DEM vs. PIE

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Emerging Markets Equity Income Fund (DEM) and Invesco DWA Emerging Markets Momentum ETF (PIE).

DEM and PIE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DEM is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Emerging Markets Equity income Index. It was launched on Jul 13, 2007. PIE is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Emerging Markets Technical Leaders Index. It was launched on Dec 28, 2007. Both DEM and PIE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DEM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Equity Income Fund (DEM) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

DEM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEM WisdomTree Emerging Markets Equity Income Fund	6.89%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Returns By Period

In the year-to-date period, DEM achieves a 6.89% return, which is significantly lower than PIE's 10.23% return. Over the past 10 years, DEM has outperformed PIE with an annualized return of 9.12%, while PIE has yielded a comparatively lower 7.75% annualized return.

DEM

• 1D: 2.73%
• 1M: -3.50%
• YTD: 6.89%
• 6M: 9.69%
• 1Y: 23.52%
• 3Y*: 15.42%
• 5Y*: 8.66%
• 10Y*: 9.12%

PIE

• 1D: 1.88%
• 1M: -8.10%
• YTD: 10.23%
• 6M: 7.86%
• 1Y: 46.75%
• 3Y*: 14.64%
• 5Y*: 3.86%
• 10Y*: 7.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DEM vs. PIE - Expense Ratio Comparison

DEM has a 0.63% expense ratio, which is lower than PIE's 0.90% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

DEM

WisdomTree Emerging Markets Equity Income Fund

Return for Risk

DEM vs. PIE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DEM

DEM Risk / Return Rank: 83
DEM Sharpe Ratio Rank: 83
DEM Sortino Ratio Rank: 84
DEM Omega Ratio Rank: 83
DEM Calmar Ratio Rank: 79
DEM Martin Ratio Rank: 85

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
PIE Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DEM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Equity Income Fund (DEM) and Invesco DWA Emerging Markets Momentum ETF (PIE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DEM	PIE	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.02	-0.45
Sortino ratio Return per unit of downside risk	2.16	2.57	-0.41
Omega ratio Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio Return relative to maximum drawdown	2.07	2.92	-0.85
Martin ratio Return relative to average drawdown	9.47	13.34	-3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEM vs. PIE - Sharpe Ratio Comparison

The current DEM Sharpe Ratio is 1.57, which is comparable to the PIE Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of DEM and PIE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DEM	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.02	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.19	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.37	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.07	+0.13

Correlation

The correlation between DEM and PIE is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DEM vs. PIE - Dividend Comparison

DEM's dividend yield for the trailing twelve months is around 4.22%, more than PIE's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	4.22%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
PIE Invesco DWA Emerging Markets Momentum ETF	2.14%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%

Drawdowns

DEM vs. PIE - Drawdown Comparison

The maximum DEM drawdown since its inception was -51.85%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for DEM and PIE.

Drawdown Indicators

	DEM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-51.85%	-72.98%	+21.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-15.48%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-27.18%	-40.32%	+13.14%
Max Drawdown (10Y) Largest decline over 10 years	-37.79%	-40.32%	+2.53%
Current Drawdown Current decline from peak	-4.57%	-8.10%	+3.53%
Average Drawdown Average peak-to-trough decline	-13.01%	-26.31%	+13.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.39%	-0.90%

Volatility

DEM vs. PIE - Volatility Comparison

The current volatility for WisdomTree Emerging Markets Equity Income Fund (DEM) is 7.33%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 10.36%. This indicates that DEM experiences smaller price fluctuations and is considered to be less risky than PIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	10.36%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	16.57%	-6.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	23.28%	-8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	20.09%	-4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	21.10%	-3.09%