PUI vs. PIE

Last updated Jun 3, 2026

PUI (Invesco DWA Utilities Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds from Invesco - PUI tracks the DWA Utilities Technical Leaders Index while PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, PUI returned 8.38%/yr vs 10.15%/yr for PIE. At a 0.38 correlation, their price movements are largely independent. PUI charges 0.60%/yr vs 0.90%/yr for PIE.

Performance

PUI vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Utilities Momentum ETF (PUI) 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, PUI achieves a 6.82% return, which is significantly lower than PIE's 39.11% return. Over the past 10 years, PUI has underperformed PIE with an annualized return of 8.38%, while PIE has yielded a comparatively higher 10.15% annualized return.

PUI

• 1D: 1.81%
• 1M: -4.23%
• YTD: 6.82%
• 6M: 4.11%
• 1Y: 12.64%
• 3Y*: 15.43%
• 5Y*: 8.61%
• 10Y*: 8.38%

PIE

• 1D: -0.95%
• 1M: 5.39%
• YTD: 39.11%
• 6M: 38.18%
• 1Y: 70.48%
• 3Y*: 23.39%
• 5Y*: 7.01%
• 10Y*: 10.15%

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

PUI vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PUI Invesco DWA Utilities Momentum ETF	6.82%	15.25%	23.91%	-4.47%	-2.17%	15.02%	-5.05%	20.95%	6.12%	11.85%
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between PUI and PIE is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007	0.38

The correlation between PUI and PIE shifts across timeframes, from 0.24 (10 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

PUI vs. PIE - Sectors Allocation Comparison

Sectors	PUI	PIE
Utilities	77.6%	1.3%
Energy	10.5%	5.4%
Industrials	9.8%	16.8%
Communication Services	2.1%	1.4%
Financial Services	0.1%	14.4%
Basic Materials	-	3.2%
Consumer Cyclical	-	1.3%
Consumer Defensive	-	0.4%
Healthcare	-	5.1%
Real Estate	-	3.6%
Technology	-	47.0%

Return for Risk

PUI vs. PIE — Risk / Return Rank

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

PUI

PUI Risk / Return Rank: 23
PUI Sharpe Ratio Rank: 24
PUI Sortino Ratio Rank: 23
PUI Omega Ratio Rank: 22
PUI Calmar Ratio Rank: 24
PUI Martin Ratio Rank: 21

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 85
PIE Omega Ratio Rank: 88
PIE Calmar Ratio Rank: 94
PIE Martin Ratio Rank: 92

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.

PUI vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Utilities Momentum ETF (PUI) 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.

	PUI	PIE	Difference
Sharpe ratio Return per unit of total volatility	0.85	3.24	-2.39
Sortino ratio Return per unit of downside risk	1.22	3.88	-2.66
Omega ratio Gain probability vs. loss probability	1.15	1.55	-0.41
Calmar ratio Return relative to maximum drawdown	1.15	7.18	-6.03
Martin ratio Return relative to average drawdown	2.67	23.52	-20.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PUI vs. PIE - Sharpe Ratio Comparison

The current PUI Sharpe Ratio is 0.85, which is lower than the PIE Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of PUI 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.

Sharpe Ratios by Period

	PUI	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	3.24	-2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.35	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.48	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.12	+0.33

Drawdowns

PUI vs. PIE - Drawdown Comparison

The maximum PUI drawdown since its inception was -43.20%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for PUI and PIE.

Drawdown Indicators

	PUI	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-43.20%	-72.98%	+29.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-9.87%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.28%	-28.69%	+13.41%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	-40.32%	+16.85%
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	-40.32%	+4.71%
Current Drawdown Current decline from peak	-4.86%	-1.17%	-3.69%
Average Drawdown Average peak-to-trough decline	-8.46%	-26.08%	+17.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	3.01%	+1.74%

Volatility

PUI vs. PIE - Volatility Comparison

The current volatility for Invesco DWA Utilities Momentum ETF (PUI) is 5.31%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 9.00%. This indicates that PUI 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

	PUI	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	9.00%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	17.77%	-6.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.95%	21.91%	-6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	20.23%	-3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.07%	21.35%	-2.28%

PUI vs. PIE - Expense Ratio Comparison

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

Dividends

PUI vs. PIE - Dividend Comparison

PUI's dividend yield for the trailing twelve months is around 2.10%, more than PIE's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.70%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
PUI Invesco DWA Utilities Momentum ETF	2.10%	2.22%	2.06%	2.36%	2.16%	2.03%	2.42%	2.02%	1.87%	2.98%	3.35%	2.82%

Frequently Asked Questions

Can I hold both PUI and PIE in my portfolio?

PUI and PIE have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUI or PIE?

PIE has higher volatility (9.00%) compared to PUI (5.31%). In terms of maximum drawdown, PUI dropped -43.20% vs PIE's -72.98%.

Which ETF is better, PUI or PIE?

On 10-year performance, PIE leads with 10.15% vs 8.38% for PUI. On fees, PUI is cheaper at 0.60% per year. On volatility, PUI has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PUI or PIE?

Over the 10-year period, PIE has performed better with a 10.15% return vs 8.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PUI or PIE?

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

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

PUI has the higher dividend yield at 2.10%, compared with 1.70% for PIE.

What is the main difference between PUI and PIE?

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

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.24 vs 0.85), 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.