FTIEX vs. PXF

Last updated Jun 4, 2026

FTIEX (Fidelity Total International Equity Fund) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, FTIEX returned 10.83%/yr vs 11.80%/yr for PXF. Their correlation of 0.90 suggests significant overlap in exposure. FTIEX charges 1.05%/yr vs 0.45%/yr for PXF.

Performance

FTIEX vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total International Equity Fund (FTIEX) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTIEX achieves a 14.71% return, which is significantly lower than PXF's 20.42% return. Over the past 10 years, FTIEX has underperformed PXF with an annualized return of 10.83%, while PXF has yielded a comparatively higher 11.80% annualized return.

FTIEX

• 1D: 1.12%
• 1M: 5.76%
• YTD: 14.71%
• 6M: 17.55%
• 1Y: 31.90%
• 3Y*: 20.43%
• 5Y*: 9.33%
• 10Y*: 10.83%

PXF

• 1D: -0.70%
• 1M: 6.92%
• YTD: 20.42%
• 6M: 24.34%
• 1Y: 44.15%
• 3Y*: 25.13%
• 5Y*: 13.47%
• 10Y*: 11.80%

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

FTIEX vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTIEX Fidelity Total International Equity Fund	14.71%	32.46%	6.58%	16.31%	-17.03%	11.11%	17.91%	27.63%	-15.19%	28.22%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	20.42%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between FTIEX and PXF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 5, 2007	0.90

The correlation between FTIEX and PXF has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

FTIEX vs. PXF — Risk / Return Rank

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

FTIEX

FTIEX Risk / Return Rank: 51
FTIEX Sharpe Ratio Rank: 52
FTIEX Sortino Ratio Rank: 49
FTIEX Omega Ratio Rank: 51
FTIEX Calmar Ratio Rank: 50
FTIEX Martin Ratio Rank: 53

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 79
PXF Martin Ratio Rank: 79

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.

FTIEX vs. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total International Equity Fund (FTIEX) 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.

	FTIEX	PXF	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.92	-0.79
Sortino ratio: Return per unit of downside risk	2.94	3.83	-0.89
Omega ratio: Gain probability vs. loss probability	1.39	1.52	-0.13
Calmar ratio: Return relative to maximum drawdown	2.69	4.07	-1.38
Martin ratio: Return relative to average drawdown	10.77	15.61	-4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTIEX vs. PXF - Sharpe Ratio Comparison

The current FTIEX Sharpe Ratio is 2.13, which is comparable to the PXF Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of FTIEX and PXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FTIEX	PXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.92	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.82	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.66	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.24	+0.02

Drawdowns

FTIEX vs. PXF - Drawdown Comparison

The maximum FTIEX drawdown since its inception was -61.85%, roughly equal to the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for FTIEX and PXF.

Drawdown Indicators

	FTIEX	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-61.85%	-64.74%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-10.91%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.18%	-14.06%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-26.82%	-3.20%
Max Drawdown (10Y) Largest decline over 10 years	-33.37%	-41.59%	+8.22%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-13.15%	-15.27%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.84%	+0.09%

Volatility

FTIEX vs. PXF - Volatility Comparison

Fidelity Total International Equity Fund (FTIEX) has a higher volatility of 5.63% compared to Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) at 5.33%. This indicates that FTIEX's price experiences larger fluctuations and is considered to be riskier than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTIEX	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.33%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	12.86%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	15.24%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	16.45%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	18.04%	-1.21%

FTIEX vs. PXF - Expense Ratio Comparison

FTIEX has a 1.05% expense ratio, which is higher than PXF's 0.45% expense ratio.

Dividends

FTIEX vs. PXF - Dividend Comparison

FTIEX's dividend yield for the trailing twelve months is around 1.07%, less than PXF's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTIEX Fidelity Total International Equity Fund	1.07%	1.23%	1.57%	1.33%	1.07%	8.67%	2.46%	1.66%	1.00%	2.43%	1.47%	1.25%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.07%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Frequently Asked Questions

Can I hold both FTIEX and PXF in my portfolio?

With a correlation of 0.91, FTIEX and PXF 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, FTIEX or PXF?

FTIEX has higher volatility (5.63%) compared to PXF (5.33%). In terms of maximum drawdown, FTIEX dropped -61.85% vs PXF's -64.74%.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.92 vs 2.13), 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.