FNDE vs. PXH

Last updated Jun 24, 2026

FNDE (Schwab Fundamental Emerging Markets Equity ETF) and PXH (Invesco FTSE RAFI Emerging Markets ETF) are both Emerging Markets Equities funds - FNDE tracks the RAFI Fundamental High Liquidity Emerging Markets Index (Net) while PXH tracks the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, FNDE returned 11.02%/yr vs 10.53%/yr for PXH. With a 0.97 correlation, they move nearly in lockstep. FNDE charges 0.39%/yr vs 0.50%/yr for PXH.

Performance

FNDE vs. PXH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco FTSE RAFI Emerging Markets ETF (PXH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDE achieves a 11.56% return, which is significantly higher than PXH's 10.82% return. Both investments have delivered pretty close results over the past 10 years, with FNDE having a 11.02% annualized return and PXH not far behind at 10.53%.

FNDE

• 1D: -2.50%
• 1M: -0.84%
• YTD: 11.56%
• 6M: 11.69%
• 1Y: 29.54%
• 3Y*: 19.89%
• 5Y*: 9.15%
• 10Y*: 11.02%

PXH

• 1D: -2.63%
• 1M: -0.53%
• YTD: 10.82%
• 6M: 11.08%
• 1Y: 28.95%
• 3Y*: 20.22%
• 5Y*: 8.62%
• 10Y*: 10.53%

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

FNDE vs. PXH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDE Schwab Fundamental Emerging Markets Equity ETF	11.56%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%
PXH Invesco FTSE RAFI Emerging Markets ETF	10.82%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%

Correlation

The correlation between FNDE and PXH is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.97

The correlation between FNDE and PXH has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

FNDE vs. PXH - Sectors Allocation Comparison

Sectors	FNDE	PXH
Technology	22.3%	24.5%
Financial Services	16.8%	24.8%
Energy	10.6%	11.5%
Basic Materials	8.0%	11.8%
Consumer Cyclical	7.9%	9.8%
Communication Services	3.6%	5.9%
Industrials	3.5%	4.4%
Utilities	1.9%	2.2%
Real Estate	1.5%	1.7%
Consumer Defensive	1.2%	2.7%
Healthcare	1.1%	0.8%

Return for Risk

FNDE vs. PXH — Risk / Return Rank

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

FNDE

FNDE Risk / Return Rank: 59
FNDE Sharpe Ratio Rank: 58
FNDE Sortino Ratio Rank: 54
FNDE Omega Ratio Rank: 59
FNDE Calmar Ratio Rank: 61
FNDE Martin Ratio Rank: 61

PXH

PXH Risk / Return Rank: 58
PXH Sharpe Ratio Rank: 57
PXH Sortino Ratio Rank: 54
PXH Omega Ratio Rank: 57
PXH Calmar Ratio Rank: 61
PXH Martin Ratio Rank: 60

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.

FNDE vs. PXH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco FTSE RAFI Emerging Markets ETF (PXH). 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.

	FNDE	PXH	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.81	+0.07
Sortino ratio: Return per unit of downside risk	2.51	2.44	+0.07
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.90	2.84	+0.06
Martin ratio: Return relative to average drawdown	10.42	10.04	+0.37

FNDE vs. PXH - Sharpe Ratio Comparison

The current FNDE Sharpe Ratio is 1.88, which is comparable to the PXH Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FNDE and PXH, 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

FNDE vs. PXH - Drawdown Comparison

The maximum FNDE drawdown since its inception was -43.55%, smaller than the maximum PXH drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for FNDE and PXH.

Drawdown Indicators

	FNDE	PXH	Difference
Max Drawdown Largest peak-to-trough decline	-43.55%	-63.63%	+20.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-10.24%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-17.72%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-29.59%	+0.15%
Max Drawdown (10Y) Largest decline over 10 years	-39.93%	-40.42%	+0.49%
Current Drawdown Current decline from peak	-5.01%	-4.91%	-0.10%
Average Drawdown Average peak-to-trough decline	-11.67%	-16.82%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.89%	-0.05%

Volatility

FNDE vs. PXH - Volatility Comparison

Schwab Fundamental Emerging Markets Equity ETF (FNDE) and Invesco FTSE RAFI Emerging Markets ETF (PXH) have volatilities of 6.66% and 6.78%, 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

	FNDE	PXH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	6.78%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	13.45%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	16.11%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	17.93%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	19.96%	-0.76%

FNDE vs. PXH - Expense Ratio Comparison

FNDE has a 0.39% expense ratio, which is lower than PXH's 0.50% expense ratio.

Dividends

FNDE vs. PXH - Dividend Comparison

FNDE's dividend yield for the trailing twelve months is around 3.75%, less than PXH's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Equity ETF	3.75%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
PXH Invesco FTSE RAFI Emerging Markets ETF	4.34%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%

Frequently Asked Questions

Can I hold both FNDE and PXH in my portfolio?

With a correlation of 0.98, FNDE and PXH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNDE or PXH?

PXH has higher volatility (6.78%) compared to FNDE (6.66%). In terms of maximum drawdown, FNDE dropped -43.55% vs PXH's -63.63%.

Which ETF is better, FNDE or PXH?

On 10-year performance, FNDE leads with 11.02% vs 10.53% for PXH. On fees, FNDE is cheaper at 0.39% per year. On volatility, FNDE has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDE or PXH?

Over the 10-year period, FNDE has performed better with a 11.02% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDE or PXH?

FNDE is cheaper with a 0.39% expense ratio, compared with 0.50% for PXH.

Which ETF pays a higher dividend yield, FNDE or PXH?

PXH has the higher dividend yield at 4.34%, compared with 3.75% for FNDE.

What is the main difference between FNDE and PXH?

FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net), while PXH tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.39% for FNDE and 0.50% for PXH.

Which has better risk-adjusted returns?

FNDE currently has the higher Sharpe Ratio (1.88 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.