GEME vs. PIE

Last updated Jun 3, 2026

GEME (Pacific North of South Global Emerging Markets Equity Active ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - GEME is a Emerging Markets Equities fund actively managed by Pacific AM, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. GEME is actively managed, while PIE is passively managed. Over the past year, GEME returned 84.77% vs 74.51% for PIE. A 0.73 correlation means they provide meaningful diversification when combined. GEME charges 0.75%/yr vs 0.90%/yr for PIE.

Performance

GEME vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacific North of South Global Emerging Markets Equity Active ETF (GEME) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GEME having a 40.25% return and PIE slightly higher at 40.45%.

GEME

• 1D: 1.11%
• 1M: 13.51%
• YTD: 40.25%
• 6M: 45.99%
• 1Y: 84.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIE

• 1D: 0.01%
• 1M: 6.75%
• YTD: 40.45%
• 6M: 39.95%
• 1Y: 74.51%
• 3Y*: 23.78%
• 5Y*: 7.36%
• 10Y*: 10.25%

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

GEME vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025
GEME Pacific North of South Global Emerging Markets Equity Active ETF	40.25%	37.35%
PIE Invesco DWA Emerging Markets Momentum ETF	40.45%	27.44%

Correlation

The correlation between GEME and PIE is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.73

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

Return for Risk

GEME vs. PIE — Risk / Return Rank

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

GEME

GEME Risk / Return Rank: 94
GEME Sharpe Ratio Rank: 95
GEME Sortino Ratio Rank: 93
GEME Omega Ratio Rank: 94
GEME Calmar Ratio Rank: 92
GEME Martin Ratio Rank: 93

PIE

PIE Risk / Return Rank: 92
PIE Sharpe Ratio Rank: 92
PIE Sortino Ratio Rank: 88
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 95
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.

GEME vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacific North of South Global Emerging Markets Equity Active ETF (GEME) 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.

	GEME	PIE	Difference
Sharpe ratio Return per unit of total volatility	4.02	3.42	+0.60
Sortino ratio Return per unit of downside risk	4.79	4.05	+0.74
Omega ratio Gain probability vs. loss probability	1.70	1.58	+0.12
Calmar ratio Return relative to maximum drawdown	6.36	7.71	-1.35
Martin ratio Return relative to average drawdown	24.95	25.33	-0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GEME vs. PIE - Sharpe Ratio Comparison

The current GEME Sharpe Ratio is 4.02, which is comparable to the PIE Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of GEME 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

	GEME	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.02	3.42	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.73	0.12	+2.61

Drawdowns

GEME vs. PIE - Drawdown Comparison

The maximum GEME drawdown since its inception was -16.86%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for GEME and PIE.

Drawdown Indicators

	GEME	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-16.86%	-72.98%	+56.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-9.87%	-3.59%
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	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-2.30%	-26.09%	+23.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.01%	+0.42%

Volatility

GEME vs. PIE - Volatility Comparison

The current volatility for Pacific North of South Global Emerging Markets Equity Active ETF (GEME) is 8.38%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 8.92%. This indicates that GEME 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

	GEME	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	8.92%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	17.84%	17.73%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.18%	21.88%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	20.23%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	21.35%	+1.60%

GEME vs. PIE - Expense Ratio Comparison

GEME has a 0.75% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

GEME vs. PIE - Dividend Comparison

GEME's dividend yield for the trailing twelve months is around 5.00%, more than PIE's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEME Pacific North of South Global Emerging Markets Equity Active ETF	5.00%	7.01%	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	1.68%	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 GEME and PIE in my portfolio?

GEME and PIE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GEME or PIE?

PIE has higher volatility (8.92%) compared to GEME (8.38%). In terms of maximum drawdown, GEME dropped -16.86% vs PIE's -72.98%.

Which ETF is better, GEME or PIE?

On 1-year performance, GEME leads with 84.77% vs 74.51% for PIE. On fees, GEME is cheaper at 0.75% per year. On volatility, GEME has been the lower-risk option at 8.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GEME or PIE?

Over the 1-year period, GEME has performed better with a 84.77% return vs 74.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GEME or PIE?

GEME is cheaper with a 0.75% expense ratio, compared with 0.90% for PIE.

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

GEME has the higher dividend yield at 5.00%, compared with 1.68% for PIE.

What is the main difference between GEME and PIE?

GEME is categorized as Emerging Markets Equities, while PIE is Momentum. They also come from different issuers: Pacific AM and Invesco. Their fees differ too: 0.75% for GEME and 0.90% for PIE.

Which has better risk-adjusted returns?

GEME currently has the higher Sharpe Ratio (4.02 vs 3.42), 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.