CIE.NEO vs. PXF

Last updated Apr 2, 2026

Compare and contrast key facts about iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF).

CIE.NEO and PXF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CIE.NEO is a passively managed fund by iShares that tracks the performance of the FTSE RAFI Developed ex US 1000 Index. It was launched on Feb 14, 2007. PXF is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Developed Markets ex-U.S. Index. It was launched on Jun 25, 2007. Both CIE.NEO and PXF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CIE.NEO vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

CIE.NEO vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIE.NEO iShares International Fundamental Common Class	7.68%	34.92%	12.83%	15.59%	-2.83%	14.42%	1.33%	11.29%	-8.19%	16.74%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	10.09%	35.98%	13.52%	15.85%	-2.62%	14.88%	0.85%	11.72%	-7.62%	16.59%

Different Trading Currencies

CIE.NEO is traded in CAD, while PXF is traded in USD. To make them comparable, the PXF values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CIE.NEO achieves a 7.68% return, which is significantly lower than PXF's 10.09% return. Both investments have delivered pretty close results over the past 10 years, with CIE.NEO having a 11.26% annualized return and PXF not far ahead at 11.82%.

CIE.NEO

• 1D: 1.27%
• 1M: -2.90%
• YTD: 7.68%
• 6M: 13.81%
• 1Y: 32.76%
• 3Y*: 21.20%
• 5Y*: 14.35%
• 10Y*: 11.26%

PXF

• 1D: 1.06%
• 1M: -3.24%
• YTD: 10.09%
• 6M: 16.79%
• 1Y: 37.11%
• 3Y*: 22.63%
• 5Y*: 15.13%
• 10Y*: 11.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CIE.NEO vs. PXF - Expense Ratio Comparison

CIE.NEO has a 0.73% expense ratio, which is higher than PXF's 0.45% expense ratio.

CIE.NEO

iShares International Fundamental Common Class

PXF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Return for Risk

CIE.NEO vs. PXF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CIE.NEO

CIE.NEO Risk / Return Rank: 86
CIE.NEO Sharpe Ratio Rank: 88
CIE.NEO Sortino Ratio Rank: 90
CIE.NEO Omega Ratio Rank: 90
CIE.NEO Calmar Ratio Rank: 80
CIE.NEO Martin Ratio Rank: 82

PXF

PXF Risk / Return Rank: 94
PXF Sharpe Ratio Rank: 94
PXF Sortino Ratio Rank: 94
PXF Omega Ratio Rank: 95
PXF Calmar Ratio Rank: 93
PXF Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CIE.NEO vs. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CIE.NEO	PXF	Difference
Sharpe ratio Return per unit of total volatility	1.96	2.31	-0.35
Sortino ratio Return per unit of downside risk	2.67	2.94	-0.27
Omega ratio Gain probability vs. loss probability	1.40	1.47	-0.07
Calmar ratio Return relative to maximum drawdown	2.49	3.17	-0.68
Martin ratio Return relative to average drawdown	10.13	12.66	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIE.NEO vs. PXF - Sharpe Ratio Comparison

The current CIE.NEO Sharpe Ratio is 1.96, which is comparable to the PXF Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of CIE.NEO and PXF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CIE.NEO	PXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.31	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.16	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.78	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.64	-0.23

Correlation

The correlation between CIE.NEO and PXF is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CIE.NEO vs. PXF - Dividend Comparison

CIE.NEO's dividend yield for the trailing twelve months is around 2.32%, less than PXF's 3.41% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIE.NEO iShares International Fundamental Common Class	2.32%	2.53%	2.82%	3.08%	3.32%	2.89%	2.15%	3.63%	3.12%	2.67%	2.80%	2.44%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.41%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Drawdowns

CIE.NEO vs. PXF - Drawdown Comparison

The maximum CIE.NEO drawdown since its inception was -40.08%, which is greater than PXF's maximum drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for CIE.NEO and PXF.

Drawdown Indicators

	CIE.NEO	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-40.08%	-64.74%	+24.66%
Max Drawdown (1Y) Largest decline over 1 year	-12.87%	-11.52%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-20.55%	-26.82%	+6.27%
Max Drawdown (10Y) Largest decline over 10 years	-40.08%	-41.59%	+1.51%
Current Drawdown Current decline from peak	-5.17%	-6.43%	+1.26%
Average Drawdown Average peak-to-trough decline	-7.19%	-15.39%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.93%	+0.23%

Volatility

CIE.NEO vs. PXF - Volatility Comparison

iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) have volatilities of 7.47% and 7.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIE.NEO	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	7.26%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	11.12%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	16.16%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	13.14%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	15.16%	+2.99%