PIE vs. AGEM

Last updated Jun 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and AGEM (abrdn Emerging Markets Dividend Active ETF) are both exchange-traded funds - PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index, while AGEM is a Emerging Markets Equities fund actively managed by abrdn. PIE is passively managed, while AGEM is actively managed. Over the past year, PIE returned 70.48% vs 63.11% for AGEM. A 0.74 correlation means they provide meaningful diversification when combined. PIE charges 0.90%/yr vs 0.70%/yr for AGEM.

Performance

PIE vs. AGEM - Performance Comparison

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

Returns By Period

In the year-to-date period, PIE achieves a 39.11% return, which is significantly higher than AGEM's 31.54% return.

PIE

• 1D: -0.95%
• 1M: 5.39%
• YTD: 39.11%
• 6M: 38.18%
• 1Y: 70.48%
• 3Y*: 23.39%
• 5Y*: 7.01%
• 10Y*: 10.15%

AGEM

• 1D: -1.46%
• 1M: 8.91%
• YTD: 31.54%
• 6M: 33.66%
• 1Y: 63.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIE vs. AGEM - Yearly Performance Comparison

	2026 (YTD)	2025
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	25.59%
AGEM abrdn Emerging Markets Dividend Active ETF	31.54%	29.81%

Correlation

The correlation between PIE and AGEM 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 (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.74

The correlation between PIE and AGEM has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

PIE vs. AGEM — Risk / Return Rank

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

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 85
PIE Omega Ratio Rank: 88
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 92

AGEM

AGEM Risk / Return Rank: 87
AGEM Sharpe Ratio Rank: 91
AGEM Sortino Ratio Rank: 88
AGEM Omega Ratio Rank: 88
AGEM Calmar Ratio Rank: 84
AGEM 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.

PIE vs. AGEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and abrdn Emerging Markets Dividend Active ETF (AGEM). 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.

	PIE	AGEM	Difference
Sharpe ratio: Return per unit of total volatility	3.24	3.15	+0.09
Sortino ratio: Return per unit of downside risk	3.88	3.97	-0.09
Omega ratio: Gain probability vs. loss probability	1.55	1.56	0.00
Calmar ratio: Return relative to maximum drawdown	7.18	4.56	+2.62
Martin ratio: Return relative to average drawdown	23.52	17.79	+5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIE vs. AGEM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 3.24, which is comparable to the AGEM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of PIE and AGEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIE	AGEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	3.15	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	2.41	-2.29

Drawdowns

PIE vs. AGEM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than AGEM's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for PIE and AGEM.

Drawdown Indicators

	PIE	AGEM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-15.58%	-57.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-13.92%	+4.05%
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	-1.17%	-1.46%	+0.29%
Average Drawdown Average peak-to-trough decline	-26.08%	-2.23%	-23.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.56%	-0.55%

Volatility

PIE vs. AGEM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) and abrdn Emerging Markets Dividend Active ETF (AGEM) have volatilities of 9.00% and 9.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	AGEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	9.15%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	17.77%	17.67%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	21.91%	20.15%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	21.51%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	21.51%	-0.16%

PIE vs. AGEM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than AGEM's 0.70% expense ratio.

Dividends

PIE vs. AGEM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.70%, which matches AGEM's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEM abrdn Emerging Markets Dividend Active ETF	1.71%	1.80%	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	1.70%	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 PIE and AGEM in my portfolio?

PIE and AGEM 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 is riskier, PIE or AGEM?

AGEM has higher volatility (9.15%) compared to PIE (9.00%). In terms of maximum drawdown, PIE dropped -72.98% vs AGEM's -15.58%.

Which ETF is better, PIE or AGEM?

On 1-year performance, PIE leads with 70.48% vs 63.11% for AGEM. On fees, AGEM is cheaper at 0.70% per year. On volatility, PIE has been the lower-risk option at 9.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or AGEM?

Over the 1-year period, PIE has performed better with a 70.48% return vs 63.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or AGEM?

AGEM is cheaper with a 0.70% expense ratio, compared with 0.90% for PIE.

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

PIE and AGEM have nearly identical dividend yields, around 1.70%.

What is the main difference between PIE and AGEM?

PIE is categorized as Momentum, while AGEM is Emerging Markets Equities. They also come from different issuers: Invesco and abrdn. Their fees differ too: 0.90% for PIE and 0.70% for AGEM.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.24 vs 3.15), 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.