IHDG vs. PIZ

Last updated Jul 22, 2026

IHDG (WisdomTree International Hedged Dividend Growth Fund) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - IHDG is a Foreign Large Cap Equities fund tracking the WisdomTree International Hedged Dividend Growth 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, IHDG returned 10.30%/yr vs 10.32%/yr for PIZ. A 0.77 correlation means they provide meaningful diversification when combined. IHDG charges 0.58%/yr vs 0.80%/yr for PIZ.

Performance

IHDG vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Hedged Dividend Growth Fund (IHDG) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IHDG having a 9.13% return and PIZ slightly lower at 8.87%. Both investments have delivered pretty close results over the past 10 years, with IHDG having a 10.30% annualized return and PIZ not far ahead at 10.32%.

IHDG

• 1D: 1.53%
• 1M: -0.33%
• 6M: 7.06%
• YTD: 9.13%
• 1Y: 18.23%
• 3Y*: 11.66%
• 5Y*: 7.77%
• 10Y*: 10.30%
• ALL TIME*: 9.59%

PIZ

• 1D: 2.50%
• 1M: -7.55%
• 6M: 4.73%
• YTD: 8.87%
• 1Y: 16.35%
• 3Y*: 20.87%
• 5Y*: 8.19%
• 10Y*: 10.32%
• ALL TIME*: 5.74%

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

IHDG vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHDG WisdomTree International Hedged Dividend Growth Fund	9.13%	14.17%	5.97%	20.00%	-11.53%	19.75%	10.51%	33.42%	-12.03%	21.93%
PIZ Invesco DWA Developed Markets Momentum ETF	8.87%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between IHDG and PIZ is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 7, 2014	0.77

The correlation between IHDG and PIZ has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

IHDG vs. PIZ - Sectors Allocation Comparison

Sectors	IHDG	PIZ
Industrials	20.3%	46.9%
Consumer Cyclical	18.7%	1.7%
Financial Services	15.2%	27.8%
Healthcare	9.4%	0.7%
Technology	8.1%	15.7%
Basic Materials	5.4%	2.5%
Consumer Defensive	4.3%	1.9%
Communication Services	4.2%	-
Energy	3.7%	1.5%
Utilities	0.8%	1.4%
Real Estate	0.3%	0.4%

Return for Risk

IHDG vs. PIZ — Risk / Return Rank

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

IHDG

IHDG Risk / Return Rank: 49
IHDG Sharpe Ratio Rank: 49
IHDG Sortino Ratio Rank: 50
IHDG Omega Ratio Rank: 48
IHDG Calmar Ratio Rank: 45
IHDG Martin Ratio Rank: 51

PIZ

PIZ Risk / Return Rank: 29
PIZ Sharpe Ratio Rank: 26
PIZ Sortino Ratio Rank: 27
PIZ Omega Ratio Rank: 27
PIZ Calmar Ratio Rank: 31
PIZ Martin Ratio Rank: 33

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.

IHDG vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Hedged Dividend Growth Fund (IHDG) 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.

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.

	IHDG	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.71	+0.58
Sortino ratio: Return per unit of downside risk	1.88	1.13	+0.75
Omega ratio: Gain probability vs. loss probability	1.23	1.14	+0.09
Calmar ratio: Return relative to maximum drawdown	1.75	1.14	+0.60
Martin ratio: Return relative to average drawdown	6.39	3.59	+2.79

IHDG vs. PIZ - Sharpe Ratio Comparison

The current IHDG Sharpe Ratio is 1.28, which is higher than the PIZ Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of IHDG 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.

Drawdowns

IHDG vs. PIZ - Drawdown Comparison

The maximum IHDG drawdown since its inception was -29.24%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for IHDG and PIZ.

Drawdown Indicators

	IHDG	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-29.24%	-60.61%	+31.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.49%	-14.35%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-14.67%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-19.52%	-40.93%	+21.41%
Max Drawdown (10Y) Largest decline over 10 years	-29.24%	-40.93%	+11.69%
Current Drawdown Current decline from peak	-2.00%	-10.34%	+8.34%
Average Drawdown Average peak-to-trough decline	-4.01%	-14.86%	+10.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	4.56%	-1.70%

Volatility

IHDG vs. PIZ - Volatility Comparison

The current volatility for WisdomTree International Hedged Dividend Growth Fund (IHDG) is 3.80%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 8.56%. This indicates that IHDG 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

	IHDG	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	8.56%	-4.76%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	21.20%	-9.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	23.24%	-8.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	20.53%	-5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	19.65%	-4.03%

IHDG vs. PIZ - Expense Ratio Comparison

IHDG has a 0.58% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

IHDG vs. PIZ - Dividend Comparison

IHDG's dividend yield for the trailing twelve months is around 1.82%, more than PIZ's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHDG WisdomTree International Hedged Dividend Growth Fund	1.82%	1.84%	2.42%	1.70%	13.79%	2.77%	1.94%	1.99%	0.22%	1.28%	1.91%	3.04%
PIZ Invesco DWA Developed Markets Momentum ETF	1.58%	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 IHDG and PIZ in my portfolio?

IHDG and PIZ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHDG or PIZ?

PIZ has higher volatility (8.56%) compared to IHDG (3.80%). In terms of maximum drawdown, IHDG dropped -29.24% vs PIZ's -60.61%.

Which ETF is better, IHDG or PIZ?

On 10-year performance, PIZ leads with 10.32% vs 10.30% for IHDG. On fees, IHDG is cheaper at 0.58% per year. On volatility, IHDG has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHDG or PIZ?

Over the 10-year period, PIZ has performed better with a 10.32% return vs 10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHDG or PIZ?

IHDG is cheaper with a 0.58% expense ratio, compared with 0.80% for PIZ.

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

IHDG has the higher dividend yield at 1.82%, compared with 1.58% for PIZ.

What is the main difference between IHDG and PIZ?

IHDG is categorized as Foreign Large Cap Equities, while PIZ is Momentum. IHDG tracks WisdomTree International Hedged Dividend Growth Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.58% for IHDG and 0.80% for PIZ.

Which has better risk-adjusted returns?

IHDG currently has the higher Sharpe Ratio (1.28 vs 0.71), 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.