EQL.TO vs. PXS.TO

Last updated Jun 25, 2026

EQL.TO (Invesco S&P 500 Equal Weight Index ETF CAD) and PXS.TO (Invesco RAFI U.S. Index ETF II CAD) are both exchange-traded funds - EQL.TO is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while PXS.TO is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index. Both are passively managed. Over the past 5 years, EQL.TO returned 11.46%/yr vs 16.10%/yr for PXS.TO. At a 0.50 correlation, their price movements are largely independent. EQL.TO charges 0.25%/yr vs 0.46%/yr for PXS.TO.

Performance

EQL.TO vs. PXS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and Invesco RAFI U.S. Index ETF II CAD (PXS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQL.TO achieves a 14.48% return, which is significantly lower than PXS.TO's 18.33% return.

EQL.TO

• 1D: 0.84%
• 1M: 2.87%
• YTD: 14.48%
• 6M: 13.62%
• 1Y: 22.69%
• 3Y*: 17.67%
• 5Y*: 11.46%
• 10Y*: —

PXS.TO

• 1D: -0.08%
• 1M: 1.92%
• YTD: 18.33%
• 6M: 18.66%
• 1Y: 35.72%
• 3Y*: 23.82%
• 5Y*: 16.10%
• 10Y*: 14.58%

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

EQL.TO vs. PXS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	14.48%	5.94%	21.81%	11.36%	-6.24%	28.55%	10.48%	22.62%	-4.47%
PXS.TO Invesco RAFI U.S. Index ETF II CAD	18.33%	13.64%	26.23%	12.41%	-2.47%	32.84%	4.71%	21.47%	-4.37%

Correlation

The correlation between EQL.TO and PXS.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 30, 2018	0.50

Over the past year, the correlation between EQL.TO and PXS.TO has dropped to 0.22 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

EQL.TO vs. PXS.TO - Sectors Allocation Comparison

Sectors	EQL.TO	PXS.TO
Technology	21.5%	24.6%
Industrials	14.1%	8.8%
Financial Services	13.9%	14.7%
Healthcare	11.0%	11.5%
Consumer Cyclical	10.0%	8.8%
Consumer Defensive	6.3%	5.8%
Real Estate	6.0%	2.4%
Utilities	5.5%	2.8%
Energy	4.0%	7.7%
Communication Services	3.9%	9.7%
Basic Materials	3.9%	3.3%

Return for Risk

EQL.TO vs. PXS.TO — Risk / Return Rank

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

EQL.TO

EQL.TO Risk / Return Rank: 69
EQL.TO Sharpe Ratio Rank: 65
EQL.TO Sortino Ratio Rank: 68
EQL.TO Omega Ratio Rank: 62
EQL.TO Calmar Ratio Rank: 75
EQL.TO Martin Ratio Rank: 73

PXS.TO

PXS.TO Risk / Return Rank: 95
PXS.TO Sharpe Ratio Rank: 95
PXS.TO Sortino Ratio Rank: 96
PXS.TO Omega Ratio Rank: 95
PXS.TO Calmar Ratio Rank: 96
PXS.TO Martin Ratio Rank: 95

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.

EQL.TO vs. PXS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and Invesco RAFI U.S. Index ETF II CAD (PXS.TO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EQL.TO	PXS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	3.29	-1.40
Sortino ratio: Return per unit of downside risk	2.74	4.85	-2.11
Omega ratio: Gain probability vs. loss probability	1.33	1.64	-0.31
Calmar ratio: Return relative to maximum drawdown	3.39	7.46	-4.08
Martin ratio: Return relative to average drawdown	12.12	26.57	-14.45

EQL.TO vs. PXS.TO - Sharpe Ratio Comparison

The current EQL.TO Sharpe Ratio is 1.90, which is lower than the PXS.TO Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of EQL.TO and PXS.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQL.TO vs. PXS.TO - Drawdown Comparison

The maximum EQL.TO drawdown since its inception was -33.08%, roughly equal to the maximum PXS.TO drawdown of -31.87%. Use the drawdown chart below to compare losses from any high point for EQL.TO and PXS.TO.

Drawdown Indicators

	EQL.TO	PXS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.08%	-31.87%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.73%	-4.88%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	-16.36%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-18.73%	-16.36%	-2.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.87%	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.96%	-3.35%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.37%	+0.51%

Volatility

EQL.TO vs. PXS.TO - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) is 3.05%, while Invesco RAFI U.S. Index ETF II CAD (PXS.TO) has a volatility of 3.28%. This indicates that EQL.TO experiences smaller price fluctuations and is considered to be less risky than PXS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQL.TO	PXS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	3.28%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	8.35%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.06%	11.07%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	13.29%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	15.28%	+1.64%

EQL.TO vs. PXS.TO - Expense Ratio Comparison

EQL.TO has a 0.25% expense ratio, which is lower than PXS.TO's 0.46% expense ratio.

Dividends

EQL.TO vs. PXS.TO - Dividend Comparison

EQL.TO's dividend yield for the trailing twelve months is around 1.22%, which matches PXS.TO's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	1.22%	1.38%	1.29%	1.39%	1.51%	1.30%	2.00%	1.49%	1.35%	0.00%	0.00%	0.00%
PXS.TO Invesco RAFI U.S. Index ETF II CAD	1.22%	1.49%	1.53%	1.53%	1.80%	1.51%	2.51%	1.91%	1.84%	1.50%	1.62%	1.40%

Frequently Asked Questions

Can I hold both EQL.TO and PXS.TO in my portfolio?

EQL.TO and PXS.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQL.TO or PXS.TO?

On fees, EQL.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQL.TO or PXS.TO?

EQL.TO is cheaper with a 0.25% expense ratio, compared with 0.46% for PXS.TO.

What is the main difference between EQL.TO and PXS.TO?

EQL.TO is categorized as S&P 500, while PXS.TO is Large Cap Value Equities. EQL.TO tracks S&P 500 Equal Weight Index, while PXS.TO tracks RAFI Fundamental Select US 1000 Index. Their fees differ too: 0.25% for EQL.TO and 0.46% for PXS.TO.