AVDE vs PIZ: Grades, Fees and Holdings Compared

Avantis International Equity ETF

AVDEANYSE Arca

Invesco Dorsey Wright Developed Markets Momentum ETF

PIZCNasdaq

Overlap

7.3%by weight

Expense ratio

AVDE −0.57pt a year

AVDE0.23%PIZ0.80%

Avg volume · 30D

AVDE 13.9×the volume

AVDE1.06MPIZ75.8K

5Y return · a year

AVDE +4.0pt

AVDE+9.9%PIZ+5.9%

AVDE vs PIZ Performance

Oct 29, 2021 – Oct 30, 2026

+60.4%AVDE+33.3%PIZ

Expense ratio: AVDE 0.23%, better; PIZ 0.80%
Fund size: AVDE $19.4B; PIZ $577M
1Y total return: AVDE +15.6%, better; PIZ +2.5%
Yield (12M): AVDE 2.84%, better; PIZ 1.91%
Holdings: AVDE 3394; PIZ 110
Avg volume (30D): AVDE 1.06M sh, better; PIZ 75.8K sh
NAV per share: AVDE $89.03; PIZ $48.87
52W range

ETF.net Grade

Pillar letters and Scores for AVDE, PIZ, with each pillar’s weight
Pillar	AVDE	PIZ
Cost30% weight	A96Higher	F19
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	F22
Tradability15% weight	A92Higher	A76
Holdings10% weight	A90Higher	B57
Durability5% weight	A89Higher	A82

Rank among International Active Equity funds

How we build Categories ›

Same Category. AVDE and PIZ are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

AVDE ranks 1st and PIZ 34th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 34DIVSIApplied Finance IVS International Large ETFScore 40
Rank 34CPIZInvesco Dorsey Wright Developed Markets Momentum ETFScore 40
Rank 37DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 39

Our read on each fund

ETF.net Research

AVDEAAvantis International Equity ETF

PIZCInvesco Dorsey Wright Developed Markets Momentum ETF

In short

AVDE Active management at almost-index prices: Avantis runs roughly 3,300 developed-market stocks outside the US without tracking a benchmark, for 0.23% a year. One of the strongest implementations in its active international peer group.

PIZ Momentum with a passport. PIZ ranks non-US developed-market stocks on relative strength and rebuilds around 100 winners each quarter. Same rulebook since 2007, one of the longest-running international momentum sleeves.

Stated mandate

AVDE Invests in a broad range of stocks of all sizes across non-U.S. developed countries, with active portfolio management rather than replication of a specified index.

PIZ The Fund seeks developed-market equity exposure through the Dorsey Wright® Developed Markets Tech Leaders Index and generally invests at least 90% of assets in securities from developed economies.

Why people hold it

AVDE 0.23% a year, well under half the typical fee in its active international peer group. Active management usually costs more than this.
Index-like breadth without an index: about 3,300 stocks of all sizes across non-US developed countries, chosen by managers rather than copied from a benchmark.avantisinvestors.com
A multi-billion-dollar fund that trades actively, so getting in and out tends to be cheap and easy. It pays out quarterly.
Sits at the top of a crowded field alongside rivals like DFIC and JIRE, priced within a basis point or two of both.

PIZ The screen is the whole product: roughly 100 developed-market large caps picked for relative strength, then rebalanced and reconstituted every quarter.nasdaq.com invesco.com
Genuinely ex-US by construction. The index leaves out US companies listed on US exchanges, so it doesn't quietly re-buy the megacaps most portfolios already hold.invesco.com
Trading since December 2007 on a published rulebook, with at least 90% of assets in developed-economy securities plus ADRs and GDRs, and distributions paid quarterly.invesco.com

Worth knowing

AVDE Developed markets only. Emerging markets are a separate purchase if you want them.
No index to grade the manager against, so results come down to Avantis's own portfolio calls rather than a published benchmark.
It is all-equity and all-foreign: stock market swings plus currency moves both show up in the price.

PIZ At 0.80% a year it sits well above the typical fund in its international-equity group, where core builds like DFIC (0.22%) and AVDE (0.23%) anchor the cheap end.
About 100 names reshuffled four times a year means real turnover and whatever country and sector tilts the screen throws up. It can look nothing like a broad index.invesco.com
Relative strength buys what has already moved, and the roster resets only at quarter-end, so abrupt shifts in market leadership are the trade-off baked into the method.nasdaq.com invesco.com

Full AVDE profile⁠

Full PIZ profile⁠

AVDE vs PIZ Holdings

How AVDE and PIZ differ

Overlap by weight

7.3%

Shared holdings make up 63.4% of PIZ and 7.3% of AVDE.

Level by level

Holdings62 in both7.3%
Sector11 Sectors63.2%
Countryby domicile63.9%
Asset classEquity100%

Sector

Sector weights in AVDE and PIZ, widest gap first
Sector	More in AVDEMore in PIZ	AVDE	PIZ
Financials	PIZ +20.2 points	25.8%	46.0%
Technology	PIZ +8.4 points	7.9%	16.3%
Industrials	PIZ +8.2 points	19.2%	27.4%
Materials	AVDE +7.5 points	10.5%	3.0%
Energy	AVDE +6.1 points	7.6%	1.5%
Health Care	AVDE +5.8 points	5.8%	0.0%
Consumer Discretionary	AVDE +5.4 points	9.2%	3.8%
Consumer Staples	AVDE +4.4 points	4.9%	0.5%
Communication	AVDE +4.1 points	4.1%	0.0%
Utilities	AVDE +2.1 points	3.7%	1.6%
Real Estate	AVDE +1.3 points	1.3%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AVDE and PIZ, widest gap first
Country	More in AVDEMore in PIZ	AVDE	PIZ
Japan	AVDE +9.2 points	22.7%	13.5%
Italy	PIZ +7.5 points	2.7%	10.2%
Greece	PIZ +6.9 points	0.0%	6.9%
France	AVDE +5.8 points	6.7%	0.9%
Switzerland	AVDE +5.2 points	8.3%	3.1%
Australia	AVDE +4.0 points	6.3%	2.3%
Germany	AVDE +3.9 points	7.0%	3.1%
Sweden	PIZ +3.7 points	3.3%	7.0%
Other countries (22)	PIZ +10.0 points	43.0%	53.0%

Outside the US: AVDE 98% developed, 2% emerging. PIZ 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

AVDE7.5%
PIZ25.8%

Securities held

AVDE3,378
PIZ101

Asset class

AVDE: Equity
PIZ: Equity

Holdings

Only in AVDE3,316
In both62
Only in PIZ39

Only in AVDE

3,316 securities, 92.9% of AVDE by weight

Asml Holding NV Ny Reg Shs Ny Reg Shrs EUR.091.32%
Roche Holding AG Common Stock CHF.0011.05%
Shell PLC Adr Adr1.00%
Hsbc Holdings PLC Spons Adr Adr0.68%
Nestle SA Reg Common Stock CHF.10.65%
Banco Bilbao Vizcaya Sp Adr Adr0.59%
Ubs Group AG Reg Common Stock USD.10.57%
Bp PLC Spons Adr Adr0.56%
Bhp Group Ltd Spon Adr Adr0.56%
Zurich Insurance Group AG Common Stock CHF.10.50%
Novartis AG Sponsored Adr Adr0.50%
Canadian Natural Resources Common Stock0.47%
Suncor Energy Inc Common Stock0.46%
Toyota Motor Corp Spon Adr Adr0.46%
Totalenergies SE Common Stock0.45%
Royal Bank of Canada Common Stock0.45%
Toronto Dominion Bank Common Stock0.45%
Mitsubishi Ufj Finl Spon Adr Adr0.44%
Ing Groep N.v. Sponsored Adr Adr0.44%
Safran SA Common Stock EUR.20.43%
Astrazeneca PLC Common Stock0.40%
Deutsche Telekom AG Reg Common Stock0.40%
Bnp Paribas Common Stock EUR2.00.37%
Sumitomo Mitsui Spons Adr Adr0.36%
Gsk PLC Spon Adr Adr0.36%
Softbank Group Corp Common Stock0.36%
Repsol SA Common Stock EUR1.00.35%
Banco Santander SA Spon Adr Adr0.33%
Agnico Eagle Mines Ltd Common Stock0.33%
Barclays PLC Spons Adr Adr0.33%
Cenovus Energy Inc Common Stock0.33%
Vinci SA Common Stock EUR2.50.33%
Rwe AG Common Stock0.33%
Bank of Montreal Common Stock0.32%
Natwest Group PLC Spon Adr Adr0.31%
Can Imperial Bk of Commerce Common Stock0.31%
Axa SA Common Stock EUR2.290.30%
Schneider Electric SE Common Stock EUR4.00.30%
Celestica Inc Common Stock0.29%
Bank of Nova Scotia Common Stock0.29%
Hitachi Ltd Common Stock0.29%
Novo Nordisk A/S Spons Adr Adr0.29%
Mizuho Financial Group Adr Adr0.29%
Recruit Holdings Co Ltd Common Stock0.28%
Muenchener Rueckver AG Reg Common Stock0.28%
Sap SE Sponsored Adr Adr0.28%
Rio Tinto PLC Spon Adr Adr0.28%
National Bank of Canada Common Stock0.27%
Lloyds Banking Group PLC Adr Adr0.27%
Swiss Re AG Common Stock USD.120.27%

Only in PIZ

39 securities, 36.5% of PIZ by weight

Bombardier Inc3.64%
Royal Bank of Canada3.11%
Investor AB2.70%
National Bank of Greece SA2.37%
Piraeus Bank SA1.94%
Motor Oil Hellas Corinth Refineries SA1.23%
Kingboard Laminates Holdings Ltd1.15%
NatWest Group PLC1.01%
Diploma PLC0.93%
Exchange Income Corp0.85%
Sap SE0.81%
DPM Metals Inc0.80%
ING Groep NV0.78%
Banco Bilbao Vizcaya Argentaria SA0.78%
Kinross Gold Corp0.75%
OceanaGold Corp0.74%
Eurobank SA0.74%
SITC International Holdings Co Ltd0.71%
Samsung Electronics Co Ltd0.70%
DB Insurance Co Ltd0.66%
Mizuho Financial Group Inc0.63%
SK Inc0.62%
Mitsubishi UFJ Financial Group Inc0.62%
Eldorado Gold Corp0.61%
National Bank of Canada0.61%
iA Financial Corp Inc0.57%
Banco Santander SA0.56%
Keyera Corp0.56%
Great-West Lifeco Inc0.56%
Hana Financial Group Inc0.56%
Public Power Corp SA0.56%
HSBC Holdings PLC0.55%
Intesa Sanpaolo SpA0.55%
Sumitomo Mitsui Financial Group Inc0.53%
Lloyds Banking Group PLC0.51%
Agnico Eagle Mines Ltd0.50%
Hudbay Minerals Inc0.50%
Kingboard Holdings Ltd0.45%
TK Accelis Group AG & Co KGaA0.09%

Weight gaps

All 62 Holdings in both funds, largest gap first.

Holding weights in AVDE and PIZ, widest gap first
Holding	More in AVDEMore in PIZ	AVDE	PIZ
Lion Finance Group PLC Common Stock GBP.01BGEO.L	PIZ +2.53 points	0.08%	2.61%
Swedbank Ab A Shares Common Stock	PIZ +2.29 points	0.13%	2.42%
Rolls Royce Holdings PLC Common Stock GBP.2RR.L	PIZ +2.16 points	0.42%	2.58%
Intercontinental Hotels Grou Common Stock GBP.2085213IHG.L	PIZ +2.06 points	0.04%	2.10%
Unipol Assicurazioni Spa Common Stock	PIZ +2.04 points	0.02%	2.06%
Oversea Chinese Banking Corp Common Stock	PIZ +1.90 points	0.33%	2.23%
Bper Banca Spa Common Stock	PIZ +1.82 points	0.17%	1.99%
Yangzijiang Shipbuilding Common Stock	PIZ +1.78 points	0.12%	1.90%
Bank of Ireland Group PLC Common Stock EUR1.0	PIZ +1.69 points	0.10%	1.79%
Banco Comercial Portugues R Common Stock	PIZ +1.66 points	0.02%	1.68%
Advantest Corp Common Stock	PIZ +1.57 points	0.46%	2.03%
Aib Group PLC Common Stock EUR.625	PIZ +1.47 points	0.12%	1.59%
Harel Insurance Investments Common Stock ILS.1	PIZ +1.37 points	0.02%	1.39%
Swiss Life Holding AG Reg Common Stock CHF.1	PIZ +1.33 points	0.21%	1.54%
Abb Ltd Reg Common Stock CHF.12	PIZ +1.30 points	0.19%	1.49%
Ringkjoebing Landbobank A/S Common Stock DKK1.0	PIZ +1.27 points	0.05%	1.32%
Jx Advanced Metals Corp Common Stock	PIZ +1.16 points	0.03%	1.19%
Unicredit Spa Common Stock	PIZ +1.13 points	0.30%	1.43%
Atlas Copco Ab A Shs Common Stock SEK.16	PIZ +1.09 points	0.09%	1.18%
Al Sydbank Common Stock DKK10.0	PIZ +1.04 points	0.04%	1.08%
Caixabank SA Common Stock EUR1.0	PIZ +1.00 points	0.07%	1.07%
77 Bank Ltd/The Common Stock	PIZ +0.98 points	0.07%	1.05%
S.o.i.t.e.c. Common Stock EUR2.0	PIZ +0.94 points	<0.01%	0.94%
3I Group PLC Common Stock GBP.738636III.L	PIZ +0.89 points	0.15%	1.04%
Fresnillo PLC Common Stock USD.5FRES.L	PIZ +0.87 points	0.04%	0.91%
Bawag Group AG Common Stock	PIZ +0.85 points	0.05%	0.90%
Sparebank 1 Sor Norge Asa Common Stock NOK25.0	PIZ +0.80 points	<0.01%	0.81%
Raiffeisen Bank Internationa Common Stock	PIZ +0.79 points	0.04%	0.83%
Shiga Bank Ltd/The Common Stock	PIZ +0.73 points	0.01%	0.74%
Thyssenkrupp AG Common Stock	PIZ +0.73 points	0.11%	0.84%
Itochu Corp Common Stock	PIZ +0.70 points	0.10%	0.80%
Hachijuni Nagano Bank Ltd Common Stock	PIZ +0.66 points	0.02%	0.68%
Industrivarden Ab A Shs Common Stock SEK2.5	PIZ +0.57 points	0.02%	0.59%
Talanx AG Common Stock	PIZ +0.56 points	0.08%	0.64%
Food & Life Companies Ltd Common Stock	PIZ +0.55 points	0.08%	0.63%
Tamarack Valley Energy Ltd Common Stock	PIZ +0.55 points	0.08%	0.63%
Banca Mediolanum Spa Common Stock	PIZ +0.54 points	0.04%	0.58%
Hokuhoku Financial Group Inc Common Stock	PIZ +0.54 points	0.07%	0.61%
Sandfire Resources Ltd Common Stock	PIZ +0.54 points	0.11%	0.65%
Terna Rete Elettrica Naziona Common Stock EUR.22	PIZ +0.51 points	0.09%	0.60%
Erste Group Bank AG Common Stock	PIZ +0.52 points	0.07%	0.59%
Teva Pharmaceutical Ind Ltd Common Stock ILS.1	PIZ +0.51 points	0.11%	0.62%
Yamaguchi Financial Group In Common Stock	PIZ +0.51 points	0.01%	0.52%
Toyota Tsusho Corp Common Stock	PIZ +0.50 points	0.10%	0.60%
Mebuki Financial Group Inc Common Stock	PIZ +0.48 points	0.15%	0.63%
Azimut Holding Spa Common Stock	PIZ +0.49 points	0.03%	0.52%
Storebrand Asa Common Stock NOK5.0	PIZ +0.48 points	0.10%	0.58%
Kokusai Electric Corp Common Stock	PIZ +0.46 points	0.01%	0.47%
Neste Oyj Common Stock	PIZ +0.45 points	0.05%	0.50%
Perseus Mining Ltd Common Stock	PIZ +0.45 points	0.07%	0.52%
Capricorn Metals Ltd Common Stock	PIZ +0.45 points	0.04%	0.49%
Generali Common Stock	PIZ +0.44 points	0.07%	0.51%
Evolution Mining Ltd Common Stock	PIZ +0.43 points	0.15%	0.58%
Sumitomo Corp Common Stock	PIZ +0.43 points	0.11%	0.54%
Dbs Group Holdings Ltd Common Stock	PIZ +0.42 points	0.29%	0.71%
Resona Holdings Inc Common Stock	PIZ +0.41 points	0.14%	0.55%
Danske Bank A/S Common Stock DKK10.0	PIZ +0.40 points	0.13%	0.53%
Bank Leumi Le Israel Common Stock ILS.1	PIZ +0.36 points	0.14%	0.50%
Murata Manufacturing Co Ltd Common Stock	PIZ +0.35 points	0.14%	0.49%
Iberdrola SA Common Stock EUR.75	PIZ +0.26 points	0.34%	0.60%
Standard Chartered PLC Common Stock USD.5STAN.L	PIZ +0.19 points	0.34%	0.53%
Allianz SE Reg Common Stock	PIZ +0.08 points	0.56%	0.64%

All 3,342 AVDE holdings⁠All 101 PIZ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AVDE vs PIZ Cost

Overpaying PIZ vs AVDE

$10,587

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AVDE 0.23%
$4,759
PIZ 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

AVDE 0.23%
PIZ 0.80%
Overpaying

Year by year

Year	AVDE	PIZ	Overpaying
10	$419	$1,422	$1,003
20	$1,630	$5,393	$3,763
30	$4,759	$15,346	$10,587

Expense ratio

0.23%AVDE, cheaper
0.80%PIZ

AVDE0.23%PIZ0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

AVDE 3rd cheapest of 55 funds

PIZ 43rd cheapest of 55 funds

AVDE vs PIZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AVDE 2.84%, better; PIZ 1.91%
Payout (12M): AVDE $2.53; PIZ $0.93
Last payment: AVDE $0.33; PIZ $0.13
Ex-dividend: AVDE Sep 8, 2026; PIZ Sep 21, 2026
Paid on: AVDE Sep 10, 2026; PIZ Sep 25, 2026
Frequency: AVDE Quarterly; PIZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AVDEQuarterly · 16 paymentsAll AVDE payments⁠

PIZQuarterly · 35 paymentsAll PIZ payments⁠

AVDE vs PIZ Risk

Fall from peak · 5 years

AVDE
PIZ

Risk facts

VolatilityStd dev, 3 years: AVDE 12.1%, betterPIZ 17.5%
Return per unit of riskSharpe ratio, 3 years: AVDE 1.35, betterPIZ 1.02
Worst fallMax drawdown, 5 years: AVDE −28.7%, betterPIZ −40.0%
Market sensitivityBeta, 5 years: AVDE 0.88PIZ 1.14; Market = 1

AVDE and PIZ in the news

All news⁠

New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026AVDE
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026AVDE
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026AVDE
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026AVDE
ETF Filings
American Century files a mutual-fund wrapper for Avantis international large-cap value
Sep 7, 2026AVDE

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AVDE vs PIZ

In short

Stated mandate

Why people hold it