GSEE vs. PIE

Last updated Jul 14, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - GSEE is a Emerging Markets Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 5 years, GSEE returned 6.59%/yr vs 5.77%/yr for PIE. A 0.79 correlation means they provide meaningful diversification when combined. GSEE charges 0.36%/yr vs 0.90%/yr for PIE.

Performance

GSEE vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) 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, GSEE achieves a 18.29% return, which is significantly lower than PIE's 36.43% return.

GSEE

• 1D: -3.50%
• 1M: -4.03%
• 6M: 11.63%
• YTD: 18.29%
• 1Y: 35.14%
• 3Y*: 18.81%
• 5Y*: 6.59%
• 10Y*: —

PIE

• 1D: -2.42%
• 1M: -1.15%
• 6M: 28.71%
• YTD: 36.43%
• 1Y: 57.64%
• 3Y*: 19.48%
• 5Y*: 5.77%
• 10Y*: 9.55%

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

GSEE vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	18.29%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%
PIE Invesco DWA Emerging Markets Momentum ETF	36.43%	25.98%	-0.27%	13.71%	-28.77%	14.30%	40.48%

Correlation

The correlation between GSEE and PIE is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 15, 2020	0.79

The correlation between GSEE and PIE has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

GSEE vs. PIE - Sectors Allocation Comparison

Sectors	GSEE	PIE
Technology	43.0%	51.1%
Financial Services	17.1%	14.1%
Consumer Cyclical	8.7%	1.4%
Industrials	8.0%	15.3%
Communication Services	5.8%	1.3%
Basic Materials	5.6%	2.9%
Energy	3.4%	4.6%
Healthcare	2.8%	4.3%
Consumer Defensive	2.5%	0.3%
Utilities	2.1%	1.1%
Real Estate	1.1%	3.5%

Return for Risk

GSEE vs. PIE — Risk / Return Rank

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

GSEE

GSEE Risk / Return Rank: 61
GSEE Sharpe Ratio Rank: 58
GSEE Sortino Ratio Rank: 53
GSEE Omega Ratio Rank: 60
GSEE Calmar Ratio Rank: 68
GSEE Martin Ratio Rank: 65

PIE

PIE Risk / Return Rank: 88
PIE Sharpe Ratio Rank: 88
PIE Sortino Ratio Rank: 78
PIE Omega Ratio Rank: 86
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 91

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.

GSEE vs. PIE - Risk-Adjusted Trends Comparison

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

	GSEE	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.30	-0.77
Sortino ratio: Return per unit of downside risk	2.07	2.76	-0.69
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.12
Calmar ratio: Return relative to maximum drawdown	2.70	5.87	-3.16
Martin ratio: Return relative to average drawdown	9.14	17.04	-7.90

GSEE vs. PIE - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 1.54, which is lower than the PIE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GSEE 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.

Drawdowns

GSEE vs. PIE - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for GSEE and PIE.

Drawdown Indicators

	GSEE	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-72.98%	+35.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-9.87%	-3.18%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-28.69%	+11.30%
Max Drawdown (5Y) Largest decline over 5 years	-32.96%	-40.32%	+7.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-9.20%	-6.66%	-2.54%
Average Drawdown Average peak-to-trough decline	-14.56%	-25.95%	+11.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	3.39%	+0.47%

Volatility

GSEE vs. PIE - Volatility Comparison

The current volatility for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) is 11.10%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 11.98%. This indicates that GSEE 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

	GSEE	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	11.98%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	20.86%	22.06%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	25.21%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	21.05%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	21.64%	-2.70%

GSEE vs. PIE - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

GSEE vs. PIE - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 2.14%, more than PIE's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.14%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%	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

Can I hold both GSEE and PIE in my portfolio?

GSEE and PIE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEE or PIE?

PIE has higher volatility (11.98%) compared to GSEE (11.10%). In terms of maximum drawdown, GSEE dropped -37.51% vs PIE's -72.98%.

Which ETF is better, GSEE or PIE?

On 5-year performance, GSEE leads with 6.59% vs 5.77% for PIE. On fees, GSEE is cheaper at 0.36% per year. On volatility, GSEE has been the lower-risk option at 11.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or PIE?

Over the 5-year period, GSEE has performed better with a 6.59% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or PIE?

GSEE is cheaper with a 0.36% expense ratio, compared with 0.90% for PIE.

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

GSEE has the higher dividend yield at 2.14%, compared with 1.77% for PIE.

What is the main difference between GSEE and PIE?

GSEE is categorized as Emerging Markets Equities, while PIE is Momentum. GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.36% for GSEE and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (2.30 vs 1.54), 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.