VIGI vs. PIZ

Last updated Jun 9, 2026

VIGI (Vanguard International Dividend Appreciation ETF) and PIZ (Invesco DWA Developed Markets Momentum ETF) are both exchange-traded funds - VIGI is a Dividend fund tracking the S&P Global Ex-U.S. Dividend Growers Index, while PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, VIGI returned 7.98%/yr vs 10.56%/yr for PIZ. Their correlation of 0.85 suggests significant overlap in exposure. VIGI charges 0.15%/yr vs 0.80%/yr for PIZ.

Performance

VIGI vs. PIZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Dividend Appreciation ETF (VIGI) and Invesco DWA Developed Markets Momentum ETF (PIZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIGI achieves a 2.47% return, which is significantly lower than PIZ's 11.39% return. Over the past 10 years, VIGI has underperformed PIZ with an annualized return of 7.98%, while PIZ has yielded a comparatively higher 10.56% annualized return.

VIGI

• 1D: 0.03%
• 1M: 0.19%
• YTD: 2.47%
• 6M: 4.07%
• 1Y: 5.29%
• 3Y*: 9.70%
• 5Y*: 4.29%
• 10Y*: 7.98%

PIZ

• 1D: 1.61%
• 1M: -8.26%
• YTD: 11.39%
• 6M: 13.04%
• 1Y: 22.51%
• 3Y*: 23.94%
• 5Y*: 9.50%
• 10Y*: 10.56%

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

VIGI vs. PIZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIGI Vanguard International Dividend Appreciation ETF	2.47%	16.88%	2.73%	16.30%	-16.79%	12.51%	14.66%	27.53%	-11.50%	27.97%
PIZ Invesco DWA Developed Markets Momentum ETF	11.39%	37.22%	16.30%	17.96%	-30.48%	20.53%	17.96%	27.51%	-16.15%	30.96%

Correlation

The correlation between VIGI and PIZ is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 3, 2016	0.85

The correlation between VIGI and PIZ shifts across timeframes, from 0.71 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

VIGI vs. PIZ - Sectors Allocation Comparison

Sectors	VIGI	PIZ
Financial Services	29.0%	28.1%
Industrials	17.1%	49.9%
Healthcare	14.6%	1.1%
Technology	11.5%	10.9%
Consumer Defensive	9.7%	2.1%
Utilities	4.8%	1.6%
Basic Materials	4.1%	2.6%
Consumer Cyclical	3.1%	1.6%
Energy	2.8%	2.0%
Communication Services	1.3%	-
Real Estate	1.3%	0.5%

Return for Risk

VIGI vs. PIZ — Risk / Return Rank

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

VIGI

VIGI Risk / Return Rank: 16
VIGI Sharpe Ratio Rank: 16
VIGI Sortino Ratio Rank: 16
VIGI Omega Ratio Rank: 15
VIGI Calmar Ratio Rank: 16
VIGI Martin Ratio Rank: 18

PIZ

PIZ Risk / Return Rank: 35
PIZ Sharpe Ratio Rank: 32
PIZ Sortino Ratio Rank: 33
PIZ Omega Ratio Rank: 33
PIZ Calmar Ratio Rank: 35
PIZ Martin Ratio Rank: 41

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.

VIGI vs. PIZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Dividend Appreciation ETF (VIGI) and Invesco DWA Developed Markets Momentum ETF (PIZ). 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.

	VIGI	PIZ	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.07	-0.66
Sortino ratio: Return per unit of downside risk	0.66	1.59	-0.93
Omega ratio: Gain probability vs. loss probability	1.08	1.20	-0.12
Calmar ratio: Return relative to maximum drawdown	0.50	1.58	-1.08
Martin ratio: Return relative to average drawdown	1.75	6.10	-4.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIGI vs. PIZ - Sharpe Ratio Comparison

The current VIGI Sharpe Ratio is 0.41, which is lower than the PIZ Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of VIGI and PIZ, 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

	VIGI	PIZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	1.07	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.48	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.54	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.27	+0.26

Drawdowns

VIGI vs. PIZ - Drawdown Comparison

The maximum VIGI drawdown since its inception was -31.01%, smaller than the maximum PIZ drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for VIGI and PIZ.

Drawdown Indicators

	VIGI	PIZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.01%	-60.61%	+29.60%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-14.35%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-14.67%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-40.93%	+12.13%
Max Drawdown (10Y) Largest decline over 10 years	-31.01%	-40.93%	+9.92%
Current Drawdown Current decline from peak	-2.63%	-8.26%	+5.63%
Average Drawdown Average peak-to-trough decline	-6.17%	-14.87%	+8.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.70%	-0.67%

Volatility

VIGI vs. PIZ - Volatility Comparison

The current volatility for Vanguard International Dividend Appreciation ETF (VIGI) is 2.76%, while Invesco DWA Developed Markets Momentum ETF (PIZ) has a volatility of 9.11%. This indicates that VIGI experiences smaller price fluctuations and is considered to be less risky than PIZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIGI	PIZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	9.11%	-6.35%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	18.84%	-8.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	21.21%	-8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	20.09%	-5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	19.73%	-3.84%

VIGI vs. PIZ - Expense Ratio Comparison

VIGI has a 0.15% expense ratio, which is lower than PIZ's 0.80% expense ratio.

Dividends

VIGI vs. PIZ - Dividend Comparison

VIGI's dividend yield for the trailing twelve months is around 2.15%, more than PIZ's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIZ Invesco DWA Developed Markets Momentum ETF	1.40%	1.55%	1.68%	1.86%	2.04%	1.01%	0.37%	1.58%	1.06%	1.30%	2.21%	1.09%
VIGI Vanguard International Dividend Appreciation ETF	2.15%	2.14%	1.93%	1.92%	2.06%	7.02%	1.29%	1.83%	1.99%	1.75%	1.05%	0.00%

Frequently Asked Questions

Can I hold both VIGI and PIZ in my portfolio?

VIGI and PIZ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIGI or PIZ?

PIZ has higher volatility (9.11%) compared to VIGI (2.76%). In terms of maximum drawdown, VIGI dropped -31.01% vs PIZ's -60.61%.

Which ETF is better, VIGI or PIZ?

On 10-year performance, PIZ leads with 10.56% vs 7.98% for VIGI. On fees, VIGI is cheaper at 0.15% per year. On volatility, VIGI has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIGI or PIZ?

Over the 10-year period, PIZ has performed better with a 10.56% return vs 7.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIGI or PIZ?

VIGI is cheaper with a 0.15% expense ratio, compared with 0.80% for PIZ.

Which ETF pays a higher dividend yield, VIGI or PIZ?

VIGI has the higher dividend yield at 2.15%, compared with 1.40% for PIZ.

What is the main difference between VIGI and PIZ?

VIGI is categorized as Dividend, while PIZ is Momentum. VIGI tracks S&P Global Ex-U.S. Dividend Growers Index, while PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.15% for VIGI and 0.80% for PIZ.

Which has better risk-adjusted returns?

PIZ currently has the higher Sharpe Ratio (1.07 vs 0.41), 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.