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PIZ vs TACN

Invesco Dorsey Wright Developed Markets Momentum ETF

PIZCNasdaq

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

Overlap

Expense ratio

TACN −0.80pt a year

PIZ0.80%TACN0.00%

Avg volume · 30D

PIZ 29.2×the volume

PIZ75.8KTACN2.59K

PIZ vs TACN Performance

Dec 31, 2025 – Oct 30, 2026

+0.8%PIZ+10.5%TACN

Dec 31, 2025 to Oct 30, 2026. PIZ +0.8%. TACN +10.5%. Use the arrow keys to read each point.5%15%20%Dec 2025Jun 2026Oct 2026
Expense ratio
PIZ 0.80%
TACN 0.00%, better
Fund size
PIZ $577M
TACN $24M
1Y total return
PIZ +2.5%
TACN No data
Yield (12M)
PIZ 1.91%
TACN No data
Holdings
PIZ 110
TACN 508
Avg volume (30D)
PIZ 75.8K sh, better
TACN 2.59K sh
NAV per share
PIZ $48.87
TACN $28.20
52W range

ETF.net Grade

PIZ: Cost 19, Risk 22, Mission not scored, Tradability 76, Holdings 57, Durability 82. TACN: Cost 100, Risk 70, Mission not scored, Tradability 46, Holdings 82, Durability 30.
Pillar letters and Scores for PIZ, TACN, with each pillar’s weight
PillarPIZTACN
Cost30% weightF19A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightF22A70Higher
Tradability15% weightA76HigherC46
Holdings10% weightB57A82Higher
Durability5% weightA82HigherD30

Rank among International Active Equity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PIZ and TACN 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 ›

TACN ranks 5th and PIZ 34th of 55 funds in the International Active Equity Category.

  1. Rank 5AENHIiShares Enhanced International Active ETFScore 76
  2. Rank 5ATACNT. Rowe Price Active Core International Equity ETFScore 76
  3. Rank 7AAVNMAvantis All International Markets Equity ETFScore 72
  4. Rank 34DIVSIApplied Finance IVS International Large ETFScore 40
  5. Rank 34CPIZInvesco Dorsey Wright Developed Markets Momentum ETFScore 40
  6. Rank 37DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 39

Our read on each fund

ETF.net Research

PIZCInvesco Dorsey Wright Developed Markets Momentum ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

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.

TACN T. Rowe Price's index-aware take on developed international stocks: it shadows the MSCI EAFE benchmark while nudging weights, and the fee is waived to 0.00% through January 30, 2027 (0.20% gross).

Stated mandate

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.

TACN The fund's goal is to achieve long-term capital growth.

Why people hold it

  • PIZ The screen is the whole product: roughly 100 developed-market large caps picked for relative strength, then rebalanced and reconstituted every quarter.nasdaq.cominvesco.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
  • TACN Fee waived to zero through January 30, 2027, then the 0.20% gross rate applies. Top-scoring active international peers AVDE (0.23%) and DFIC (0.22%) charge more, with no waiver.troweprice.com
  • Built around the MSCI EAFE Index: an optimizer modestly over- and underweights names, targeting tracking error above most passive funds and below most active ones.sec.govtroweprice.com
  • Names come from T. Rowe's quant models plus bottom-up fundamental research (valuation, profitability, financial stability, earnings quality), with at least 80% of net assets normally in equities.sec.govtroweprice.com
  • Despite being new, it already stands among the strongest-rated funds in a crowded active international equity group, with long-term capital growth as the stated goal.

Worth knowing

  • 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.cominvesco.com
  • TACN Launched December 10, 2025, so the track record is short and assets are still small. Trading is thin, which can mean wider spreads than at big index rivals.
  • The zero fee is contractual, not permanent: it runs through January 30, 2027, after which the 0.20% gross expense ratio kicks in.troweprice.com
  • Low tracking error is the design, not a bug. The active tilt is deliberately modest, so the portfolio is built to hug EAFE rather than stray from it.sec.gov

Full PIZ profile⁠

Full TACN profile⁠

PIZ vs TACN 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.

PIZ vs TACN Cost

Overpaying PIZ vs TACN

$15,346

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

  • PIZ 0.80%

    $15,346

  • TACN 0.00%

    $0

$10,000
30 years

Cost over time

  • PIZ 0.80%
  • TACN 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PIZ $15,346TACN $0

Year by year

YearPIZTACNOverpaying
10$1,422$0$1,422
20$5,393$0$5,393
30$15,346$0$15,346

Expense ratio

  • 0.80%PIZ
  • 0.00%TACN, cheaper
  • Middle half of International Active Equity funds
  • Median 0.55%

TACN cheapest of 55 funds

PIZ 43rd cheapest of 55 funds

PIZ vs TACN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PIZ 1.91%
TACN No data
Payout (12M)
PIZ $0.93
TACN None
Last payment
PIZ $0.13
TACN No data
Ex-dividend
PIZ Sep 21, 2026
TACN No data
Paid on
PIZ Sep 25, 2026
TACN No data
Frequency
PIZ Quarterly
TACN No data

Distribution history

Per share, 2017 to 2026, same scale for both

PIZQuarterly · 35 paymentsAll PIZ payments⁠
One bar per payment. 35 payments from 2017 to 2026 YTD. Jun 16, 2017 $0.19; Sep 18, 2017 $0.04; Dec 18, 2017 $0.12; Jun 18, 2018 $0.20; Dec 24, 2018 $0.04; Mar 18, 2019 $0.03; Jun 24, 2019 $0.19; Sep 23, 2019 $0.10; Dec 23, 2019 $0.14; Mar 23, 2020 $0.04; Jun 22, 2020 $0.06; Sep 21, 2020 $0.02; Mar 22, 2021 $0.0017; Jun 21, 2021 $0.10; Sep 20, 2021 $0.07; Dec 20, 2021 $0.24; Mar 21, 2022 $0.04; Jun 21, 2022 $0.23; Sep 19, 2022 $0.25; Dec 19, 2022 $0.03; Mar 20, 2023 $0.19; Jun 20, 2023 $0.24; Sep 18, 2023 $0.04; Dec 18, 2023 $0.12; Mar 18, 2024 $0.09; Jun 24, 2024 $0.20; Sep 23, 2024 $0.03; Dec 23, 2024 $0.29; Mar 24, 2025 $0.15; Jun 23, 2025 $0.38; Sep 22, 2025 $0.03; Dec 22, 2025 $0.20; Mar 23, 2026 $0.15; Jun 22, 2026 $0.45; Sep 21, 2026 $0.13. Use the arrow keys to read each point.$0$0.502017202020232026YTD
TACNAll TACN payments⁠

No distribution history available.

PIZ vs TACN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PIZ 17.5%TACN No data
Return per unit of riskSharpe ratio, 3 years
PIZ 1.02TACN No data
Worst fallMax drawdown, 5 years
PIZ −40.0%TACN No data
Market sensitivityBeta, 5 years
PIZ 1.14TACN 0.65

PIZ and TACN in the news

All news⁠

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