PIE vs. FRDM

Last updated Jun 23, 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 Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, PIE returned 8.16%/yr vs 20.53%/yr for FRDM. A 0.75 correlation means they provide meaningful diversification when combined. 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

In the year-to-date period, PIE achieves a 46.17% return, which is significantly lower than FRDM's 49.24% return.

PIE

• 1D: 1.28%
• 1M: 8.46%
• YTD: 46.17%
• 6M: 42.19%
• 1Y: 75.16%
• 3Y*: 25.41%
• 5Y*: 8.16%
• 10Y*: 11.05%

FRDM

• 1D: 0.13%
• 1M: 12.84%
• YTD: 49.24%
• 6M: 53.92%
• 1Y: 101.71%
• 3Y*: 38.21%
• 5Y*: 20.53%
• 10Y*: —

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

PIE vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PIE Invesco DWA Emerging Markets Momentum ETF	46.17%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	20.55%
FRDM Freedom 100 Emerging Markets ETF	49.24%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%

Correlation

The correlation between PIE and FRDM is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.73
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	51.1%	48.9%
Industrials	15.3%	7.6%
Financial Services	14.1%	19.4%
Energy	4.6%	0.0%
Healthcare	4.3%	1.5%
Real Estate	3.5%	2.0%
Basic Materials	2.9%	6.4%
Consumer Cyclical	1.4%	7.1%
Communication Services	1.3%	3.2%
Utilities	1.1%	2.1%
Consumer Defensive	0.3%	1.9%

Return for Risk

PIE vs. FRDM — Risk / Return Rank

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

PIE

PIE Risk / Return Rank: 92
PIE Sharpe Ratio Rank: 93
PIE Sortino Ratio Rank: 86
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 95
PIE Martin Ratio Rank: 94

FRDM

FRDM Risk / Return Rank: 93
FRDM Sharpe Ratio Rank: 96
FRDM Sortino Ratio Rank: 92
FRDM Omega Ratio Rank: 93
FRDM Calmar Ratio Rank: 93
FRDM 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. 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	3.19	3.76	-0.57
Sortino ratio: Return per unit of downside risk	3.70	4.22	-0.52
Omega ratio: Gain probability vs. loss probability	1.55	1.63	-0.08
Calmar ratio: Return relative to maximum drawdown	7.65	6.06	+1.59
Martin ratio: Return relative to average drawdown	23.94	23.38	+0.56

PIE vs. FRDM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 3.19, which is comparable to the FRDM Sharpe Ratio of 3.76. 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	-9.87%	-16.87%	+7.00%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-16.87%	-11.82%
Max Drawdown (5Y) Largest decline over 5 years	-40.32%	-29.25%	-11.07%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-26.02%	-7.07%	-18.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.37%	-1.22%

Volatility

PIE vs. FRDM - Volatility Comparison

The current volatility for Invesco DWA Emerging Markets Momentum ETF (PIE) is 11.96%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 14.15%. This indicates that PIE experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. 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	11.96%	14.15%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	20.46%	24.80%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.73%	27.26%	-3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.72%	21.48%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	23.15%	-1.58%

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 2.26%, more than FRDM's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRDM Freedom 100 Emerging Markets ETF	1.47%	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	2.26%	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 0.73, 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?

FRDM has higher volatility (14.15%) compared to PIE (11.96%). 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 20.53% vs 8.16% for PIE. On fees, FRDM is cheaper at 0.49% per year. On volatility, PIE has been the lower-risk option at 11.96%. 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 20.53% return vs 8.16%. 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 2.26%, compared with 1.47% for FRDM.

What is the main difference between PIE and FRDM?

PIE is categorized as Momentum, while FRDM is Emerging Markets Diversified. 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 (3.76 vs 3.19), 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.