EZMO vs. PIE

Last updated Jun 5, 2026

EZMO (AlphaDroid Broad Markets Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds. EZMO is actively managed, while PIE is passively managed. A 0.61 correlation means they provide meaningful diversification when combined. EZMO charges 0.94%/yr vs 0.90%/yr for PIE.

Performance

EZMO vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaDroid Broad Markets Momentum ETF (EZMO) 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, EZMO achieves a 1.61% return, which is significantly lower than PIE's 39.30% return.

EZMO

• 1D: -0.36%
• 1M: -0.11%
• YTD: 1.61%
• 6M: 1.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

EZMO vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025
EZMO AlphaDroid Broad Markets Momentum ETF	1.61%	5.20%
PIE Invesco DWA Emerging Markets Momentum ETF	39.30%	-0.17%

Correlation

The correlation between EZMO and PIE is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 17, 2025	0.61

Return for Risk

EZMO 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.

EZMO vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaDroid Broad Markets Momentum ETF (EZMO) 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

	EZMO	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.16	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.12	+0.62

Drawdowns

EZMO vs. PIE - Drawdown Comparison

The maximum EZMO drawdown since its inception was -9.23%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for EZMO and PIE.

Drawdown Indicators

	EZMO	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-9.23%	-72.98%	+63.75%
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	-7.93%	-1.04%	-6.89%
Average Drawdown Average peak-to-trough decline	-4.26%	-26.08%	+21.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.01%	—

Volatility

Volatility by Period

	EZMO	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	21.87%	-6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	20.23%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	21.34%	-6.17%

EZMO vs. PIE - Expense Ratio Comparison

EZMO has a 0.94% expense ratio, which is higher than PIE's 0.90% expense ratio.

Dividends

EZMO vs. PIE - Dividend Comparison

EZMO 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
EZMO AlphaDroid Broad Markets Momentum ETF	0.00%	0.00%	0.00%	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	1.70%	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 EZMO and PIE in my portfolio?

EZMO and PIE have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EZMO or PIE?

On fees, PIE is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZMO or PIE?

PIE is cheaper with a 0.90% expense ratio, compared with 0.94% for EZMO.

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

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

What is the main difference between EZMO and PIE?

They also come from different issuers: AlphaDroid and Invesco. Their fees differ too: 0.94% for EZMO and 0.90% for PIE.