DFEV vs. PIE

Last updated Aug 6, 2026

DFEV (Dimensional Emerging Markets Value ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - DFEV 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. DFEV is actively managed, while PIE is passively managed. Over the past 3 years, DFEV returned 21.65%/yr vs 21.10%/yr for PIE. Their 0.78 correlation means they have sometimes moved together and sometimes differently. DFEV charges 0.43%/yr vs 0.90%/yr for PIE.

Performance

DFEV vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Value ETF (DFEV) 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, DFEV achieves a 22.38% return, which is significantly lower than PIE's 36.54% return.

DFEV

• 1D: -0.77%
• 1M: -2.96%
• 6M: 12.66%
• YTD: 22.38%
• 1Y: 38.39%
• 3Y*: 21.65%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.03%

PIE

• 1D: 0.90%
• 1M: -3.72%
• 6M: 24.43%
• YTD: 36.54%
• 1Y: 49.64%
• 3Y*: 21.10%
• 5Y*: 6.96%
• 10Y*: 9.34%
• ALL TIME*: 2.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFEV Dimensional Emerging Markets Value ETF	$11.52M	$11.66M	$10.08M
PIE Invesco DWA Emerging Markets Momentum ETF	$2.19M	$4.18M	$2.90M

DFEV vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	22.38%	32.54%	7.26%	15.52%	-6.08%
PIE Invesco DWA Emerging Markets Momentum ETF	36.54%	25.98%	-0.27%	13.71%	-14.14%

Correlation

The correlation between DFEV and PIE is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.78

The correlation between DFEV and PIE has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

DFEV vs. PIE - Sectors Allocation Comparison

Sectors	DFEV	PIE
Financial Services	27.8%	14.6%
Technology	23.8%	52.7%
Basic Materials	11.0%	2.9%
Consumer Cyclical	8.3%	1.5%
Industrials	8.1%	15.3%
Energy	7.6%	3.7%
Consumer Defensive	3.0%	0.2%
Communication Services	2.3%	1.3%
Real Estate	2.2%	3.5%
Healthcare	1.9%	3.2%
Utilities	0.9%	1.2%

Return for Risk

DFEV vs. PIE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFEV

DFEV Risk / Return Rank: 67
DFEV Sharpe Ratio Rank: 67
DFEV Sortino Ratio Rank: 62
DFEV Omega Ratio Rank: 71
DFEV Calmar Ratio Rank: 70
DFEV Martin Ratio Rank: 66

PIE

PIE Risk / Return Rank: 69
PIE Sharpe Ratio Rank: 69
PIE Sortino Ratio Rank: 59
PIE Omega Ratio Rank: 66
PIE Calmar Ratio Rank: 73
PIE Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFEV vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Value ETF (DFEV) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFEV	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.82	-0.03
Sortino ratio: Return per unit of downside risk	2.37	2.29	+0.08
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.78	2.89	-0.11
Martin ratio: Return relative to average drawdown	9.09	11.36	-2.27

DFEV vs. PIE - Sharpe Ratio Comparison

The current DFEV Sharpe Ratio is 1.79, which is comparable to the PIE Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of DFEV 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.

Drawdowns

DFEV vs. PIE - Drawdown Comparison

The maximum DFEV drawdown since its inception was -18.49%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for DFEV and PIE.

Drawdown Indicators

	DFEV	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-72.98%	+54.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-17.26%	+3.40%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	-28.69%	+10.75%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-7.65%	-6.59%	-1.06%
Average Drawdown Average peak-to-trough decline	-4.72%	-25.90%	+21.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	4.38%	-0.14%

Volatility

DFEV vs. PIE - Volatility Comparison

The current volatility for Dimensional Emerging Markets Value ETF (DFEV) is 7.83%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 12.04%. This indicates that DFEV 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

	DFEV	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	12.04%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	24.33%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	21.58%	27.47%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	21.44%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	21.91%	-4.51%

DFEV vs. PIE - Expense Ratio Comparison

DFEV has a 0.43% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

DFEV vs. PIE - Dividend Comparison

DFEV's dividend yield for the trailing twelve months is around 2.10%, more than PIE's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEV Dimensional Emerging Markets Value ETF	2.10%	2.69%	3.17%	3.47%	3.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIE Invesco DWA Emerging Markets Momentum ETF	1.77%	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 DFEV and PIE in my portfolio?

DFEV and PIE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEV or PIE?

PIE has higher volatility (12.04%) compared to DFEV (7.83%). In terms of maximum drawdown, DFEV dropped -18.49% vs PIE's -72.98%.

Which ETF is better, DFEV or PIE?

On 3-year performance, DFEV leads with 21.65% vs 21.10% for PIE. On fees, DFEV is cheaper at 0.43% per year. On volatility, DFEV has been the lower-risk option at 7.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEV or PIE?

Over the 3-year period, DFEV has performed better with a 21.65% return vs 21.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEV or PIE?

DFEV is cheaper with a 0.43% expense ratio, compared with 0.90% for PIE.

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

DFEV has the higher dividend yield at 2.10%, compared with 1.77% for PIE.

What is the main difference between DFEV and PIE?

DFEV is categorized as Emerging Markets Equities, while PIE is Momentum. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.43% for DFEV and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (1.82 vs 1.79), 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.