PRN vs. PIE

Last updated Jun 24, 2026

PRN (Invesco DWA Industrials Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds from Invesco - PRN tracks the DWA 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 19.03%/yr vs 10.46%/yr for PIE. A 0.61 correlation means they provide meaningful diversification when combined. 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 DWA 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 45.08% return, which is significantly higher than PIE's 38.60% return. Over the past 10 years, PRN has outperformed PIE with an annualized return of 19.03%, while PIE has yielded a comparatively lower 10.46% annualized return.

PRN

• 1D: -3.57%
• 1M: 6.97%
• YTD: 45.08%
• 6M: 39.29%
• 1Y: 65.87%
• 3Y*: 36.27%
• 5Y*: 20.84%
• 10Y*: 19.03%

PIE

• 1D: -5.18%
• 1M: 2.84%
• YTD: 38.60%
• 6M: 34.63%
• 1Y: 63.22%
• 3Y*: 23.20%
• 5Y*: 6.64%
• 10Y*: 10.46%

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

PRN vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRN Invesco DWA Industrials Momentum ETF	45.08%	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	38.60%	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 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	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 0.50 (3 years) to 0.61 (all time), reflecting how their relationship changes across market environments.

PRN vs. PIE - Sectors Allocation Comparison

Sectors	PRN	PIE
Industrials	78.2%	15.3%
Technology	20.4%	51.1%
Basic Materials	1.8%	2.9%
Energy	1.6%	4.6%
Consumer Cyclical	1.2%	1.4%
Financial Services	0.1%	14.1%
Communication Services	-	1.3%
Consumer Defensive	-	0.3%
Healthcare	-	4.3%
Real Estate	-	3.5%
Utilities	-	1.1%

Return for Risk

PRN vs. PIE — Risk / Return Rank

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

PRN

PRN Risk / Return Rank: 72
PRN Sharpe Ratio Rank: 72
PRN Sortino Ratio Rank: 62
PRN Omega Ratio Rank: 61
PRN Calmar Ratio Rank: 87
PRN Martin Ratio Rank: 81

PIE

PIE Risk / Return Rank: 85
PIE Sharpe Ratio Rank: 86
PIE Sortino Ratio Rank: 74
PIE Omega Ratio Rank: 83
PIE Calmar Ratio Rank: 93
PIE Martin Ratio Rank: 91

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.

PRN vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA 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	2.18	2.62	-0.45
Sortino ratio: Return per unit of downside risk	2.72	3.10	-0.38
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	4.68	6.44	-1.76
Martin ratio: Return relative to average drawdown	15.34	20.03	-4.69

PRN vs. PIE - Sharpe Ratio Comparison

The current PRN Sharpe Ratio is 2.18, which is comparable to the PIE Sharpe Ratio of 2.62. 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	-14.15%	-9.87%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	-30.78%	-28.69%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-40.32%	+5.48%
Max Drawdown (10Y) Largest decline over 10 years	-36.27%	-40.32%	+4.05%
Current Drawdown Current decline from peak	-3.57%	-5.18%	+1.61%
Average Drawdown Average peak-to-trough decline	-10.82%	-26.01%	+15.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	3.17%	+1.14%

Volatility

PRN vs. PIE - Volatility Comparison

The current volatility for Invesco DWA Industrials Momentum ETF (PRN) is 12.02%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 13.28%. This indicates that PRN experiences smaller price fluctuations and is considered to be less risky 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	12.02%	13.28%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	21.21%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	30.47%	24.30%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.41%	20.85%	+4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	21.57%	+2.81%

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 0.08%, less than PIE's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.74%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
PRN Invesco DWA Industrials Momentum ETF	0.08%	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 0.58, 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?

PIE has higher volatility (13.28%) compared to PRN (12.02%). 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 19.03% vs 10.46% for PIE. On fees, PRN is cheaper at 0.60% per year. On volatility, PRN has been the lower-risk option at 12.02%. 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 19.03% return vs 10.46%. 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 1.74%, compared with 0.08% for PRN.

What is the main difference between PRN and PIE?

PRN tracks DWA 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 (2.62 vs 2.18), 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.