PIE vs. DGS
PIE (Invesco DWA Emerging Markets Momentum ETF) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index, while DGS is a Dividend fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, PIE returned 8.78%/yr vs 8.04%/yr for DGS. Their correlation of 0.85 means they have usually moved in the same direction. PIE charges 0.90%/yr vs 0.58%/yr for DGS.
Performance
PIE vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, PIE achieves a 29.63% return, which is significantly higher than DGS's 9.26% return. Over the past 10 years, PIE has outperformed DGS with an annualized return of 8.78%, while DGS has yielded a comparatively lower 8.04% annualized return.
PIE
- 1D
- 2.05%
- 1M
- -6.22%
- 6M
- 19.42%
- YTD
- 29.63%
- 1Y
- 45.94%
- 3Y*
- 19.02%
- 5Y*
- 5.41%
- 10Y*
- 8.78%
- ALL TIME*
- 2.57%
DGS
- 1D
- 1.02%
- 1M
- -4.08%
- 6M
- 1.74%
- YTD
- 9.26%
- 1Y
- 16.78%
- 3Y*
- 12.33%
- 5Y*
- 6.77%
- 10Y*
- 8.04%
- ALL TIME*
- 4.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.65M | $2.61M | $2.99M | |
| $1.91M | $4.11M | $2.85M |
PIE vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIE Invesco DWA Emerging Markets Momentum ETF | 29.63% | 25.98% | -0.27% | 13.71% | -28.77% | 14.30% | 21.23% | 26.11% | -22.04% | 41.80% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 9.26% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between PIE and DGS is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007 | 0.85 |
The correlation between PIE and DGS has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.
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Return for Risk
PIE vs. DGS — Risk / Return Rank
PIE
DGS
PIE vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.
| PIE | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.18 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.68 | +1.00 |
| Martin ratioReturn relative to average drawdown | 10.63 | 4.93 | +5.70 |
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Drawdowns
PIE vs. DGS - Drawdown Comparison
The maximum PIE drawdown since its inception was -72.98%, which is greater than DGS's maximum drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for PIE and DGS.
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Drawdown Indicators
| PIE | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.98% | -61.83% | -11.15% |
Max Drawdown (1Y)Largest decline over 1 year | -17.26% | -10.06% | -7.20% |
Max Drawdown (3Y)Largest decline over 3 years | -28.69% | -19.31% | -9.38% |
Max Drawdown (5Y)Largest decline over 5 years | -37.02% | -24.86% | -12.16% |
Max Drawdown (10Y)Largest decline over 10 years | -40.32% | -44.08% | +3.76% |
Current DrawdownCurrent decline from peak | -11.32% | -6.41% | -4.91% |
Average DrawdownAverage peak-to-trough decline | -25.90% | -12.51% | -13.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.34% | 3.41% | +0.93% |
Volatility
PIE vs. DGS - Volatility Comparison
Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 12.33% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 5.64%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIE | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.33% | 5.64% | +6.69% |
Volatility (6M)Calculated over the trailing 6-month period | 23.97% | 15.50% | +8.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 17.44% | +9.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.35% | 15.34% | +6.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.87% | 17.35% | +4.52% |
PIE vs. DGS - Expense Ratio Comparison
PIE has a 0.90% expense ratio, which is higher than DGS's 0.58% expense ratio.
Dividends
PIE vs. DGS - Dividend Comparison
PIE's dividend yield for the trailing twelve months is around 1.87%, less than DGS's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.92% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
PIE Invesco DWA Emerging Markets Momentum ETF | 1.87% | 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
PIE and DGS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIE has higher volatility (12.33%) compared to DGS (5.64%). In terms of maximum drawdown, PIE dropped -72.98% vs DGS's -61.83%.
On 10-year performance, PIE leads with 8.78% vs 8.04% for DGS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PIE has performed better with a 8.78% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGS is cheaper with a 0.58% expense ratio, compared with 0.90% for PIE.
DGS has the higher dividend yield at 3.92%, compared with 1.87% for PIE.
PIE is categorized as Momentum, while DGS is Dividend. PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.90% for PIE and 0.58% for DGS.
PIE currently has the higher Sharpe Ratio (1.70 vs 0.97), 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.
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