PIE vs. DGS

Last updated Jun 4, 2026

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 Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, PIE returned 10.15%/yr vs 9.93%/yr for DGS. Their correlation of 0.85 suggests significant overlap in exposure. PIE charges 0.90%/yr vs 0.58%/yr for DGS.

Performance

PIE vs. DGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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 DGS's 14.53% return. Both investments have delivered pretty close results over the past 10 years, with PIE having a 10.15% annualized return and DGS not far behind at 9.93%.

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%

DGS

• 1D: -1.37%
• 1M: 2.58%
• YTD: 14.53%
• 6M: 15.57%
• 1Y: 27.26%
• 3Y*: 16.17%
• 5Y*: 7.85%
• 10Y*: 9.93%

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

PIE vs. DGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	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	14.53%	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 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 31, 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.

Return for Risk

PIE vs. DGS — 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

DGS

DGS Risk / Return Rank: 51
DGS Sharpe Ratio Rank: 50
DGS Sortino Ratio Rank: 49
DGS Omega Ratio Rank: 50
DGS Calmar Ratio Rank: 54
DGS Martin Ratio Rank: 53

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. 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.

	PIE	DGS	Difference
Sharpe ratio: Return per unit of total volatility	3.24	1.76	+1.48
Sortino ratio: Return per unit of downside risk	3.88	2.43	+1.45
Omega ratio: Gain probability vs. loss probability	1.55	1.32	+0.24
Calmar ratio: Return relative to maximum drawdown	7.18	2.72	+4.45
Martin ratio: Return relative to average drawdown	23.52	9.16	+14.36
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. DGS - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 3.24, which is higher than the DGS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of PIE and DGS, 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	DGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	1.76	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.53	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.58	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.23	-0.11

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.

Drawdown Indicators

	PIE	DGS	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-61.83%	-11.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-10.06%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-19.31%	-9.38%
Max Drawdown (5Y) Largest decline over 5 years	-40.32%	-24.86%	-15.46%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-44.08%	+3.76%
Current Drawdown Current decline from peak	-1.17%	-1.40%	+0.23%
Average Drawdown Average peak-to-trough decline	-26.08%	-12.59%	-13.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.98%	+0.03%

Volatility

PIE vs. DGS - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 9.00% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 5.24%. 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.

Volatility by Period

	PIE	DGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	5.24%	+3.76%
Volatility (6M) Calculated over the trailing 6-month period	17.77%	13.03%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.91%	15.56%	+6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	14.87%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	17.32%	+4.03%

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 1.70%, less than DGS's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGS WisdomTree Emerging Markets SmallCap Dividend Fund	3.21%	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	1.70%	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 DGS in my portfolio?

PIE and DGS have a correlation of 0.79, 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 DGS?

PIE has higher volatility (9.00%) compared to DGS (5.24%). In terms of maximum drawdown, PIE dropped -72.98% vs DGS's -61.83%.

Which ETF is better, PIE or DGS?

On 10-year performance, PIE leads with 10.15% vs 9.93% for DGS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or DGS?

Over the 10-year period, PIE has performed better with a 10.15% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or DGS?

DGS is cheaper with a 0.58% expense ratio, compared with 0.90% for PIE.

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

DGS has the higher dividend yield at 3.21%, compared with 1.70% for PIE.

What is the main difference between PIE and DGS?

PIE is categorized as Momentum, while DGS is Emerging Markets Diversified. 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.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.24 vs 1.76), 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.