MIOFX vs. PIZ

Last updated Jun 24, 2026

MIOFX (Marsico International Opportunities Fund) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both funds - MIOFX is a Foreign Large Cap Equities fund managed by Marsico Investment Fund, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Over the past 10 years, MIOFX returned 13.22%/yr vs 11.51%/yr for PIZ. Their correlation of 0.84 suggests significant overlap in exposure. MIOFX charges 1.50%/yr vs 0.80%/yr for PIZ.

Performance

MIOFX vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marsico International Opportunities Fund (MIOFX) 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 MIOFX having a 15.38% return and PIZ slightly lower at 14.98%. Over the past 10 years, MIOFX has outperformed PIZ with an annualized return of 13.22%, while PIZ has yielded a comparatively lower 11.51% annualized return.

MIOFX

• 1D: -0.55%
• 1M: 6.86%
• YTD: 15.38%
• 6M: 14.15%
• 1Y: 25.03%
• 3Y*: 28.88%
• 5Y*: 12.06%
• 10Y*: 13.22%

PIZ

• 1D: -4.77%
• 1M: -0.77%
• YTD: 14.98%
• 6M: 14.14%
• 1Y: 26.96%
• 3Y*: 25.46%
• 5Y*: 10.11%
• 10Y*: 11.51%

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

MIOFX vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIOFX Marsico International Opportunities Fund	15.38%	28.54%	36.31%	17.96%	-23.71%	4.93%	20.59%	31.39%	-18.18%	44.09%
PIZ Invesco DWA Developed Markets Momentum ETF	14.98%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between MIOFX and PIZ is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008	0.84

The correlation between MIOFX and PIZ has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

MIOFX vs. PIZ — Risk / Return Rank

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

MIOFX

MIOFX Risk / Return Rank: 24
MIOFX Sharpe Ratio Rank: 23
MIOFX Sortino Ratio Rank: 24
MIOFX Omega Ratio Rank: 24
MIOFX Calmar Ratio Rank: 25
MIOFX Martin Ratio Rank: 25

PIZ

PIZ Risk / Return Rank: 38
PIZ Sharpe Ratio Rank: 35
PIZ Sortino Ratio Rank: 35
PIZ Omega Ratio Rank: 36
PIZ Calmar Ratio Rank: 40
PIZ Martin Ratio Rank: 44

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.

MIOFX vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marsico International Opportunities Fund (MIOFX) 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.

	MIOFX	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.21	+0.05
Sortino ratio: Return per unit of downside risk	1.88	1.76	+0.13
Omega ratio: Gain probability vs. loss probability	1.23	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	1.71	1.89	-0.17
Martin ratio: Return relative to average drawdown	5.52	6.92	-1.41

MIOFX vs. PIZ - Sharpe Ratio Comparison

The current MIOFX Sharpe Ratio is 1.25, which is comparable to the PIZ Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of MIOFX 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

MIOFX vs. PIZ - Drawdown Comparison

The maximum MIOFX drawdown since its inception was -63.83%, which is greater than PIZ's maximum drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for MIOFX and PIZ.

Drawdown Indicators

	MIOFX	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.83%	-60.61%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-15.37%	-14.35%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.52%	-14.67%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-40.93%	+2.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	-40.93%	+2.18%
Current Drawdown Current decline from peak	-0.55%	-5.31%	+4.76%
Average Drawdown Average peak-to-trough decline	-17.10%	-14.89%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	3.90%	+0.86%

Volatility

MIOFX vs. PIZ - Volatility Comparison

The current volatility for Marsico International Opportunities Fund (MIOFX) is 8.22%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 10.97%. This indicates that MIOFX 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

	MIOFX	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	10.97%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	18.00%	20.32%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	21.05%	22.48%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.17%	20.37%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	19.63%	-0.84%

MIOFX vs. PIZ - Expense Ratio Comparison

MIOFX has a 1.50% expense ratio, which is higher than PIZ's 0.80% expense ratio.

Dividends

MIOFX vs. PIZ - Dividend Comparison

MIOFX's dividend yield for the trailing twelve months is around 4.11%, more than PIZ's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIOFX Marsico International Opportunities Fund	4.11%	4.75%	4.95%	0.38%	0.17%	13.41%	2.44%	4.20%	9.36%	0.00%	0.00%	0.00%
PIZ Invesco DWA Developed Markets Momentum ETF	1.49%	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 MIOFX and PIZ in my portfolio?

MIOFX and PIZ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIOFX or PIZ?

PIZ has higher volatility (10.97%) compared to MIOFX (8.22%). In terms of maximum drawdown, MIOFX dropped -63.83% vs PIZ's -60.61%.

Which has better risk-adjusted returns?

MIOFX currently has the higher Sharpe Ratio (1.25 vs 1.21), 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.