GEM vs. PIE

Last updated Apr 1, 2026

Compare and contrast key facts about Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Invesco DWA Emerging Markets Momentum ETF (PIE).

GEM and PIE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GEM is a passively managed fund by Goldman Sachs that tracks the performance of the Goldman Sachs ActiveBeta Emerging Markets Equity Index. It was launched on Sep 29, 2015. PIE is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Emerging Markets Technical Leaders Index. It was launched on Dec 28, 2007. Both GEM and PIE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GEM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

GEM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.80%	33.43%	6.66%	11.82%	-21.33%	-0.19%	13.23%	17.79%	-14.25%	36.43%
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Returns By Period

In the year-to-date period, GEM achieves a 3.80% return, which is significantly lower than PIE's 10.23% return. Both investments have delivered pretty close results over the past 10 years, with GEM having a 7.72% annualized return and PIE not far ahead at 7.75%.

GEM

• 1D: 3.52%
• 1M: -9.22%
• YTD: 3.80%
• 6M: 8.54%
• 1Y: 33.24%
• 3Y*: 15.80%
• 5Y*: 4.48%
• 10Y*: 7.72%

PIE

• 1D: 1.88%
• 1M: -8.10%
• YTD: 10.23%
• 6M: 7.86%
• 1Y: 46.75%
• 3Y*: 14.64%
• 5Y*: 3.86%
• 10Y*: 7.75%

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

GEM vs. PIE - Expense Ratio Comparison

GEM has a 0.45% expense ratio, which is lower than PIE's 0.90% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

GEM

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

Return for Risk

GEM vs. PIE — Risk / Return Rank

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

GEM

GEM Risk / Return Rank: 85
GEM Sharpe Ratio Rank: 85
GEM Sortino Ratio Rank: 86
GEM Omega Ratio Rank: 85
GEM Calmar Ratio Rank: 84
GEM Martin Ratio Rank: 84

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
PIE Martin Ratio Rank: 93

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.

GEM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) 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.

	GEM	PIE	Difference
Sharpe ratio Return per unit of total volatility	1.70	2.02	-0.32
Sortino ratio Return per unit of downside risk	2.32	2.57	-0.25
Omega ratio Gain probability vs. loss probability	1.33	1.38	-0.04
Calmar ratio Return relative to maximum drawdown	2.44	2.92	-0.48
Martin ratio Return relative to average drawdown	9.52	13.34	-3.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GEM vs. PIE - Sharpe Ratio Comparison

The current GEM Sharpe Ratio is 1.70, which is comparable to the PIE Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of GEM and PIE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GEM	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.02	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.19	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.37	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.07	+0.36

Correlation

The correlation between GEM and PIE is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GEM vs. PIE - Dividend Comparison

GEM's dividend yield for the trailing twelve months is around 2.22%, more than PIE's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.22%	2.30%	2.58%	2.97%	2.96%	3.00%	1.63%	3.13%	2.08%	1.81%	1.98%	0.25%
PIE Invesco DWA Emerging Markets Momentum ETF	2.14%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%

Drawdowns

GEM vs. PIE - Drawdown Comparison

The maximum GEM drawdown since its inception was -37.02%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for GEM and PIE.

Drawdown Indicators

	GEM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-37.02%	-72.98%	+35.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.50%	-15.48%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	-40.32%	+4.82%
Max Drawdown (10Y) Largest decline over 10 years	-37.02%	-40.32%	+3.30%
Current Drawdown Current decline from peak	-10.45%	-8.10%	-2.35%
Average Drawdown Average peak-to-trough decline	-12.17%	-26.31%	+14.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.39%	+0.06%

Volatility

GEM vs. PIE - Volatility Comparison

Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) and Invesco DWA Emerging Markets Momentum ETF (PIE) have volatilities of 10.14% and 10.36%, 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

	GEM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	10.36%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.56%	16.57%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	23.28%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	20.09%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	21.10%	-2.30%