6), by Mebane Faber, 2013
- Trinity Portfolio (Meb Faber), by Mebane Faber, 2016
How does PDP compare with similar ETFs?#
Funds that can stand in for PDP:
- MTUM: iShares MSCI USA Momentum Factor ETF, 0.15% a year
- QMOM: Alpha Architect U.S. Quantitative Momentum ETF, 0.28% a year
- VUG: Vanguard Morningstar Growth ETF, 0.03% a year
- SCHG: Schwab U.S. Large-Cap Growth ETF, 0.04% a year
See all 8 PDP alternatives, compared on the same dates as PDP.
Test PDP in your own rules#
Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add PDP, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for PDP and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from Invesco. We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of PDP?#
PDP charges 0.62% a year, according to Invesco as of October 16, 2026. That is about $62 a year for every $10,000 you hold.
When did PDP start trading?#
PDP started trading on March 1, 2007. It is run by Invesco.
What does PDP track?#
PDP tracks the Dorsey Wright Technical Leaders Index. This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum.
How much has PDP returned per year?#
From March 2007 to October 2026, PDP returned about 9.5% a year with dividends reinvested. Its worst drop was −59.3%. Past returns do not tell you what it will do next.
Is PDP above its 200-day moving average?#
On October 16, 2026, PDP closed 0.0% below its 200-day moving average. This page updates after each US market close.
Which strategies use PDP?#
4 of Tactfolio’s classic strategies hold PDP, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6).