PIE vs SPDN

Comparison between INVESCO DORSEY WRIGHT EMERGING MARKETS MOMENTUM ETF (PIE, ETF) and DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF).

5-Year PerformancePIE has outperformed SPDN, delivering a return of +8.3% compared to -7.8%

PIE vs SPDN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	PIE(ETF)	SPDN(ETF)
Net Assets	$228M	$229M
Expense Ratio	0.90%	0.48%
Max Drawdown	73.06%	80.11%
Sharpe Ratio	1.37	-1.22
5Y Beta	0.93	-0.97
5Y Dividends CAGR	18.17%	N/A

Net Assets

PIE

$228M

Winner

SPDN

$229M

Expense Ratio

PIE

0.90%

Winner

SPDN

0.48%

Max Drawdown

Winner

PIE

73.06%

SPDN

80.11%

Sharpe Ratio

Winner

PIE

1.37

SPDN

-1.22

5Y Beta

PIE

0.93

Winner

SPDN

-0.97

5Y Dividends CAGR

PIE

18.17%

SPDN

N/A

PIE vs SPDN - Historical Returns

Returns include dividend reinvestment.

Period	PIE	SPDN
1 month	+8.36%	-3.18%
3 months	+0.88%	-1.06%
6 months	+18.40%	-7.79%
1 year	+46.95%	-12.32%
5 years(CAGR)	+8.29%	-7.81%
10 years(CAGR)	+9.72%	-12.30%
Max(CAGR)	+3.04%	-12.33%

Winner

PIE

+8.36%

SPDN

-3.18%

Winner

PIE

+0.88%

SPDN

-1.06%

Winner

PIE

+18.40%

SPDN

-7.79%

Winner

PIE

+46.95%

SPDN

-12.32%

5Y(CAGR)

Winner

PIE

+8.29%

SPDN

-7.81%

10Y(CAGR)

Winner

PIE

+9.72%

SPDN

-12.30%

Max(CAGR)

Winner

PIE

+3.04%

SPDN

-12.33%

PIE vs SPDN - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	PIE	SPDN
2026	+39.89%	-8.47%
2025	+25.76%	-11.32%
2024	+1.38%	-13.44%
2023	+12.56%	-15.40%
2022	-28.77%	+19.39%
2021	+12.85%	-24.71%
2020	+18.03%	-23.87%
2019	+25.13%	-21.99%
2018	-22.83%	+6.21%
2017	+41.02%	-16.49%
2016	+2.26%	-6.92%
2015	-13.21%	N/A
2014	-0.27%	N/A
2013	-2.46%	N/A
2012	+14.98%	N/A
2011	-13.39%	N/A
2010	+21.08%	N/A
2009	+53.15%	N/A
2008	-62.20%	N/A
2007	+0.56%	N/A

PIE vs SPDN Drawdown Comparison

The maximum drawdown for PIE was -72.98%, occurring on Mar 2, 2009. Recovery took 3259 trading sessions.

The maximum drawdown for SPDN was -75.72%, occurring on Aug 13, 2026. This drawdown has not yet recovered.

The current PIE drawdown is -2.85%. The current SPDN drawdown is -75.34%.

Rank	PIE	SPDN
#1	-72.98% Jan 10, 2008 - Dec 18, 2020	-75.72% Jun 27, 2016 - Aug 13, 2026
#2	-40.31% Jul 15, 2021 - Jan 6, 2026	-2.37% Jun 16, 2016 - Jun 24, 2016
#3	-17.26% Jun 22, 2026 - Jul 29, 2026	N/A
#4	-12.87% Feb 17, 2021 - Jun 1, 2021	N/A
#5	-9.87% Feb 27, 2026 - Apr 10, 2026	N/A
#6	-7.85% May 26, 2026 - Jun 15, 2026	N/A
#7	-6.90% May 11, 2026 - May 26, 2026	N/A
#8	-5.39% Jan 25, 2021 - Feb 2, 2021	N/A
#9	-4.89% Jan 28, 2026 - Feb 11, 2026	N/A
#10	-2.98% Jun 15, 2026 - Jun 18, 2026	N/A
#11	-2.18% Apr 22, 2026 - Apr 24, 2026	N/A
#12	-1.92% Jun 1, 2021 - Jun 21, 2021	N/A
#13	-1.86% Jan 14, 2021 - Jan 19, 2021	N/A
#14	-1.85% Jul 7, 2021 - Jul 15, 2021	N/A
#15	-1.46% Dec 31, 2007 - Jan 7, 2008	N/A

Correlation

Correlation between PIE and SPDN is -0.75 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.75

-101

Dividend Comparison (2008 - 2026)

PIE vs SPDN dividend yield comparison.

Year	PIE	SPDN
2026	0.73%	1.41%
2025	2.28%	4.06%
2024	2.33%	5.32%
2023	2.59%	5.84%
2022	3.45%	0.96%
2021	1.28%	0.00%
2020	1.32%	0.10%
2019	2.29%	1.89%
2018	3.32%	1.24%
2017	1.63%	0.42%
2016	1.48%	0.00%
2015	0.80%	0.00%
2014	0.53%	0.00%
2013	1.23%	0.00%
2012	0.68%	0.00%
2011	0.80%	0.00%
2010	0.34%	0.00%
2009	0.71%	0.00%
2008	0.67%	0.00%