PIE vs. FRDM

Last updated Aug 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index, while FRDM is a Emerging Markets Equities fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, PIE returned 5.41%/yr vs 16.95%/yr for FRDM. Their 0.75 correlation means they have sometimes moved together and sometimes differently. PIE charges 0.90%/yr vs 0.49%/yr for FRDM.

Performance

PIE vs. FRDM - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PIE having a 29.63% return and FRDM slightly lower at 28.77%.

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%

FRDM

• 1D: 0.51%
• 1M: -4.38%
• 6M: 13.38%
• YTD: 28.77%
• 1Y: 66.33%
• 3Y*: 30.40%
• 5Y*: 16.95%
• 10Y*: —
• ALL TIME*: 16.96%

*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)
FRDM Freedom 100 Emerging Markets ETF	$21.61M	$20.26M	$24.83M
PIE Invesco DWA Emerging Markets Momentum ETF	$1.91M	$4.11M	$2.85M

PIE vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PIE Invesco DWA Emerging Markets Momentum ETF	29.63%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	20.55%
FRDM Freedom 100 Emerging Markets ETF	28.77%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%

Correlation

The correlation between PIE and FRDM is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.75

The correlation between PIE and FRDM has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

PIE vs. FRDM - Sectors Allocation Comparison

Sectors	PIE	FRDM
Technology	52.7%	8.5%
Industrials	15.3%	0.3%
Financial Services	14.6%	15.3%
Energy	3.7%	1.7%
Real Estate	3.5%	2.3%
Healthcare	3.2%	0.1%
Basic Materials	2.9%	3.4%
Consumer Cyclical	1.5%	3.6%
Communication Services	1.3%	0.3%
Utilities	1.2%	1.2%
Consumer Defensive	0.2%	0.9%

Return for Risk

PIE vs. FRDM — 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

FRDM

FRDM Risk / Return Rank: 85
FRDM Sharpe Ratio Rank: 88
FRDM Sortino Ratio Rank: 80
FRDM Omega Ratio Rank: 85
FRDM Calmar Ratio Rank: 87
FRDM Martin Ratio Rank: 83

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. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Freedom 100 Emerging Markets ETF (FRDM). 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	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.18	-0.48
Sortino ratio: Return per unit of downside risk	2.15	2.67	-0.51
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.68	3.47	-0.79
Martin ratio: Return relative to average drawdown	10.63	11.41	-0.78

PIE vs. FRDM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 1.70, which is comparable to the FRDM Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PIE and FRDM, 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. FRDM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for PIE and FRDM.

Drawdown Indicators

	PIE	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-40.49%	-32.49%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-19.24%	+1.98%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-19.24%	-9.45%
Max Drawdown (5Y) Largest decline over 5 years	-37.02%	-29.25%	-7.77%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	—	—
Current Drawdown Current decline from peak	-11.32%	-13.71%	+2.39%
Average Drawdown Average peak-to-trough decline	-25.90%	-7.13%	-18.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	5.83%	-1.49%

Volatility

PIE vs. FRDM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) and Freedom 100 Emerging Markets ETF (FRDM) have volatilities of 12.33% and 12.19%, 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.

Volatility by Period

	PIE	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	12.19%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	23.97%	28.38%	-4.41%
Volatility (1Y) Calculated over the trailing 1-year period	27.21%	30.71%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	22.39%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	23.62%	-1.75%

PIE vs. FRDM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than FRDM's 0.49% expense ratio.

Dividends

PIE vs. FRDM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.87%, more than FRDM's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRDM Freedom 100 Emerging Markets ETF	1.68%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	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 FRDM in my portfolio?

PIE and FRDM have a correlation of 0.75, 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 FRDM?

PIE has higher volatility (12.33%) compared to FRDM (12.19%). In terms of maximum drawdown, PIE dropped -72.98% vs FRDM's -40.49%.

Which ETF is better, PIE or FRDM?

On 5-year performance, FRDM leads with 16.95% vs 5.41% for PIE. On fees, FRDM is cheaper at 0.49% per year. On volatility, FRDM has been the lower-risk option at 12.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or FRDM?

Over the 5-year period, FRDM has performed better with a 16.95% return vs 5.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or FRDM?

FRDM is cheaper with a 0.49% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.87%, compared with 1.68% for FRDM.

What is the main difference between PIE and FRDM?

PIE is categorized as Momentum, while FRDM is Emerging Markets Equities. PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: Invesco and Freedom Funds. Their fees differ too: 0.90% for PIE and 0.49% for FRDM.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (2.18 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.