EEM vs. PIE

Last updated Aug 6, 2026

EEM (iShares MSCI Emerging Markets ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - EEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index (Net), while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, EEM returned 8.37%/yr vs 9.34%/yr for PIE. Their correlation of 0.85 means they have usually moved in the same direction. EEM charges 0.72%/yr vs 0.90%/yr for PIE.

Performance

EEM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) 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, EEM achieves a 20.75% return, which is significantly lower than PIE's 36.54% return. Over the past 10 years, EEM has underperformed PIE with an annualized return of 8.37%, while PIE has yielded a comparatively higher 9.34% annualized return.

EEM

• 1D: -0.42%
• 1M: -2.74%
• 6M: 12.35%
• YTD: 20.75%
• 1Y: 37.20%
• 3Y*: 20.30%
• 5Y*: 7.31%
• 10Y*: 8.37%
• ALL TIME*: 9.98%

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)
EEM iShares MSCI Emerging Markets ETF	$1.66B	$1.55B	$1.89B
PIE Invesco DWA Emerging Markets Momentum ETF	$2.19M	$4.18M	$2.90M

EEM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEM iShares MSCI Emerging Markets ETF	20.75%	33.98%	6.49%	8.95%	-20.56%	-3.63%	17.02%	18.22%	-15.31%	37.26%
PIE Invesco DWA Emerging Markets Momentum ETF	36.54%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between EEM and PIE is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.85

The correlation between EEM and PIE has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

EEM vs. PIE - Sectors Allocation Comparison

Sectors	EEM	PIE
Technology	45.9%	52.7%
Financial Services	18.2%	14.6%
Consumer Cyclical	7.4%	1.5%
Industrials	6.2%	15.3%
Communication Services	6.0%	1.3%
Basic Materials	5.4%	2.9%
Energy	3.2%	3.7%
Consumer Defensive	2.5%	0.2%
Healthcare	2.5%	3.2%
Utilities	1.8%	1.2%
Real Estate	1.0%	3.5%

Return for Risk

EEM vs. PIE — Risk / Return Rank

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

EEM

EEM Risk / Return Rank: 57
EEM Sharpe Ratio Rank: 55
EEM Sortino Ratio Rank: 50
EEM Omega Ratio Rank: 57
EEM Calmar Ratio Rank: 66
EEM Martin Ratio Rank: 59

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.

EEM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) 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.

	EEM	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.82	-0.30
Sortino ratio: Return per unit of downside risk	2.05	2.29	-0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.62	2.89	-0.27
Martin ratio: Return relative to average drawdown	7.91	11.36	-3.45

EEM vs. PIE - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 1.52, which is comparable to the PIE Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EEM 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

EEM vs. PIE - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for EEM and PIE.

Drawdown Indicators

	EEM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-72.98%	+6.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-17.26%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-28.69%	+11.40%
Max Drawdown (5Y) Largest decline over 5 years	-35.01%	-36.78%	+1.77%
Max Drawdown (10Y) Largest decline over 10 years	-39.82%	-40.32%	+0.50%
Current Drawdown Current decline from peak	-7.71%	-6.59%	-1.12%
Average Drawdown Average peak-to-trough decline	-15.95%	-25.90%	+9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	4.38%	+0.33%

Volatility

EEM vs. PIE - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ETF (EEM) is 8.53%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 12.04%. This indicates that EEM 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

	EEM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.53%	12.04%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	22.42%	24.33%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	24.55%	27.47%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	21.44%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	21.91%	-1.10%

EEM vs. PIE - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

EEM vs. PIE - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.70%, less than PIE's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEM iShares MSCI Emerging Markets ETF	1.70%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%
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 EEM and PIE in my portfolio?

EEM and PIE 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, EEM or PIE?

PIE has higher volatility (12.04%) compared to EEM (8.53%). In terms of maximum drawdown, EEM dropped -66.43% vs PIE's -72.98%.

Which ETF is better, EEM or PIE?

On 10-year performance, PIE leads with 9.34% vs 8.37% for EEM. On fees, EEM is cheaper at 0.72% per year. On volatility, EEM has been the lower-risk option at 8.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEM or PIE?

Over the 10-year period, PIE has performed better with a 9.34% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEM or PIE?

EEM is cheaper with a 0.72% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.77%, compared with 1.70% for EEM.

What is the main difference between EEM and PIE?

EEM is categorized as Emerging Markets Equities, while PIE is Momentum. EEM tracks MSCI Emerging Markets Index (Net), while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.72% for EEM and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (1.82 vs 1.52), 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.