PIZ vs. USFR
PIZ (Invesco DWA Developed Markets Momentum ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, PIZ returned 11.14%/yr vs 2.42%/yr for USFR. At a correlation of -0.00, they often move in opposite directions. PIZ charges 0.80%/yr vs 0.15%/yr for USFR.
Performance
PIZ vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 15.65% return, which is significantly higher than USFR's 1.72% return. Over the past 10 years, PIZ has outperformed USFR with an annualized return of 11.14%, while USFR has yielded a comparatively lower 2.42% annualized return.
PIZ
- 1D
- 1.75%
- 1M
- 0.68%
- YTD
- 15.65%
- 6M
- 16.40%
- 1Y
- 27.72%
- 3Y*
- 24.07%
- 5Y*
- 10.26%
- 10Y*
- 11.14%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.92%
- 1Y
- 4.01%
- 3Y*
- 4.74%
- 5Y*
- 3.70%
- 10Y*
- 2.42%
PIZ vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 15.65% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
USFR WisdomTree Floating Rate Treasury Fund | 1.72% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between PIZ and USFR is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | -0.00 |
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Return for Risk
PIZ vs. USFR — Risk / Return Rank
PIZ
USFR
PIZ vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.57 | ||
| Sortino ratioReturn per unit of downside risk | -48.51 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 13.37 | -12.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 202.37 | -200.43 |
| Martin ratioReturn relative to average drawdown | 7.19 | 783.80 | -776.60 |
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Drawdowns
PIZ vs. USFR - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for PIZ and USFR.
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Drawdown Indicators
| PIZ | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -1.36% | -59.25% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -0.02% | -14.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -0.06% | -14.61% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -0.18% | -40.75% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -0.80% | -40.13% |
Current DrawdownCurrent decline from peak | -4.76% | 0.00% | -4.76% |
Average DrawdownAverage peak-to-trough decline | -14.90% | -0.16% | -14.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 0.01% | +3.85% |
Volatility
PIZ vs. USFR - Volatility Comparison
Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 10.15% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIZ | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 0.08% | +10.07% |
Volatility (6M)Calculated over the trailing 6-month period | 19.52% | 0.19% | +19.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.80% | 0.27% | +21.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.23% | 0.40% | +19.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 0.78% | +18.99% |
PIZ vs. USFR - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
PIZ vs. USFR - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.35%, less than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 1.35% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
PIZ and USFR have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIZ has higher volatility (10.15%) compared to USFR (0.08%). In terms of maximum drawdown, PIZ dropped -60.61% vs USFR's -1.36%.
On 10-year performance, PIZ leads with 11.14% vs 2.42% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. 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 11.14% return vs 2.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.80% for PIZ.
USFR has the higher dividend yield at 3.91%, compared with 1.35% for PIZ.
PIZ is categorized as Momentum, while USFR is Government Bonds. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.80% for PIZ and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.85 vs 1.28), 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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