EVLU vs. PIE
EVLU (iShares MSCI Emerging Markets Value Factor ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - EVLU is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Value Factor Select Index (Net), while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past year, EVLU returned 54.03% vs 49.64% for PIE. Their 0.73 correlation means they have sometimes moved together and sometimes differently. EVLU charges 0.35%/yr vs 0.90%/yr for PIE.
Performance
EVLU vs. PIE - Performance Comparison
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Returns By Period
In the year-to-date period, EVLU achieves a 29.24% return, which is significantly lower than PIE's 36.54% return.
EVLU
- 1D
- -1.06%
- 1M
- 0.29%
- 6M
- 19.37%
- YTD
- 29.24%
- 1Y
- 54.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 36.50%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $207.69K | $151.31K | $128.35K | |
| $2.19M | $4.18M | $2.90M |
EVLU vs. PIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EVLU iShares MSCI Emerging Markets Value Factor ETF | 29.24% | 38.54% | 1.21% |
PIE Invesco DWA Emerging Markets Momentum ETF | 36.54% | 25.98% | -3.85% |
Correlation
The correlation between EVLU and PIE is 0.74, 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. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | 0.73 |
The correlation between EVLU and PIE has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.
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Return for Risk
EVLU vs. PIE — Risk / Return Rank
EVLU
PIE
EVLU vs. PIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Value Factor ETF (EVLU) 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.
| EVLU | PIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.32 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.21 | 2.89 | +1.32 |
| Martin ratioReturn relative to average drawdown | 12.09 | 11.36 | +0.73 |
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Drawdowns
EVLU vs. PIE - Drawdown Comparison
The maximum EVLU drawdown since its inception was -17.17%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for EVLU and PIE.
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Drawdown Indicators
| EVLU | PIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.17% | -72.98% | +55.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.90% | -17.26% | +4.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.69% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.78% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.32% | — |
Current DrawdownCurrent decline from peak | -5.75% | -6.59% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -25.90% | +22.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 4.38% | +0.10% |
Volatility
EVLU vs. PIE - Volatility Comparison
The current volatility for iShares MSCI Emerging Markets Value Factor ETF (EVLU) is 5.96%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 12.04%. This indicates that EVLU 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.
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Volatility by Period
| EVLU | PIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.96% | 12.04% | -6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 18.51% | 24.33% | -5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.01% | 27.47% | -6.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.39% | 21.44% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 21.91% | -1.52% |
EVLU vs. PIE - Expense Ratio Comparison
EVLU has a 0.35% expense ratio, which is lower than PIE's 0.90% expense ratio.
Dividends
EVLU vs. PIE - Dividend Comparison
EVLU's dividend yield for the trailing twelve months is around 3.76%, more than PIE's 1.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EVLU iShares MSCI Emerging Markets Value Factor ETF | 3.76% | 5.20% | 1.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
EVLU and PIE 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.
PIE has higher volatility (12.04%) compared to EVLU (5.96%). In terms of maximum drawdown, EVLU dropped -17.17% vs PIE's -72.98%.
On 1-year performance, EVLU leads with 54.03% vs 49.64% for PIE. On fees, EVLU is cheaper at 0.35% per year. On volatility, EVLU has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EVLU has performed better with a 54.03% return vs 49.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EVLU is cheaper with a 0.35% expense ratio, compared with 0.90% for PIE.
EVLU has the higher dividend yield at 3.76%, compared with 1.77% for PIE.
EVLU is categorized as Emerging Markets Equities, while PIE is Momentum. EVLU tracks MSCI Emerging Markets Value Factor Select 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: 0.35% for EVLU and 0.90% for PIE.
EVLU currently has the higher Sharpe Ratio (2.58 vs 1.82), 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.
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