PIE vs. QQQA

Last updated Aug 4, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) are both exchange-traded funds - PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index, while QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, PIE returned 5.41%/yr vs 10.11%/yr for QQQA. Their 0.55 correlation means they have sometimes moved together and sometimes differently. PIE charges 0.90%/yr vs 0.58%/yr for QQQA.

Performance

PIE vs. QQQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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 lower than QQQA's 44.44% 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%

QQQA

• 1D: 1.29%
• 1M: -5.50%
• 6M: 31.12%
• YTD: 44.44%
• 1Y: 62.87%
• 3Y*: 27.15%
• 5Y*: 10.11%
• 10Y*: —
• ALL TIME*: 11.89%

*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
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	$2.42M	$3.28M	$3.82M

PIE vs. QQQA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PIE Invesco DWA Emerging Markets Momentum ETF	29.63%	25.98%	-0.27%	13.71%	-28.77%	8.12%
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	44.44%	9.87%	16.17%	24.98%	-29.08%	9.84%

Correlation

The correlation between PIE and QQQA is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.56
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.55

The correlation between PIE and QQQA shifts across timeframes, from 0.54 (3 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

PIE vs. QQQA - Sectors Allocation Comparison

Sectors	PIE	QQQA
Technology	52.7%	74.4%
Industrials	15.3%	-
Financial Services	14.6%	-
Energy	3.7%	5.9%
Real Estate	3.5%	-
Healthcare	3.2%	5.6%
Basic Materials	2.9%	-
Consumer Cyclical	1.5%	3.1%
Communication Services	1.3%	11.0%
Utilities	1.2%	-
Consumer Defensive	0.2%	-

Return for Risk

PIE vs. QQQA — 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

QQQA

QQQA Risk / Return Rank: 76
QQQA Sharpe Ratio Rank: 80
QQQA Sortino Ratio Rank: 71
QQQA Omega Ratio Rank: 74
QQQA Calmar Ratio Rank: 78
QQQA Martin Ratio Rank: 76

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. QQQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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	QQQA	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.88	-0.18
Sortino ratio: Return per unit of downside risk	2.15	2.34	-0.18
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.68	2.82	-0.14
Martin ratio: Return relative to average drawdown	10.63	9.70	+0.92

PIE vs. QQQA - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 1.70, which is comparable to the QQQA Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PIE and QQQA, 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. QQQA - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than QQQA's maximum drawdown of -38.44%. Use the drawdown chart below to compare losses from any high point for PIE and QQQA.

Drawdown Indicators

	PIE	QQQA	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-38.44%	-34.54%
Max Drawdown (1Y) Largest decline over 1 year	-17.26%	-22.41%	+5.15%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-30.84%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-37.02%	-38.44%	+1.42%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	—	—
Current Drawdown Current decline from peak	-11.32%	-17.45%	+6.13%
Average Drawdown Average peak-to-trough decline	-25.90%	-15.52%	-10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	6.50%	-2.16%

Volatility

PIE vs. QQQA - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 12.33% compared to ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) at 10.99%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than QQQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	QQQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	10.99%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	23.97%	29.73%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	27.21%	33.66%	-6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	27.46%	-6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	27.08%	-5.21%

PIE vs. QQQA - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than QQQA's 0.58% expense ratio.

Dividends

PIE vs. QQQA - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.87%, more than QQQA's 0.03% 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%
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	0.03%	0.10%	0.09%	0.34%	0.28%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIE and QQQA in my portfolio?

PIE and QQQA have a correlation of 0.67, 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 QQQA?

PIE has higher volatility (12.33%) compared to QQQA (10.99%). In terms of maximum drawdown, PIE dropped -72.98% vs QQQA's -38.44%.

Which ETF is better, PIE or QQQA?

On 5-year performance, QQQA leads with 10.11% vs 5.41% for PIE. On fees, QQQA is cheaper at 0.58% per year. On volatility, QQQA has been the lower-risk option at 10.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or QQQA?

Over the 5-year period, QQQA has performed better with a 10.11% 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 QQQA?

QQQA is cheaper with a 0.58% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.87%, compared with 0.03% for QQQA.

What is the main difference between PIE and QQQA?

PIE is categorized as Momentum, while QQQA is Nasdaq-100. PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.90% for PIE and 0.58% for QQQA.

Which has better risk-adjusted returns?

QQQA currently has the higher Sharpe Ratio (1.88 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.