Design Web Format (DWF) represents 2D/3D drawing in compressed format for viewing, reviewing or printing design files. It contains graphics and text as part of design data and reduce the size of the file due to its compressed format. The reduced file size makes the distribution and communication of rich design data efficient. DWF doesn't require the recipient to know about the usage of CAD software that created the original drawing.
PSD, Photoshop Document, represents Adobe Photoshop's native file format used for graphics designing and development. PSD files may include image layers, adjustment layers, layer masks, annotations, file information, keywords and other Photoshop-specific elements. Photoshop files have default extension as .PSD and has a maximum height and width of 30,000 pixels, and a length limit of two gigabytes.
You can also convert DWF into many other file formats. Please see the complete list below.