PIZ vs. VTI

Last updated Jun 4, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and VTI (Vanguard Total Stock Market ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, PIZ returned 10.75%/yr vs 15.05%/yr for VTI. A 0.76 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.03%/yr for VTI.

Performance

PIZ vs. VTI - Performance Comparison

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

Returns By Period

In the year-to-date period, PIZ achieves a 16.21% return, which is significantly higher than VTI's 11.20% return. Over the past 10 years, PIZ has underperformed VTI with an annualized return of 10.75%, while VTI has yielded a comparatively higher 15.05% annualized return.

PIZ

• 1D: -0.99%
• 1M: 1.00%
• YTD: 16.21%
• 6M: 18.89%
• 1Y: 29.33%
• 3Y*: 25.82%
• 5Y*: 10.38%
• 10Y*: 10.75%

VTI

• 1D: -0.72%
• 1M: 4.99%
• YTD: 11.20%
• 6M: 11.09%
• 1Y: 28.18%
• 3Y*: 22.07%
• 5Y*: 12.69%
• 10Y*: 15.05%

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

PIZ vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIZ Invesco DWA Developed Markets Momentum ETF	16.21%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%
VTI Vanguard Total Stock Market ETF	11.20%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between PIZ and VTI is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 8, 2008	0.76

The correlation between PIZ and VTI has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

PIZ vs. VTI - Sectors Allocation Comparison

Sectors	PIZ	VTI
Industrials	49.9%	9.8%
Financial Services	28.1%	12.0%
Technology	10.9%	33.5%
Basic Materials	2.6%	2.0%
Consumer Defensive	2.1%	4.7%
Energy	2.0%	3.7%
Utilities	1.6%	2.3%
Consumer Cyclical	1.6%	10.0%
Healthcare	1.1%	9.2%
Real Estate	0.5%	2.4%
Communication Services	-	10.3%

Return for Risk

PIZ vs. VTI — Risk / Return Rank

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

PIZ

PIZ Risk / Return Rank: 42
PIZ Sharpe Ratio Rank: 40
PIZ Sortino Ratio Rank: 41
PIZ Omega Ratio Rank: 40
PIZ Calmar Ratio Rank: 41
PIZ Martin Ratio Rank: 49

VTI

VTI Risk / Return Rank: 68
VTI Sharpe Ratio Rank: 69
VTI Sortino Ratio Rank: 68
VTI Omega Ratio Rank: 67
VTI Calmar Ratio Rank: 62
VTI Martin Ratio Rank: 75

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) and Vanguard Total Stock Market ETF (VTI). 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.

	PIZ	VTI	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.33	-0.88
Sortino ratio: Return per unit of downside risk	2.12	3.18	-1.07
Omega ratio: Gain probability vs. loss probability	1.26	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	2.05	3.17	-1.12
Martin ratio: Return relative to average drawdown	8.17	14.62	-6.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIZ vs. VTI - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 1.44, which is lower than the VTI Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PIZ and VTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PIZ	VTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	2.33	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.73	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.82	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.51	-0.23

Drawdowns

PIZ vs. VTI - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, which is greater than VTI's maximum drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for PIZ and VTI.

Drawdown Indicators

	PIZ	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-55.45%	-5.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-8.92%	-5.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	-19.30%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	-25.36%	-15.57%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	-35.00%	-5.93%
Current Drawdown Current decline from peak	-4.30%	-0.72%	-3.58%
Average Drawdown Average peak-to-trough decline	-14.87%	-8.03%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.93%	+1.67%

Volatility

PIZ vs. VTI - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 8.23% compared to Vanguard Total Stock Market ETF (VTI) at 2.96%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIZ	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	2.96%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	17.93%	9.13%	+8.80%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	12.17%	+8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	17.40%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	18.30%	+1.35%

PIZ vs. VTI - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than VTI's 0.03% expense ratio.

Dividends

PIZ vs. VTI - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.34%, more than VTI's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIZ Invesco DWA Developed Markets Momentum ETF	1.34%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%
VTI Vanguard Total Stock Market ETF	1.01%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both PIZ and VTI in my portfolio?

PIZ and VTI have a correlation of 0.73, 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 VTI?

PIZ has higher volatility (8.23%) compared to VTI (2.96%). In terms of maximum drawdown, PIZ dropped -60.61% vs VTI's -55.45%.

Which ETF is better, PIZ or VTI?

On 10-year performance, VTI leads with 15.05% vs 10.75% for PIZ. On fees, VTI is cheaper at 0.03% per year. On volatility, VTI has been the lower-risk option at 2.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or VTI?

Over the 10-year period, VTI has performed better with a 15.05% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or VTI?

VTI is cheaper with a 0.03% expense ratio, compared with 0.80% for PIZ.

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

PIZ has the higher dividend yield at 1.34%, compared with 1.01% for VTI.

What is the main difference between PIZ and VTI?

PIZ is categorized as Momentum, while VTI is Large Cap Blend Equities. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while VTI tracks CRSP US Total Market Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.80% for PIZ and 0.03% for VTI.

Which has better risk-adjusted returns?

VTI currently has the higher Sharpe Ratio (2.33 vs 1.44), 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.