DFIC vs PIZ: Grades, Fees and Holdings Compared

Dimensional International Core Equity 2 ETF

DFICACboe

Invesco Dorsey Wright Developed Markets Momentum ETF

PIZCNasdaq

Overlap

8.2%by weight

Expense ratio

DFIC −0.58pt a year

DFIC0.22%PIZ0.80%

Avg volume · 30D

DFIC 24.4×the volume

DFIC1.85MPIZ75.8K

3Y return · a year

PIZ +1.2pt

DFIC+21.7%PIZ+22.9%

DFIC vs PIZ Performance

Oct 31, 2025 – Oct 30, 2026

+16.8%DFIC+2.5%PIZ

Expense ratio: DFIC 0.22%, better; PIZ 0.80%
Fund size: DFIC $15.3B; PIZ $577M
1Y total return: DFIC +16.8%, better; PIZ +2.5%
Yield (12M): DFIC 2.55%, better; PIZ 1.91%
Holdings: DFIC 4152; PIZ 110
Avg volume (30D): DFIC 1.85M sh, better; PIZ 75.8K sh
NAV per share: DFIC $37.56; PIZ $48.87
52W range

ETF.net Grade

Pillar letters and Scores for DFIC, PIZ, with each pillar’s weight
Pillar	DFIC	PIZ
Cost30% weight	A98Higher	F19
Mission25% weight	A100	Not scored
Risk15% weight	B69Higher	F22
Tradability15% weight	A81Higher	A76
Holdings10% weight	A91Higher	B57
Durability5% weight	A91Higher	A82

Rank among International Active Equity funds

How we build Categories ›

Same Category. DFIC 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 ›

DFIC 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 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
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

DFICADimensional International Core Equity 2 ETF

PIZCInvesco Dorsey Wright Developed Markets Momentum ETF

In short

DFIC No data

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

DFIC No data

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

DFIC No data

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

DFIC No data

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 DFIC profile⁠

Full PIZ profile⁠

DFIC vs PIZ Holdings

How DFIC and PIZ differ

Overlap by weight

8.2%

Shared holdings make up 72.8% of PIZ and 8.2% of DFIC.

Level by level

Holdings75 in both8.2%
Sector11 Sectors59.8%
Countryby domicile63.8%
Asset classEquity100%

Sector

Sector weights in DFIC and PIZ, widest gap first
Sector	More in DFICMore in PIZ	DFIC	PIZ
Financials	PIZ +24.2 points	21.8%	46.0%
Industrials	PIZ +8.1 points	19.3%	27.4%
Materials	DFIC +8.0 points	11.0%	3.0%
Technology	PIZ +7.9 points	8.4%	16.3%
Health Care	DFIC +7.2 points	7.2%	0.0%
Energy	DFIC +6.3 points	7.8%	1.5%
Consumer Staples	DFIC +5.8 points	6.3%	0.5%
Consumer Discretionary	DFIC +5.6 points	9.4%	3.8%
Communication	DFIC +4.1 points	4.1%	0.0%
Real Estate	DFIC +1.6 points	1.6%	0.0%
Utilities	DFIC +1.6 points	3.2%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in DFIC and PIZ, widest gap first
Country	More in DFICMore in PIZ	DFIC	PIZ
Japan	DFIC +10.9 points	24.4%	13.5%
Italy	PIZ +6.9 points	3.3%	10.2%
Greece	PIZ +6.9 points	0.0%	6.9%
France	DFIC +5.2 points	6.1%	0.9%
Switzerland	DFIC +4.9 points	8.0%	3.1%
Germany	DFIC +4.2 points	7.3%	3.1%
Sweden	PIZ +4.2 points	2.8%	7.0%
Australia	DFIC +3.6 points	5.9%	2.3%
Other countries (22)	PIZ +10.8 points	42.2%	53.0%

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

Concentration

Weight in the 10 largest Holdings

DFIC7.1%
PIZ25.8%

Securities held

DFIC4,131
PIZ101

Asset class

DFIC: Equity
PIZ: Equity

Holdings

Only in DFIC4,056
In both75
Only in PIZ26

Only in DFIC

4,056 securities, 91.3% of DFIC by weight

Shell PLC1.15%
Asml Holding NV1.09%
Totalenergies SE0.76%
Novartis AG Adr0.76%
Roche Holding AG0.70%
Nestle SA0.64%
Royal Bank of Canada0.64%
Toyota Motor Corp0.46%
Bp PLC0.44%
Banco Bilbao Vizcaya Arge0.41%
Suncor Energy Inc.0.41%
Bhp Group Ltd0.39%
Hsbc Holdings PLC0.39%
Deutsche Telekom AG0.38%
Canadian Natural Resource0.37%
Toronto-Dominion Bank0.37%
Bayer AG0.36%
Sony Group Corp0.33%
Basf SE0.33%
Astrazeneca PLC0.33%
Hitachi Ltd0.31%
Tesco PLC0.31%
Infineon Technologies AG0.31%
Dhl AG0.30%
Recruit Holdings Co Ltd0.30%
Eni Spa0.30%
E.on SE0.29%
Rio Tinto PLC0.29%
Engie SA0.28%
Cenovus Energy Inc0.27%
Repsol SA0.27%
Siemens AG0.26%
Orange SA0.26%
National Bank of Canada0.25%
Muenchener Rueckversicher0.25%
Bhp Group Ltd0.25%
Tokyo Electron Ltd0.24%
Siemens Energy AG0.24%
Intact Financial Corp0.24%
Zurich Insurance Group AG0.23%
Barrick Mining Corp0.23%
Vinci SA0.22%
Barclays PLC0.22%
Tokio Marine Holdings Inc0.22%
Cie De Saint-Gobain0.22%
Sandoz Group AG0.22%
Ubs Group AG0.22%
Bank of Nova Scotia/The0.22%
Swiss Re AG0.21%
Anheuser-Busch Inbev Sa/N0.21%

Only in PIZ

26 securities, 27.1% of PIZ by weight

Bombardier Inc3.64%
Investor AB2.70%
National Bank of Greece SA2.37%
InterContinental Hotels Group PLC2.10%
Piraeus Bank SA1.94%
Motor Oil Hellas Corinth Refineries SA1.23%
Kingboard Laminates Holdings Ltd1.15%
3i Group PLC1.04%
Exchange Income Corp0.85%
DPM Metals Inc0.80%
OceanaGold Corp0.74%
Eurobank SA0.74%
SITC International Holdings Co Ltd0.71%
Samsung Electronics Co Ltd0.70%
DB Insurance Co Ltd0.66%
SK Inc0.62%
National Bank of Canada0.61%
Industrivarden AB0.59%
iA Financial Corp Inc0.57%
Keyera Corp0.56%
Great-West Lifeco Inc0.56%
Hana Financial Group Inc0.56%
Public Power Corp SA0.56%
Intesa Sanpaolo SpA0.55%
Kingboard Holdings Ltd0.45%
TK Accelis Group AG & Co KGaA0.09%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in DFIC and PIZ, widest gap first
Holding	More in DFICMore in PIZ	DFIC	PIZ
Royal Bank of CanadaRY	PIZ +2.92 points	0.19%	3.11%
Lion Finance Group PLCBGEO.L	PIZ +2.53 points	0.08%	2.61%
Swedbank Ab	PIZ +2.37 points	0.05%	2.42%
Rolls-Royce Holdings PLCRR.L	PIZ +2.19 points	0.39%	2.58%
Oversea-Chinese Banking C	PIZ +2.13 points	0.10%	2.23%
Unipol Gruppo Spa	PIZ +1.96 points	0.10%	2.06%
Yangzijiang Shipbuilding	PIZ +1.83 points	0.07%	1.90%
Bper Banca	PIZ +1.81 points	0.18%	1.99%
Advantest Corp	PIZ +1.70 points	0.33%	2.03%
Bank of Ireland Group PLC	PIZ +1.65 points	0.14%	1.79%
Banco Comercial Portugues	PIZ +1.60 points	0.08%	1.68%
Swiss Life Holding AG	PIZ +1.41 points	0.13%	1.54%
Aib Group PLC	PIZ +1.37 points	0.22%	1.59%
Harel Insurance Investmen	PIZ +1.35 points	0.04%	1.39%
Abb Ltd	PIZ +1.27 points	0.22%	1.49%
Ringkjoebing Landbobank A	PIZ +1.26 points	0.06%	1.32%
Jx Advanced Metals Corp	PIZ +1.17 points	0.02%	1.19%
Atlas	PIZ +1.10 points	0.08%	1.18%
Unicredit Spa	PIZ +1.09 points	0.34%	1.43%
Al Sydbank	PIZ +1.02 points	0.06%	1.08%
77 Bank Ltd/The	PIZ +1.00 points	0.05%	1.05%
Natwest Group PLCNWG.L	PIZ +0.95 points	0.06%	1.01%
Soitec	PIZ +0.94 points	<0.01%	0.94%
Caixabank SA	PIZ +0.93 points	0.14%	1.07%
Diploma PLCDPLM.L	PIZ +0.87 points	0.06%	0.93%
Fresnillo PLCFRES.L	PIZ +0.85 points	0.06%	0.91%
Raiffeisen Bank Internati	PIZ +0.82 points	0.01%	0.83%
Sparebank 1 Sor-Norge Asa	PIZ +0.80 points	0.01%	0.81%
Bawag Group AG	PIZ +0.77 points	0.13%	0.90%
Thyssenkrupp AG	PIZ +0.77 points	0.07%	0.84%
Sap SE	PIZ +0.72 points	0.09%	0.81%
Shiga Bank Ltd/The	PIZ +0.72 points	0.02%	0.74%
Banco Bilbao Vizcaya Arge	PIZ +0.72 points	0.06%	0.78%
Itochu Corp	PIZ +0.65 points	0.15%	0.80%
Hachijuni Nagano Bank Ltd	PIZ +0.64 points	0.04%	0.68%
Ing Groep NV	PIZ +0.64 points	0.14%	0.78%
Mebuki Financial Group In	PIZ +0.58 points	0.05%	0.63%
Kinross Gold CorpKGC	PIZ +0.58 points	0.17%	0.75%
Talanx AG	PIZ +0.58 points	0.06%	0.64%
Sandfire Resources Ltd	PIZ +0.57 points	0.07%	0.65%
Teva Pharmaceutical Indus	PIZ +0.58 points	0.04%	0.62%
Food & Life Companies Ltd	PIZ +0.57 points	0.06%	0.63%
Tamarack Valley Energy Lt	PIZ +0.56 points	0.07%	0.63%
Hokuhoku Financial Group	PIZ +0.55 points	0.06%	0.61%
Eldorado Gold CorpEGO	PIZ +0.55 points	0.06%	0.61%
Banca Mediolanum Spa	PIZ +0.54 points	0.04%	0.58%
Terna Rete Elettrica Nazi	PIZ +0.54 points	0.06%	0.60%
Storebrand Asa	PIZ +0.53 points	0.05%	0.58%
Iberdrola SA	PIZ +0.51 points	0.09%	0.60%
Erste Group Bank AG	PIZ +0.51 points	0.08%	0.59%
Evolution Mining Ltd	PIZ +0.49 points	0.09%	0.58%
Toyota Tsusho Corp	PIZ +0.49 points	0.11%	0.60%
Sumitomo Corp	PIZ +0.49 points	0.05%	0.54%
Yamaguchi Financial Group	PIZ +0.48 points	0.04%	0.52%
Lloyds Banking Group PLCLLOY.L	PIZ +0.47 points	0.04%	0.51%
Dbs Group Holdings Ltd	PIZ +0.48 points	0.23%	0.71%
Azimut Holding Spa	PIZ +0.47 points	0.05%	0.52%
Hsbc Holdings PLCHSBA.L	PIZ +0.47 points	0.08%	0.55%
Perseus Mining Ltd	PIZ +0.46 points	0.06%	0.52%
Capricorn Metals Ltd	PIZ +0.46 points	0.03%	0.49%
Mizuho Financial Group In	PIZ +0.45 points	0.18%	0.63%
Resona Holdings Inc	PIZ +0.46 points	0.09%	0.55%
Neste Oyj	PIZ +0.44 points	0.06%	0.50%
Generali	PIZ +0.45 points	0.06%	0.51%
Kokusai Electric Corp	PIZ +0.43 points	0.04%	0.47%
Danske Bank A/S	PIZ +0.42 points	0.11%	0.53%
Hudbay Minerals IncHBM	PIZ +0.39 points	0.11%	0.50%
Bank Leumi Le-Israel Bm	PIZ +0.38 points	0.12%	0.50%
Sumitomo Mitsui Financial	PIZ +0.37 points	0.16%	0.53%
Murata Manufacturing Co L	PIZ +0.37 points	0.12%	0.49%
Banco Santander SA	PIZ +0.37 points	0.19%	0.56%
Standard Chartered PLCSTAN.L	PIZ +0.30 points	0.23%	0.53%
Agnico Eagle Mines LtdAEM	PIZ +0.29 points	0.21%	0.50%
Mitsubishi Ufj Financial	PIZ +0.26 points	0.36%	0.62%
Allianz SE	PIZ +0.15 points	0.49%	0.64%

All 4,139 DFIC 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.

DFIC vs PIZ Cost

Overpaying PIZ vs DFIC

$10,788

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

DFIC 0.22%
$4,558
PIZ 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

DFIC 0.22%
PIZ 0.80%
Overpaying

Year by year

Year	DFIC	PIZ	Overpaying
10	$401	$1,422	$1,021
20	$1,561	$5,393	$3,832
30	$4,558	$15,346	$10,788

Expense ratio

0.22%DFIC, cheaper
0.80%PIZ

DFIC0.22%PIZ0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

DFIC 2nd cheapest of 55 funds

PIZ 43rd cheapest of 55 funds

DFIC vs PIZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFIC 2.55%, better; PIZ 1.91%
Payout (12M): DFIC $0.96; PIZ $0.93
Last payment: DFIC $0.19; PIZ $0.13
Ex-dividend: DFIC Sep 22, 2026; PIZ Sep 21, 2026
Paid on: DFIC Sep 24, 2026; PIZ Sep 25, 2026
Frequency: DFIC Quarterly; PIZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFICQuarterly · 18 paymentsAll DFIC payments⁠

PIZQuarterly · 35 paymentsAll PIZ payments⁠

DFIC vs PIZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFIC 11.9%, betterPIZ 17.5%
Return per unit of riskSharpe ratio, 3 years: DFIC 1.35, betterPIZ 1.02
Worst fallMax drawdown, 5 years: DFIC −24.4%since Mar 2022PIZ −40.0%
Market sensitivityBeta, 5 years: DFIC 0.92PIZ 1.14; Market = 1

DFIC and PIZ in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFIC

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DFIC vs PIZ

In short

Stated mandate

Why people hold it

Worth knowing

How DFIC and PIZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in PIZ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

How DFIC and PIZ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in PIZ

Weight gaps