EEMV vs PIE: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Min Vol Factor ETF

EEMVACboe

Invesco Dorsey Wright Emerging Markets Momentum ETF

PIEDNasdaq

Overlap

11.3%by weight

Expense ratio

EEMV −0.65pt a year

EEMV0.25%PIE0.90%

Avg volume · 30D

EEMV 3.1×the volume

EEMV225KPIE73.8K

10Y return · a year

PIE +3.5pt

EEMV+5.7%PIE+9.2%

EEMV vs PIE Performance

Oct 29, 2021 – Oct 30, 2026

+28.7%EEMV+43.2%PIE

Expense ratio: EEMV 0.25%, better; PIE 0.90%
Fund size: EEMV $3.4B; PIE $250M
1Y total return: EEMV +12.0%; PIE +31.6%, better
Yield (12M): EEMV 2.28%; PIE 2.38%, better
Holdings: EEMV 324; PIE 107
Avg volume (30D): EEMV 225K sh, better; PIE 73.8K sh
NAV per share: EEMV $71.20; PIE $31.39
52W range

ETF.net Grade

Pillar letters and Scores for EEMV, PIE, with each pillar’s weight
Pillar	EEMV	PIE
Cost30% weight	A92Higher	F5
Mission25% weight	Not scored	Not scored
Risk15% weight	B56Higher	D34
Tradability15% weight	A75Higher	C52
Holdings10% weight	A73Higher	B58
Durability5% weight	A81Higher	B57

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EEMV 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 ›

EEMV ranks 1st 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 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

EEMVAiShares MSCI Emerging Markets Min Vol Factor ETF

PIEDInvesco Dorsey Wright Emerging Markets Momentum ETF

In short

EEMV Emerging markets with the volume turned down. Since 2011, EEMV has tracked MSCI's minimum-volatility EM index, holding roughly 300 stocks picked for steadiness rather than size, at 0.25% a year.

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

EEMV The fund seeks to track an index of emerging-market equities selected for minimum-volatility characteristics.

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

EEMV At 0.25%, it carries the lowest fee in its emerging-markets factor cohort, undercutting EELV at 0.29% and ECOW at 0.70%, and sitting well below the group median.
Live since 2011 and now a multi-billion-dollar fund: a long public track record of running the min vol playbook in the world's bumpiest equity markets.
About 300 emerging-market names, chosen by published index rules rather than a manager's hunch, so what you own is auditable rather than discretionary.
Stands among the stronger implementations in its emerging-markets factor peer group on our review, largely on cost and issuer staying power.

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

EEMV Minimum volatility is a construction rule, not a floor. The index aims for smaller swings; emerging-market currency, country and political risk still ride along.
Screening for low volatility pulls country and sector weights away from a cap-weighted EM benchmark, so it can move to a different rhythm than the headline index.
Volume is moderate rather than torrential, so execution habits (limit orders, skipping the opening minutes) matter more here than with a mega-cap index fund.

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 EEMV profile⁠

Full PIE profile⁠

EEMV vs PIE Holdings

How EEMV and PIE differ

Overlap by weight

11.3%

Shared holdings make up 19.1% of PIE and 15.1% of EEMV.

Level by level

Holdings18 in both11.3%
Countryby domicile51.7%
Sector11 Sectors69.8%
Asset classEquity100%

Sector

Sector weights in EEMV and PIE, widest gap first
Sector	More in EEMVMore in PIE	EEMV	PIE
Industrials	PIE +10.9 points	4.2%	15.1%
Communication	EEMV +9.4 points	11.3%	1.9%
Technology	PIE +9.3 points	35.7%	45.0%
Materials	PIE +7.6 points	2.3%	9.9%
Financials	EEMV +5.4 points	21.1%	15.7%
Consumer Staples	EEMV +4.8 points	5.9%	1.1%
Health Care	EEMV +4.3 points	5.8%	1.5%
Utilities	EEMV +3.8 points	4.5%	0.7%
Real Estate	PIE +2.5 points	0.6%	3.1%
Energy	EEMV +1.6 points	4.2%	2.6%
Consumer Discretionary	EEMV +1.0 points	4.4%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in EEMV and PIE, widest gap first
Country	More in EEMVMore in PIE	EEMV	PIE
Taiwan	PIE +36.5 points	24.6%	61.1%
India	EEMV +17.6 points	17.6%	0.0%
South Korea	EEMV +15.5 points	15.6%	0.1%
China	EEMV +10.1 points	20.1%	10.0%
Thailand	PIE +6.6 points	1.7%	8.3%
Mexico	PIE +2.7 points	0.0%	2.7%
Saudi Arabia	EEMV +2.5 points	13.7%	11.2%
United States	PIE +2.1 points	0.0%	2.1%
Other countries (5)	EEMV +2.3 points	6.7%	4.4%

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

Concentration

Weight in the 10 largest Holdings

EEMV15.3%
PIE25.6%

Securities held

EEMV302
PIE102

Asset class

EEMV: Equity
PIE: Equity

Holdings

Only in EEMV284
In both18
Only in PIE84

Only in EEMV

284 securities, 84.8% of EEMV by weight

Tata Consultancy Services Ltd1.72%
Samsung Electronics Non Voting Pre1.62%
Samsung Sdi Ltd1.56%
Saudi Arabian Oil1.52%
Industrial and Commercial Bank of1.47%
Chunghwa Telecom Ltd1.45%
Samsung Electronics Ltd1.38%
Sk Hynix1.37%
Bharti Airtel Ltd1.22%
Saudi Telecom1.22%
Taiwan Mobile1.15%
Advanced Info Service Non-Voting D1.13%
Novatek Microelectronics1.06%
Delta Electronics1.01%
Samsung Sds1.00%
China Construction Bank Corp H1.00%
Infosys0.92%
Samsung Biologics0.89%
Far Eastone Telecommunications Ltd0.87%
China Yangtze Power Ltd A0.86%
Malayan Banking0.86%
Aselsan Elektronik Sanayi Ve Ticar0.86%
Tech Mahindra0.85%
KT&G Corp0.84%
National Bank of Kuwait0.82%
Emirates Telecommunications Group0.81%
Hcl Technologies Ltd0.80%
Accton Technology0.75%
Kuwait Finance House0.75%
Torrent Pharmaceuticals Ltd0.73%
Db Islamic Bank0.72%
Ase Technology Holding0.72%
Sun Pharmaceutical Industries0.69%
China Shenhua Energy Ltd H0.69%
Hmm Ltd0.69%
Pegatron0.67%
E.sun Financial Holding0.65%
Honprecision Inc0.63%
Al-Elm Information Security Compan0.62%
Mega Financial Holding Ltd0.61%
Al Rajhi Bank0.61%
President Chain Store Corp0.61%
Emirates Nbd0.59%
Sk Telecom0.59%
Aspeed Technology0.58%
Samsung Electro Mechanics Ltd0.57%
Elite Material0.57%
Ihh Healthcare0.56%
Cgn Power Ltd H0.55%
Xiaomi0.55%

Only in PIE

84 securities, 80.4% of PIE by weight

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%
Zijin Mining Group Co Ltd1.85%
Holy Stone Enterprise Co Ltd1.79%
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%
OUTsurance Group Ltd1.30%
KGI Financial Holding Co Ltd1.25%
Krung Thai Bank PCL1.20%
SinoPac Financial Holdings Co Ltd1.20%
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%
PSG Financial Services Ltd0.96%
Thanachart Capital PCL0.92%
Sasol Ltd0.91%
Fubon Financial Holding Co Ltd0.89%
Kinik Co0.87%
Sinotruk Hong Kong Ltd0.84%
Taiwan Surface Mounting Technology Corp0.78%
Systex Corp0.76%
Nedbank Group Ltd0.73%
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%
Kasikornbank PCL0.65%
MOL Hungarian Oil & Gas PLC0.65%
Tekfen Holding AS0.64%
Fibra Uno Administracion SA de CV0.62%
Formosa Chemicals & Fibre Corp0.62%
Cathay Financial Holding Co Ltd0.61%
Sanyang Motor Co Ltd0.60%
Mega Union Technology Inc0.60%

Weight gaps

All 18 Holdings in both funds, largest gap first.

Holding weights in EEMV and PIE, widest gap first
Holding	More in EEMVMore in PIE	EEMV	PIE
Taiwan Semiconductor Manufacturing	PIE +1.44 points	1.54%	2.98%
Chroma Ate	PIE +1.17 points	0.91%	2.08%
Asia Vital Components	PIE +1.17 points	0.39%	1.56%
Bank of China Ltd H	EEMV +1.00 points	1.68%	0.68%
King Slide Works	PIE +0.96 points	0.82%	1.78%
Otp Bank	PIE +0.90 points	0.32%	1.22%
Ctbc Financial Holding	PIE +0.83 points	0.08%	0.91%
United Micro Electronics Corp	EEMV +0.79 points	1.36%	0.57%
Taiwan Cooperative Financial Holdi	EEMV +0.67 points	1.30%	0.63%
Agricultural Bank of China H	EEMV +0.50 points	1.20%	0.70%
The Peoples Insurance Co (Group)	PIE +0.42 points	0.12%	0.54%
Mediatek	PIE +0.38 points	0.39%	0.77%
First Financial Holding Ltd	EEMV +0.32 points	1.21%	0.89%
Advantech	EEMV +0.29 points	0.86%	0.57%
Wiwynn Corporation	PIE +0.20 points	0.45%	0.65%
Credicorp LtdBAP	PIE +0.20 points	0.79%	0.99%
China Citic Bank Corp Ltd H	EEMV +0.18 points	0.86%	0.68%
Hua Nan Financial Holdings	PIE +0.15 points	0.76%	0.91%

All 297 EEMV 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.

EEMV vs PIE Cost

Overpaying PIE vs EEMV

$11,881

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

EEMV 0.25%
$5,159
PIE 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

EEMV 0.25%
PIE 0.90%
Overpaying

Year by year

Year	EEMV	PIE	Overpaying
10	$455	$1,593	$1,138
20	$1,769	$6,015	$4,246
30	$5,159	$17,040	$11,881

Expense ratio

0.25%EEMV, cheaper
0.90%PIE

EEMV0.25%PIE0.90%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EEMV cheapest of 10 funds

PIE 10th cheapest of 10 funds

EEMV vs PIE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMV 2.28%; PIE 2.38%, better
Payout (12M): EEMV $1.62; PIE $0.74
Last payment: EEMV $0.65; PIE $0.26
Ex-dividend: EEMV Jun 15, 2026; PIE Sep 21, 2026
Paid on: EEMV Jun 18, 2026; PIE Sep 25, 2026
Frequency: EEMV Twice a year; PIE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EEMVTwice a year · 19 paymentsAll EEMV payments⁠

PIEQuarterly · 34 paymentsAll PIE payments⁠

EEMV vs PIE Risk

Fall from peak · 5 years

EEMV
PIE

Risk facts

VolatilityStd dev, 3 years: EEMV 11.6%, betterPIE 21.0%
Return per unit of riskSharpe ratio, 3 years: EEMV 0.85PIE 0.92, better
Worst fallMax drawdown, 5 years: EEMV −21.9%, betterPIE −36.8%
Market sensitivityBeta, 5 years: EEMV 0.72PIE 1.05; Market = 1

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