PIZ vs. VPLS

Last updated Jun 16, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and VPLS (Vanguard Core-Plus Bond ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard. PIZ is passively managed, while VPLS is actively managed. Over the past year, PIZ returned 27.72% vs 5.74% for VPLS. At a 0.29 correlation, their price movements are largely independent. PIZ charges 0.80%/yr vs 0.20%/yr for VPLS.

Performance

PIZ vs. VPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) and Vanguard Core-Plus Bond ETF (VPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIZ achieves a 15.65% return, which is significantly higher than VPLS's 0.99% 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%

VPLS

• 1D: 0.09%
• 1M: 1.20%
• YTD: 0.99%
• 6M: 1.33%
• 1Y: 5.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIZ vs. VPLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PIZ Invesco DWA Developed Markets Momentum ETF	15.65%	37.22%	16.30%	5.66%
VPLS Vanguard Core-Plus Bond ETF	0.99%	7.86%	2.72%	2.83%

Correlation

The correlation between PIZ and VPLS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023	0.29

The correlation between PIZ and VPLS shifts across timeframes, from 0.29 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PIZ vs. VPLS — Risk / Return Rank

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

PIZ

PIZ Risk / Return Rank: 41
PIZ Sharpe Ratio Rank: 39
PIZ Sortino Ratio Rank: 39
PIZ Omega Ratio Rank: 39
PIZ Calmar Ratio Rank: 42
PIZ Martin Ratio Rank: 47

VPLS

VPLS Risk / Return Rank: 50
VPLS Sharpe Ratio Rank: 52
VPLS Sortino Ratio Rank: 54
VPLS Omega Ratio Rank: 51
VPLS Calmar Ratio Rank: 47
VPLS Martin Ratio Rank: 45

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. VPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and Vanguard Core-Plus Bond ETF (VPLS). 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	VPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.61	-0.33
Sortino ratio: Return per unit of downside risk	1.88	2.39	-0.51
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.94	2.12	-0.18
Martin ratio: Return relative to average drawdown	7.19	6.68	+0.51

PIZ vs. VPLS - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 1.28, which is comparable to the VPLS Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PIZ and VPLS, 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. VPLS - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than VPLS's maximum drawdown of -4.17%. Use the drawdown chart below to compare losses from any high point for PIZ and VPLS.

Drawdown Indicators

	PIZ	VPLS	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-4.17%	-56.44%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-2.72%	-11.63%
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	-4.76%	-0.87%	-3.89%
Average Drawdown Average peak-to-trough decline	-14.90%	-1.01%	-13.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	0.86%	+3.00%

Volatility

PIZ vs. VPLS - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 10.15% compared to Vanguard Core-Plus Bond ETF (VPLS) at 1.28%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than VPLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIZ	VPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	1.28%	+8.87%
Volatility (6M) Calculated over the trailing 6-month period	19.52%	2.75%	+16.77%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	3.59%	+18.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	4.60%	+15.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	4.60%	+15.17%

PIZ vs. VPLS - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than VPLS's 0.20% expense ratio.

Dividends

PIZ vs. VPLS - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.35%, less than VPLS's 4.74% 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%
VPLS Vanguard Core-Plus Bond ETF	4.74%	4.78%	4.52%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIZ and VPLS in my portfolio?

PIZ and VPLS have a correlation of 0.40, 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 VPLS?

PIZ has higher volatility (10.15%) compared to VPLS (1.28%). In terms of maximum drawdown, PIZ dropped -60.61% vs VPLS's -4.17%.

Which ETF is better, PIZ or VPLS?

On 1-year performance, PIZ leads with 27.72% vs 5.74% for VPLS. On fees, VPLS is cheaper at 0.20% per year. On volatility, VPLS has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or VPLS?

Over the 1-year period, PIZ has performed better with a 27.72% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or VPLS?

VPLS is cheaper with a 0.20% expense ratio, compared with 0.80% for PIZ.

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

VPLS has the higher dividend yield at 4.74%, compared with 1.35% for PIZ.

What is the main difference between PIZ and VPLS?

PIZ is categorized as Momentum, while VPLS is Intermediate Core-Plus Bond. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.80% for PIZ and 0.20% for VPLS.

Which has better risk-adjusted returns?

VPLS currently has the higher Sharpe Ratio (1.61 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.