PIE vs. FDEM
Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and Fidelity Emerging Markets Multifactor ETF (FDEM).
PIE and FDEM 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. FDEM is a passively managed fund by Fidelity that tracks the performance of the Fidelity Targeted Emerging Markets Factor Index. It was launched on Feb 26, 2019. Both PIE and FDEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PIE vs. FDEM - Performance Comparison
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PIE vs. FDEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PIE Invesco DWA Emerging Markets Momentum ETF | 12.21% | 25.98% | -0.27% | 13.71% | -28.77% | 14.30% | 21.23% | 18.28% |
FDEM Fidelity Emerging Markets Multifactor ETF | 3.95% | 26.75% | 9.34% | 17.26% | -13.11% | -3.52% | 8.87% | 5.73% |
Returns By Period
In the year-to-date period, PIE achieves a 12.21% return, which is significantly higher than FDEM's 3.95% 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%
FDEM
- 1D
- 1.16%
- 1M
- -6.17%
- YTD
- 3.95%
- 6M
- 6.30%
- 1Y
- 28.89%
- 3Y*
- 17.67%
- 5Y*
- 6.77%
- 10Y*
- —
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PIE vs. FDEM - Expense Ratio Comparison
PIE has a 0.90% expense ratio, which is higher than FDEM's 0.45% expense ratio.
Return for Risk
PIE vs. FDEM — Risk / Return Rank
PIE
FDEM
PIE vs. FDEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Fidelity Emerging Markets Multifactor ETF (FDEM). 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 | FDEM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.09 | 1.60 | +0.50 |
Sortino ratioReturn per unit of downside risk | 2.65 | 2.17 | +0.47 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.31 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.31 | +0.88 |
Martin ratioReturn relative to average drawdown | 14.46 | 8.97 | +5.49 |
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 | FDEM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.09 | 1.60 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.43 | -0.22 |
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 | 0.40 | -0.33 |
Correlation
The correlation between PIE and FDEM is 0.77, 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. FDEM - Dividend Comparison
PIE's dividend yield for the trailing twelve months is around 2.10%, less than FDEM's 3.14% 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% |
FDEM Fidelity Emerging Markets Multifactor ETF | 3.14% | 3.23% | 4.05% | 4.41% | 3.95% | 2.71% | 1.84% | 2.39% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PIE vs. FDEM - Drawdown Comparison
The maximum PIE drawdown since its inception was -72.98%, which is greater than FDEM's maximum drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for PIE and FDEM.
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Drawdown Indicators
| PIE | FDEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.98% | -33.65% | -39.33% |
Max Drawdown (1Y)Largest decline over 1 year | -15.11% | -12.70% | -2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -40.32% | -29.19% | -11.13% |
Max Drawdown (10Y)Largest decline over 10 years | -40.32% | — | — |
Current DrawdownCurrent decline from peak | -6.45% | -8.83% | +2.38% |
Average DrawdownAverage peak-to-trough decline | -26.31% | -9.00% | -17.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 3.27% | +0.15% |
Volatility
PIE vs. FDEM - Volatility Comparison
Invesco DWA Emerging Markets Momentum ETF (PIE) and Fidelity Emerging Markets Multifactor ETF (FDEM) have volatilities of 9.27% and 8.93%, 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.
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Volatility by Period
| PIE | FDEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.93% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 16.60% | 13.20% | +3.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.31% | 18.17% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.10% | 15.78% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.10% | 17.76% | +3.34% |