PIE vs PXH: Grades, Fees and Holdings Compared

Invesco Dorsey Wright Emerging Markets Momentum ETF

PIEDNasdaq

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

17.9%by weight

Expense ratio

PXH −0.43pt a year

PIE0.90%PXH0.47%

Avg volume · 30D

PXH 3.0×the volume

PIE73.8KPXH223K

10Y return · a year

PIE +0.9pt

PIE+9.2%PXH+8.3%

PIE vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+43.2%PIE+59.1%PXH

Expense ratio: PIE 0.90%; PXH 0.47%, better
Fund size: PIE $250M; PXH $1.94B
1Y total return: PIE +31.6%, better; PXH +13.1%
Yield (12M): PIE 2.38%; PXH 4.13%, better
Holdings: PIE 107; PXH 365
Avg volume (30D): PIE 73.8K sh; PXH 223K sh, better
NAV per share: PIE $31.39; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for PIE, PXH, with each pillar’s weight
Pillar	PIE	PXH
Cost30% weight	F5	C44Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	B63Higher
Tradability15% weight	C52	A77Higher
Holdings10% weight	B58Higher	B55
Durability5% weight	B57	A76Higher

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. PIE and PXH 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 ›

PXH ranks 4th 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 4BPXHInvesco RAFI Emerging Markets ETFScore 57
Rank 5CBLESInspire Global Hope ETFScore 50
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

PIEDInvesco Dorsey Wright Emerging Markets Momentum ETF

PXHBInvesco RAFI Emerging Markets ETF

In short

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.

PXH Most emerging-markets funds size positions by share price. PXH sizes them by economic footprint (sales, cash flow, dividends, book value), the fundamental-indexing approach it has run since 2007. A value-tilted EM portfolio built from the accounting statements up.

Stated mandate

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

PXH The Fund seeks to track, before fees and expenses, the investment results of the RAFI strategy.

Why people hold it

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.

PXH Position sizes come from book value, cash flow, sales and dividends, not market price, so a stock rallying does not automatically earn a bigger slot in the fund.invesco.com lseg.com
Running since 2007, one of the longest-lived fundamental-index plays in emerging markets, now at billion-dollar scale and moderately traded.
Roughly 400 stocks across emerging markets, paid out quarterly. Broad coverage rather than a concentrated country or sector bet.

Worth knowing

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.

PXH At 0.47% it costs a shade more than the 0.45% median index tracker, and multiples of the cheapest broad index funds (VT charges 0.06%).
Weighting by fundamentals means the portfolio can look very different from cap-weighted EM benchmarks, and move differently from them for long stretches.lseg.com invesco.com
The benchmark switched in 2025 (it was the FTSE RAFI Emerging Index before), so the fund's long history predates today's selection rules.invesco.com

Full PIE profile⁠

Full PXH profile⁠

PIE vs PXH Holdings

How PIE and PXH differ

Overlap by weight

17.9%

Shared holdings make up 38.7% of PIE and 23.4% of PXH.

Level by level

Holdings44 in both17.9%
Countryby domicile51.9%
Sector11 Sectors62.9%
Asset classEquity100%

Sector

Sector weights in PIE and PXH, widest gap first
Sector	More in PIEMore in PXH	PIE	PXH
Technology	PIE +24.9 points	45.0%	20.1%
Financials	PXH +12.1 points	15.7%	27.8%
Energy	PXH +10.5 points	2.6%	13.1%
Industrials	PIE +10.1 points	15.1%	5.0%
Consumer Discretionary	PXH +6.8 points	3.4%	10.2%
Communication	PXH +3.9 points	1.9%	5.8%
Consumer Staples	PXH +1.7 points	1.1%	2.8%
Real Estate	PIE +1.6 points	3.1%	1.5%
Utilities	PXH +1.6 points	0.7%	2.3%
Materials	PXH +0.7 points	9.9%	10.6%
Health Care	PIE +0.5 points	1.5%	1.0%

Country, concentration and asset class

Country by domicile

Country weights in PIE and PXH, widest gap first
Country	More in PIEMore in PXH	PIE	PXH
Taiwan	PIE +34.7 points	61.1%	26.4%
China	PXH +26.5 points	10.0%	36.5%
India	PXH +10.0 points	0.0%	10.0%
Brazil	PXH +9.1 points	1.6%	10.7%
South Africa	PIE +5.1 points	11.2%	6.1%
Thailand	PIE +5.0 points	8.3%	3.3%
United States	PIE +1.6 points	2.1%	0.5%
Peru	PIE +1.0 points	1.0%	0.0%
Other countries (7)	PXH +1.9 points	4.6%	6.5%

Outside the US: PIE 0% developed, 100% emerging. PXH 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

PIE25.6%
PXH28.4%

Securities held

PIE102
PXH359

Asset class

PIE: Equity
PXH: Equity

Holdings

Only in PIE58
In both44
Only in PXH315

Only in PIE

58 securities, 61.5% 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%
Tripod Technology Corp2.16%
Magyar Telekom Telecommunications PLC2.08%
Chroma ATE Inc2.08%
Holy Stone Enterprise Co Ltd1.79%
King Slide Works Co Ltd1.78%
Asia Vital Components Co Ltd1.56%
Sunway Construction Group Bhd1.49%
Compeq Manufacturing Co Ltd1.45%
WuXi AppTec Co Ltd1.34%
OUTsurance Group Ltd1.30%
OTP Bank Nyrt1.22%
WinWay Technology Co Ltd1.16%
Elite Semiconductor Microelectronics Technology Inc1.10%
Genscript Biotech Corp1.06%
Walsin Technology Corp1.03%
KCE Electronics PCL1.01%
Credicorp Ltd0.99%
PSG Financial Services Ltd0.96%
Thanachart Capital PCL0.92%
Kinik Co0.87%
Taiwan Surface Mounting Technology Corp0.78%
Systex Corp0.76%
Kiatnakin Phatra Bank PCL0.71%
Genius Electronic Optical Co Ltd0.70%
Hana Microelectronics PCL0.68%
Wiwynn Corp0.65%
MOL Hungarian Oil & Gas PLC0.65%
Tekfen Holding AS0.64%
Sanyang Motor Co Ltd0.60%
Mega Union Technology Inc0.60%
Taiwan Business Bank0.60%
Global Unichip Corp0.60%
BBB Foods Inc0.59%
I-Chiun Precision Industry Co Ltd0.57%
Advantech Co Ltd0.57%
Redefine Properties Ltd0.57%
Nanya Technology Corp0.57%
Petroleo Brasileiro SA - Petrobras0.57%
Discovery Ltd0.56%
Sinopec Engineering Group Co Ltd0.56%
Shinkong Synthetic Fibers Corp0.53%
Taiwan Hon Chuan Enterprise Co Ltd0.52%
Cal-Comp Electronics Thailand PCL0.52%
Bangchak Corp PCL0.49%

Only in PXH

315 securities, 77.3% of PXH by weight

Petroleo Brasileiro SA - Petrobras4.73%
Alibaba Group Holding Ltd2.96%
China Construction Bank Corp2.86%
Hon Hai Precision Industry Co Ltd2.62%
Industrial & Commercial Bank of China Ltd2.15%
Tencent Holdings Ltd2.10%
Vale SA1.67%
JD.com Inc1.59%
Ping An Insurance Group Co of China Ltd1.30%
PetroChina Co Ltd1.13%
China Petroleum & Chemical Corp0.95%
China Merchants Bank Co Ltd0.94%
Reliance Industries Ltd0.93%
Ptt Pcl0.83%
ASE Technology Holding Co Ltd0.80%
PDD Holdings Inc0.78%
Evergreen Marine Corp Taiwan Ltd0.71%
HDFC Bank Ltd0.69%
ICICI Bank Ltd0.65%
Itau Unibanco Holding SA0.62%
Saudi Arabian Oil Co0.61%
Infosys Ltd0.58%
Grupo Financiero Banorte SAB de CV0.55%
Fomento Economico Mexicano SAB de CV0.55%
Xiaomi Corp0.52%
Meituan0.51%
Baidu Inc0.50%
America Movil SAB de CV0.48%
Innolux Corp0.48%
Valterra Platinum Ltd0.47%
China Shenhua Energy Co Ltd0.47%
Bank of Communications Co Ltd0.43%
NetEase Inc0.41%
Banco Bradesco SA0.41%
Banco do Brasil SA0.39%
Formosa Plastics Corp0.39%
PICC Property & Casualty Co Ltd0.38%
State Bank of India0.37%
MTN Group Ltd0.37%
China Resources Land Ltd0.36%
Gerdau SA0.35%
Quanta Computer Inc0.35%
BOC Hong Kong Holdings Ltd0.35%
Wistron Corp0.35%
Cemex SAB de CV0.35%
COSCO SHIPPING Holdings Co Ltd0.35%
BYD Co Ltd0.34%
Chunghwa Telecom Co Ltd0.33%
Industrial Bank Co Ltd0.33%
Axis Bank Ltd0.32%

Weight gaps

All 44 Holdings in both funds, largest gap first.

Holding weights in PIE and PXH, widest gap first
Holding	More in PIEMore in PXH	PIE	PXH
Taiwan Semiconductor Manufacturing Co Ltd	PXH +2.86 points	2.98%	5.84%
Lite-On Technology Corp	PIE +2.09 points	2.28%	0.19%
Zijin Mining Group Co Ltd	PIE +1.64 points	1.85%	0.21%
Nan Ya Plastics Corp	PIE +1.21 points	2.19%	0.98%
Yuanta Financial Holding Co Ltd	PIE +1.15 points	1.47%	0.32%
Krung Thai Bank PCL	PIE +1.06 points	1.20%	0.14%
SinoPac Financial Holdings Co Ltd	PIE +1.03 points	1.20%	0.17%
Bank of China Ltd	PXH +1.02 points	0.68%	1.70%
Grupo Mexico SAB de CV	PIE +1.01 points	1.52%	0.51%
KGI Financial Holding Co Ltd	PIE +0.95 points	1.25%	0.30%
MediaTek Inc	PXH +0.95 points	0.77%	1.72%
Zhen Ding Technology Holding Ltd	PIE +0.83 points	1.06%	0.23%
Hua Nan Financial Holdings Co Ltd	PIE +0.77 points	0.91%	0.14%
Sinotruk Hong Kong LtdSHKLF	PIE +0.76 points	0.84%	0.08%
First Financial Holding Co Ltd	PIE +0.70 points	0.89%	0.19%
China Hongqiao Group LtdCHHQF	PIE +0.57 points	0.73%	0.16%
Fibra Uno Administracion SA de CV	PIE +0.55 points	0.62%	0.07%
Nedbank Group Ltd	PIE +0.52 points	0.73%	0.21%
Taiwan Cooperative Financial Holding Co Ltd	PIE +0.52 points	0.63%	0.11%
People's Insurance Co Group of China Ltd/The	PIE +0.43 points	0.54%	0.11%
CTBC Financial Holding Co Ltd	PIE +0.42 points	0.91%	0.49%
Thai Oil PCL	PIE +0.43 points	0.55%	0.12%
Ultrapar Participacoes SA	PIE +0.38 points	0.56%	0.18%
Winbond Electronics Corp	PIE +0.38 points	0.52%	0.14%
China CITIC Bank Corp Ltd	PIE +0.34 points	0.68%	0.34%
Formosa Chemicals & Fibre Corp	PIE +0.32 points	0.62%	0.30%
Fubon Financial Holding Co Ltd	PIE +0.31 points	0.89%	0.58%
Kasikornbank PCL	PIE +0.30 points	0.65%	0.35%
Sasol Ltd	PIE +0.29 points	0.91%	0.62%
AUO Corp	PIE +0.28 points	0.66%	0.38%
Scb X Pcl	PIE +0.27 points	0.55%	0.28%
TS Financial Holding Co Ltd	PIE +0.25 points	0.54%	0.29%
Bangkok Bank PCL	PIE +0.23 points	0.51%	0.28%
Turkiye Petrol Rafinerileri AS	PIE +0.20 points	0.48%	0.28%
United Microelectronics Corp	PXH +0.20 points	0.57%	0.77%
Cathay Financial Holding Co Ltd	PIE +0.15 points	0.61%	0.46%
FirstRand Ltd	PIE +0.15 points	0.55%	0.40%
Standard Bank Group Ltd	PIE +0.15 points	0.53%	0.38%
Lenovo Group Ltd	PIE +0.10 points	0.67%	0.57%
Vibra Energia SA	PIE +0.09 points	0.43%	0.34%
Agricultural Bank of China Ltd	PXH +0.05 points	0.70%	0.75%
Invesco Government & Agency PortfolioAGPXX	PXH +0.03 points	0.02%	0.05%
SinoPac Financial Holdings Co Ltd 11/06/2026	PIE +0.01 points	<0.01%	<0.01%
Asustek Computer Inc	PXH +0.01 points	0.53%	0.54%

All 105 PIE holdings⁠All 360 PXH 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.

PIE vs PXH Cost

Overpaying PIE vs PXH

$7,622

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

PIE 0.90%
$17,040
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

PIE 0.90%
PXH 0.47%
Overpaying

Year by year

Year	PIE	PXH	Overpaying
10	$1,593	$847	$746
20	$6,015	$3,261	$2,754
30	$17,040	$9,418	$7,622

Expense ratio

0.90%PIE
0.47%PXH, cheaper

PXH0.47%PIE0.90%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

PXH 6th cheapest of 10 funds

PIE 10th cheapest of 10 funds

PIE vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PIE 2.38%; PXH 4.13%, better
Payout (12M): PIE $0.74; PXH $1.16
Last payment: PIE $0.26; PXH $0.32
Ex-dividend: PIE Sep 21, 2026; PXH Sep 21, 2026
Paid on: PIE Sep 25, 2026; PXH Sep 25, 2026
Frequency: PIE Quarterly; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PIEQuarterly · 34 paymentsAll PIE payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

PIE vs PXH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PIE 21.0%PXH 11.2%, better
Return per unit of riskSharpe ratio, 3 years: PIE 0.92PXH 1.49, better
Worst fallMax drawdown, 5 years: PIE −36.8%PXH −29.6%, better
Market sensitivityBeta, 5 years: PIE 1.05PXH 0.76; Market = 1

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