EELV vs PIE: Grades, Fees and Holdings Compared

Invesco S&P Emerging Markets Low Volatility ETF

EELVBNYSE Arca

Invesco Dorsey Wright Emerging Markets Momentum ETF

PIEDNasdaq

Overlap

9.7%by weight

Expense ratio

EELV −0.61pt a year

EELV0.29%PIE0.90%

Avg volume · 30D

PIE 1.3×the volume

EELV56KPIE73.8K

10Y return · a year

PIE +2.7pt

EELV+6.5%PIE+9.2%

EELV vs PIE Performance

Oct 29, 2021 – Oct 30, 2026

+38.0%EELV+43.2%PIE

Expense ratio: EELV 0.29%, better; PIE 0.90%
Fund size: EELV $386M; PIE $250M
1Y total return: EELV +8.5%; PIE +31.6%, better
Yield (12M): EELV 4.40%, better; PIE 2.38%
Holdings: EELV 208; PIE 107
Avg volume (30D): EELV 56K sh; PIE 73.8K sh, better
NAV per share: EELV $27.86; PIE $31.39
52W range

ETF.net Grade

Pillar letters and Scores for EELV, PIE, with each pillar’s weight
Pillar	EELV	PIE
Cost30% weight	A78Higher	F5
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	D34
Tradability15% weight	C40	C52Higher
Holdings10% weight	B69Higher	B58
Durability5% weight	A70Higher	B57

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EELV and PIE are both graded against the same 10 Emerging Markets Factor Index funds, so their Grades compare head to head.

Emerging Markets Factor Index⁠

Category · 10 funds

See all 10 ›

EELV ranks 2nd and PIE 9th of 10 funds in the Emerging Markets Factor Index Category.

Rank 1AEEMViShares MSCI Emerging Markets Min Vol Factor ETFScore 78
Rank 2BEELVInvesco S&P Emerging Markets Low Volatility ETFScore 66
Rank 3BFNDESchwab Fundamental Emerging Markets Large Company Index ETFScore 64
Rank 8DECOWPacer Emerging Markets Cash Cows 100 ETFScore 37
Rank 9DPIEInvesco Dorsey Wright Emerging Markets Momentum ETFScore 30
Rank 10FFLNFirst Trust Latin America AlphaDEX FundScore 23

Our read on each fund

ETF.net Research

EELVBInvesco S&P Emerging Markets Low Volatility ETF

PIEDInvesco Dorsey Wright Emerging Markets Momentum ETF

In short

EELV EELV hunts the calm corners of emerging markets: roughly 200 of the least volatile stocks in a broad EM universe, chosen by rule rather than by a manager's hunch. Same asset class, deliberately lower-drama construction.

PIE A 2007-vintage emerging-markets fund that ignores market cap and follows price trends instead: Dorsey Wright's relative-strength rules rotate the portfolio toward the EM stocks already leading and away from the laggards.

Stated mandate

EELV The fund provides exposure to emerging-market stocks selected for low volatility by tracking the S&P BMI Emerging Markets Low Volatility Index.

PIE Seeks exposure to emerging-market equities selected using Dorsey Wright’s relative-strength (momentum) rules, via a Dorsey Wright emerging-markets momentum index.

Why people hold it

EELV At 0.29% a year it undercuts the median fee in its emerging-markets factor cohort (0.44%), and it has run the same low-volatility rulebook since its 2012 launch.
The rule is plain: track the S&P BMI Emerging Markets Low Volatility Index, which screens a broad EM universe on realized volatility. No stock-picker discretion.invesco.com
Roughly 200 holdings means no single name or headline steers the whole portfolio, and distributions land on a quarterly schedule.

PIE Momentum is the entire thesis, not a tilt: a Dorsey Wright relative-strength index selects roughly 100 emerging-market names on price trend rather than size.
Live since 2007, so the rules have run through multiple EM boom and bust cycles rather than a single favorable stretch.
Spreads across roughly 100 stocks, pays quarterly, and trades with moderate volume, so it is not a thinly traded curiosity despite the specialist strategy.

Worth knowing

EELV It trades lightly next to the category's largest funds, so the spread paid at the trade can matter as much as the 0.29% fee.
A pure volatility screen reshapes the map: sector and country weights can sit far from a standard cap-weighted emerging-markets index.invesco.com
Cheap, but not the cheapest low-vol EM shelf: iShares' EEMV lists a 0.25% fee.

PIE At 0.90% a year it costs more than the typical active EM fund (0.65% cohort median) and roughly triple systematic peers like AVEM and DFEM (0.33% and 0.39%).
Chasing relative strength means country, sector and turnover can look nothing like a broad EM index, and the ride is bumpier than a cap-weighted core holding.
It lands in the lower half of our active emerging-markets group, where the funds at the top are broader and considerably cheaper.

Full EELV profile⁠

Full PIE profile⁠

EELV vs PIE Holdings

How EELV and PIE differ

Overlap by weight

9.7%

Shared holdings make up 14.5% of PIE and 10.6% of EELV.

Level by level

Holdings19 in both9.7%
Sector11 Sectors44.6%
Countryby domicile50.1%
Asset classEquity100%

Sector

Sector weights in EELV and PIE, widest gap first
Sector	More in EELVMore in PIE	EELV	PIE
Technology	PIE +44.8 points	0.2%	45.0%
Financials	EELV +24.7 points	40.4%	15.7%
Consumer Staples	EELV +8.5 points	9.6%	1.1%
Utilities	EELV +8.4 points	9.1%	0.7%
Communication	EELV +7.2 points	9.1%	1.9%
Materials	PIE +5.4 points	4.5%	9.9%
Industrials	PIE +4.6 points	10.5%	15.1%
Energy	EELV +3.6 points	6.2%	2.6%
Health Care	EELV +2.0 points	3.5%	1.5%
Consumer Discretionary	EELV +1.1 points	4.5%	3.4%
Real Estate	PIE +0.7 points	2.4%	3.1%

Country, concentration and asset class

Country by domicile

Country weights in EELV and PIE, widest gap first
Country	More in EELVMore in PIE	EELV	PIE
Taiwan	PIE +46.4 points	14.7%	61.1%
China	EELV +14.8 points	24.8%	10.0%
Malaysia	EELV +14.5 points	16.0%	1.5%
Brazil	EELV +6.9 points	8.5%	1.6%
Mexico	EELV +4.2 points	6.9%	2.7%
Thailand	EELV +3.1 points	11.4%	8.3%
Chile	EELV +2.8 points	2.8%	0.0%
United States	PIE +2.1 points	0.0%	2.1%
Other countries (7)	EELV +2.4 points	15.0%	12.6%

Outside the US: EELV 0% developed, 100% emerging. PIE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EELV8.7%
PIE25.6%

Securities held

EELV201
PIE102

Asset class

EELV: Equity
PIE: Equity

Holdings

Only in EELV182
In both19
Only in PIE83

Only in EELV

182 securities, 90.2% of EELV by weight

Kuwait Finance House KSCP1.14%
Chunghwa Telecom Co Ltd0.97%
Borouge PLC0.88%
Boubyan Bank KSCP0.87%
Taiwan Mobile Co Ltd0.85%
Tisco Financial Group PCL0.82%
Saudi Telecom Co0.81%
Warba Bank KSCP0.81%
Gulf Bank KSCP0.76%
Tenaga Nasional Bhd0.75%
Chang Hwa Commercial Bank Ltd0.73%
Qatar Fuel QSC0.73%
NEPI Rockcastle NV0.72%
Shanghai Commercial & Savings Bank Ltd/The0.72%
National Bank of Kuwait SAKP0.70%
Saudi Arabian Oil Co0.70%
Al Rayan Bank0.69%
Mobile Telecommunications Co KSCP0.68%
Al Ahli Bank of Kuwait KSCP0.68%
Malayan Banking Bhd0.68%
Uni-President Enterprises Corp0.64%
Bank of Communications Co Ltd0.63%
Bid Corp Ltd0.63%
IOI Corp Bhd0.63%
Adnoc Gas PLC0.61%
RHB Bank Bhd0.61%
Shanghai Pharmaceuticals Holding Co Ltd0.61%
Jarir Marketing Co0.60%
Mega Financial Holding Co Ltd0.60%
Saudi Awwal Bank0.60%
Public Bank Bhd0.60%
AMMB Holdings Bhd0.59%
Remgro Ltd0.58%
SD Guthrie Bhd0.58%
Abu Dhabi National Oil Co for Distribution PJSC0.58%
E.Sun Financial Holding Co Ltd0.58%
MISC Bhd0.57%
IHH Healthcare Bhd0.56%
Industrial & Commercial Bank of China Ltd0.56%
Postal Savings Bank of China Co Ltd0.55%
Shoprite Holdings Ltd0.55%
Jiangsu Expressway Co Ltd0.55%
China Merchants Bank Co Ltd0.55%
Far EasTone Telecommunications Co Ltd0.55%
Ptt Pcl0.54%
China Construction Bank Corp0.53%
Komercni Banka AS0.53%
Riyad Bank0.53%
China Tower Corp Ltd0.52%
Bidvest Group Ltd0.52%

Only in PIE

83 securities, 85.7% of PIE by weight

Taiwan Semiconductor Manufacturing Co Ltd2.98%
Topco Scientific Co Ltd2.95%
Shinkong Insurance Co Ltd2.82%
Jentech Precision Industrial Co Ltd2.72%
ITEQ Corp2.65%
Sigurd Microelectronics Corp2.58%
Kinsus Interconnect Technology Corp2.31%
Lite-On Technology Corp2.28%
Nan Ya Plastics Corp2.19%
Tripod Technology Corp2.16%
Magyar Telekom Telecommunications PLC2.08%
Chroma ATE Inc2.08%
Zijin Mining Group Co Ltd1.85%
Holy Stone Enterprise Co Ltd1.79%
King Slide Works Co Ltd1.78%
Asia Vital Components Co Ltd1.56%
Grupo Mexico SAB de CV1.52%
Sunway Construction Group Bhd1.49%
Yuanta Financial Holding Co Ltd1.47%
Compeq Manufacturing Co Ltd1.45%
WuXi AppTec Co Ltd1.34%
KGI Financial Holding Co Ltd1.25%
OTP Bank Nyrt1.22%
WinWay Technology Co Ltd1.16%
Elite Semiconductor Microelectronics Technology Inc1.10%
Zhen Ding Technology Holding Ltd1.06%
Genscript Biotech Corp1.06%
Walsin Technology Corp1.03%
KCE Electronics PCL1.01%
Credicorp Ltd0.99%
PSG Financial Services Ltd0.96%
Sasol Ltd0.91%
Hua Nan Financial Holdings Co Ltd0.91%
Fubon Financial Holding Co Ltd0.89%
Kinik Co0.87%
Sinotruk Hong Kong Ltd0.84%
Taiwan Surface Mounting Technology Corp0.78%
MediaTek Inc0.77%
Systex Corp0.76%
China Hongqiao Group Ltd0.73%
Kiatnakin Phatra Bank PCL0.71%
Genius Electronic Optical Co Ltd0.70%
Hana Microelectronics PCL0.68%
Lenovo Group Ltd0.67%
AUO Corp0.66%
Wiwynn Corp0.65%
MOL Hungarian Oil & Gas PLC0.65%
Tekfen Holding AS0.64%
Formosa Chemicals & Fibre Corp0.62%
Cathay Financial Holding Co Ltd0.61%

Weight gaps

All 19 Holdings in both funds, largest gap first.

Holding weights in EELV and PIE, widest gap first
Holding	More in EELVMore in PIE	EELV	PIE
OUTsurance Group Ltd	PIE +0.86 points	0.44%	1.30%
Krung Thai Bank PCL	PIE +0.77 points	0.43%	1.20%
SinoPac Financial Holdings Co Ltd	PIE +0.75 points	0.45%	1.20%
Thanachart Capital PCL	PIE +0.49 points	0.43%	0.92%
CTBC Financial Holding Co Ltd	PIE +0.45 points	0.46%	0.91%
Nedbank Group Ltd	PIE +0.27 points	0.46%	0.73%
First Financial Holding Co Ltd	PIE +0.23 points	0.66%	0.89%
Agricultural Bank of China Ltd	PIE +0.20 points	0.50%	0.70%
Taiwan Cooperative Financial Holding Co Ltd	EELV +0.18 points	0.81%	0.63%
China CITIC Bank Corp Ltd	PIE +0.18 points	0.50%	0.68%
Fibra Uno Administracion SA de CV	PIE +0.16 points	0.46%	0.62%
FirstRand Ltd	PIE +0.12 points	0.43%	0.55%
Scb X Pcl	EELV +0.12 points	0.67%	0.55%
Bank of China Ltd	PIE +0.11 points	0.57%	0.68%
Kasikornbank PCL	PIE +0.08 points	0.57%	0.65%
Discovery Ltd	PIE +0.07 points	0.49%	0.56%
Standard Bank Group Ltd	PIE +0.05 points	0.48%	0.53%
SinoPac Financial Holdings Co Ltd 11/06/2026	PIE +0.01 points	<0.01%	<0.01%
Bangkok Bank PCL	Same weight	0.51%	0.51%

All 202 EELV holdings⁠All 105 PIE 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.

EELV vs PIE Cost

Overpaying PIE vs EELV

$11,088

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

EELV 0.29%
$5,952
PIE 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

EELV 0.29%
PIE 0.90%
Overpaying

Year by year

Year	EELV	PIE	Overpaying
10	$527	$1,593	$1,066
20	$2,044	$6,015	$3,971
30	$5,952	$17,040	$11,088

Expense ratio

0.29%EELV, cheaper
0.90%PIE

EELV0.29%PIE0.90%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EELV 2nd cheapest of 10 funds

PIE 10th cheapest of 10 funds

EELV vs PIE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EELV 4.40%, better; PIE 2.38%
Payout (12M): EELV $1.22; PIE $0.74
Last payment: EELV $0.43; PIE $0.26
Ex-dividend: EELV Sep 21, 2026; PIE Sep 21, 2026
Paid on: EELV Sep 25, 2026; PIE Sep 25, 2026
Frequency: EELV Quarterly; PIE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EELVQuarterly · 39 paymentsAll EELV payments⁠

PIEQuarterly · 34 paymentsAll PIE payments⁠

EELV vs PIE Risk

Fall from peak · 5 years

EELV
PIE

Risk facts

VolatilityStd dev, 3 years: EELV 9.2%, betterPIE 21.0%
Return per unit of riskSharpe ratio, 3 years: EELV 0.92PIE 0.92
Worst fallMax drawdown, 5 years: EELV −19.0%, betterPIE −36.8%
Market sensitivityBeta, 5 years: EELV 0.60PIE 1.05; Market = 1

Popular comparisons

EELVBvsEEMVA
Invesco S&P Emerging Markets Low Volatility ETF · iShares MSCI Emerging Markets Min Vol Factor ETF
Expense ratio
0.29% · 0.25%
Category
PIEDvsEEMVA
Invesco Dorsey Wright Emerging Markets Momentum ETF · iShares MSCI Emerging Markets Min Vol Factor ETF
Expense ratio
0.90% · 0.25%
Category
EELVBvsFNDEB
Invesco S&P Emerging Markets Low Volatility ETF · Schwab Fundamental Emerging Markets Large Company Index ETF
Expense ratio
0.29% · 0.39%
Category
PIEDvsFNDEB
Invesco Dorsey Wright Emerging Markets Momentum ETF · Schwab Fundamental Emerging Markets Large Company Index ETF
Expense ratio
0.90% · 0.39%
Category
EELVBvsPXHB
Invesco S&P Emerging Markets Low Volatility ETF · Invesco RAFI Emerging Markets ETF
Expense ratio
0.29% · 0.47%
Category
PIEDvsPXHB
Invesco Dorsey Wright Emerging Markets Momentum ETF · Invesco RAFI Emerging Markets ETF
Expense ratio
0.90% · 0.47%
Category