IQDG vs. PIZ

Last updated Jul 22, 2026

IQDG (WisdomTree International Quality Dividend Growth Fund) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - IQDG is a Foreign Large Cap Equities fund tracking the WisdomTree International Quality 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, IQDG returned 8.02%/yr vs 10.32%/yr for PIZ. Their correlation of 0.84 suggests significant overlap in exposure. IQDG charges 0.42%/yr vs 0.80%/yr for PIZ.

Performance

IQDG vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Quality Dividend Growth Fund (IQDG) 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, IQDG achieves a 5.14% return, which is significantly lower than PIZ's 8.87% return. Over the past 10 years, IQDG has underperformed PIZ with an annualized return of 8.02%, while PIZ has yielded a comparatively higher 10.32% annualized return.

IQDG

• 1D: 1.04%
• 1M: -1.03%
• 6M: 3.67%
• YTD: 5.14%
• 1Y: 12.50%
• 3Y*: 9.62%
• 5Y*: 4.13%
• 10Y*: 8.02%
• ALL TIME*: 8.01%

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)

IQDG vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQDG WisdomTree International Quality Dividend Growth Fund	5.14%	24.19%	-3.38%	20.76%	-19.97%	12.28%	16.58%	30.03%	-16.81%	30.64%
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 IQDG and PIZ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 7, 2016	0.84

The correlation between IQDG and PIZ has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

IQDG vs. PIZ - Sectors Allocation Comparison

Sectors	IQDG	PIZ
Industrials	20.3%	46.9%
Consumer Cyclical	18.9%	1.7%
Financial Services	15.1%	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

IQDG vs. PIZ — Risk / Return Rank

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

IQDG

IQDG Risk / Return Rank: 28
IQDG Sharpe Ratio Rank: 28
IQDG Sortino Ratio Rank: 28
IQDG Omega Ratio Rank: 27
IQDG Calmar Ratio Rank: 28
IQDG Martin Ratio Rank: 31

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.

IQDG vs. PIZ - Risk-Adjusted Trends Comparison

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

	IQDG	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.71	+0.04
Sortino ratio: Return per unit of downside risk	1.18	1.13	+0.05
Omega ratio: Gain probability vs. loss probability	1.14	1.14	0.00
Calmar ratio: Return relative to maximum drawdown	1.02	1.14	-0.13
Martin ratio: Return relative to average drawdown	3.25	3.59	-0.35

IQDG vs. PIZ - Sharpe Ratio Comparison

The current IQDG Sharpe Ratio is 0.75, which is comparable to the PIZ Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of IQDG 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

IQDG vs. PIZ - Drawdown Comparison

The maximum IQDG drawdown since its inception was -34.97%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for IQDG and PIZ.

Drawdown Indicators

	IQDG	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-34.97%	-60.61%	+25.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.35%	-14.35%	+2.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.12%	-14.67%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	-34.97%	-40.93%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-34.97%	-40.93%	+5.96%
Current Drawdown Current decline from peak	-2.28%	-10.34%	+8.06%
Average Drawdown Average peak-to-trough decline	-7.45%	-14.86%	+7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	4.56%	-0.70%

Volatility

IQDG vs. PIZ - Volatility Comparison

The current volatility for WisdomTree International Quality Dividend Growth Fund (IQDG) is 4.04%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 8.56%. This indicates that IQDG 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

	IQDG	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	8.56%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	21.20%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	23.24%	-6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	20.53%	-2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	19.65%	-2.37%

IQDG vs. PIZ - Expense Ratio Comparison

IQDG has a 0.42% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

IQDG vs. PIZ - Dividend Comparison

IQDG's dividend yield for the trailing twelve months is around 2.40%, more than PIZ's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQDG WisdomTree International Quality Dividend Growth Fund	2.40%	2.28%	2.60%	1.76%	4.18%	2.67%	1.65%	1.95%	1.96%	1.71%	1.35%	0.00%
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 IQDG and PIZ in my portfolio?

IQDG and PIZ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQDG or PIZ?

PIZ has higher volatility (8.56%) compared to IQDG (4.04%). In terms of maximum drawdown, IQDG dropped -34.97% vs PIZ's -60.61%.

Which ETF is better, IQDG or PIZ?

On 10-year performance, PIZ leads with 10.32% vs 8.02% for IQDG. On fees, IQDG is cheaper at 0.42% per year. On volatility, IQDG has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQDG or PIZ?

Over the 10-year period, PIZ has performed better with a 10.32% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQDG or PIZ?

IQDG is cheaper with a 0.42% expense ratio, compared with 0.80% for PIZ.

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

IQDG has the higher dividend yield at 2.40%, compared with 1.58% for PIZ.

What is the main difference between IQDG and PIZ?

IQDG is categorized as Foreign Large Cap Equities, while PIZ is Momentum. IQDG tracks WisdomTree International Quality 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: 0.42% for IQDG and 0.80% for PIZ.

Which has better risk-adjusted returns?

IQDG currently has the higher Sharpe Ratio (0.75 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.