PIE vs. FMTM

Last updated Aug 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and FMTM (MarketDesk Focused U.S. Momentum ETF) are both Momentum funds. PIE is passively managed, while FMTM is actively managed. Over the past year, PIE returned 45.94% vs 45.80% for FMTM. Their 0.61 correlation means they have sometimes moved together and sometimes differently. PIE charges 0.90%/yr vs 0.45%/yr for FMTM.

Performance

PIE vs. FMTM - Performance Comparison

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

Returns By Period

In the year-to-date period, PIE achieves a 29.63% return, which is significantly higher than FMTM's 21.20% 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%

FMTM

• 1D: 1.43%
• 1M: -3.99%
• 6M: 8.80%
• YTD: 21.20%
• 1Y: 45.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMTM MarketDesk Focused U.S. Momentum ETF	$7.19M	$8.18M	$9.06M
PIE Invesco DWA Emerging Markets Momentum ETF	$1.91M	$4.11M	$2.85M

PIE vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
PIE Invesco DWA Emerging Markets Momentum ETF	29.63%	26.71%
FMTM MarketDesk Focused U.S. Momentum ETF	21.20%	28.21%

Correlation

The correlation between PIE and FMTM is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.61

The correlation between PIE and FMTM has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

Return for Risk

PIE vs. FMTM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIE

PIE Risk / Return Rank: 71
PIE Sharpe Ratio Rank: 71
PIE Sortino Ratio Rank: 62
PIE Omega Ratio Rank: 70
PIE Calmar Ratio Rank: 73
PIE Martin Ratio Rank: 79

FMTM

FMTM Risk / Return Rank: 74
FMTM Sharpe Ratio Rank: 75
FMTM Sortino Ratio Rank: 67
FMTM Omega Ratio Rank: 67
FMTM Calmar Ratio Rank: 81
FMTM Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIE vs. FMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and MarketDesk Focused U.S. Momentum ETF (FMTM). 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	FMTM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.73	-0.03
Sortino ratio: Return per unit of downside risk	2.15	2.25	-0.09
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.68	2.99	-0.31
Martin ratio: Return relative to average drawdown	10.63	10.28	+0.35

PIE vs. FMTM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 1.70, which is comparable to the FMTM Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of PIE and FMTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PIE vs. FMTM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than FMTM's maximum drawdown of -15.40%. Use the drawdown chart below to compare losses from any high point for PIE and FMTM.

Drawdown Indicators

	PIE	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-15.40%	-57.58%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-15.40%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	—	—
Current Drawdown Current decline from peak	-11.32%	-10.75%	-0.57%
Average Drawdown Average peak-to-trough decline	-25.90%	-2.45%	-23.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	4.47%	-0.13%

Volatility

PIE vs. FMTM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 12.33% compared to MarketDesk Focused U.S. Momentum ETF (FMTM) at 9.02%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	9.02%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	23.97%	21.03%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	27.21%	26.65%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	24.75%	-3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	24.75%	-2.88%

PIE vs. FMTM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than FMTM's 0.45% expense ratio.

Dividends

PIE vs. FMTM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.87%, more than FMTM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMTM MarketDesk Focused U.S. Momentum ETF	0.24%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both PIE and FMTM in my portfolio?

PIE and FMTM have a correlation of 0.66, 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 FMTM?

PIE has higher volatility (12.33%) compared to FMTM (9.02%). In terms of maximum drawdown, PIE dropped -72.98% vs FMTM's -15.40%.

Which ETF is better, PIE or FMTM?

On 1-year performance, PIE leads with 45.94% vs 45.80% for FMTM. On fees, FMTM is cheaper at 0.45% per year. On volatility, FMTM has been the lower-risk option at 9.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or FMTM?

Over the 1-year period, PIE has performed better with a 45.94% return vs 45.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or FMTM?

FMTM is cheaper with a 0.45% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.87%, compared with 0.24% for FMTM.

What is the main difference between PIE and FMTM?

Their fees differ too: 0.90% for PIE and 0.45% for FMTM.

Which has better risk-adjusted returns?

FMTM currently has the higher Sharpe Ratio (1.73 vs 1.70), 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.