MFMO vs. PIE

Last updated Jun 25, 2026

MFMO (Motley Fool Momentum Factor ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds. MFMO is actively managed, while PIE is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. MFMO charges 0.50%/yr vs 0.90%/yr for PIE.

Performance

MFMO vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Motley Fool Momentum Factor ETF (MFMO) 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, MFMO achieves a 23.78% return, which is significantly lower than PIE's 37.41% return.

MFMO

• 1D: -0.28%
• 1M: 0.96%
• YTD: 23.78%
• 6M: 21.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PIE

• 1D: -0.86%
• 1M: 1.96%
• YTD: 37.41%
• 6M: 33.49%
• 1Y: 57.94%
• 3Y*: 22.85%
• 5Y*: 6.37%
• 10Y*: 10.36%

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

MFMO vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025
MFMO Motley Fool Momentum Factor ETF	23.78%	-1.80%
PIE Invesco DWA Emerging Markets Momentum ETF	37.41%	-1.25%

Correlation

The correlation between MFMO and PIE is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 9, 2025	0.73

Return for Risk

MFMO vs. PIE — Risk / Return Rank

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

MFMO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PIE

PIE Risk / Return Rank: 84
PIE Sharpe Ratio Rank: 84
PIE Sortino Ratio Rank: 73
PIE Omega Ratio Rank: 82
PIE Calmar Ratio Rank: 93
PIE Martin Ratio Rank: 90

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.

MFMO vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Motley Fool Momentum Factor ETF (MFMO) 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.

	MFMO	PIE	Difference
Sharpe ratio: Return per unit of total volatility	—	2.41	—
Sortino ratio: Return per unit of downside risk	—	2.90	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	5.90	—
Martin ratio: Return relative to average drawdown	—	18.23	—

Drawdowns

MFMO vs. PIE - Drawdown Comparison

The maximum MFMO drawdown since its inception was -12.05%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for MFMO and PIE.

Drawdown Indicators

	MFMO	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-12.05%	-72.98%	+60.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-3.67%	-5.99%	+2.32%
Average Drawdown Average peak-to-trough decline	-2.42%	-26.01%	+23.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.19%	—

Volatility

Volatility by Period

	MFMO	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	26.56%	24.27%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.56%	20.84%	+5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.56%	21.57%	+4.99%

MFMO vs. PIE - Expense Ratio Comparison

MFMO has a 0.50% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

MFMO vs. PIE - Dividend Comparison

MFMO has not paid dividends to shareholders, while PIE's dividend yield for the trailing twelve months is around 1.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFMO Motley Fool Momentum Factor ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIE Invesco DWA Emerging Markets Momentum ETF	1.76%	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 MFMO and PIE in my portfolio?

MFMO and PIE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MFMO or PIE?

On fees, MFMO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MFMO or PIE?

MFMO is cheaper with a 0.50% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.76%, compared with 0.00% for MFMO.

What is the main difference between MFMO and PIE?

They also come from different issuers: Motley Fool and Invesco. Their fees differ too: 0.50% for MFMO and 0.90% for PIE.