PIZ vs. IDHQ
PIZ (Invesco DWA Developed Markets Momentum ETF) and IDHQ (Invesco S&P International Developed High Quality ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while IDHQ is a Foreign Large Cap Equities fund tracking the IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Both are passively managed. Over the past 10 years, PIZ returned 11.51%/yr vs 11.04%/yr for IDHQ. A 0.77 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.29%/yr for IDHQ.
Performance
PIZ vs. IDHQ - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 14.98% return, which is significantly lower than IDHQ's 23.16% return. Both investments have delivered pretty close results over the past 10 years, with PIZ having a 11.51% annualized return and IDHQ not far behind at 11.04%.
PIZ
- 1D
- -4.77%
- 1M
- -0.77%
- YTD
- 14.98%
- 6M
- 14.14%
- 1Y
- 26.96%
- 3Y*
- 25.46%
- 5Y*
- 10.11%
- 10Y*
- 11.51%
IDHQ
- 1D
- -3.06%
- 1M
- 6.76%
- YTD
- 23.16%
- 6M
- 22.77%
- 1Y
- 36.24%
- 3Y*
- 20.04%
- 5Y*
- 9.28%
- 10Y*
- 11.04%
PIZ vs. IDHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 14.98% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
IDHQ Invesco S&P International Developed High Quality ETF | 23.16% | 27.46% | 1.33% | 18.80% | -20.23% | 11.38% | 16.09% | 29.58% | -13.38% | 28.16% |
Correlation
The correlation between PIZ and IDHQ is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008 | 0.77 |
The correlation between PIZ and IDHQ has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
PIZ vs. IDHQ — Risk / Return Rank
PIZ
IDHQ
PIZ vs. IDHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and Invesco S&P International Developed High Quality ETF (IDHQ). 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 | IDHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.33 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 2.71 | -0.82 |
| Martin ratioReturn relative to average drawdown | 6.92 | 10.71 | -3.79 |
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Drawdowns
PIZ vs. IDHQ - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, smaller than the maximum IDHQ drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for PIZ and IDHQ.
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Drawdown Indicators
| PIZ | IDHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -73.84% | +13.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -13.44% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -14.07% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -33.54% | -7.39% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -33.54% | -7.39% |
Current DrawdownCurrent decline from peak | -5.31% | -3.06% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -14.89% | -21.14% | +6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 3.39% | +0.51% |
Volatility
PIZ vs. IDHQ - Volatility Comparison
Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 10.97% compared to Invesco S&P International Developed High Quality ETF (IDHQ) at 10.09%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than IDHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIZ | IDHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.97% | 10.09% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 20.32% | 18.76% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.48% | 20.63% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.37% | 17.85% | +2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 17.99% | +1.64% |
PIZ vs. IDHQ - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than IDHQ's 0.29% expense ratio.
Dividends
PIZ vs. IDHQ - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.49%, less than IDHQ's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDHQ Invesco S&P International Developed High Quality ETF | 2.06% | 2.46% | 2.41% | 2.52% | 3.33% | 2.10% | 1.60% | 2.10% | 2.67% | 1.68% | 2.36% | 1.71% |
PIZ Invesco DWA Developed Markets Momentum ETF | 1.49% | 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
PIZ and IDHQ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIZ has higher volatility (10.97%) compared to IDHQ (10.09%). In terms of maximum drawdown, PIZ dropped -60.61% vs IDHQ's -73.84%.
On 10-year performance, PIZ leads with 11.51% vs 11.04% for IDHQ. On fees, IDHQ is cheaper at 0.29% per year. On volatility, IDHQ has been the lower-risk option at 10.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PIZ has performed better with a 11.51% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IDHQ is cheaper with a 0.29% expense ratio, compared with 0.80% for PIZ.
IDHQ has the higher dividend yield at 2.06%, compared with 1.49% for PIZ.
PIZ is categorized as Momentum, while IDHQ is Foreign Large Cap Equities. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while IDHQ tracks IDHQ-US - S&P Quality Developed Ex-U.S. LargeMidCap Index. Their fees differ too: 0.80% for PIZ and 0.29% for IDHQ.
IDHQ currently has the higher Sharpe Ratio (1.77 vs 1.21), 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.
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