VEXC vs. PIE

Last updated Jun 4, 2026

VEXC (Vanguard Emerging Markets Ex-China ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both exchange-traded funds - VEXC is a Emerging Markets Equities fund tracking the FTSE Emerging ex China Index, while PIE is a Momentum fund tracking the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. VEXC charges 0.07%/yr vs 0.90%/yr for PIE.

Performance

VEXC vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Ex-China ETF (VEXC) 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, VEXC achieves a 20.21% return, which is significantly lower than PIE's 39.11% return.

VEXC

• 1D: -1.20%
• 1M: 4.95%
• YTD: 20.21%
• 6M: 23.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

VEXC vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025
VEXC Vanguard Emerging Markets Ex-China ETF	20.21%	4.80%
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	-2.72%

Correlation

The correlation between VEXC and PIE is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.81

Return for Risk

VEXC vs. PIE — Risk / Return Rank

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

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.

VEXC vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Ex-China ETF (VEXC) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VEXC	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.24	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.12	+2.09

Drawdowns

VEXC vs. PIE - Drawdown Comparison

The maximum VEXC drawdown since its inception was -12.42%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for VEXC and PIE.

Drawdown Indicators

	VEXC	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-72.98%	+60.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-1.20%	-1.17%	-0.03%
Average Drawdown Average peak-to-trough decline	-2.23%	-26.08%	+23.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.01%	—

Volatility

Volatility by Period

	VEXC	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.89%	21.91%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	20.23%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	21.35%	-2.46%

VEXC vs. PIE - Expense Ratio Comparison

VEXC has a 0.07% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

VEXC vs. PIE - Dividend Comparison

VEXC's dividend yield for the trailing twelve months is around 0.74%, less 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%
VEXC Vanguard Emerging Markets Ex-China ETF	0.74%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEXC and PIE in my portfolio?

VEXC and PIE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEXC or PIE?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEXC or PIE?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.90% for PIE.

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

PIE has the higher dividend yield at 1.70%, compared with 0.74% for VEXC.

What is the main difference between VEXC and PIE?

VEXC is categorized as Emerging Markets Equities, while PIE is Momentum. VEXC tracks FTSE Emerging ex China Index, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VEXC and 0.90% for PIE.