Invesco DWA Emerging Markets Momentum ETF (PIE) Performance
PIE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +38.0% since Dec 31, 2025
- 1 year
- +39.3% total return
- 5 years
- +8.3% a year
- 10 years
- +9.5% a year
- Since first price
- +2.9% a year since 2007
PIE trailing returns vs SPY, QQQ, AGG
| Period | PIE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.1% | −5.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.6% | +2.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.5% | +8.0% | +7.8% | +8.4% | −1.5% |
| YTD | +38.0% | +36.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +39.3% | +35.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +94.5%+24.8%/yr | +82.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +48.7%+8.3%/yr | +31.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +147.8%+9.5%/yr | +97.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +169.7%+6.8%/yr | +105.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionDec 28, 2007 | +70.0%+2.9%/yr | +27.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PIE vs SPY
From Dec 28, 2007: PIE grew to $17,003, SPY to $72,617.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PIE returns by calendar year
9 of 18 full years positive. Best 2009 (+57.7%), worst 2008 (−62.8%). 2026 is year to date.
PIE annual returns table
| Year | PIE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +38.0% | −17.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +26.0% | −20.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −0.3% | −14.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +13.7% | −13.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −28.8% | −36.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +14.3% | −14.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +21.2% | −36.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +26.1% | −9.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −22.0% | −28.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +41.8% | −6.2% | +21.7% | +32.7% | +3.6% |
| 2016 | 0.0% | −12.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −14.2% | −26.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −2.8% | −16.1% | +13.5% | +19.2% | +6.0% |
| 2013 | −1.1% | −25.2% | +32.3% | +36.6% | −2.0% |
| 2012 | +17.5% | −14.1% | +16.0% | +18.1% | +3.8% |
| 2011 | −12.5% | −29.7% | +1.9% | +3.4% | +7.7% |
| 2010 | +25.1% | −18.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +57.7% | −30.0% | +26.4% | +54.7% | +3.0% |
| 2008 | −62.8% | −71.6% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PIE largest drawdowns
Now 9.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 10, 2008 | −73.0% | Mar 2, 2009 | Dec 18, 2020 | 1.1 years | 12.9 years |
| Jul 15, 2021 | −40.3% | Oct 31, 2022 | Jan 6, 2026 | 1.3 years | 4.5 years |
| Jun 22, 2026 | −17.3% | Jul 29, 2026 | Sep 21, 2026 | 37 days | 3 months |
| Feb 17, 2021 | −12.9% | Mar 8, 2021 | Jun 1, 2021 | 19 days | 3 months |
| Oct 6, 2026 | −10.2% | Oct 22, 2026 | not yet | 16 days | 17 days so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PIE risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +25.1% | +9.7% | +10.1% | +3.2% |
| Volatility (annualized) | 20.7% | 21.2% | 19.4% | 22.9% |
| Sharpe ratio | 0.97 | 0.37 | 0.48 | 0.20 |
| Sortino ratio | 2.03 | 0.62 | 0.75 | 0.28 |
| Best month | +18.7% | +18.7% | +18.7% | +18.7% |
| Worst month | −10.8% | −13.8% | −16.8% | −30.5% |
| Best 12 months | +73.8% | +73.8% | +73.8% | +88.9% |
| Worst 12 months | −11.2% | −33.7% | −33.7% | −69.1% |
| Positive months | 61% | 57% | 60% | 58% |
| Beta vs S&P 500 | 0.97 | 0.84 | 0.83 | — |
| Correlation with S&P 500 | 0.58 | 0.62 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PIE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 215 | −69.1% | +6.8% | +88.9% | 63% |
| 3-year (a year) | 191 | −10.3% | +3.9% | +34.3% | 70% |
| 5-year (a year) | 167 | −5.5% | +3.7% | +19.6% | 74% |
| 10-year (a year) | 107 | −1.2% | +3.6% | +10.3% | 97% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PIE performance overview
Invesco DWA Emerging Markets Momentum ETF (PIE) returned +39.3% over the past year and +9.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +2.9% a year, turning $10,000 into about $17,003. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −73.0%, from Jan 10, 2008 to Mar 2, 2009, and it took 11.8 years to get back to the old high. PIE finished 9 of its 18 full calendar years with a gain; the best year was 2009 (+57.7%) and the worst 2008 (−62.8%). Volatility has been 22.9% a year.
Related: PIE chart, PIE holdings, PIE dividends. See the PIE overview for the latest quote and fund facts.
PIE performance FAQ
What is the PIE return over the past year?
PIE returned +39.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 35.9%.
What is the average annual return of PIE?
PIE has returned +8.3% a year over 5 years, +9.5% a year over 10 years, +2.9% a year since December 28, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PIE be worth?
$10,000 invested in PIE at its first recorded close on December 28, 2007 would be worth about $17,003 on October 23, 2026 with distributions reinvested.
What was the worst year for PIE?
The worst calendar year was 2008, with a total return of −62.8%. The best was 2009 at +57.7%.
What is the biggest drawdown of PIE?
The largest peak-to-trough decline was −73.0% between January 10, 2008 and March 2, 2009. It recovered to the old high on December 18, 2020, 11.8 years after the bottom.
How volatile is PIE?
Over the past 3 years PIE had an annualized volatility of 20.7% and a Sharpe ratio of 0.97 (excess return over 1–3 month T-bills per unit of risk).