PRN vs. PIE

Last updated Aug 3, 2026

PRN (Invesco Dorsey Wright Industrials Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds from Invesco - PRN tracks the Dorsey Wright Industrials Technical Leaders Index while PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, PRN returned 16.36%/yr vs 8.76%/yr for PIE. Their 0.61 correlation means they have sometimes moved together and sometimes differently. PRN charges 0.60%/yr vs 0.90%/yr for PIE.

Performance

PRN vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Industrials Momentum ETF (PRN) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRN achieves a 23.45% return, which is significantly lower than PIE's 27.02% return. Over the past 10 years, PRN has outperformed PIE with an annualized return of 16.36%, while PIE has yielded a comparatively lower 8.76% annualized return.

PRN

• 1D: 1.01%
• 1M: -8.35%
• 6M: 11.82%
• YTD: 23.45%
• 1Y: 34.52%
• 3Y*: 25.97%
• 5Y*: 16.85%
• 10Y*: 16.36%
• ALL TIME*: 12.07%

PIE

• 1D: 2.51%
• 1M: -8.10%
• 6M: 16.52%
• YTD: 27.02%
• 1Y: 43.01%
• 3Y*: 17.55%
• 5Y*: 5.53%
• 10Y*: 8.76%
• ALL TIME*: 2.46%

*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)
PIE Invesco DWA Emerging Markets Momentum ETF	$2.45M	$4.43M	$2.83M
PRN Invesco Dorsey Wright Industrials Momentum ETF	$11.92M	$11.20M	$10.20M

PRN vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRN Invesco Dorsey Wright Industrials Momentum ETF	23.45%	13.74%	30.35%	37.96%	-25.09%	25.21%	36.39%	34.52%	-16.19%	22.82%
PIE Invesco DWA Emerging Markets Momentum ETF	27.02%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between PRN and PIE is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.61

The correlation between PRN and PIE shifts across timeframes, from 0.52 (3 years) to 0.62 (1 year), reflecting how their relationship changes across market environments.

PRN vs. PIE - Sectors Allocation Comparison

Sectors	PRN	PIE
Industrials	73.1%	15.3%
Technology	21.9%	52.7%
Consumer Cyclical	2.5%	1.5%
Real Estate	2.3%	3.5%
Energy	1.6%	3.7%
Basic Materials	1.4%	2.9%
Financial Services	1.2%	14.6%
Communication Services	-	1.3%
Consumer Defensive	-	0.2%
Healthcare	-	3.2%
Utilities	-	1.2%

Return for Risk

PRN vs. PIE — Risk / Return Rank

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

PRN

PRN Risk / Return Rank: 39
PRN Sharpe Ratio Rank: 37
PRN Sortino Ratio Rank: 37
PRN Omega Ratio Rank: 37
PRN Calmar Ratio Rank: 37
PRN Martin Ratio Rank: 46

PIE

PIE Risk / Return Rank: 71
PIE Sharpe Ratio Rank: 71
PIE Sortino Ratio Rank: 61
PIE Omega Ratio Rank: 70
PIE Calmar Ratio Rank: 73
PIE Martin Ratio Rank: 79

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.

PRN vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Industrials Momentum ETF (PRN) and Invesco DWA Emerging Markets Momentum ETF (PIE). 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.

	PRN	PIE	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.61	-0.69
Sortino ratio: Return per unit of downside risk	1.39	2.07	-0.67
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	1.28	2.53	-1.25
Martin ratio: Return relative to average drawdown	5.15	10.20	-5.06

PRN vs. PIE - Sharpe Ratio Comparison

The current PRN Sharpe Ratio is 0.92, which is lower than the PIE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PRN and PIE, 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

PRN vs. PIE - Drawdown Comparison

The maximum PRN drawdown since its inception was -59.88%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for PRN and PIE.

Drawdown Indicators

	PRN	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-59.88%	-72.98%	+13.10%
Max Drawdown (1Y) Largest decline over 1 year	-24.60%	-17.26%	-7.34%
Max Drawdown (3Y) Largest decline over 3 years	-30.78%	-28.69%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-37.59%	+2.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.27%	-40.32%	+4.05%
Current Drawdown Current decline from peak	-17.94%	-13.10%	-4.84%
Average Drawdown Average peak-to-trough decline	-10.82%	-25.91%	+15.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	4.28%	+1.85%

Volatility

PRN vs. PIE - Volatility Comparison

Invesco Dorsey Wright Industrials Momentum ETF (PRN) has a higher volatility of 15.11% compared to Invesco DWA Emerging Markets Momentum ETF (PIE) at 12.08%. This indicates that PRN's price experiences larger fluctuations and is considered to be riskier than PIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRN	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.11%	12.08%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	28.53%	24.13%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	34.23%	27.09%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.30%	21.34%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.88%	21.86%	+3.02%

PRN vs. PIE - Expense Ratio Comparison

PRN has a 0.60% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

PRN vs. PIE - Dividend Comparison

PRN's dividend yield for the trailing twelve months is around 0.10%, less than PIE's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.90%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
PRN Invesco Dorsey Wright Industrials Momentum ETF	0.10%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%

Frequently Asked Questions

Can I hold both PRN and PIE in my portfolio?

PRN and PIE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRN or PIE?

PRN has higher volatility (15.11%) compared to PIE (12.08%). In terms of maximum drawdown, PRN dropped -59.88% vs PIE's -72.98%.

Which ETF is better, PRN or PIE?

On 10-year performance, PRN leads with 16.36% vs 8.76% for PIE. On fees, PRN is cheaper at 0.60% per year. On volatility, PIE has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRN or PIE?

Over the 10-year period, PRN has performed better with a 16.36% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRN or PIE?

PRN is cheaper with a 0.60% expense ratio, compared with 0.90% for PIE.

Which ETF pays a higher dividend yield, PRN or PIE?

PIE has the higher dividend yield at 1.90%, compared with 0.10% for PRN.

What is the main difference between PRN and PIE?

PRN tracks Dorsey Wright Industrials Technical Leaders Index, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. Their fees differ too: 0.60% for PRN and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (1.61 vs 0.92), 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.