DFAE vs. PIE

Last updated Jun 5, 2026

DFAE (Dimensional Emerging Core Equity Market ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - DFAE is a Emerging Markets Equities fund actively managed by Dimensional, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. DFAE is actively managed, while PIE is passively managed. Over the past 5 years, DFAE returned 8.77%/yr vs 7.04%/yr for PIE. Their correlation of 0.80 suggests significant overlap in exposure. DFAE charges 0.35%/yr vs 0.90%/yr for PIE.

Performance

DFAE vs. PIE - Performance Comparison

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

Returns By Period

In the year-to-date period, DFAE achieves a 25.28% return, which is significantly lower than PIE's 39.30% return.

DFAE

• 1D: -0.83%
• 1M: 4.78%
• YTD: 25.28%
• 6M: 27.97%
• 1Y: 49.72%
• 3Y*: 23.46%
• 5Y*: 8.77%
• 10Y*: —

PIE

• 1D: 0.14%
• 1M: 3.80%
• YTD: 39.30%
• 6M: 38.92%
• 1Y: 68.66%
• 3Y*: 23.57%
• 5Y*: 7.04%
• 10Y*: 10.06%

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

DFAE vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFAE Dimensional Emerging Core Equity Market ETF	25.28%	31.48%	7.68%	12.63%	-17.52%	3.53%	4.85%
PIE Invesco DWA Emerging Markets Momentum ETF	39.30%	25.98%	-0.27%	13.71%	-28.77%	14.30%	8.53%

Correlation

The correlation between DFAE and PIE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.80

The correlation between DFAE and PIE has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

DFAE vs. PIE - Sectors Allocation Comparison

Sectors	DFAE	PIE
Technology	34.8%	47.0%
Financial Services	17.1%	14.4%
Industrials	10.2%	16.8%
Consumer Cyclical	9.1%	1.3%
Basic Materials	7.7%	3.2%
Communication Services	6.1%	1.4%
Energy	4.2%	5.4%
Healthcare	3.5%	5.1%
Consumer Defensive	3.3%	0.4%
Utilities	2.4%	1.3%
Real Estate	1.5%	3.6%

Return for Risk

DFAE vs. PIE — Risk / Return Rank

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

DFAE

DFAE Risk / Return Rank: 79
DFAE Sharpe Ratio Rank: 82
DFAE Sortino Ratio Rank: 78
DFAE Omega Ratio Rank: 81
DFAE Calmar Ratio Rank: 78
DFAE Martin Ratio Rank: 79

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 85
PIE Omega Ratio Rank: 88
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 92

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.

DFAE vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Core Equity Market ETF (DFAE) 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.

	DFAE	PIE	Difference
Sharpe ratio: Return per unit of total volatility	2.63	3.16	-0.53
Sortino ratio: Return per unit of downside risk	3.43	3.81	-0.37
Omega ratio: Gain probability vs. loss probability	1.48	1.54	-0.06
Calmar ratio: Return relative to maximum drawdown	3.90	6.99	-3.09
Martin ratio: Return relative to average drawdown	15.10	22.90	-7.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAE vs. PIE - Sharpe Ratio Comparison

The current DFAE Sharpe Ratio is 2.63, which is comparable to the PIE Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of DFAE and PIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFAE	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	3.16	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.35	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.12	+0.51

Drawdowns

DFAE vs. PIE - Drawdown Comparison

The maximum DFAE drawdown since its inception was -32.21%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for DFAE and PIE.

Drawdown Indicators

	DFAE	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-32.21%	-72.98%	+40.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-9.87%	-2.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-28.69%	+10.57%
Max Drawdown (5Y) Largest decline over 5 years	-32.19%	-40.32%	+8.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-2.07%	-1.04%	-1.03%
Average Drawdown Average peak-to-trough decline	-10.31%	-26.08%	+15.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	3.01%	+0.29%

Volatility

DFAE vs. PIE - Volatility Comparison

The current volatility for Dimensional Emerging Core Equity Market ETF (DFAE) is 8.00%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 8.88%. This indicates that DFAE 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

	DFAE	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	8.88%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	16.56%	17.74%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	21.87%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	20.23%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	21.34%	-3.50%

DFAE vs. PIE - Expense Ratio Comparison

DFAE has a 0.35% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

DFAE vs. PIE - Dividend Comparison

DFAE's dividend yield for the trailing twelve months is around 1.75%, more than PIE's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAE Dimensional Emerging Core Equity Market ETF	1.75%	2.20%	2.35%	2.43%	2.85%	1.63%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
PIE Invesco DWA Emerging Markets Momentum ETF	1.70%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%

Frequently Asked Questions

Can I hold both DFAE and PIE in my portfolio?

DFAE and PIE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAE or PIE?

PIE has higher volatility (8.88%) compared to DFAE (8.00%). In terms of maximum drawdown, DFAE dropped -32.21% vs PIE's -72.98%.

Which ETF is better, DFAE or PIE?

On 5-year performance, DFAE leads with 8.77% vs 7.04% for PIE. On fees, DFAE is cheaper at 0.35% per year. On volatility, DFAE has been the lower-risk option at 8.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAE or PIE?

Over the 5-year period, DFAE has performed better with a 8.77% return vs 7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAE or PIE?

DFAE is cheaper with a 0.35% expense ratio, compared with 0.90% for PIE.

Which ETF pays a higher dividend yield, DFAE or PIE?

DFAE has the higher dividend yield at 1.75%, compared with 1.70% for PIE.

What is the main difference between DFAE and PIE?

DFAE is categorized as Emerging Markets Equities, while PIE is Momentum. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.35% for DFAE and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.16 vs 2.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.