PIZ vs VYM
Invesco Dorsey Wright Developed Markets Momentum ETF vs Vanguard High Dividend Yield ETF
Which is better, PIZ or VYM?
Large Cap Growth against Large Cap Value.
VYM has a lower expense ratio. PIZ led over 3Y, VYM over 1Y, 5Y and the full window. PIZ is less concentrated, with 24.6% of the fund in its ten largest positions against 26.1%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PIZ | VYM |
|---|---|---|
| Expense Ratio | 0.80% | 0.04%Best |
| AUM | $666M | $83.1B |
| Dividend Yield | 1.55% | 2.22% |
| Holdings | 232 | 608 |
| YTD Return | +6.79% | +10.00%Best |
| 1Y Return | +10.78% | +13.75%Best |
| 3Y Return (annualized) | +25.39%Best | +18.81% |
| 5Y Return (annualized) | +9.11% | +11.63%Best |
| Volatility (annualized) | 20.4% | 14.8%Best |
| Max Drawdown | -61.1% | -55.4%Best |
| $10,000 over 5 years | $15,464 | $17,334Best |
| Top 10 Weight | 24.6%Best | 26.1% |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Value |
| Inception | Dec 28, 2007 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Dec 28, 2007 to Oct 2, 2026 (18.8 years).
PIZ vs VYM growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.8 years both funds cover.
PIZ vs VYM Performance
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) is an ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year PIZ returned +10.78% while VYM returned +13.75%. Year to date, PIZ is up 6.79% versus a gain of 10.00% for VYM.
Over three years, PIZ compounded at +25.39% per year against +18.81% for VYM; over five years the annualized figures are +9.11% and +11.63% respectively. Across the full 19-year window we track, VYM has the edge at +7.04% annualized vs +4.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PIZ has been the more volatile fund, with annualized monthly volatility of 20.4% compared with 14.8% for VYM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -61.1% for PIZ and -55.4% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PIZ charges 0.80% per year while VYM charges 0.04%. On a $10,000 position that is $80 vs $4 annually, a gap of $76 per year that compounds over a long holding period. On income, PIZ currently yields 1.55% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 102 holdings in PIZ and 557 in VYM, totalling 100.0% and 99.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 46 days apart, PIZ as of Sep 15, 2026 and VYM as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 102 positions we hold weights for in PIZ and 557 in VYM, against full books of 232 and 608.
What only one of them owns
Our book lists 528 positions for VYM that do not appear in our book for PIZ (97.1% of the fund), and 3 for PIZ that do not appear in VYM (2.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of PIZ and VYM you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PIZ or VYM?
PIZ has an expense ratio of 0.80% while VYM charges 0.04%. VYM is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, PIZ or VYM?
Over the past year PIZ returned +10.78% vs +13.75% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (19 years), PIZ annualized +4.49% vs +7.04% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PIZ or VYM?
PIZ has been the more volatile fund at 20.4% annualized versus 14.8% for VYM. Worst drawdown: PIZ -61.1% vs VYM -55.4%.
Should I hold both PIZ and VYM?
PIZ and VYM have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PIZ or VYM?
PIZ yields 1.55% while VYM yields 2.22%, so VYM currently pays the higher dividend yield.
Is VYM better than PIZ?
VYM has a lower expense ratio. PIZ led over 3Y, VYM over 1Y, 5Y and the full window. PIZ is less concentrated, with 24.6% of the fund in its ten largest positions against 26.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.