JEMA vs. PIE

Last updated Apr 1, 2026

Compare and contrast key facts about JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) and Invesco DWA Emerging Markets Momentum ETF (PIE).

JEMA and PIE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JEMA is an actively managed fund by JPMorgan. It was launched on Mar 10, 2021. PIE is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Emerging Markets Technical Leaders Index. It was launched on Dec 28, 2007.

Performance

JEMA vs. PIE - Performance Comparison

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

JEMA vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	6.18%	34.89%	5.68%	9.82%	-24.98%	-4.78%
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	5.57%

Returns By Period

In the year-to-date period, JEMA achieves a 6.18% return, which is significantly lower than PIE's 10.23% return.

JEMA

• 1D: 3.81%
• 1M: -8.75%
• YTD: 6.18%
• 6M: 12.69%
• 1Y: 40.05%
• 3Y*: 15.97%
• 5Y*: 3.75%
• 10Y*: —

PIE

• 1D: 1.88%
• 1M: -8.10%
• YTD: 10.23%
• 6M: 7.86%
• 1Y: 46.75%
• 3Y*: 14.64%
• 5Y*: 3.86%
• 10Y*: 7.75%

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

JEMA vs. PIE - Expense Ratio Comparison

JEMA has a 0.39% expense ratio, which is lower than PIE's 0.90% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

JEMA

JPMorgan ActiveBuilders Emerging Markets Equity ETF

Return for Risk

JEMA vs. PIE — Risk / Return Rank

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

JEMA

JEMA Risk / Return Rank: 90
JEMA Sharpe Ratio Rank: 89
JEMA Sortino Ratio Rank: 89
JEMA Omega Ratio Rank: 90
JEMA Calmar Ratio Rank: 90
JEMA Martin Ratio Rank: 91

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
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.

JEMA vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) 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.

	JEMA	PIE	Difference
Sharpe ratio Return per unit of total volatility	1.90	2.02	-0.12
Sortino ratio Return per unit of downside risk	2.50	2.57	-0.07
Omega ratio Gain probability vs. loss probability	1.38	1.38	0.00
Calmar ratio Return relative to maximum drawdown	3.01	2.92	+0.08
Martin ratio Return relative to average drawdown	12.02	13.34	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JEMA vs. PIE - Sharpe Ratio Comparison

The current JEMA Sharpe Ratio is 1.90, which is comparable to the PIE Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of JEMA and PIE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JEMA	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	2.02	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.19	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.07	+0.12

Correlation

The correlation between JEMA and PIE is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JEMA vs. PIE - Dividend Comparison

JEMA's dividend yield for the trailing twelve months is around 2.76%, more than PIE's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.76%	2.93%	2.44%	2.95%	2.69%	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIE Invesco DWA Emerging Markets Momentum ETF	2.14%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%

Drawdowns

JEMA vs. PIE - Drawdown Comparison

The maximum JEMA drawdown since its inception was -39.50%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for JEMA and PIE.

Drawdown Indicators

	JEMA	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.50%	-72.98%	+33.48%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-15.48%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-39.50%	-40.32%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-9.80%	-8.10%	-1.70%
Average Drawdown Average peak-to-trough decline	-17.56%	-26.31%	+8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.39%	-0.11%

Volatility

JEMA vs. PIE - Volatility Comparison

JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) has a higher volatility of 11.08% compared to Invesco DWA Emerging Markets Momentum ETF (PIE) at 10.36%. This indicates that JEMA's price experiences larger fluctuations and is considered to be riskier than PIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEMA	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.08%	10.36%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	15.52%	16.57%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	21.20%	23.28%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.54%	20.09%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	21.10%	-2.55%