Files with DWG extension represent proprietary binary files used for containing 2D and 3D design data. Like DXF, which are ASCII files, DWG represents the binary file format for CAD (Computer Aided Design) drawings. It contains a vector image and metadata for the representation of the contents of CAD files.
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 have a maximum height and width of 30,000 pixels, and a length limit of two gigabytes.
You can also convert DWG into many other file formats. Please see the complete list below.