XSVM vs. PIE

Last updated Jun 4, 2026

XSVM (Invesco S&P SmallCap Value with Momentum ETF) and PIE (Invesco DWA Emerging Markets Momentum ETF) are both Momentum funds from Invesco - XSVM tracks the S&P SmallCap 600 High Momentum Value Index while PIE tracks the Dorsey Wright Emerging Markets Technical Leaders Index. Both are passively managed. Over the past 10 years, XSVM returned 12.72%/yr vs 10.15%/yr for PIE. A 0.55 correlation means they provide meaningful diversification when combined. XSVM charges 0.37%/yr vs 0.90%/yr for PIE.

Performance

XSVM vs. PIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Value with Momentum ETF (XSVM) 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, XSVM achieves a 16.87% return, which is significantly lower than PIE's 39.11% return. Over the past 10 years, XSVM has outperformed PIE with an annualized return of 12.72%, while PIE has yielded a comparatively lower 10.15% annualized return.

XSVM

• 1D: -1.47%
• 1M: 1.71%
• YTD: 16.87%
• 6M: 16.68%
• 1Y: 34.73%
• 3Y*: 15.99%
• 5Y*: 6.37%
• 10Y*: 12.72%

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)

XSVM vs. PIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSVM Invesco S&P SmallCap Value with Momentum ETF	16.87%	7.47%	2.30%	20.20%	-13.63%	56.36%	5.08%	30.01%	-12.33%	3.62%
PIE Invesco DWA Emerging Markets Momentum ETF	39.11%	25.98%	-0.27%	13.71%	-28.77%	14.30%	21.23%	26.11%	-22.04%	41.80%

Correlation

The correlation between XSVM and PIE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007	0.55

The correlation between XSVM and PIE shifts across timeframes, from 0.41 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

XSVM vs. PIE - Sectors Allocation Comparison

Sectors	XSVM	PIE
Financial Services	38.8%	14.4%
Consumer Cyclical	17.0%	1.3%
Energy	9.9%	5.4%
Technology	7.8%	47.0%
Consumer Defensive	7.3%	0.4%
Industrials	6.7%	16.8%
Real Estate	5.0%	3.6%
Communication Services	2.9%	1.4%
Basic Materials	1.9%	3.2%
Healthcare	1.4%	5.1%
Utilities	1.3%	1.3%

Return for Risk

XSVM vs. PIE — Risk / Return Rank

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

XSVM

XSVM Risk / Return Rank: 58
XSVM Sharpe Ratio Rank: 54
XSVM Sortino Ratio Rank: 56
XSVM Omega Ratio Rank: 53
XSVM Calmar Ratio Rank: 69
XSVM Martin Ratio Rank: 59

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.

XSVM vs. PIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Value with Momentum ETF (XSVM) 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.

	XSVM	PIE	Difference
Sharpe ratio: Return per unit of total volatility	1.88	3.24	-1.36
Sortino ratio: Return per unit of downside risk	2.74	3.88	-1.15
Omega ratio: Gain probability vs. loss probability	1.33	1.55	-0.22
Calmar ratio: Return relative to maximum drawdown	3.46	7.18	-3.71
Martin ratio: Return relative to average drawdown	10.66	23.52	-12.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSVM vs. PIE - Sharpe Ratio Comparison

The current XSVM Sharpe Ratio is 1.88, which is lower than the PIE Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of XSVM 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.

Sharpe Ratios by Period

	XSVM	PIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	3.24	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.35	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.48	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.12	+0.24

Drawdowns

XSVM vs. PIE - Drawdown Comparison

The maximum XSVM drawdown since its inception was -62.57%, smaller than the maximum PIE drawdown of -72.98%. Use the drawdown chart below to compare losses from any high point for XSVM and PIE.

Drawdown Indicators

	XSVM	PIE	Difference
Max Drawdown Largest peak-to-trough decline	-62.57%	-72.98%	+10.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-9.87%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.21%	-28.69%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-40.32%	+14.11%
Max Drawdown (10Y) Largest decline over 10 years	-49.02%	-40.32%	-8.70%
Current Drawdown Current decline from peak	-1.47%	-1.17%	-0.30%
Average Drawdown Average peak-to-trough decline	-11.57%	-26.08%	+14.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.01%	+0.26%

Volatility

XSVM vs. PIE - Volatility Comparison

The current volatility for Invesco S&P SmallCap Value with Momentum ETF (XSVM) is 5.24%, while Invesco DWA Emerging Markets Momentum ETF (PIE) has a volatility of 9.00%. This indicates that XSVM 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

	XSVM	PIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	9.00%	-3.76%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	17.77%	-5.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	21.91%	-3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	20.23%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	21.35%	+3.74%

XSVM vs. PIE - Expense Ratio Comparison

XSVM has a 0.37% expense ratio, which is lower than PIE's 0.90% expense ratio.

Dividends

XSVM vs. PIE - Dividend Comparison

XSVM's dividend yield for the trailing twelve months is around 1.81%, more 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%
XSVM Invesco S&P SmallCap Value with Momentum ETF	1.81%	2.29%	1.69%	1.31%	1.79%	1.23%	1.21%	1.22%	2.54%	1.90%	2.29%	2.68%

Frequently Asked Questions

Can I hold both XSVM and PIE in my portfolio?

XSVM and PIE have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSVM or PIE?

PIE has higher volatility (9.00%) compared to XSVM (5.24%). In terms of maximum drawdown, XSVM dropped -62.57% vs PIE's -72.98%.

Which ETF is better, XSVM or PIE?

On 10-year performance, XSVM leads with 12.72% vs 10.15% for PIE. On fees, XSVM is cheaper at 0.37% per year. On volatility, XSVM has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSVM or PIE?

Over the 10-year period, XSVM has performed better with a 12.72% return vs 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSVM or PIE?

XSVM is cheaper with a 0.37% expense ratio, compared with 0.90% for PIE.

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

XSVM has the higher dividend yield at 1.81%, compared with 1.70% for PIE.

What is the main difference between XSVM and PIE?

XSVM tracks S&P SmallCap 600 High Momentum Value Index, while PIE tracks Dorsey Wright Emerging Markets Technical Leaders Index. Their fees differ too: 0.37% for XSVM and 0.90% for PIE.

Which has better risk-adjusted returns?

PIE currently has the higher Sharpe Ratio (3.24 vs 1.88), 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.