PIZ vs. XMVM

Last updated Aug 4, 2026

PIZ (Invesco DWA Developed Markets Momentum ETF) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both Momentum funds from Invesco - PIZ tracks the Dorsey Wright Developed Markets Technical Leaders Index while XMVM tracks the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, PIZ returned 10.07%/yr vs 12.28%/yr for XMVM. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PIZ charges 0.80%/yr vs 0.39%/yr for XMVM.

Performance

PIZ vs. XMVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Developed Markets Momentum ETF (PIZ) and Invesco S&P MidCap Value with Momentum ETF (XMVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIZ achieves a 7.58% return, which is significantly lower than XMVM's 18.13% return. Over the past 10 years, PIZ has underperformed XMVM with an annualized return of 10.07%, while XMVM has yielded a comparatively higher 12.28% annualized return.

PIZ

• 1D: 1.13%
• 1M: -4.68%
• 6M: 0.00%
• YTD: 7.58%
• 1Y: 17.42%
• 3Y*: 21.00%
• 5Y*: 7.22%
• 10Y*: 10.07%
• ALL TIME*: 5.66%

XMVM

• 1D: 0.59%
• 1M: 5.73%
• 6M: 13.53%
• YTD: 18.13%
• 1Y: 39.09%
• 3Y*: 18.08%
• 5Y*: 12.87%
• 10Y*: 12.28%
• ALL TIME*: 9.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PIZ Invesco DWA Developed Markets Momentum ETF	$5.38M	$4.25M	$4.38M
XMVM Invesco S&P MidCap Value with Momentum ETF	$2.19M	$2.07M	$1.98M

PIZ vs. XMVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIZ Invesco DWA Developed Markets Momentum ETF	7.58%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%
XMVM Invesco S&P MidCap Value with Momentum ETF	18.13%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%

Correlation

The correlation between PIZ and XMVM is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008	0.63

Over the past year, the correlation between PIZ and XMVM has dropped to 0.33 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

PIZ vs. XMVM - Sectors Allocation Comparison

Sectors	PIZ	XMVM
Industrials	46.9%	11.7%
Financial Services	27.8%	37.9%
Technology	15.7%	5.1%
Basic Materials	2.5%	0.8%
Consumer Defensive	1.9%	1.2%
Consumer Cyclical	1.7%	14.8%
Energy	1.5%	13.5%
Utilities	1.4%	8.5%
Healthcare	0.7%	2.5%
Real Estate	0.4%	4.9%
Communication Services	-	0.9%

Return for Risk

PIZ vs. XMVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIZ

PIZ Risk / Return Rank: 31
PIZ Sharpe Ratio Rank: 30
PIZ Sortino Ratio Rank: 31
PIZ Omega Ratio Rank: 30
PIZ Calmar Ratio Rank: 32
PIZ Martin Ratio Rank: 35

XMVM

XMVM Risk / Return Rank: 92
XMVM Sharpe Ratio Rank: 94
XMVM Sortino Ratio Rank: 94
XMVM Omega Ratio Rank: 93
XMVM Calmar Ratio Rank: 92
XMVM Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIZ vs. XMVM - 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 MidCap Value with Momentum ETF (XMVM). 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	XMVM	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.67	-1.93
Sortino ratio: Return per unit of downside risk	1.17	3.84	-2.66
Omega ratio: Gain probability vs. loss probability	1.14	1.48	-0.33
Calmar ratio: Return relative to maximum drawdown	1.10	4.28	-3.18
Martin ratio: Return relative to average drawdown	3.41	13.71	-10.31

PIZ vs. XMVM - Sharpe Ratio Comparison

The current PIZ Sharpe Ratio is 0.74, which is lower than the XMVM Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of PIZ and XMVM, 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. XMVM - Drawdown Comparison

The maximum PIZ drawdown since its inception was -60.61%, roughly equal to the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for PIZ and XMVM.

Drawdown Indicators

	PIZ	XMVM	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-62.83%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-9.18%	-6.79%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-24.12%	+8.15%
Max Drawdown (5Y) Largest decline over 5 years	-40.93%	-24.12%	-16.81%
Max Drawdown (10Y) Largest decline over 10 years	-40.93%	-45.07%	+4.14%
Current Drawdown Current decline from peak	-11.41%	-0.12%	-11.29%
Average Drawdown Average peak-to-trough decline	-14.86%	-10.19%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.86%	+2.27%

Volatility

PIZ vs. XMVM - Volatility Comparison

Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 8.01% compared to Invesco S&P MidCap Value with Momentum ETF (XMVM) at 3.30%. This indicates that PIZ's price experiences larger fluctuations and is considered to be riskier than XMVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIZ	XMVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	3.30%	+4.71%
Volatility (6M) Calculated over the trailing 6-month period	21.44%	9.25%	+12.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.70%	14.72%	+8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	21.24%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	22.74%	-3.03%

PIZ vs. XMVM - Expense Ratio Comparison

PIZ has a 0.80% expense ratio, which is higher than XMVM's 0.39% expense ratio.

Dividends

PIZ vs. XMVM - Dividend Comparison

PIZ's dividend yield for the trailing twelve months is around 1.60%, less than XMVM's 1.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIZ Invesco DWA Developed Markets Momentum ETF	1.60%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.78%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both PIZ and XMVM in my portfolio?

PIZ and XMVM have a correlation of 0.33, 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 XMVM?

PIZ has higher volatility (8.01%) compared to XMVM (3.30%). In terms of maximum drawdown, PIZ dropped -60.61% vs XMVM's -62.83%.

Which ETF is better, PIZ or XMVM?

On 10-year performance, XMVM leads with 12.28% vs 10.07% for PIZ. On fees, XMVM is cheaper at 0.39% per year. On volatility, XMVM has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIZ or XMVM?

Over the 10-year period, XMVM has performed better with a 12.28% return vs 10.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIZ or XMVM?

XMVM is cheaper with a 0.39% expense ratio, compared with 0.80% for PIZ.

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

XMVM has the higher dividend yield at 1.78%, compared with 1.60% for PIZ.

What is the main difference between PIZ and XMVM?

PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. Their fees differ too: 0.80% for PIZ and 0.39% for XMVM.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.67 vs 0.74), 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.