PIZ vs. DNL

Last updated Jul 22, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and DNL (WisdomTree Global ex-U.S. Quality Dividend Growth Fund) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while DNL is a Foreign Large Cap Equities fund tracking the WisdomTree Global ex-U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, PIZ returned 10.32%/yr vs 8.88%/yr for DNL. Their correlation of 0.81 suggests significant overlap in exposure. PIZ charges 0.80%/yr vs 0.58%/yr for DNL.

Performance

PIZ vs. DNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) and WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIZ achieves a 8.87% return, which is significantly lower than DNL's 10.79% return. Over the past 10 years, PIZ has outperformed DNL with an annualized return of 10.32%, while DNL has yielded a comparatively lower 8.88% annualized return.

PIZ

• 1D: 2.50%
• 1M: -7.55%
• 6M: 4.73%
• YTD: 8.87%
• 1Y: 16.35%
• 3Y*: 20.87%
• 5Y*: 8.19%
• 10Y*: 10.32%
• ALL TIME*: 5.74%

DNL

• 1D: 1.75%
• 1M: -2.01%
• 6M: 7.67%
• YTD: 10.79%
• 1Y: 15.01%
• 3Y*: 9.88%
• 5Y*: 4.14%
• 10Y*: 8.88%
• ALL TIME*: 5.47%

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

PIZ vs. DNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIZ Invesco DWA Developed Markets Momentum ETF	8.87%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	10.79%	17.03%	-0.61%	17.00%	-22.38%	16.14%	18.22%	36.23%	-14.76%	31.11%

Correlation

The correlation between PIZ and DNL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008	0.81

The correlation between PIZ and DNL has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

PIZ vs. DNL - Sectors Allocation Comparison

Sectors	PIZ	DNL
Industrials	46.9%	15.6%
Financial Services	27.8%	3.9%
Technology	15.7%	36.9%
Basic Materials	2.5%	2.8%
Consumer Defensive	1.9%	1.1%
Consumer Cyclical	1.7%	18.2%
Energy	1.5%	5.1%
Utilities	1.4%	0.5%
Healthcare	0.7%	10.0%
Real Estate	0.4%	0.0%
Communication Services	-	6.0%

Return for Risk

PIZ vs. DNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PIZ

PIZ Risk / Return Rank: 29
PIZ Sharpe Ratio Rank: 26
PIZ Sortino Ratio Rank: 27
PIZ Omega Ratio Rank: 27
PIZ Calmar Ratio Rank: 31
PIZ Martin Ratio Rank: 33

DNL

DNL Risk / Return Rank: 31
DNL Sharpe Ratio Rank: 29
DNL Sortino Ratio Rank: 29
DNL Omega Ratio Rank: 29
DNL Calmar Ratio Rank: 32
DNL Martin Ratio Rank: 38

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.

PIZ vs. DNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL). 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.

	PIZ	DNL	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.79	-0.09
Sortino ratio: Return per unit of downside risk	1.13	1.23	-0.10
Omega ratio: Gain probability vs. loss probability	1.14	1.15	-0.01
Calmar ratio: Return relative to maximum drawdown	1.14	1.21	-0.07
Martin ratio: Return relative to average drawdown	3.59	4.27	-0.68

PIZ vs. DNL - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 0.71, which is comparable to the DNL Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of PIZ and DNL, 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

PIZ vs. DNL - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than DNL's maximum drawdown of -44.53%. Use the drawdown chart below to compare losses from any high point for PIZ and DNL.

Drawdown Indicators

	PIZ	DNL	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-44.53%	-16.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-12.42%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	-20.15%	+5.48%
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	-34.85%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	-34.85%	-6.08%
Current Drawdown Current decline from peak	-10.34%	-2.16%	-8.18%
Average Drawdown Average peak-to-trough decline	-14.86%	-10.11%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	3.52%	+1.04%

Volatility

PIZ vs. DNL - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 8.56% compared to WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) at 5.31%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than DNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIZ	DNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	5.31%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	21.20%	16.34%	+4.86%
Volatility (1Y) Calculated over the trailing 1-year period	23.24%	19.03%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.53%	18.47%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	18.59%	+1.06%

PIZ vs. DNL - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than DNL's 0.58% expense ratio.

Dividends

PIZ vs. DNL - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.58%, more than DNL's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	1.31%	2.06%	2.30%	1.81%	4.82%	1.38%	1.76%	1.93%	2.55%	1.86%	2.51%	1.98%
PIZ Invesco DWA Developed Markets Momentum ETF	1.58%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%

Frequently Asked Questions

Can I hold both PIZ and DNL in my portfolio?

PIZ and DNL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIZ or DNL?

PIZ has higher volatility (8.56%) compared to DNL (5.31%). In terms of maximum drawdown, PIZ dropped -60.61% vs DNL's -44.53%.

Which ETF is better, PIZ or DNL?

On 10-year performance, PIZ leads with 10.32% vs 8.88% for DNL. On fees, DNL is cheaper at 0.58% per year. On volatility, DNL has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or DNL?

Over the 10-year period, PIZ has performed better with a 10.32% return vs 8.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or DNL?

DNL is cheaper with a 0.58% expense ratio, compared with 0.80% for PIZ.

Which ETF pays a higher dividend yield, PIZ or DNL?

PIZ has the higher dividend yield at 1.58%, compared with 1.31% for DNL.

What is the main difference between PIZ and DNL?

PIZ is categorized as Momentum, while DNL is Foreign Large Cap Equities. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while DNL tracks WisdomTree Global ex-U.S. Quality Dividend Growth Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.80% for PIZ and 0.58% for DNL.

Which has better risk-adjusted returns?

DNL currently has the higher Sharpe Ratio (0.79 vs 0.71), 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.