PIE vs. AVES
Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and Avantis Emerging Markets Value ETF (AVES).
PIE and AVES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AVES is an actively managed fund by American Century. It was launched on Sep 28, 2021.
Performance
PIE vs. AVES - Performance Comparison
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PIE vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PIE Invesco DWA Emerging Markets Momentum ETF | 10.23% | 25.98% | -0.27% | 13.71% | -28.77% | 6.76% |
AVES Avantis Emerging Markets Value ETF | 2.97% | 30.49% | 4.50% | 16.79% | -16.04% | 1.32% |
Returns By Period
In the year-to-date period, PIE achieves a 10.23% return, which is significantly higher than AVES's 2.97% return.
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%
AVES
- 1D
- 3.01%
- 1M
- -9.24%
- YTD
- 2.97%
- 6M
- 6.68%
- 1Y
- 31.64%
- 3Y*
- 16.33%
- 5Y*
- —
- 10Y*
- —
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PIE vs. AVES - Expense Ratio Comparison
PIE has a 0.90% expense ratio, which is higher than AVES's 0.36% expense ratio.
Return for Risk
PIE vs. AVES — Risk / Return Rank
PIE
AVES
PIE vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Avantis Emerging Markets Value ETF (AVES). 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 | AVES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.02 | 1.76 | +0.26 |
Sortino ratioReturn per unit of downside risk | 2.57 | 2.32 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.34 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.40 | +0.52 |
Martin ratioReturn relative to average drawdown | 13.34 | 9.31 | +4.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PIE | AVES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 1.76 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.46 | -0.39 |
Correlation
The correlation between PIE and AVES is 0.79, 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
PIE vs. AVES - Dividend Comparison
PIE's dividend yield for the trailing twelve months is around 2.14%, less than AVES's 3.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
AVES Avantis Emerging Markets Value ETF | 3.19% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PIE vs. AVES - Drawdown Comparison
The maximum PIE drawdown since its inception was -72.98%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for PIE and AVES.
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Drawdown Indicators
| PIE | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.98% | -27.40% | -45.58% |
Max Drawdown (1Y)Largest decline over 1 year | -15.48% | -12.90% | -2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -40.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.32% | — | — |
Current DrawdownCurrent decline from peak | -8.10% | -10.28% | +2.18% |
Average DrawdownAverage peak-to-trough decline | -26.31% | -7.91% | -18.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 3.33% | +0.06% |
Volatility
PIE vs. AVES - Volatility Comparison
Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 10.36% compared to Avantis Emerging Markets Value ETF (AVES) at 8.89%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIE | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.36% | 8.89% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 16.57% | 12.90% | +3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.28% | 18.09% | +5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 16.73% | +3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 16.73% | +4.37% |