PIE vs. PXI

Last updated Jul 15, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and PXI (Invesco DWA Energy Momentum ETF) are both Momentum funds from Invesco - PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index while PXI tracks the Dorsey Wright Energy Technical Leaders Index. Both are passively managed. Over the past 10 years, PIE returned 9.51%/yr vs 6.11%/yr for PXI. At a 0.49 correlation, their price movements are largely independent. PIE charges 0.90%/yr vs 0.60%/yr for PXI.

Performance

PIE vs. PXI - 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 Energy Momentum ETF (PXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIE achieves a 36.00% return, which is significantly higher than PXI's 30.62% return. Over the past 10 years, PIE has outperformed PXI with an annualized return of 9.51%, while PXI has yielded a comparatively lower 6.11% annualized return.

PIE

• 1D: -0.31%
• 1M: -1.46%
• 6M: 28.78%
• YTD: 36.00%
• 1Y: 56.10%
• 3Y*: 19.35%
• 5Y*: 5.47%
• 10Y*: 9.51%

PXI

• 1D: 1.24%
• 1M: 1.31%
• 6M: 24.72%
• YTD: 30.62%
• 1Y: 34.54%
• 3Y*: 15.37%
• 5Y*: 19.39%
• 10Y*: 6.11%

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

PIE vs. PXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	36.00%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%
PXI Invesco DWA Energy Momentum ETF	30.62%	3.86%	0.76%	5.48%	45.85%	75.05%	-35.91%	1.67%	-27.56%	-8.42%

Correlation

The correlation between PIE and PXI is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.49

Over the past year, the correlation between PIE and PXI has dropped to 0.02 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

PIE vs. PXI - Sectors Allocation Comparison

Sectors	PIE	PXI
Technology	51.1%	-
Industrials	15.3%	0.9%
Financial Services	14.1%	0.3%
Energy	4.6%	95.1%
Healthcare	4.3%	-
Real Estate	3.5%	-
Basic Materials	2.9%	4.9%
Consumer Cyclical	1.4%	-
Communication Services	1.3%	-
Utilities	1.1%	-
Consumer Defensive	0.3%	-

Return for Risk

PIE vs. PXI — Risk / Return Rank

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

PIE

PIE Risk / Return Rank: 87
PIE Sharpe Ratio Rank: 87
PIE Sortino Ratio Rank: 76
PIE Omega Ratio Rank: 84
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 91

PXI

PXI Risk / Return Rank: 57
PXI Sharpe Ratio Rank: 58
PXI Sortino Ratio Rank: 53
PXI Omega Ratio Rank: 51
PXI Calmar Ratio Rank: 70
PXI Martin Ratio Rank: 56

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. PXI - 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 Energy Momentum ETF (PXI). 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	PXI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.55	+0.69
Sortino ratio: Return per unit of downside risk	2.70	2.08	+0.62
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	5.71	2.80	+2.91
Martin ratio: Return relative to average drawdown	16.45	7.71	+8.74

PIE vs. PXI - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 2.24, which is higher than the PXI Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of PIE and PXI, 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. PXI - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, smaller than the maximum PXI drawdown of -85.08%. Use the drawdown chart below to compare losses from any high point for PIE and PXI.

Drawdown Indicators

	PIE	PXI	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-85.08%	+12.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-12.40%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-30.74%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.06%	-33.47%	-6.59%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-79.55%	+39.23%
Current Drawdown Current decline from peak	-6.96%	-4.84%	-2.12%
Average Drawdown Average peak-to-trough decline	-25.95%	-29.32%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	4.57%	-1.15%

Volatility

PIE vs. PXI - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 11.39% compared to Invesco DWA Energy Momentum ETF (PXI) at 7.31%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than PXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	PXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.39%	7.31%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	17.52%	+4.55%
Volatility (1Y) Calculated over the trailing 1-year period	25.16%	22.34%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.04%	33.16%	-12.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	36.99%	-15.35%

PIE vs. PXI - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than PXI's 0.60% expense ratio.

Dividends

PIE vs. PXI - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.78%, more than PXI's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.78%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
PXI Invesco DWA Energy Momentum ETF	1.26%	1.81%	1.52%	1.82%	3.14%	0.57%	1.72%	2.80%	0.93%	0.80%	0.73%	2.07%

Frequently Asked Questions

Can I hold both PIE and PXI in my portfolio?

PIE and PXI have a correlation of 0.02, 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 PXI?

PIE has higher volatility (11.39%) compared to PXI (7.31%). In terms of maximum drawdown, PIE dropped -72.98% vs PXI's -85.08%.

Which ETF is better, PIE or PXI?

On 10-year performance, PIE leads with 9.51% vs 6.11% for PXI. On fees, PXI is cheaper at 0.60% per year. On volatility, PXI has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or PXI?

Over the 10-year period, PIE has performed better with a 9.51% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or PXI?

PXI is cheaper with a 0.60% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.78%, compared with 1.26% for PXI.

What is the main difference between PIE and PXI?

PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while PXI tracks Dorsey Wright Energy Technical Leaders Index. Their fees differ too: 0.90% for PIE and 0.60% for PXI.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (2.24 vs 1.55), 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.