PYZ vs. PIE

Last updated Jun 25, 2026

PYZ (Invesco DWA Basic Materials Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds from Invesco - PYZ tracks the Dorsey Wright Basic Materials Technical Leaders Index while PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, PYZ returned 10.16%/yr vs 10.36%/yr for PIE. A 0.63 correlation means they provide meaningful diversification when combined. PYZ charges 0.60%/yr vs 0.90%/yr for PIE.

Performance

PYZ vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Basic Materials Momentum ETF (PYZ) 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, PYZ achieves a 14.04% return, which is significantly lower than PIE's 37.41% return. Both investments have delivered pretty close results over the past 10 years, with PYZ having a 10.16% annualized return and PIE not far ahead at 10.36%.

PYZ

• 1D: -0.65%
• 1M: -0.84%
• YTD: 14.04%
• 6M: 10.25%
• 1Y: 36.59%
• 3Y*: 16.70%
• 5Y*: 8.38%
• 10Y*: 10.16%

PIE

• 1D: -0.86%
• 1M: 1.96%
• YTD: 37.41%
• 6M: 33.49%
• 1Y: 57.94%
• 3Y*: 22.85%
• 5Y*: 6.37%
• 10Y*: 10.36%

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

PYZ vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYZ Invesco DWA Basic Materials Momentum ETF	14.04%	28.01%	2.54%	9.56%	-15.45%	32.68%	15.39%	20.66%	-24.33%	20.01%
PIE Invesco DWA Emerging Markets Momentum ETF	37.41%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between PYZ and PIE is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007	0.63

The correlation between PYZ and PIE shifts across timeframes, from 0.53 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

PYZ vs. PIE - Sectors Allocation Comparison

Sectors	PYZ	PIE
Basic Materials	85.4%	2.9%
Industrials	14.3%	15.3%
Consumer Cyclical	4.2%	1.4%
Energy	3.8%	4.6%
Consumer Defensive	0.6%	0.3%
Financial Services	0.3%	14.1%
Communication Services	-	1.3%
Healthcare	-	4.3%
Real Estate	-	3.5%
Technology	-	51.1%
Utilities	-	1.1%

Return for Risk

PYZ vs. PIE — Risk / Return Rank

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

PYZ

PYZ Risk / Return Rank: 44
PYZ Sharpe Ratio Rank: 44
PYZ Sortino Ratio Rank: 42
PYZ Omega Ratio Rank: 41
PYZ Calmar Ratio Rank: 47
PYZ Martin Ratio Rank: 45

PIE

PIE Risk / Return Rank: 84
PIE Sharpe Ratio Rank: 84
PIE Sortino Ratio Rank: 73
PIE Omega Ratio Rank: 82
PIE Calmar Ratio Rank: 93
PIE Martin Ratio Rank: 90

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. PIE - Risk-Adjusted Trends Comparison

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

	PYZ	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.41	-1.02
Sortino ratio: Return per unit of downside risk	1.94	2.90	-0.97
Omega ratio: Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio: Return relative to maximum drawdown	2.07	5.90	-3.83
Martin ratio: Return relative to average drawdown	6.73	18.23	-11.50

PYZ vs. PIE - Sharpe Ratio Comparison

The current PYZ Sharpe Ratio is 1.39, which is lower than the PIE Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PYZ 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

PYZ vs. PIE - Drawdown Comparison

The maximum PYZ drawdown since its inception was -65.15%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for PYZ and PIE.

Drawdown Indicators

	PYZ	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-65.15%	-72.98%	+7.83%
Max Drawdown (1Y) Largest decline over 1 year	-17.75%	-9.87%	-7.88%
Max Drawdown (3Y) Largest decline over 3 years	-26.74%	-28.69%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	-32.97%	-40.32%	+7.35%
Max Drawdown (10Y) Largest decline over 10 years	-52.46%	-40.32%	-12.14%
Current Drawdown Current decline from peak	-6.02%	-5.99%	-0.03%
Average Drawdown Average peak-to-trough decline	-12.61%	-26.01%	+13.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.45%	3.19%	+2.26%

Volatility

PYZ vs. PIE - Volatility Comparison

The current volatility for Invesco DWA Basic Materials Momentum ETF (PYZ) is 8.46%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 13.05%. This indicates that PYZ 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

	PYZ	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	13.05%	-4.59%
Volatility (6M) Calculated over the trailing 6-month period	20.85%	21.22%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	26.50%	24.27%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.75%	20.84%	+4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.47%	21.57%	+4.90%

PYZ vs. PIE - Expense Ratio Comparison

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

Dividends

PYZ vs. PIE - Dividend Comparison

PYZ's dividend yield for the trailing twelve months is around 0.47%, less than PIE's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.76%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
PYZ Invesco DWA Basic Materials Momentum ETF	0.47%	0.72%	1.13%	1.19%	1.18%	0.33%	1.04%	1.38%	1.20%	0.53%	1.07%	1.25%

Frequently Asked Questions

Can I hold both PYZ and PIE in my portfolio?

PYZ and PIE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYZ or PIE?

PIE has higher volatility (13.05%) compared to PYZ (8.46%). In terms of maximum drawdown, PYZ dropped -65.15% vs PIE's -72.98%.

Which ETF is better, PYZ or PIE?

On 10-year performance, PIE leads with 10.36% vs 10.16% for PYZ. On fees, PYZ is cheaper at 0.60% per year. On volatility, PYZ has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYZ or PIE?

Over the 10-year period, PIE has performed better with a 10.36% return vs 10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYZ or PIE?

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

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

PIE has the higher dividend yield at 1.76%, compared with 0.47% for PYZ.

What is the main difference between PYZ and PIE?

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

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (2.41 vs 1.39), 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.