VNAM vs. PIE

Last updated Apr 1, 2026

Compare and contrast key facts about Global X MSCI Vietnam ETF (VNAM) and Invesco DWA Emerging Markets Momentum ETF (PIE).

VNAM and PIE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VNAM is a passively managed fund by Global X that tracks the performance of the MSCI Vietnam Select 25/50 Index. It was launched on Dec 7, 2021. PIE is a passively managed fund by Invesco that tracks the performance of the Dorsey Wright Emerging Markets Technical Leaders Index. It was launched on Dec 28, 2007. Both VNAM and PIE 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

VNAM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Vietnam ETF (VNAM) and Invesco DWA Emerging Markets Momentum ETF (PIE). The values are adjusted to include any dividend payments, if applicable.

VNAM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNAM Global X MSCI Vietnam ETF	-9.22%	67.05%	-7.78%	12.95%	-44.16%	2.41%
PIE Invesco DWA Emerging Markets Momentum ETF	10.23%	25.98%	-0.27%	13.71%	-28.77%	2.24%

Returns By Period

In the year-to-date period, VNAM achieves a -9.22% return, which is significantly lower than PIE's 10.23% return.

VNAM

• 1D: 2.95%
• 1M: -10.96%
• YTD: -9.22%
• 6M: 0.68%
• 1Y: 43.31%
• 3Y*: 14.34%
• 5Y*: —
• 10Y*: —

PIE

• 1D: 1.88%
• 1M: -8.10%
• YTD: 10.23%
• 6M: 7.86%
• 1Y: 46.75%
• 3Y*: 14.64%
• 5Y*: 3.86%
• 10Y*: 7.75%

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

VNAM vs. PIE - Expense Ratio Comparison

VNAM has a 0.51% expense ratio, which is lower than PIE's 0.90% expense ratio.

PIE

Invesco DWA Emerging Markets Momentum ETF

VNAM

Global X MSCI Vietnam ETF

Return for Risk

VNAM vs. PIE — Risk / Return Rank

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

VNAM

VNAM Risk / Return Rank: 74
VNAM Sharpe Ratio Rank: 74
VNAM Sortino Ratio Rank: 73
VNAM Omega Ratio Rank: 72
VNAM Calmar Ratio Rank: 79
VNAM Martin Ratio Rank: 72

PIE

PIE Risk / Return Rank: 90
PIE Sharpe Ratio Rank: 91
PIE Sortino Ratio Rank: 90
PIE Omega Ratio Rank: 90
PIE Calmar Ratio Rank: 89
PIE Martin Ratio Rank: 93

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.

VNAM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Vietnam ETF (VNAM) 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.

	VNAM	PIE	Difference
Sharpe ratio Return per unit of total volatility	1.34	2.02	-0.69
Sortino ratio Return per unit of downside risk	1.84	2.57	-0.73
Omega ratio Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio Return relative to maximum drawdown	2.21	2.92	-0.72
Martin ratio Return relative to average drawdown	7.56	13.34	-5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNAM vs. PIE - Sharpe Ratio Comparison

The current VNAM Sharpe Ratio is 1.34, which is lower than the PIE Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VNAM and PIE, 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

	VNAM	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.02	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.07	-0.16

Correlation

The correlation between VNAM and PIE is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VNAM vs. PIE - Dividend Comparison

VNAM's dividend yield for the trailing twelve months is around 0.55%, less than PIE's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNAM Global X MSCI Vietnam ETF	0.55%	0.50%	1.00%	0.49%	1.04%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PIE Invesco DWA Emerging Markets Momentum ETF	2.14%	2.28%	2.33%	2.59%	3.45%	1.28%	1.32%	2.29%	3.32%	1.63%	1.48%	0.80%

Drawdowns

VNAM vs. PIE - Drawdown Comparison

The maximum VNAM drawdown since its inception was -52.84%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for VNAM and PIE.

Drawdown Indicators

	VNAM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-52.84%	-72.98%	+20.14%
Max Drawdown (1Y) Largest decline over 1 year	-20.11%	-15.48%	-4.63%
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	-14.29%	-8.10%	-6.19%
Average Drawdown Average peak-to-trough decline	-31.58%	-26.31%	-5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.87%	3.39%	+2.48%

Volatility

VNAM vs. PIE - Volatility Comparison

Global X MSCI Vietnam ETF (VNAM) and Invesco DWA Emerging Markets Momentum ETF (PIE) have volatilities of 10.30% and 10.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNAM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	10.36%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	20.30%	16.57%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	32.59%	23.28%	+9.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	20.09%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.52%	21.10%	+4.42%