EMCR vs. PIE

Last updated Jun 5, 2026

EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - EMCR is a Emerging Markets Equities fund tracking the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 5 years, EMCR returned 8.83%/yr vs 7.04%/yr for PIE. A 0.75 correlation means they provide meaningful diversification when combined. EMCR charges 0.15%/yr vs 0.90%/yr for PIE.

Performance

EMCR vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) 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, EMCR achieves a 22.13% return, which is significantly lower than PIE's 39.30% return.

EMCR

• 1D: -0.87%
• 1M: 5.56%
• YTD: 22.13%
• 6M: 24.53%
• 1Y: 47.15%
• 3Y*: 23.37%
• 5Y*: 8.83%
• 10Y*: —

PIE

• 1D: 0.14%
• 1M: 3.80%
• YTD: 39.30%
• 6M: 38.92%
• 1Y: 68.66%
• 3Y*: 23.57%
• 5Y*: 7.04%
• 10Y*: 10.06%

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

EMCR vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	22.13%	33.25%	9.69%	10.55%	-18.73%	5.54%	13.49%	22.41%	-1.76%
PIE Invesco DWA Emerging Markets Momentum ETF	39.30%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-3.53%

Correlation

The correlation between EMCR and PIE is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.75

The correlation between EMCR and PIE has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

EMCR vs. PIE - Sectors Allocation Comparison

Sectors	EMCR	PIE
Technology	36.2%	47.0%
Financial Services	20.7%	14.4%
Consumer Cyclical	10.6%	1.3%
Communication Services	9.9%	1.4%
Industrials	6.7%	16.8%
Healthcare	5.6%	5.1%
Basic Materials	3.9%	3.2%
Consumer Defensive	2.8%	0.4%
Real Estate	1.8%	3.6%
Utilities	1.5%	1.3%
Energy	0.1%	5.4%

Return for Risk

EMCR vs. PIE — Risk / Return Rank

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

EMCR

EMCR Risk / Return Rank: 73
EMCR Sharpe Ratio Rank: 76
EMCR Sortino Ratio Rank: 71
EMCR Omega Ratio Rank: 75
EMCR Calmar Ratio Rank: 70
EMCR Martin Ratio Rank: 71

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.

EMCR vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) 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.

	EMCR	PIE	Difference
Sharpe ratio: Return per unit of total volatility	2.42	3.16	-0.74
Sortino ratio: Return per unit of downside risk	3.17	3.81	-0.64
Omega ratio: Gain probability vs. loss probability	1.44	1.54	-0.10
Calmar ratio: Return relative to maximum drawdown	3.42	6.99	-3.57
Martin ratio: Return relative to average drawdown	13.08	22.90	-9.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCR vs. PIE - Sharpe Ratio Comparison

The current EMCR Sharpe Ratio is 2.42, which is comparable to the PIE Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of EMCR 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.

Sharpe Ratios by Period

	EMCR	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	3.16	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.35	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.12	+0.48

Drawdowns

EMCR vs. PIE - Drawdown Comparison

The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for EMCR and PIE.

Drawdown Indicators

	EMCR	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-72.98%	+38.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-9.87%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-28.69%	+10.31%
Max Drawdown (5Y) Largest decline over 5 years	-34.28%	-40.32%	+6.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-2.21%	-1.04%	-1.17%
Average Drawdown Average peak-to-trough decline	-9.33%	-26.08%	+16.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.01%	+0.60%

Volatility

EMCR vs. PIE - Volatility Comparison

The current volatility for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) is 8.00%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 8.88%. This indicates that EMCR 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

	EMCR	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	8.88%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	17.74%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	19.62%	21.87%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	20.23%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	21.34%	-1.48%

EMCR vs. PIE - Expense Ratio Comparison

EMCR has a 0.15% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

EMCR vs. PIE - Dividend Comparison

EMCR's dividend yield for the trailing twelve months is around 1.99%, more than PIE's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.99%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%	0.00%	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 EMCR and PIE in my portfolio?

EMCR and PIE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCR or PIE?

PIE has higher volatility (8.88%) compared to EMCR (8.00%). In terms of maximum drawdown, EMCR dropped -34.28% vs PIE's -72.98%.

Which ETF is better, EMCR or PIE?

On 5-year performance, EMCR leads with 8.83% vs 7.04% for PIE. On fees, EMCR is cheaper at 0.15% per year. On volatility, EMCR has been the lower-risk option at 8.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCR or PIE?

Over the 5-year period, EMCR has performed better with a 8.83% return vs 7.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCR or PIE?

EMCR is cheaper with a 0.15% expense ratio, compared with 0.90% for PIE.

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

EMCR has the higher dividend yield at 1.99%, compared with 1.70% for PIE.

What is the main difference between EMCR and PIE?

EMCR is categorized as Emerging Markets Equities, while PIE is Momentum. EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: Deutsche Bank and Invesco. Their fees differ too: 0.15% for EMCR and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.16 vs 2.42), 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.