SDEM vs. PIE

Last updated Aug 6, 2026

SDEM (Global X MSCI SuperDividend Emerging Markets ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - SDEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Top 50 Dividend, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, SDEM returned 4.09%/yr vs 9.34%/yr for PIE. Their 0.69 correlation means they have sometimes moved together and sometimes differently. SDEM charges 0.67%/yr vs 0.90%/yr for PIE.

Performance

SDEM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI SuperDividend Emerging Markets ETF (SDEM) 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, SDEM achieves a 14.03% return, which is significantly lower than PIE's 36.54% return. Over the past 10 years, SDEM has underperformed PIE with an annualized return of 4.09%, while PIE has yielded a comparatively higher 9.34% annualized return.

SDEM

• 1D: -0.52%
• 1M: 2.58%
• 6M: 4.55%
• YTD: 14.03%
• 1Y: 26.92%
• 3Y*: 19.31%
• 5Y*: 6.07%
• 10Y*: 4.09%
• ALL TIME*: 3.94%

PIE

• 1D: 0.90%
• 1M: -3.72%
• 6M: 24.43%
• YTD: 36.54%
• 1Y: 49.64%
• 3Y*: 21.10%
• 5Y*: 6.96%
• 10Y*: 9.34%
• ALL TIME*: 2.85%

*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	$2.19M	$4.18M	$2.90M
SDEM Global X MSCI SuperDividend Emerging Markets ETF	$94.66K	$95.29K	$111.33K

SDEM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDEM Global X MSCI SuperDividend Emerging Markets ETF	14.03%	32.01%	4.02%	12.64%	-21.53%	2.11%	-11.13%	17.56%	-17.40%	16.57%
PIE Invesco DWA Emerging Markets Momentum ETF	36.54%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between SDEM and PIE is 0.59, 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.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Mar 17, 2015	0.69

The correlation between SDEM and PIE shifts across timeframes, from 0.59 (1 year) to 0.69 (10 years), reflecting how their relationship changes across market environments.

SDEM vs. PIE - Sectors Allocation Comparison

Sectors	SDEM	PIE
Financial Services	27.7%	14.6%
Industrials	10.2%	15.3%
Real Estate	7.7%	3.5%
Utilities	7.2%	1.2%
Consumer Cyclical	6.0%	1.5%
Communication Services	5.5%	1.3%
Consumer Defensive	5.4%	0.2%
Basic Materials	5.2%	2.9%
Energy	3.6%	3.7%
Technology	2.5%	52.7%
Healthcare	1.9%	3.2%

Return for Risk

SDEM vs. PIE — Risk / Return Rank

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

SDEM

SDEM Risk / Return Rank: 71
SDEM Sharpe Ratio Rank: 74
SDEM Sortino Ratio Rank: 73
SDEM Omega Ratio Rank: 68
SDEM Calmar Ratio Rank: 75
SDEM Martin Ratio Rank: 65

PIE

PIE Risk / Return Rank: 69
PIE Sharpe Ratio Rank: 69
PIE Sortino Ratio Rank: 59
PIE Omega Ratio Rank: 66
PIE Calmar Ratio Rank: 73
PIE Martin Ratio Rank: 78

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.

SDEM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) 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.

	SDEM	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.82	+0.09
Sortino ratio: Return per unit of downside risk	2.68	2.29	+0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.00	2.89	+0.10
Martin ratio: Return relative to average drawdown	8.90	11.36	-2.47

SDEM vs. PIE - Sharpe Ratio Comparison

The current SDEM Sharpe Ratio is 1.90, which is comparable to the PIE Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SDEM 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

SDEM vs. PIE - Drawdown Comparison

The maximum SDEM drawdown since its inception was -47.38%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for SDEM and PIE.

Drawdown Indicators

	SDEM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-47.38%	-72.98%	+25.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-17.26%	+8.23%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	-28.69%	+16.35%
Max Drawdown (5Y) Largest decline over 5 years	-36.08%	-36.78%	+0.70%
Max Drawdown (10Y) Largest decline over 10 years	-47.38%	-40.32%	-7.06%
Current Drawdown Current decline from peak	-1.01%	-6.59%	+5.58%
Average Drawdown Average peak-to-trough decline	-20.44%	-25.90%	+5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.38%	-1.35%

Volatility

SDEM vs. PIE - Volatility Comparison

The current volatility for Global X MSCI SuperDividend Emerging Markets ETF (SDEM) is 3.35%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 12.04%. This indicates that SDEM 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

	SDEM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	12.04%	-8.69%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	24.33%	-12.84%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	27.47%	-13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.47%	21.44%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	21.91%	-2.86%

SDEM vs. PIE - Expense Ratio Comparison

SDEM has a 0.67% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

SDEM vs. PIE - Dividend Comparison

SDEM's dividend yield for the trailing twelve months is around 4.96%, more than PIE's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIE Invesco DWA Emerging Markets Momentum ETF	1.77%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%
SDEM Global X MSCI SuperDividend Emerging Markets ETF	4.96%	5.27%	7.28%	7.50%	8.86%	8.14%	6.30%	6.47%	6.55%	5.01%	5.06%	6.14%

Frequently Asked Questions

Can I hold both SDEM and PIE in my portfolio?

SDEM and PIE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDEM or PIE?

PIE has higher volatility (12.04%) compared to SDEM (3.35%). In terms of maximum drawdown, SDEM dropped -47.38% vs PIE's -72.98%.

Which ETF is better, SDEM or PIE?

On 10-year performance, PIE leads with 9.34% vs 4.09% for SDEM. On fees, SDEM is cheaper at 0.67% per year. On volatility, SDEM has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDEM or PIE?

Over the 10-year period, PIE has performed better with a 9.34% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDEM or PIE?

SDEM is cheaper with a 0.67% expense ratio, compared with 0.90% for PIE.

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

SDEM has the higher dividend yield at 4.96%, compared with 1.77% for PIE.

What is the main difference between SDEM and PIE?

SDEM is categorized as Emerging Markets Equities, while PIE is Momentum. SDEM tracks MSCI Emerging Markets Top 50 Dividend, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.67% for SDEM and 0.90% for PIE.

Which has better risk-adjusted returns?

SDEM currently has the higher Sharpe Ratio (1.90 vs 1.82), 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.