PIE vs. EMOP

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and AB Emerging Markets Opportunities ETF (EMOP).

PIE and EMOP 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. EMOP is an actively managed fund by AllianceBernstein. It was launched on Jun 17, 2025.

Performance

PIE vs. EMOP - Performance Comparison

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

PIE vs. EMOP - Yearly Performance Comparison

	2026 (YTD)	2025
PIE Invesco DWA Emerging Markets Momentum ETF	12.21%	18.70%
EMOP AB Emerging Markets Opportunities ETF	9.93%	16.69%

Returns By Period

In the year-to-date period, PIE achieves a 12.21% return, which is significantly higher than EMOP's 9.93% return.

PIE

• 1D: 1.80%
• 1M: -5.89%
• YTD: 12.21%
• 6M: 8.97%
• 1Y: 48.58%
• 3Y*: 15.32%
• 5Y*: 4.23%
• 10Y*: 7.94%

EMOP

• 1D: 2.13%
• 1M: -5.57%
• YTD: 9.93%
• 6M: 14.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIE vs. EMOP - Expense Ratio Comparison

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

PIE

Invesco DWA Emerging Markets Momentum ETF

EMOP

AB Emerging Markets Opportunities ETF

Return for Risk

PIE vs. EMOP — Risk / Return Rank

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

PIE

PIE Risk / Return Rank: 91
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 90
PIE Omega Ratio Rank: 89
PIE Calmar Ratio Rank: 90
PIE Martin Ratio Rank: 93

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. EMOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and AB Emerging Markets Opportunities ETF (EMOP). 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	EMOP	Difference
Sharpe ratio Return per unit of total volatility	2.09	—	—
Sortino ratio Return per unit of downside risk	2.65	—	—
Omega ratio Gain probability vs. loss probability	1.39	—	—
Calmar ratio Return relative to maximum drawdown	3.19	—	—
Martin ratio Return relative to average drawdown	14.46	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PIE	EMOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	2.06	-1.99

Correlation

The correlation between PIE and EMOP is 0.75, 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. EMOP - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 2.10%, more than EMOP's 0.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	2.10%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
EMOP AB Emerging Markets Opportunities ETF	0.61%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PIE vs. EMOP - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than EMOP's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for PIE and EMOP.

Drawdown Indicators

	PIE	EMOP	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-12.88%	-60.10%
Max Drawdown (1Y) Largest decline over 1 year	-15.11%	—	—
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	-6.45%	-7.79%	+1.34%
Average Drawdown Average peak-to-trough decline	-26.31%	-1.92%	-24.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	—	—

Volatility

Volatility by Period

	PIE	EMOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	18.23%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.10%	18.23%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	18.23%	+2.87%