PIEQ vs. USMC

Last updated Aug 1, 2026

PIEQ (Principal International Equity ETF) and USMC (Principal U.S. Mega-Cap ETF) are both exchange-traded funds - PIEQ is a Foreign Large Cap Equities fund actively managed by Principal, while USMC is a Large Cap Growth Equities fund tracking the Nasdaq US Mega Cap Select Leaders Index. PIEQ is actively managed, while USMC is passively managed. Over the past year, PIEQ returned 27.27% vs 20.36% for USMC. Their 0.60 correlation means they have sometimes moved together and sometimes differently. PIEQ charges 0.48%/yr vs 0.12%/yr for USMC.

Performance

PIEQ vs. USMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal International Equity ETF (PIEQ) and Principal U.S. Mega-Cap ETF (USMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIEQ achieves a 10.07% return, which is significantly higher than USMC's 8.72% return.

PIEQ

• 1D: -0.55%
• 1M: 2.25%
• 6M: 5.01%
• YTD: 10.07%
• 1Y: 27.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.17%

USMC

• 1D: 0.44%
• 1M: 0.13%
• 6M: 9.88%
• YTD: 8.72%
• 1Y: 20.36%
• 3Y*: 19.26%
• 5Y*: 14.11%
• 10Y*: —
• ALL TIME*: 14.93%

*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)
PIEQ Principal International Equity ETF	$1.59M	$1.39M	$4.05M
USMC Principal U.S. Mega-Cap ETF	$7.10M	$6.59M	$6.39M

PIEQ vs. USMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PIEQ Principal International Equity ETF	10.07%	38.10%	-2.98%
USMC Principal U.S. Mega-Cap ETF	8.72%	14.99%	5.37%

Correlation

The correlation between PIEQ and USMC is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024	0.60

The correlation between PIEQ and USMC has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

PIEQ vs. USMC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIEQ

PIEQ Risk / Return Rank: 71
PIEQ Sharpe Ratio Rank: 66
PIEQ Sortino Ratio Rank: 65
PIEQ Omega Ratio Rank: 66
PIEQ Calmar Ratio Rank: 78
PIEQ Martin Ratio Rank: 79

USMC

USMC Risk / Return Rank: 59
USMC Sharpe Ratio Rank: 64
USMC Sortino Ratio Rank: 64
USMC Omega Ratio Rank: 61
USMC Calmar Ratio Rank: 51
USMC Martin Ratio Rank: 57

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.

PIEQ vs. USMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal International Equity ETF (PIEQ) and Principal U.S. Mega-Cap ETF (USMC). 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.

	PIEQ	USMC	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.49	+0.05
Sortino ratio: Return per unit of downside risk	2.17	2.12	+0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.80	1.82	+0.98
Martin ratio: Return relative to average drawdown	10.22	6.78	+3.44

PIEQ vs. USMC - Sharpe Ratio Comparison

The current PIEQ Sharpe Ratio is 1.54, which is comparable to the USMC Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PIEQ and USMC, 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

PIEQ vs. USMC - Drawdown Comparison

The maximum PIEQ drawdown since its inception was -15.17%, smaller than the maximum USMC drawdown of -29.97%. Use the drawdown chart below to compare losses from any high point for PIEQ and USMC.

Drawdown Indicators

	PIEQ	USMC	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-29.97%	+14.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-10.30%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.09%	—
Current Drawdown Current decline from peak	-0.87%	-1.03%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.00%	-4.35%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.75%	-0.15%

Volatility

PIEQ vs. USMC - Volatility Comparison

Principal International Equity ETF (PIEQ) has a higher volatility of 4.74% compared to Principal U.S. Mega-Cap ETF (USMC) at 3.47%. This indicates that PIEQ's price experiences larger fluctuations and is considered to be riskier than USMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIEQ	USMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	3.47%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	9.64%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	12.60%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	16.46%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	18.18%	-0.49%

PIEQ vs. USMC - Expense Ratio Comparison

PIEQ has a 0.48% expense ratio, which is higher than USMC's 0.12% expense ratio.

Dividends

PIEQ vs. USMC - Dividend Comparison

PIEQ's dividend yield for the trailing twelve months is around 1.17%, more than USMC's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIEQ Principal International Equity ETF	1.17%	1.28%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USMC Principal U.S. Mega-Cap ETF	0.76%	0.79%	1.04%	1.35%	1.78%	1.53%	1.55%	2.01%	2.28%	0.24%

Frequently Asked Questions

Can I hold both PIEQ and USMC in my portfolio?

PIEQ and USMC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIEQ or USMC?

PIEQ has higher volatility (4.74%) compared to USMC (3.47%). In terms of maximum drawdown, PIEQ dropped -15.17% vs USMC's -29.97%.

Which ETF is better, PIEQ or USMC?

On 1-year performance, PIEQ leads with 27.27% vs 20.36% for USMC. On fees, USMC is cheaper at 0.12% per year. On volatility, USMC has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIEQ or USMC?

Over the 1-year period, PIEQ has performed better with a 27.27% return vs 20.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIEQ or USMC?

USMC is cheaper with a 0.12% expense ratio, compared with 0.48% for PIEQ.

Which ETF pays a higher dividend yield, PIEQ or USMC?

PIEQ has the higher dividend yield at 1.17%, compared with 0.76% for USMC.

What is the main difference between PIEQ and USMC?

PIEQ is categorized as Foreign Large Cap Equities, while USMC is Large Cap Growth Equities. Their fees differ too: 0.48% for PIEQ and 0.12% for USMC.

Which has better risk-adjusted returns?

PIEQ currently has the higher Sharpe Ratio (1.54 vs 1.49), 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.