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Momentum ETF (PDP) Hits New 52-Week High

ByZacks Investment Research
Published 09/05/2019, 09:40 PM
Updated 07/09/2023, 06:31 AM

For investors seeking momentum, Invesco DWA Momentum ETF PDP is probably on radar. The fund just hit a 52-week high, and is up 39.7% from its 52-week low price of $45.25 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

PDP in Focus

This fund provides investors with exposure to the companies that demonstrate powerful relative strength characteristics. It has key holdings in information technology, industrials, consumer discretionary and healthcare. The fund charges 63 bps in fees per year (see: all the Style Box-All Cap Growth ETFs here).

Why the Move?

The momentum corner of the broad market has been an area to watch lately given the solid rebound in Wall Street, following the spate of positive news flow that have eased recessionary fears. China’s service activity expanded at the fastest pace in three months in August, British lawmakers approved a law to delay Brexit and Hong Kong’s leader withdrew an extradition bill that had triggered months of often violent protests in the China-ruled city. Moreover, hopes of resumption in trade talks next month have spread a wave of optimism.

More Gains Ahead?

It seems that PDP might remain strong given a higher weighted alpha of 12.8 and a mediocre risk as depicted by a 20-day volatility of 19.8%. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.

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Invesco DWA Momentum ETF (PDP): ETF Research Reports

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