DNL vs. PIZ

Last updated Jun 9, 2026

DNL (WisdomTree Global ex-U.S. Quality Dividend Growth Fund) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - DNL is a Foreign Large Cap Equities fund tracking the WisdomTree Global ex-U.S. Quality Dividend Growth Index, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, DNL returned 9.11%/yr vs 10.56%/yr for PIZ. Their correlation of 0.81 suggests significant overlap in exposure. DNL charges 0.58%/yr vs 0.80%/yr for PIZ.

Performance

DNL vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNL achieves a 8.34% return, which is significantly lower than PIZ's 11.39% return. Over the past 10 years, DNL has underperformed PIZ with an annualized return of 9.11%, while PIZ has yielded a comparatively higher 10.56% annualized return.

DNL

• 1D: 1.22%
• 1M: -1.29%
• YTD: 8.34%
• 6M: 9.46%
• 1Y: 15.54%
• 3Y*: 10.20%
• 5Y*: 3.67%
• 10Y*: 9.11%

PIZ

• 1D: 1.61%
• 1M: -8.26%
• YTD: 11.39%
• 6M: 13.04%
• 1Y: 22.51%
• 3Y*: 23.94%
• 5Y*: 9.50%
• 10Y*: 10.56%

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

DNL vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	8.34%	17.03%	-0.61%	17.00%	-22.38%	16.14%	18.22%	36.23%	-14.76%	31.11%
PIZ Invesco DWA Developed Markets Momentum ETF	11.39%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between DNL and PIZ is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 8, 2008	0.81

The correlation between DNL and PIZ has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

DNL vs. PIZ - Sectors Allocation Comparison

Sectors	DNL	PIZ
Technology	33.0%	10.9%
Consumer Cyclical	18.5%	1.6%
Industrials	16.3%	49.9%
Healthcare	10.6%	1.1%
Energy	6.5%	2.0%
Communication Services	6.2%	-
Financial Services	4.0%	28.1%
Basic Materials	3.2%	2.6%
Consumer Defensive	1.2%	2.1%
Utilities	0.5%	1.6%
Real Estate	-	0.5%

Return for Risk

DNL vs. PIZ — Risk / Return Rank

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

DNL

DNL Risk / Return Rank: 28
DNL Sharpe Ratio Rank: 26
DNL Sortino Ratio Rank: 26
DNL Omega Ratio Rank: 26
DNL Calmar Ratio Rank: 28
DNL Martin Ratio Rank: 33

PIZ

PIZ Risk / Return Rank: 35
PIZ Sharpe Ratio Rank: 32
PIZ Sortino Ratio Rank: 33
PIZ Omega Ratio Rank: 33
PIZ Calmar Ratio Rank: 35
PIZ Martin Ratio Rank: 41

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.

DNL vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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.

	DNL	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.07	-0.22
Sortino ratio: Return per unit of downside risk	1.29	1.59	-0.30
Omega ratio: Gain probability vs. loss probability	1.16	1.20	-0.04
Calmar ratio: Return relative to maximum drawdown	1.26	1.58	-0.32
Martin ratio: Return relative to average drawdown	4.48	6.10	-1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNL vs. PIZ - Sharpe Ratio Comparison

The current DNL Sharpe Ratio is 0.85, which is comparable to the PIZ Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of DNL and PIZ, 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

	DNL	PIZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.07	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.48	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.27	-0.01

Drawdowns

DNL vs. PIZ - Drawdown Comparison

The maximum DNL drawdown since its inception was -44.53%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for DNL and PIZ.

Drawdown Indicators

	DNL	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-44.53%	-60.61%	+16.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-14.35%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.15%	-14.67%	-5.48%
Max Drawdown (5Y) Largest decline over 5 years	-34.85%	-40.93%	+6.08%
Max Drawdown (10Y) Largest decline over 10 years	-34.85%	-40.93%	+6.08%
Current Drawdown Current decline from peak	-2.86%	-8.26%	+5.40%
Average Drawdown Average peak-to-trough decline	-10.16%	-14.87%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.70%	-0.22%

Volatility

DNL vs. PIZ - Volatility Comparison

The current volatility for WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) is 6.56%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 9.11%. This indicates that DNL experiences smaller price fluctuations and is considered to be less risky than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNL	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	9.11%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	15.60%	18.84%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	21.21%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	20.09%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	19.73%	-1.03%

DNL vs. PIZ - Expense Ratio Comparison

DNL has a 0.58% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

DNL vs. PIZ - Dividend Comparison

DNL's dividend yield for the trailing twelve months is around 1.69%, more than PIZ's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	1.69%	2.06%	2.30%	1.81%	4.82%	1.38%	1.76%	1.93%	2.55%	1.86%	2.51%	1.98%
PIZ Invesco DWA Developed Markets Momentum ETF	1.40%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both DNL and PIZ in my portfolio?

DNL and PIZ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNL or PIZ?

PIZ has higher volatility (9.11%) compared to DNL (6.56%). In terms of maximum drawdown, DNL dropped -44.53% vs PIZ's -60.61%.

Which ETF is better, DNL or PIZ?

On 10-year performance, PIZ leads with 10.56% vs 9.11% for DNL. On fees, DNL is cheaper at 0.58% per year. On volatility, DNL has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DNL or PIZ?

Over the 10-year period, PIZ has performed better with a 10.56% return vs 9.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DNL or PIZ?

DNL is cheaper with a 0.58% expense ratio, compared with 0.80% for PIZ.

Which ETF pays a higher dividend yield, DNL or PIZ?

DNL has the higher dividend yield at 1.69%, compared with 1.40% for PIZ.

What is the main difference between DNL and PIZ?

DNL is categorized as Foreign Large Cap Equities, while PIZ is Momentum. DNL tracks WisdomTree Global ex-U.S. Quality Dividend Growth Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.58% for DNL and 0.80% for PIZ.

Which has better risk-adjusted returns?

PIZ currently has the higher Sharpe Ratio (1.07 vs 0.85), 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.