PEZ vs. PIZ

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) and Invesco DWA Developed Markets Momentum ETF (PIZ).

PEZ and PIZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PEZ is a passively managed fund by Invesco that tracks the performance of the DWA Consumer Cyclicals Technical Leaders Index. It was launched on Oct 12, 2006. PIZ is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Developed Markets Technical Leaders Index. It was launched on Dec 28, 2007. Both PEZ and PIZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PEZ vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

PEZ vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	-6.38%	5.40%	20.06%	29.55%	-29.59%	20.35%	38.97%	18.05%	-6.85%	19.87%
PIZ Invesco DWA Developed Markets Momentum ETF	4.63%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Returns By Period

In the year-to-date period, PEZ achieves a -6.38% return, which is significantly lower than PIZ's 4.63% return. Over the past 10 years, PEZ has underperformed PIZ with an annualized return of 8.73%, while PIZ has yielded a comparatively higher 10.00% annualized return.

PEZ

• 1D: 0.81%
• 1M: -6.59%
• YTD: -6.38%
• 6M: -4.00%
• 1Y: 12.32%
• 3Y*: 12.53%
• 5Y*: 2.22%
• 10Y*: 8.73%

PIZ

• 1D: 3.17%
• 1M: -6.08%
• YTD: 4.63%
• 6M: 7.50%
• 1Y: 35.08%
• 3Y*: 21.49%
• 5Y*: 9.93%
• 10Y*: 10.00%

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

PEZ vs. PIZ - Expense Ratio Comparison

PEZ has a 0.60% expense ratio, which is lower than PIZ's 0.80% expense ratio.

PIZ

Invesco DWA Developed Markets Momentum ETF

PEZ

Invesco DWA Consumer Cyclicals Momentum ETF

Return for Risk

PEZ vs. PIZ — Risk / Return Rank

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

PEZ

PEZ Risk / Return Rank: 29
PEZ Sharpe Ratio Rank: 26
PEZ Sortino Ratio Rank: 29
PEZ Omega Ratio Rank: 26
PEZ Calmar Ratio Rank: 31
PEZ Martin Ratio Rank: 30

PIZ

PIZ Risk / Return Rank: 83
PIZ Sharpe Ratio Rank: 82
PIZ Sortino Ratio Rank: 83
PIZ Omega Ratio Rank: 82
PIZ Calmar Ratio Rank: 83
PIZ Martin Ratio Rank: 85

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.

PEZ vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) 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.

	PEZ	PIZ	Difference
Sharpe ratio Return per unit of total volatility	0.52	1.63	-1.11
Sortino ratio Return per unit of downside risk	0.90	2.27	-1.36
Omega ratio Gain probability vs. loss probability	1.11	1.33	-0.22
Calmar ratio Return relative to maximum drawdown	0.84	2.54	-1.70
Martin ratio Return relative to average drawdown	2.75	10.54	-7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEZ vs. PIZ - Sharpe Ratio Comparison

The current PEZ Sharpe Ratio is 0.52, which is lower than the PIZ Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PEZ and PIZ, 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

	PEZ	PIZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	1.63	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.51	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.52	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.26	+0.06

Correlation

The correlation between PEZ and PIZ is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PEZ vs. PIZ - Dividend Comparison

PEZ's dividend yield for the trailing twelve months is around 0.22%, less than PIZ's 1.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEZ Invesco DWA Consumer Cyclicals Momentum ETF	0.22%	0.11%	0.12%	0.60%	0.43%	0.23%	0.39%	0.01%	0.40%	0.42%	0.83%	0.64%
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%

Drawdowns

PEZ vs. PIZ - Drawdown Comparison

The maximum PEZ drawdown since its inception was -58.39%, roughly equal to the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for PEZ and PIZ.

Drawdown Indicators

	PEZ	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-60.61%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-15.83%	-14.35%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-41.72%	-40.93%	-0.79%
Max Drawdown (10Y) Largest decline over 10 years	-52.05%	-40.93%	-11.12%
Current Drawdown Current decline from peak	-13.24%	-7.72%	-5.52%
Average Drawdown Average peak-to-trough decline	-13.88%	-14.99%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	3.45%	+1.39%

Volatility

PEZ vs. PIZ - Volatility Comparison

The current volatility for Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) is 8.73%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 10.20%. This indicates that PEZ 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

	PEZ	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	10.20%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	15.06%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	21.64%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.97%	19.47%	+5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.00%	19.34%	+5.66%