PIE vs. XMMO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DWA Emerging Markets Momentum ETF (PIE) and Invesco S&P MidCap Momentum ETF (XMMO).

PIE and XMMO 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. XMMO is a passively managed fund by Invesco that tracks the performance of the S&P MidCap 400 Index. It was launched on Mar 3, 2005. Both PIE and XMMO 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. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Emerging Markets Momentum ETF (PIE) and Invesco S&P MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

PIE vs. XMMO - 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%
XMMO Invesco S&P MidCap Momentum ETF	4.93%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Returns By Period

In the year-to-date period, PIE achieves a 10.23% return, which is significantly higher than XMMO's 4.93% return. Over the past 10 years, PIE has underperformed XMMO with an annualized return of 7.75%, while XMMO has yielded a comparatively higher 18.19% 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%

XMMO

• 1D: 4.31%
• 1M: -3.18%
• YTD: 4.93%
• 6M: 7.61%
• 1Y: 28.46%
• 3Y*: 25.08%
• 5Y*: 12.21%
• 10Y*: 18.19%

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

PIE vs. XMMO - Expense Ratio Comparison

PIE has a 0.90% expense ratio, which is higher than XMMO's 0.33% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

XMMO

Invesco S&P MidCap Momentum ETF

Return for Risk

PIE vs. XMMO — 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

XMMO

XMMO Risk / Return Rank: 80
XMMO Sharpe Ratio Rank: 75
XMMO Sortino Ratio Rank: 77
XMMO Omega Ratio Rank: 74
XMMO Calmar Ratio Rank: 84
XMMO Martin Ratio Rank: 89

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. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Emerging Markets Momentum ETF (PIE) and Invesco S&P MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio Return per unit of total volatility	2.02	1.30	+0.72
Sortino ratio Return per unit of downside risk	2.57	1.86	+0.71
Omega ratio Gain probability vs. loss probability	1.38	1.26	+0.12
Calmar ratio Return relative to maximum drawdown	2.92	2.28	+0.64
Martin ratio Return relative to average drawdown	13.34	10.83	+2.51
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. XMMO - Sharpe Ratio Comparison

The current PIE Sharpe Ratio is 2.02, which is higher than the XMMO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PIE and XMMO, 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	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.30	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.58	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.83	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.54	-0.47

Correlation

The correlation between PIE and XMMO is 0.62, 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. XMMO - Dividend Comparison

PIE's dividend yield for the trailing twelve months is around 2.14%, more than XMMO's 0.71% 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%
XMMO Invesco S&P MidCap Momentum ETF	0.71%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Drawdowns

PIE vs. XMMO - Drawdown Comparison

The maximum PIE drawdown since its inception was -72.98%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PIE and XMMO.

Drawdown Indicators

	PIE	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-72.98%	-55.37%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-12.81%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-40.32%	-27.91%	-12.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-36.74%	-3.58%
Current Drawdown Current decline from peak	-8.10%	-4.39%	-3.71%
Average Drawdown Average peak-to-trough decline	-26.31%	-9.52%	-16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	2.69%	+0.70%

Volatility

PIE vs. XMMO - Volatility Comparison

Invesco DWA Emerging Markets Momentum ETF (PIE) has a higher volatility of 10.36% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 9.07%. This indicates that PIE's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIE	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	9.07%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	14.28%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	23.28%	21.97%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	21.26%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	22.11%	-1.01%