PIE vs. FM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and iShares MSCI Frontier 100 ETF (FM).

PIE and FM 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. FM is a passively managed fund by iShares that tracks the performance of the MSCI Frontier Markets 100 Index. It was launched on Sep 12, 2012. Both PIE and FM 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. FM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and iShares MSCI Frontier 100 ETF (FM). The values are adjusted to include any dividend payments, if applicable.

PIE vs. FM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%
FM iShares MSCI Frontier 100 ETF	0.00%	0.18%	7.25%	7.12%	-24.43%	24.36%	-3.36%	19.86%	-17.95%	36.20%

Returns By Period

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%

FM

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIE vs. FM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than FM's 0.79% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

FM

iShares MSCI Frontier 100 ETF

Return for Risk

PIE vs. FM — 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: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
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. FM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and iShares MSCI Frontier 100 ETF (FM). 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	FM	Difference
Sharpe ratio Return per unit of total volatility	2.02	—	—
Sortino ratio Return per unit of downside risk	2.57	—	—
Omega ratio Gain probability vs. loss probability	1.38	—	—
Calmar ratio Return relative to maximum drawdown	2.92	—	—
Martin ratio Return relative to average drawdown	13.34	—	—
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	FM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	—	—
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	—	—

Correlation

The correlation between PIE and FM is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PIE vs. FM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 2.14%, while FM has not paid dividends to shareholders.

	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%
FM iShares MSCI Frontier 100 ETF	0.00%	0.00%	3.95%	3.62%	2.70%	2.04%	2.91%	3.12%	4.29%	2.04%	2.15%	2.76%

Drawdowns

Drawdown Indicators

	PIE	FM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	—	—
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	-8.10%	—	—
Average Drawdown Average peak-to-trough decline	-26.31%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	—	—

Volatility

Volatility by Period

	PIE	FM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	—	—