EEMX vs. PIE

Last updated Jul 14, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - EEMX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 5 years, EEMX returned 7.17%/yr vs 5.77%/yr for PIE. A 0.75 correlation means they provide meaningful diversification when combined. EEMX charges 0.30%/yr vs 0.90%/yr for PIE.

Performance

EEMX vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) 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, EEMX achieves a 19.72% return, which is significantly lower than PIE's 36.43% return.

EEMX

• 1D: -3.71%
• 1M: -4.56%
• 6M: 13.01%
• YTD: 19.72%
• 1Y: 39.11%
• 3Y*: 20.28%
• 5Y*: 7.17%
• 10Y*: —

PIE

• 1D: -2.42%
• 1M: -1.15%
• 6M: 28.71%
• YTD: 36.43%
• 1Y: 57.64%
• 3Y*: 19.48%
• 5Y*: 5.77%
• 10Y*: 9.55%

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

EEMX vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	19.72%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
PIE Invesco DWA Emerging Markets Momentum ETF	36.43%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between EEMX and PIE is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.75

The correlation between EEMX and PIE has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

EEMX vs. PIE - Sectors Allocation Comparison

Sectors	EEMX	PIE
Technology	27.9%	51.1%
Financial Services	10.6%	14.1%
Consumer Cyclical	5.7%	1.4%
Communication Services	4.0%	1.3%
Industrials	2.6%	15.3%
Basic Materials	2.6%	2.9%
Consumer Defensive	1.5%	0.3%
Healthcare	1.4%	4.3%
Utilities	0.8%	1.1%
Real Estate	0.6%	3.5%
Energy	0.3%	4.6%

Return for Risk

EEMX vs. PIE — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 64
EEMX Sharpe Ratio Rank: 61
EEMX Sortino Ratio Rank: 55
EEMX Omega Ratio Rank: 64
EEMX Calmar Ratio Rank: 71
EEMX Martin Ratio Rank: 69

PIE

PIE Risk / Return Rank: 88
PIE Sharpe Ratio Rank: 88
PIE Sortino Ratio Rank: 78
PIE Omega Ratio Rank: 86
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 91

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.

EEMX vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) 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.

	EEMX	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.30	-0.69
Sortino ratio: Return per unit of downside risk	2.12	2.76	-0.63
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	2.83	5.87	-3.04
Martin ratio: Return relative to average drawdown	9.92	17.04	-7.12

EEMX vs. PIE - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 1.61, which is lower than the PIE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of EEMX 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

EEMX vs. PIE - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for EEMX and PIE.

Drawdown Indicators

	EEMX	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-72.98%	+33.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-9.87%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-28.69%	+11.05%
Max Drawdown (5Y) Largest decline over 5 years	-35.19%	-40.32%	+5.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-9.45%	-6.66%	-2.79%
Average Drawdown Average peak-to-trough decline	-14.63%	-25.95%	+11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	3.39%	+0.56%

Volatility

EEMX vs. PIE - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and Invesco DWA Emerging Markets Momentum ETF (PIE) have volatilities of 11.67% and 11.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMX	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	11.98%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	22.48%	22.06%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	24.46%	25.21%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	21.05%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	21.64%	-0.95%

EEMX vs. PIE - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

EEMX vs. PIE - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.88%, more than PIE's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.88%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%	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 EEMX and PIE in my portfolio?

EEMX 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, EEMX or PIE?

PIE has higher volatility (11.98%) compared to EEMX (11.67%). In terms of maximum drawdown, EEMX dropped -39.90% vs PIE's -72.98%.

Which ETF is better, EEMX or PIE?

On 5-year performance, EEMX leads with 7.17% vs 5.77% for PIE. On fees, EEMX is cheaper at 0.30% per year. On volatility, EEMX has been the lower-risk option at 11.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or PIE?

Over the 5-year period, EEMX has performed better with a 7.17% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or PIE?

EEMX is cheaper with a 0.30% expense ratio, compared with 0.90% for PIE.

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

EEMX has the higher dividend yield at 1.88%, compared with 1.77% for PIE.

What is the main difference between EEMX and PIE?

EEMX is categorized as Emerging Markets Equities, while PIE is Momentum. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for EEMX and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (2.30 vs 1.61), 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.