PIE vs. MMTM

Last updated Jun 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and MMTM (SPDR S&P 1500 Momentum Tilt ETF) are both Momentum funds - PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index while MMTM tracks the S&P 1500 Positive Momentum Tilt Index. Both are passively managed. Over the past 10 years, PIE returned 10.15%/yr vs 15.00%/yr for MMTM. A 0.50 correlation means they provide meaningful diversification when combined. PIE charges 0.90%/yr vs 0.12%/yr for MMTM.

Performance

PIE vs. MMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and SPDR S&P 1500 Momentum Tilt ETF (MMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIE achieves a 39.11% return, which is significantly higher than MMTM's 9.16% return. Over the past 10 years, PIE has underperformed MMTM with an annualized return of 10.15%, while MMTM has yielded a comparatively higher 15.00% annualized return.

PIE

• 1D: -0.95%
• 1M: 5.39%
• YTD: 39.11%
• 6M: 38.18%
• 1Y: 70.48%
• 3Y*: 23.39%
• 5Y*: 7.01%
• 10Y*: 10.15%

MMTM

• 1D: -1.07%
• 1M: 2.46%
• YTD: 9.16%
• 6M: 9.58%
• 1Y: 24.27%
• 3Y*: 22.46%
• 5Y*: 13.50%
• 10Y*: 15.00%

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

PIE vs. MMTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%
MMTM SPDR S&P 1500 Momentum Tilt ETF	9.16%	13.26%	29.94%	22.49%	-16.12%	26.33%	19.27%	29.98%	-4.62%	24.41%

Correlation

The correlation between PIE and MMTM is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.50

The correlation between PIE and MMTM has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

PIE vs. MMTM - Sectors Allocation Comparison

Sectors	PIE	MMTM
Technology	47.0%	29.5%
Industrials	16.8%	7.6%
Financial Services	14.4%	16.0%
Energy	5.4%	1.7%
Healthcare	5.1%	10.8%
Real Estate	3.6%	3.1%
Basic Materials	3.2%	2.0%
Communication Services	1.4%	7.7%
Utilities	1.3%	2.6%
Consumer Cyclical	1.3%	12.4%
Consumer Defensive	0.4%	6.7%

Return for Risk

PIE vs. MMTM — 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: 85
PIE Omega Ratio Rank: 88
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 92

MMTM

MMTM Risk / Return Rank: 51
MMTM Sharpe Ratio Rank: 49
MMTM Sortino Ratio Rank: 48
MMTM Omega Ratio Rank: 49
MMTM Calmar Ratio Rank: 49
MMTM Martin Ratio Rank: 62

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. MMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and SPDR S&P 1500 Momentum Tilt ETF (MMTM). 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	MMTM	Difference
Sharpe ratio: Return per unit of total volatility	3.24	1.72	+1.52
Sortino ratio: Return per unit of downside risk	3.88	2.40	+1.49
Omega ratio: Gain probability vs. loss probability	1.55	1.31	+0.24
Calmar ratio: Return relative to maximum drawdown	7.18	2.46	+4.71
Martin ratio: Return relative to average drawdown	23.52	11.15	+12.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIE vs. MMTM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 3.24, which is higher than the MMTM Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of PIE and MMTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIE	MMTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	1.72	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.75	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.81	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.85	-0.73

Drawdowns

PIE vs. MMTM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than MMTM's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for PIE and MMTM.

Drawdown Indicators

	PIE	MMTM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-33.85%	-39.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-9.89%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-22.08%	-6.61%
Max Drawdown (5Y) Largest decline over 5 years	-40.32%	-23.72%	-16.60%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-33.85%	-6.47%
Current Drawdown Current decline from peak	-1.17%	-1.48%	+0.31%
Average Drawdown Average peak-to-trough decline	-26.08%	-4.20%	-21.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.18%	+0.83%

Volatility

PIE vs. MMTM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 9.00% compared to SPDR S&P 1500 Momentum Tilt ETF (MMTM) at 2.35%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than MMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	MMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	2.35%	+6.65%
Volatility (6M) Calculated over the trailing 6-month period	17.77%	10.73%	+7.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.91%	14.19%	+7.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	18.20%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	18.65%	+2.70%

PIE vs. MMTM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than MMTM's 0.12% expense ratio.

Dividends

PIE vs. MMTM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.70%, more than MMTM's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMTM SPDR S&P 1500 Momentum Tilt ETF	0.78%	0.86%	0.83%	1.16%	1.67%	0.95%	1.14%	1.55%	1.64%	1.52%	1.98%	1.68%
PIE Invesco DWA Emerging Markets Momentum ETF	1.70%	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 MMTM in my portfolio?

PIE and MMTM have a correlation of 0.58, 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 MMTM?

PIE has higher volatility (9.00%) compared to MMTM (2.35%). In terms of maximum drawdown, PIE dropped -72.98% vs MMTM's -33.85%.

Which ETF is better, PIE or MMTM?

On 10-year performance, MMTM leads with 15.00% vs 10.15% for PIE. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or MMTM?

Over the 10-year period, MMTM has performed better with a 15.00% return vs 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or MMTM?

MMTM is cheaper with a 0.12% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.70%, compared with 0.78% for MMTM.

What is the main difference between PIE and MMTM?

PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while MMTM tracks S&P 1500 Positive Momentum Tilt Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.90% for PIE and 0.12% for MMTM.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.24 vs 1.72), 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.