EEMD vs. PIE

Last updated Jun 4, 2026

EEMD (AAM S&P Emerging Markets High Dividend Value ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - EEMD is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend and Free Cash Flow Yield, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. EEMD charges 0.50%/yr vs 0.90%/yr for PIE.

Performance

EEMD vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P Emerging Markets High Dividend Value ETF (EEMD) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EEMD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIE

• 1D: -0.95%
• 1M: 5.39%
• YTD: 39.11%
• 6M: 38.18%
• 1Y: 70.48%
• 3Y*: 23.39%
• 5Y*: 7.01%
• 10Y*: 10.15%

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

EEMD vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMD AAM S&P Emerging Markets High Dividend Value ETF	0.00%	0.00%	9.61%	17.60%	-11.21%	5.54%	-0.35%	12.55%	-14.57%	5.00%
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	0.86%

Correlation

The correlation between EEMD and PIE is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.59

The correlation between EEMD and PIE shifts across timeframes, from 0.37 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

EEMD vs. PIE - Sectors Allocation Comparison

Sectors	EEMD	PIE
Utilities	11.3%	1.3%
Energy	10.6%	5.4%
Real Estate	9.8%	3.6%
Consumer Defensive	9.7%	0.4%
Healthcare	9.5%	5.1%
Communication Services	9.1%	1.4%
Financial Services	9.0%	14.4%
Consumer Cyclical	8.8%	1.3%
Industrials	8.2%	16.8%
Basic Materials	7.4%	3.2%
Technology	6.6%	47.0%

Return for Risk

EEMD vs. PIE — Risk / Return Rank

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

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.

EEMD vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P Emerging Markets High Dividend Value ETF (EEMD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	EEMD	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.12	—

Drawdowns

Drawdown Indicators

	EEMD	PIE	Difference
Max Drawdown Largest peak-to-trough decline	—	-72.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	—	-1.17%	—
Average Drawdown Average peak-to-trough decline	—	-26.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.01%	—

Volatility

Volatility by Period

	EEMD	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	21.91%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.23%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.35%	—

EEMD vs. PIE - Expense Ratio Comparison

EEMD has a 0.50% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

EEMD vs. PIE - Dividend Comparison

EEMD has not paid dividends to shareholders, while PIE's dividend yield for the trailing twelve months is around 1.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMD AAM S&P Emerging Markets High Dividend Value ETF	0.00%	0.00%	4.03%	8.41%	7.66%	6.34%	3.84%	5.35%	4.91%	0.42%	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 EEMD and PIE in my portfolio?

EEMD and PIE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EEMD or PIE?

On fees, EEMD is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EEMD or PIE?

EEMD is cheaper with a 0.50% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.70%, compared with 0.00% for EEMD.

What is the main difference between EEMD and PIE?

EEMD is categorized as Emerging Markets Equities, while PIE is Momentum. EEMD tracks S&P Emerging Markets Dividend and Free Cash Flow Yield, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: Advisors Asset Management and Invesco. Their fees differ too: 0.50% for EEMD and 0.90% for PIE.