PIE vs. USVM

Last updated Jul 15, 2026

PIE (Invesco DWA Emerging Markets Momentum ETF) and USVM (VictoryShares US Small Mid Cap Value Momentum ETF) are both Momentum funds - PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index while USVM tracks the Nasdaq Victory US Small Mid Cap Value Momentum Index. Both are passively managed. Over the past 5 years, PIE returned 5.47%/yr vs 11.48%/yr for USVM. A 0.55 correlation means they provide meaningful diversification when combined. PIE charges 0.90%/yr vs 0.29%/yr for USVM.

Performance

PIE vs. USVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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 USVM's 20.35% 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%

USVM

• 1D: 0.17%
• 1M: 1.10%
• 6M: 15.01%
• YTD: 20.35%
• 1Y: 30.27%
• 3Y*: 19.25%
• 5Y*: 11.48%
• 10Y*: —

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

PIE vs. USVM - 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%	6.18%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	20.35%	10.56%	16.59%	18.90%	-13.23%	24.44%	11.56%	21.65%	-9.39%	2.06%

Correlation

The correlation between PIE and USVM is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.55

The correlation between PIE and USVM has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

PIE vs. USVM - Sectors Allocation Comparison

Sectors	PIE	USVM
Technology	51.1%	8.7%
Industrials	15.3%	10.6%
Financial Services	14.1%	25.1%
Energy	4.6%	5.1%
Healthcare	4.3%	12.8%
Real Estate	3.5%	9.6%
Basic Materials	2.9%	1.7%
Consumer Cyclical	1.4%	12.3%
Communication Services	1.3%	3.0%
Utilities	1.1%	7.4%
Consumer Defensive	0.3%	3.7%

Return for Risk

PIE vs. USVM — 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

USVM

USVM Risk / Return Rank: 83
USVM Sharpe Ratio Rank: 82
USVM Sortino Ratio Rank: 85
USVM Omega Ratio Rank: 78
USVM Calmar Ratio Rank: 84
USVM Martin Ratio Rank: 86

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. USVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and VictoryShares US Small Mid Cap Value Momentum ETF (USVM). 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	USVM	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.06	+0.19
Sortino ratio: Return per unit of downside risk	2.70	3.01	-0.31
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	5.71	3.64	+2.07
Martin ratio: Return relative to average drawdown	16.45	13.77	+2.67

PIE vs. USVM - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 2.24, which is comparable to the USVM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PIE and USVM, 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. USVM - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than USVM's maximum drawdown of -42.38%. Use the drawdown chart below to compare losses from any high point for PIE and USVM.

Drawdown Indicators

	PIE	USVM	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-42.38%	-30.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-8.36%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-28.69%	-24.34%	-4.35%
Max Drawdown (5Y) Largest decline over 5 years	-40.06%	-25.27%	-14.79%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	—	—
Current Drawdown Current decline from peak	-6.96%	-0.75%	-6.21%
Average Drawdown Average peak-to-trough decline	-25.95%	-7.81%	-18.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.21%	+1.21%

Volatility

PIE vs. USVM - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 11.39% compared to VictoryShares US Small Mid Cap Value Momentum ETF (USVM) at 2.92%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than USVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	USVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.39%	2.92%	+8.47%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	10.85%	+11.22%
Volatility (1Y) Calculated over the trailing 1-year period	25.16%	14.80%	+10.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.04%	19.56%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	21.91%	-0.27%

PIE vs. USVM - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than USVM's 0.29% expense ratio.

Dividends

PIE vs. USVM - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 1.78%, less than USVM's 1.83% 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%
USVM VictoryShares US Small Mid Cap Value Momentum ETF	1.83%	1.84%	1.75%	1.63%	1.43%	0.70%	1.21%	1.77%	1.43%	0.65%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIE and USVM in my portfolio?

PIE and USVM have a correlation of 0.50, 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 USVM?

PIE has higher volatility (11.39%) compared to USVM (2.92%). In terms of maximum drawdown, PIE dropped -72.98% vs USVM's -42.38%.

Which ETF is better, PIE or USVM?

On 5-year performance, USVM leads with 11.48% vs 5.47% for PIE. On fees, USVM is cheaper at 0.29% per year. On volatility, USVM has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIE or USVM?

Over the 5-year period, USVM has performed better with a 11.48% return vs 5.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIE or USVM?

USVM is cheaper with a 0.29% expense ratio, compared with 0.90% for PIE.

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

USVM has the higher dividend yield at 1.83%, compared with 1.78% for PIE.

What is the main difference between PIE and USVM?

PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index, while USVM tracks Nasdaq Victory US Small Mid Cap Value Momentum Index. They also come from different issuers: Invesco and Victory Capital. Their fees differ too: 0.90% for PIE and 0.29% for USVM.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (2.24 vs 2.06), 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.