PIZ vs. FMTM

Last updated Jul 14, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and FMTM (MarketDesk Focused U.S. Momentum ETF) are both Momentum funds. PIZ is passively managed, while FMTM is actively managed. Over the past year, PIZ returned 17.21% vs 51.66% for FMTM. A 0.66 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.45%/yr for FMTM.

Performance

PIZ vs. FMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) and MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIZ achieves a 8.50% return, which is significantly lower than FMTM's 23.84% return.

PIZ

• 1D: -2.68%
• 1M: -4.54%
• 6M: 4.23%
• YTD: 8.50%
• 1Y: 17.21%
• 3Y*: 20.80%
• 5Y*: 8.31%
• 10Y*: 10.33%

FMTM

• 1D: -2.12%
• 1M: -3.95%
• 6M: 15.38%
• YTD: 23.84%
• 1Y: 51.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIZ vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
PIZ Invesco DWA Developed Markets Momentum ETF	8.50%	25.30%
FMTM MarketDesk Focused U.S. Momentum ETF	23.84%	28.21%

Correlation

The correlation between PIZ and FMTM is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.66

The correlation between PIZ and FMTM has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

PIZ vs. FMTM — Risk / Return Rank

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

PIZ

PIZ Risk / Return Rank: 28
PIZ Sharpe Ratio Rank: 25
PIZ Sortino Ratio Rank: 26
PIZ Omega Ratio Rank: 26
PIZ Calmar Ratio Rank: 30
PIZ Martin Ratio Rank: 34

FMTM

FMTM Risk / Return Rank: 80
FMTM Sharpe Ratio Rank: 80
FMTM Sortino Ratio Rank: 70
FMTM Omega Ratio Rank: 71
FMTM Calmar Ratio Rank: 90
FMTM Martin Ratio Rank: 88

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. FMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and MarketDesk Focused U.S. Momentum ETF (FMTM). 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	FMTM	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.02	-1.26
Sortino ratio: Return per unit of downside risk	1.18	2.53	-1.35
Omega ratio: Gain probability vs. loss probability	1.15	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.20	4.28	-3.08
Martin ratio: Return relative to average drawdown	4.06	15.09	-11.03

PIZ vs. FMTM - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 0.75, which is lower than the FMTM Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PIZ and FMTM, 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. FMTM - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than FMTM's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for PIZ and FMTM.

Drawdown Indicators

	PIZ	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-12.12%	-48.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-12.12%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	—	—
Current Drawdown Current decline from peak	-10.64%	-8.80%	-1.84%
Average Drawdown Average peak-to-trough decline	-14.87%	-2.03%	-12.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	3.43%	+0.82%

Volatility

PIZ vs. FMTM - Volatility Comparison

The current volatility for Invesco DWA Developed Markets Momentum ETF (PIZ) is 9.46%, while MarketDesk Focused U.S. Momentum ETF (FMTM) has a volatility of 11.39%. This indicates that PIZ experiences smaller price fluctuations and is considered to be less risky than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIZ	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	11.39%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	20.88%	20.38%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	22.98%	25.79%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	24.51%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	24.51%	-4.90%

PIZ vs. FMTM - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than FMTM's 0.45% expense ratio.

Dividends

PIZ vs. FMTM - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.58%, more than FMTM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMTM MarketDesk Focused U.S. Momentum ETF	0.24%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FMTM in my portfolio?

PIZ and FMTM have a correlation of 0.69, 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 FMTM?

FMTM has higher volatility (11.39%) compared to PIZ (9.46%). In terms of maximum drawdown, PIZ dropped -60.61% vs FMTM's -12.12%.

Which ETF is better, PIZ or FMTM?

On 1-year performance, FMTM leads with 51.66% vs 17.21% for PIZ. On fees, FMTM is cheaper at 0.45% per year. On volatility, PIZ has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or FMTM?

Over the 1-year period, FMTM has performed better with a 51.66% return vs 17.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or FMTM?

FMTM is cheaper with a 0.45% expense ratio, compared with 0.80% for PIZ.

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

PIZ has the higher dividend yield at 1.58%, compared with 0.24% for FMTM.

What is the main difference between PIZ and FMTM?

Their fees differ too: 0.80% for PIZ and 0.45% for FMTM.

Which has better risk-adjusted returns?

FMTM currently has the higher Sharpe Ratio (2.02 vs 0.75), 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.