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DWASvsFESMETF Comparison

ETF 1

DWAS

Invesco DWA SmallCap Momentum ETF

This fund is part of

US Multi-Factor

+0%

Full DWAS fund page

VS

ETF 2

FESM

Fidelity Enhanced Small Cap ETF

This fund is part of

US Small Cap

+0%

Full FESM fund page

Invesco DWA SmallCap Momentum ETF (DWAS) belongs to the US Multi-Factor segment. Fidelity Enhanced Small Cap ETF (FESM) is part of the US Small Cap segment. DWAS's top 3 sector exposures are Health Care, Industrials and Information Technology. In contrast, FESM's top sector exposures are Information Technology, Industrials and Health Care. DWAS is more expensive with a Total Expense Ratio (TER) of 0.6%, versus 0.28% for FESM. DWAS is up 24.96% year-to-date (YTD) with -$432M in YTD flows. FESM performs worse with 24.69% YTD performance, and +$1.18B in YTD flows. Run a side-by-side ETF comparison of DWAS and FESM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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DWAS vs FESM performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 06/18/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	DWAS FESM	+9.33%+8.39%	+25.85%+24.99%	+24.96%+24.69%	+47.02%+53.31%	+58.34%n/a	+47.76%n/a
Flows	DWAS FESM	-$9M+$178M	-$15M+$464M	-$432M+$1.18B	-$445M+$2.29B	-$518M-	-$278M-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	DWAS FESM	+27.48%+21.49%	+23.71%+19.63%	+24.49%n/a	+25.67%n/a
Max drawdown	DWAS FESM	-5.48%-4.69%	-10.01%-10.11%	-33.75%n/a	-33.75%n/a
Max drawdown duration	DWAS FESM	16d16d	40d81d	436dn/a	436dn/a

Trading data

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	DWAS	FESM
Last sale 6/18/2026 at 1:30 PM	$120.95	$46.77
Previous close 06/18/2026	$118.65	$45.90
Consolidated volume 06/18/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of May 29, 2026

1-year trailing difference

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FESM

is actively managed and doesn’t replicate an index

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	DWAS	FESM
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 6/18/2026 at 1:30 PM

Live

Closed

	DWAS	FESM
Last price	$120.95	$46.77
1D performance	+1.94%	+1.90%
AuM	$426.81 M	$5.52 B
E/R	0.6%	0.28%

Characteristics

	DWAS	FESM
Management strategy	Passive	Active
Provider	Invesco	Fidelity
Benchmark	Dorsey Wright SmallCap Technical Leaders Index	-
N° of holdings	167	569
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	July 19, 2012	November 20, 2023
ESG	No	No

More DWAS data on Trackinsight

More FESM data on Trackinsight

Exposure

Countries

DWAS

USA

97.02%

Other

2.98%

FESM

USA

91.39%

Other

8.61%

Sectors

DWAS

Health Care

21.68%

Industrials

15.98%

Information Techn.

15.49%

Financials

10.32%

Consumer Discreti.

7.03%

Other

29.49%

FESM

Information Techn.

18.26%

Industrials

17.82%

Health Care

14.44%

Financials

14.32%

Consumer Discreti.

7.02%

Other

28.14%

Diversification

DWAS

Total weight of top 15 holdings out of 15

20.43%

FESM

Total weight of top 15 holdings out of 15

13.82%

Top 15 holdings

Data as of April 30, 2026

DWAS

US80004C2008

1.90%

US78435P1057

1.72%

KODIAK SCIENCES INC

1.68%

TANGO THERAPEUTICS INC

1.60%

PLANET LABS PBC

1.49%

BEL FUSE

1.48%

TERNS PHARMACEUTICALS

1.42%

HERITAGE INSURANCE HOLDINGS

1.37%

ERASCA

1.32%

LUMENTUM HOLDINGS

1.13%

ONDAS HOLDINGS

1.11%

CELCUITY INC

1.09%

TTM TECHNOLOGIES

1.07%

GRAHAM

1.05%

AMERICAN PUBLIC EDUCATION

0.99%

FESM

BLOOM ENERGY CORP

2.05%

CREDO TECHNOLOGY GROUP HOLDING

1.44%

FABRINET

1.27%

MAXLINEAR

1.02%

VICOR

0.84%

ENERSYS

0.80%

LUMEN TECHNOLOGIES INC

0.77%

COMMERCIAL METALS

0.75%

GUARDANT HEALTH INC

0.75%

STONEX GROUP INC

0.73%

KULICKE AND SOFFA INDUSTRIES

0.70%

RESIDEO TECHNOLOGIES

0.69%

HEALTHEQUITY I/D

0.68%

COEUR MINING INC

0.67%

CLEAR SECURE

0.66%

Frequently asked questions about DWAS and FESM

How have the DWAS and FESM ETFs performed in 2026?

As of June 18, 2026, DWAS is up 24.96% year-to-date (YTD), while FESM has returned 24.69%. That puts DWAS better performer ahead so far this year.

Which ETF is attracting more investor money: DWAS or FESM?

Year-to-date, the DWAS ETF saw -$432M in flows, compared to +$1.18B for FESM.

Which ETF is more volatile: DWAS or FESM?

Over the past year, DWAS had a volatility of 23.71%, while FESM experienced 19.63%.

Which ETF is bigger: DWAS or FESM?

As of June 18, 2026, DWAS holds $426.81 M in assets under management (AUM), while FESM manages $5.52 B.

What sectors do the DWAS and FESM ETFs invest in?

DWAS leans toward sectors like Health Care, Industrials and Information Technology. Meanwhile, FESM focuses on Information Technology, Industrials and Health Care.

What are the top holdings of the DWAS ETF and FESM ETF?

DWAS top holdings include US80004C2008, US78435P1057 and KODIAK SCIENCES INC. FESM holds in its top three: BLOOM ENERGY CORP, CREDO TECHNOLOGY GROUP HOLDING and FABRINET.

Which ETF is more diversified: DWAS or FESM?

DWAS holds 201 securities with 20.43% of its assets in the top 15. FESM has 644 securities and a top 15 weight of 13.82%.

Key Takeaways from the 2024 Trackinsight Global ETF Survey: Active ETFs

February 16, 2024

FESM

Fidelity Continues Trend of Mutual Fund Conversions to ETFs

November 27, 2023

FESM

DWASvsFESMETF Comparison

Invesco DWA SmallCap Momentum ETF

Fidelity Enhanced Small Cap ETF

DWAS vs FESM performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the DWAS and FESM ETFs performed in 2026?

As of June 18, 2026, DWAS is up 24.96% year-to-date (YTD), while FESM has returned 24.69%. That puts DWAS better performer ahead so far this year.

Which ETF is attracting more investor money: DWAS or FESM?

Year-to-date, the DWAS ETF saw -$432M in flows, compared to +$1.18B for FESM.

Which ETF is more volatile: DWAS or FESM?

Over the past year, DWAS had a volatility of 23.71%, while FESM experienced 19.63%.

Which ETF is bigger: DWAS or FESM?

As of June 18, 2026, DWAS holds $426.81 M in assets under management (AUM), while FESM manages $5.52 B.

What sectors do the DWAS and FESM ETFs invest in?

DWAS leans toward sectors like Health Care, Industrials and Information Technology. Meanwhile, FESM focuses on Information Technology, Industrials and Health Care.

What are the top holdings of the DWAS ETF and FESM ETF?

DWAS top holdings include US80004C2008, US78435P1057 and KODIAK SCIENCES INC. FESM holds in its top three: BLOOM ENERGY CORP, CREDO TECHNOLOGY GROUP HOLDING and FABRINET.

Which ETF is more diversified: DWAS or FESM?

DWAS holds 201 securities with 20.43% of its assets in the top 15. FESM has 644 securities and a top 15 weight of 13.82%.

Key Takeaways from the 2024 Trackinsight Global ETF Survey: Active ETFs

Fidelity Continues Trend of Mutual Fund Conversions to ETFs

The ETF Industry Is Evolving Fast