PIE vs. SDEM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and Global X MSCI SuperDividend Emerging Markets ETF (SDEM).

PIE and SDEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PIE is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Emerging Markets Technical Leaders Index. It was launched on Dec 28, 2007. SDEM is a passively managed fund by Global X that tracks the performance of the MSCI Emerging Markets Top 50 Dividend. It was launched on Mar 17, 2015. Both PIE and SDEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PIE vs. SDEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and Global X MSCI SuperDividend Emerging Markets ETF (SDEM). The values are adjusted to include any dividend payments, if applicable.

PIE vs. SDEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%
SDEM Global X MSCI SuperDividend Emerging Markets ETF	9.02%	32.01%	4.02%	12.64%	-21.53%	2.11%	-11.13%	17.56%	-17.40%	16.57%

Returns By Period

In the year-to-date period, PIE achieves a 10.23% return, which is significantly higher than SDEM's 9.02% return. Over the past 10 years, PIE has outperformed SDEM with an annualized return of 7.75%, while SDEM has yielded a comparatively lower 4.68% annualized return.

PIE

• 1D: 1.88%
• 1M: -8.10%
• YTD: 10.23%
• 6M: 7.86%
• 1Y: 46.75%
• 3Y*: 14.64%
• 5Y*: 3.86%
• 10Y*: 7.75%

SDEM

• 1D: 2.83%
• 1M: -3.15%
• YTD: 9.02%
• 6M: 17.87%
• 1Y: 32.71%
• 3Y*: 18.58%
• 5Y*: 5.04%
• 10Y*: 4.68%

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

PIE vs. SDEM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than SDEM's 0.67% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

SDEM

Global X MSCI SuperDividend Emerging Markets ETF

Return for Risk

PIE vs. SDEM — 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: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
PIE Martin Ratio Rank: 93

SDEM

SDEM Risk / Return Rank: 93
SDEM Sharpe Ratio Rank: 93
SDEM Sortino Ratio Rank: 93
SDEM Omega Ratio Rank: 93
SDEM Calmar Ratio Rank: 92
SDEM 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. SDEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Global X MSCI SuperDividend Emerging Markets ETF (SDEM). 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	SDEM	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.15	-0.13
Sortino ratio Return per unit of downside risk	2.57	2.80	-0.23
Omega ratio Gain probability vs. loss probability	1.38	1.42	-0.04
Calmar ratio Return relative to maximum drawdown	2.92	3.31	-0.38
Martin ratio Return relative to average drawdown	13.34	13.51	-0.17
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. SDEM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 2.02, which is comparable to the SDEM Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PIE and SDEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PIE	SDEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.15	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.29	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.24	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.18	-0.11

Correlation

The correlation between PIE and SDEM is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PIE vs. SDEM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 2.14%, less than SDEM's 4.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	2.14%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
SDEM Global X MSCI SuperDividend Emerging Markets ETF	4.92%	5.27%	7.28%	7.50%	8.86%	8.14%	6.30%	6.47%	6.55%	5.01%	5.06%	6.14%

Drawdowns

PIE vs. SDEM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than SDEM's maximum drawdown of -47.38%. Use the drawdown chart below to compare losses from any high point for PIE and SDEM.

Drawdown Indicators

	PIE	SDEM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-47.38%	-25.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-9.78%	-5.70%
Max Drawdown (5Y) Largest decline over 5 years	-40.32%	-36.72%	-3.60%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-47.38%	+7.06%
Current Drawdown Current decline from peak	-8.10%	-4.01%	-4.09%
Average Drawdown Average peak-to-trough decline	-26.31%	-20.99%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.39%	+1.00%

Volatility

PIE vs. SDEM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 10.36% compared to Global X MSCI SuperDividend Emerging Markets ETF (SDEM) at 7.05%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than SDEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	SDEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	7.05%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	10.37%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	23.28%	15.29%	+7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	17.35%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	19.31%	+1.79%