PYZ vs. FMAT

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DWA Basic Materials Momentum ETF (PYZ) and Fidelity MSCI Materials Index ETF (FMAT).

PYZ and FMAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PYZ is a passively managed fund by Invesco that tracks the performance of the Dynamic Basic Materials Sector Intellidex Index. It was launched on Oct 12, 2006. FMAT is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Materials Index. It was launched on Oct 21, 2013. Both PYZ and FMAT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PYZ vs. FMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Basic Materials Momentum ETF (PYZ) and Fidelity MSCI Materials Index ETF (FMAT). The values are adjusted to include any dividend payments, if applicable.

PYZ vs. FMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYZ Invesco DWA Basic Materials Momentum ETF	8.90%	28.01%	2.54%	9.56%	-15.45%	32.68%	15.39%	20.66%	-24.33%	20.01%
FMAT Fidelity MSCI Materials Index ETF	8.92%	12.11%	0.47%	13.71%	-11.54%	27.45%	19.57%	23.35%	-17.40%	23.51%

Returns By Period

The year-to-date returns for both investments are quite close, with PYZ having a 8.90% return and FMAT slightly higher at 8.92%. Both investments have delivered pretty close results over the past 10 years, with PYZ having a 10.19% annualized return and FMAT not far ahead at 10.53%.

PYZ

• 1D: 4.75%
• 1M: -9.22%
• YTD: 8.90%
• 6M: 13.45%
• 1Y: 42.31%
• 3Y*: 13.26%
• 5Y*: 8.53%
• 10Y*: 10.19%

FMAT

• 1D: 2.38%
• 1M: -7.47%
• YTD: 8.92%
• 6M: 10.77%
• 1Y: 21.24%
• 3Y*: 9.96%
• 5Y*: 7.09%
• 10Y*: 10.53%

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

PYZ vs. FMAT - Expense Ratio Comparison

PYZ has a 0.60% expense ratio, which is higher than FMAT's 0.08% expense ratio.

PYZ

Invesco DWA Basic Materials Momentum ETF

FMAT

Fidelity MSCI Materials Index ETF

Return for Risk

PYZ vs. FMAT — Risk / Return Rank

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

PYZ

PYZ Risk / Return Rank: 78
PYZ Sharpe Ratio Rank: 80
PYZ Sortino Ratio Rank: 80
PYZ Omega Ratio Rank: 75
PYZ Calmar Ratio Rank: 83
PYZ Martin Ratio Rank: 75

FMAT

FMAT Risk / Return Rank: 59
FMAT Sharpe Ratio Rank: 59
FMAT Sortino Ratio Rank: 61
FMAT Omega Ratio Rank: 55
FMAT Calmar Ratio Rank: 64
FMAT Martin Ratio Rank: 57

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.

PYZ vs. FMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Basic Materials Momentum ETF (PYZ) and Fidelity MSCI Materials Index ETF (FMAT). 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.

	PYZ	FMAT	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.00	+0.50
Sortino ratio Return per unit of downside risk	2.07	1.52	+0.55
Omega ratio Gain probability vs. loss probability	1.28	1.20	+0.08
Calmar ratio Return relative to maximum drawdown	2.39	1.56	+0.83
Martin ratio Return relative to average drawdown	7.77	5.36	+2.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYZ vs. FMAT - Sharpe Ratio Comparison

The current PYZ Sharpe Ratio is 1.50, which is higher than the FMAT Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of PYZ and FMAT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PYZ	FMAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.00	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.36	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.50	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.44	-0.08

Correlation

The correlation between PYZ and FMAT is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PYZ vs. FMAT - Dividend Comparison

PYZ's dividend yield for the trailing twelve months is around 0.57%, less than FMAT's 1.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYZ Invesco DWA Basic Materials Momentum ETF	0.57%	0.72%	1.13%	1.19%	1.18%	0.33%	1.04%	1.38%	1.20%	0.53%	1.07%	1.25%
FMAT Fidelity MSCI Materials Index ETF	1.47%	1.64%	1.68%	1.71%	2.00%	1.44%	1.73%	1.89%	2.18%	1.53%	1.78%	2.16%

Drawdowns

PYZ vs. FMAT - Drawdown Comparison

The maximum PYZ drawdown since its inception was -65.15%, which is greater than FMAT's maximum drawdown of -41.11%. Use the drawdown chart below to compare losses from any high point for PYZ and FMAT.

Drawdown Indicators

	PYZ	FMAT	Difference
Max Drawdown Largest peak-to-trough decline	-65.15%	-41.11%	-24.04%
Max Drawdown (1Y) Largest decline over 1 year	-17.75%	-14.21%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-32.97%	-25.40%	-7.57%
Max Drawdown (10Y) Largest decline over 10 years	-52.46%	-41.11%	-11.35%
Current Drawdown Current decline from peak	-9.93%	-7.47%	-2.46%
Average Drawdown Average peak-to-trough decline	-12.71%	-6.90%	-5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	4.14%	+1.32%

Volatility

PYZ vs. FMAT - Volatility Comparison

Invesco DWA Basic Materials Momentum ETF (PYZ) has a higher volatility of 11.21% compared to Fidelity MSCI Materials Index ETF (FMAT) at 7.09%. This indicates that PYZ's price experiences larger fluctuations and is considered to be riskier than FMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYZ	FMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.21%	7.09%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	21.97%	13.34%	+8.63%
Volatility (1Y) Calculated over the trailing 1-year period	28.36%	21.38%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.95%	19.54%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.38%	21.14%	+5.24%