IDHQ vs. PIZ

Last updated Jun 4, 2026

IDHQ (Invesco S&P International Developed High Quality ETF) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - IDHQ is a Foreign Large Cap Equities fund tracking the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, IDHQ returned 9.90%/yr vs 10.75%/yr for PIZ. A 0.77 correlation means they provide meaningful diversification when combined. IDHQ charges 0.29%/yr vs 0.80%/yr for PIZ.

Performance

IDHQ vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P International Developed High Quality ETF (IDHQ) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IDHQ achieves a 18.47% return, which is significantly higher than PIZ's 16.21% return. Over the past 10 years, IDHQ has underperformed PIZ with an annualized return of 9.90%, while PIZ has yielded a comparatively higher 10.75% annualized return.

IDHQ

• 1D: -0.67%
• 1M: 7.43%
• YTD: 18.47%
• 6M: 20.13%
• 1Y: 30.97%
• 3Y*: 18.48%
• 5Y*: 8.61%
• 10Y*: 9.90%

PIZ

• 1D: -0.99%
• 1M: 1.00%
• YTD: 16.21%
• 6M: 18.89%
• 1Y: 29.33%
• 3Y*: 25.82%
• 5Y*: 10.38%
• 10Y*: 10.75%

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

IDHQ vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IDHQ Invesco S&P International Developed High Quality ETF	18.47%	27.46%	1.33%	18.80%	-20.23%	11.38%	16.09%	29.58%	-13.38%	28.16%
PIZ Invesco DWA Developed Markets Momentum ETF	16.21%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between IDHQ and PIZ is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 8, 2008	0.77

The correlation between IDHQ and PIZ has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

IDHQ vs. PIZ — Risk / Return Rank

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

IDHQ

IDHQ Risk / Return Rank: 49
IDHQ Sharpe Ratio Rank: 48
IDHQ Sortino Ratio Rank: 50
IDHQ Omega Ratio Rank: 48
IDHQ Calmar Ratio Rank: 46
IDHQ Martin Ratio Rank: 53

PIZ

PIZ Risk / Return Rank: 42
PIZ Sharpe Ratio Rank: 40
PIZ Sortino Ratio Rank: 41
PIZ Omega Ratio Rank: 40
PIZ Calmar Ratio Rank: 41
PIZ Martin Ratio Rank: 49

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.

IDHQ vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P International Developed High Quality ETF (IDHQ) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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.

	IDHQ	PIZ	Difference
Sharpe ratio Return per unit of total volatility	1.68	1.44	+0.24
Sortino ratio Return per unit of downside risk	2.47	2.12	+0.35
Omega ratio Gain probability vs. loss probability	1.31	1.26	+0.04
Calmar ratio Return relative to maximum drawdown	2.31	2.05	+0.26
Martin ratio Return relative to average drawdown	9.23	8.17	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IDHQ vs. PIZ - Sharpe Ratio Comparison

The current IDHQ Sharpe Ratio is 1.68, which is comparable to the PIZ Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of IDHQ and PIZ, 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

	IDHQ	PIZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.44	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.52	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.55	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.28	-0.07

Drawdowns

IDHQ vs. PIZ - Drawdown Comparison

The maximum IDHQ drawdown since its inception was -73.84%, which is greater than PIZ's maximum drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for IDHQ and PIZ.

Drawdown Indicators

	IDHQ	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-73.84%	-60.61%	-13.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.44%	-14.35%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-14.07%	-14.67%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-33.54%	-40.93%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-33.54%	-40.93%	+7.39%
Current Drawdown Current decline from peak	-0.96%	-4.30%	+3.34%
Average Drawdown Average peak-to-trough decline	-21.20%	-14.87%	-6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.60%	-0.23%

Volatility

IDHQ vs. PIZ - Volatility Comparison

The current volatility for Invesco S&P International Developed High Quality ETF (IDHQ) is 7.57%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 8.23%. This indicates that IDHQ experiences smaller price fluctuations and is considered to be less risky than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDHQ	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	8.23%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	16.39%	17.93%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	20.45%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	19.94%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	19.65%	-1.72%

IDHQ vs. PIZ - Expense Ratio Comparison

IDHQ has a 0.29% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

IDHQ vs. PIZ - Dividend Comparison

IDHQ's dividend yield for the trailing twelve months is around 2.04%, more than PIZ's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDHQ Invesco S&P International Developed High Quality ETF	2.04%	2.46%	2.41%	2.52%	3.33%	2.10%	1.60%	2.10%	2.67%	1.68%	2.36%	1.71%
PIZ Invesco DWA Developed Markets Momentum ETF	1.34%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both IDHQ and PIZ in my portfolio?

IDHQ and PIZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDHQ or PIZ?

PIZ has higher volatility (8.23%) compared to IDHQ (7.57%). In terms of maximum drawdown, IDHQ dropped -73.84% vs PIZ's -60.61%.

Which ETF is better, IDHQ or PIZ?

On 10-year performance, PIZ leads with 10.75% vs 9.90% for IDHQ. On fees, IDHQ is cheaper at 0.29% per year. On volatility, IDHQ has been the lower-risk option at 7.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDHQ or PIZ?

Over the 10-year period, PIZ has performed better with a 10.75% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDHQ or PIZ?

IDHQ is cheaper with a 0.29% expense ratio, compared with 0.80% for PIZ.

Which ETF pays a higher dividend yield, IDHQ or PIZ?

IDHQ has the higher dividend yield at 2.04%, compared with 1.34% for PIZ.

What is the main difference between IDHQ and PIZ?

IDHQ is categorized as Foreign Large Cap Equities, while PIZ is Momentum. IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. Their fees differ too: 0.29% for IDHQ and 0.80% for PIZ.

Which has better risk-adjusted returns?

IDHQ currently has the higher Sharpe Ratio (1.68 vs 1.44), 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.