DSTX vs. PIZ

Last updated Jun 24, 2026

DSTX (Distillate International Fundamental Stability & Value ETF) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - DSTX is a Foreign Large Cap Equities fund tracking the Distillate Fundamental Stability & Value Index, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 5 years, DSTX returned 6.37%/yr vs 10.11%/yr for PIZ. Their correlation of 0.81 suggests significant overlap in exposure. DSTX charges 0.55%/yr vs 0.80%/yr for PIZ.

Performance

DSTX vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Distillate International Fundamental Stability & Value ETF (DSTX) 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, DSTX achieves a 3.98% return, which is significantly lower than PIZ's 14.98% return.

DSTX

• 1D: -1.12%
• 1M: -2.79%
• YTD: 3.98%
• 6M: 3.92%
• 1Y: 24.12%
• 3Y*: 16.21%
• 5Y*: 6.37%
• 10Y*: —

PIZ

• 1D: -4.77%
• 1M: -0.77%
• YTD: 14.98%
• 6M: 14.14%
• 1Y: 26.96%
• 3Y*: 25.46%
• 5Y*: 10.11%
• 10Y*: 11.51%

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

DSTX vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSTX Distillate International Fundamental Stability & Value ETF	3.98%	41.71%	-0.44%	20.03%	-18.85%	1.78%	2.59%
PIZ Invesco DWA Developed Markets Momentum ETF	14.98%	37.22%	16.30%	17.96%	-30.48%	20.53%	2.24%

Correlation

The correlation between DSTX and PIZ is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 15, 2020	0.81

The correlation between DSTX and PIZ has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

DSTX vs. PIZ - Sectors Allocation Comparison

Sectors	DSTX	PIZ
Technology	20.6%	14.3%
Industrials	15.0%	40.8%
Basic Materials	14.6%	4.2%
Consumer Cyclical	13.9%	1.7%
Healthcare	8.2%	0.7%
Consumer Defensive	8.1%	1.1%
Communication Services	7.3%	-
Energy	4.1%	1.1%
Financial Services	4.0%	25.4%
Real Estate	-	0.4%
Utilities	-	1.5%

Return for Risk

DSTX vs. PIZ — Risk / Return Rank

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

DSTX

DSTX Risk / Return Rank: 44
DSTX Sharpe Ratio Rank: 46
DSTX Sortino Ratio Rank: 44
DSTX Omega Ratio Rank: 45
DSTX Calmar Ratio Rank: 41
DSTX Martin Ratio Rank: 44

PIZ

PIZ Risk / Return Rank: 38
PIZ Sharpe Ratio Rank: 35
PIZ Sortino Ratio Rank: 35
PIZ Omega Ratio Rank: 36
PIZ Calmar Ratio Rank: 40
PIZ Martin Ratio Rank: 44

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.

DSTX vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Distillate International Fundamental Stability & Value ETF (DSTX) 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.

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.

	DSTX	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.21	+0.29
Sortino ratio: Return per unit of downside risk	2.09	1.76	+0.33
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	1.94	1.89	+0.05
Martin ratio: Return relative to average drawdown	6.70	6.92	-0.22

DSTX vs. PIZ - Sharpe Ratio Comparison

The current DSTX Sharpe Ratio is 1.50, which is comparable to the PIZ Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of DSTX 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.

Drawdowns

DSTX vs. PIZ - Drawdown Comparison

The maximum DSTX drawdown since its inception was -33.67%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for DSTX and PIZ.

Drawdown Indicators

	DSTX	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-60.61%	+26.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-14.35%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-14.67%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-40.93%	+7.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.93%	—
Current Drawdown Current decline from peak	-6.90%	-5.31%	-1.59%
Average Drawdown Average peak-to-trough decline	-8.93%	-14.89%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.90%	-0.29%

Volatility

DSTX vs. PIZ - Volatility Comparison

The current volatility for Distillate International Fundamental Stability & Value ETF (DSTX) is 5.22%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 10.97%. This indicates that DSTX 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

	DSTX	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	10.97%	-5.75%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	20.32%	-6.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	22.48%	-6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	20.37%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	19.63%	-2.79%

DSTX vs. PIZ - Expense Ratio Comparison

DSTX has a 0.55% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

DSTX vs. PIZ - Dividend Comparison

DSTX's dividend yield for the trailing twelve months is around 2.80%, more than PIZ's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSTX Distillate International Fundamental Stability & Value ETF	2.80%	2.93%	2.41%	1.81%	3.68%	2.24%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%
PIZ Invesco DWA Developed Markets Momentum ETF	1.49%	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 DSTX and PIZ in my portfolio?

DSTX and PIZ have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSTX or PIZ?

PIZ has higher volatility (10.97%) compared to DSTX (5.22%). In terms of maximum drawdown, DSTX dropped -33.67% vs PIZ's -60.61%.

Which ETF is better, DSTX or PIZ?

On 5-year performance, PIZ leads with 10.11% vs 6.37% for DSTX. On fees, DSTX is cheaper at 0.55% per year. On volatility, DSTX has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSTX or PIZ?

Over the 5-year period, PIZ has performed better with a 10.11% return vs 6.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSTX or PIZ?

DSTX is cheaper with a 0.55% expense ratio, compared with 0.80% for PIZ.

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

DSTX has the higher dividend yield at 2.80%, compared with 1.49% for PIZ.

What is the main difference between DSTX and PIZ?

DSTX is categorized as Foreign Large Cap Equities, while PIZ is Momentum. DSTX tracks Distillate Fundamental Stability & Value Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. They also come from different issuers: Distillate Capital and Invesco. Their fees differ too: 0.55% for DSTX and 0.80% for PIZ.

Which has better risk-adjusted returns?

DSTX currently has the higher Sharpe Ratio (1.50 vs 1.21), 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.