PIE vs. PIZ

Last updated Aug 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both Momentum funds from Invesco - PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index while PIZ tracks the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, PIE returned 8.78%/yr vs 10.07%/yr for PIZ. Their 0.71 correlation means they have sometimes moved together and sometimes differently. PIE charges 0.90%/yr vs 0.80%/yr for PIZ.

Performance

PIE vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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 PIZ's 7.58% return. Over the past 10 years, PIE has underperformed PIZ with an annualized return of 8.78%, while PIZ has yielded a comparatively higher 10.07% annualized 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%

PIZ

• 1D: 1.13%
• 1M: -4.68%
• 6M: 0.00%
• YTD: 7.58%
• 1Y: 17.42%
• 3Y*: 21.00%
• 5Y*: 7.22%
• 10Y*: 10.07%
• ALL TIME*: 5.66%

*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)
PIE Invesco DWA Emerging Markets Momentum ETF	$1.91M	$4.11M	$2.85M
PIZ Invesco DWA Developed Markets Momentum ETF	$5.38M	$4.25M	$4.38M

PIE vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	29.63%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%
PIZ Invesco DWA Developed Markets Momentum ETF	7.58%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between PIE and PIZ 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.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008	0.71

The correlation between PIE and PIZ shifts across timeframes, from 0.63 (3 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

PIE vs. PIZ - Sectors Allocation Comparison

Sectors	PIE	PIZ
Technology	52.7%	15.7%
Industrials	15.3%	46.9%
Financial Services	14.6%	27.8%
Energy	3.7%	1.5%
Real Estate	3.5%	0.4%
Healthcare	3.2%	0.7%
Basic Materials	2.9%	2.5%
Consumer Cyclical	1.5%	1.7%
Communication Services	1.3%	-
Utilities	1.2%	1.4%
Consumer Defensive	0.2%	1.9%

Return for Risk

PIE vs. PIZ — 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

PIZ

PIZ Risk / Return Rank: 31
PIZ Sharpe Ratio Rank: 30
PIZ Sortino Ratio Rank: 31
PIZ Omega Ratio Rank: 30
PIZ Calmar Ratio Rank: 32
PIZ Martin Ratio Rank: 35

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. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.74	+0.96
Sortino ratio: Return per unit of downside risk	2.15	1.17	+0.98
Omega ratio: Gain probability vs. loss probability	1.30	1.14	+0.16
Calmar ratio: Return relative to maximum drawdown	2.68	1.10	+1.58
Martin ratio: Return relative to average drawdown	10.63	3.41	+7.22

PIE vs. PIZ - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 1.70, which is higher than the PIZ Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PIE and PIZ, 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. PIZ - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than PIZ's maximum drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for PIE and PIZ.

Drawdown Indicators

	PIE	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-60.61%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-15.97%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-15.97%	-12.72%
Max Drawdown (5Y) Largest decline over 5 years	-37.02%	-40.93%	+3.91%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-40.93%	+0.61%
Current Drawdown Current decline from peak	-11.32%	-11.41%	+0.09%
Average Drawdown Average peak-to-trough decline	-25.90%	-14.86%	-11.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	5.13%	-0.79%

Volatility

PIE vs. PIZ - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 12.33% compared to Invesco DWA Developed Markets Momentum ETF (PIZ) at 8.01%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	8.01%	+4.32%
Volatility (6M) Calculated over the trailing 6-month period	23.97%	21.44%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	27.21%	23.70%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	20.63%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	19.71%	+2.16%

PIE vs. PIZ - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than PIZ's 0.80% expense ratio.

Dividends

PIE vs. PIZ - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.87%, more than PIZ's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PIZ Invesco DWA Developed Markets Momentum ETF	1.60%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both PIE and PIZ in my portfolio?

PIE and PIZ 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 PIZ?

PIE has higher volatility (12.33%) compared to PIZ (8.01%). In terms of maximum drawdown, PIE dropped -72.98% vs PIZ's -60.61%.

Which ETF is better, PIE or PIZ?

On 10-year performance, PIZ leads with 10.07% vs 8.78% for PIE. On fees, PIZ is cheaper at 0.80% per year. On volatility, PIZ has been the lower-risk option at 8.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or PIZ?

Over the 10-year period, PIZ has performed better with a 10.07% return vs 8.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or PIZ?

PIZ is cheaper with a 0.80% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.87%, compared with 1.60% for PIZ.

What is the main difference between PIE and PIZ?

PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. Their fees differ too: 0.90% for PIE and 0.80% for PIZ.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (1.70 vs 0.74), 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.