INAI.TO vs. PXC.TO
INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both exchange-traded funds - INAI.TO is a Technology Equities fund tracking the Morningstar Global Next Gen AI Index, while PXC.TO is a Canada Equities fund tracking the RAFI Canada Index. Both are passively managed. Over the past year, INAI.TO returned 47.32% vs 36.76% for PXC.TO. At a 0.22 correlation, their price movements are largely independent.
Performance
INAI.TO vs. PXC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, INAI.TO achieves a 29.72% return, which is significantly higher than PXC.TO's 17.12% return.
INAI.TO
- 1D
- -1.25%
- 1M
- 0.12%
- YTD
- 29.72%
- 6M
- 18.86%
- 1Y
- 47.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PXC.TO
- 1D
- -0.64%
- 1M
- -0.22%
- YTD
- 17.12%
- 6M
- 12.82%
- 1Y
- 36.76%
- 3Y*
- 25.64%
- 5Y*
- 16.75%
- 10Y*
- 13.41%
INAI.TO vs. PXC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 29.72% | 24.92% | 36.26% |
PXC.TO Invesco RAFI Canadian Index ETF | 17.12% | 26.50% | 22.05% |
Correlation
The correlation between INAI.TO and PXC.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024 | 0.22 |
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Return for Risk
INAI.TO vs. PXC.TO — Risk / Return Rank
INAI.TO
PXC.TO
INAI.TO vs. PXC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and Invesco RAFI Canadian Index ETF (PXC.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.
| INAI.TO | PXC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.69 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 7.95 | -6.07 |
| Martin ratioReturn relative to average drawdown | 4.92 | 31.61 | -26.69 |
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Drawdowns
INAI.TO vs. PXC.TO - Drawdown Comparison
The maximum INAI.TO drawdown since its inception was -26.78%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for INAI.TO and PXC.TO.
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Drawdown Indicators
| INAI.TO | PXC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.78% | -41.78% | +15.00% |
Max Drawdown (1Y)Largest decline over 1 year | -25.34% | -4.64% | -20.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.99% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.78% | — |
Current DrawdownCurrent decline from peak | -7.53% | -1.30% | -6.23% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -5.05% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.64% | 1.17% | +8.47% |
Volatility
INAI.TO vs. PXC.TO - Volatility Comparison
Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) has a higher volatility of 13.59% compared to Invesco RAFI Canadian Index ETF (PXC.TO) at 3.14%. This indicates that INAI.TO's price experiences larger fluctuations and is considered to be riskier than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INAI.TO | PXC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.59% | 3.14% | +10.45% |
Volatility (6M)Calculated over the trailing 6-month period | 24.27% | 8.56% | +15.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.84% | 10.39% | +18.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.94% | 13.27% | +14.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.94% | 16.41% | +11.53% |
Dividends
INAI.TO vs. PXC.TO - Dividend Comparison
INAI.TO's dividend yield for the trailing twelve months is around 0.03%, less than PXC.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF | 0.03% | 0.07% | 0.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PXC.TO Invesco RAFI Canadian Index ETF | 2.27% | 2.65% | 3.17% | 3.48% | 3.42% | 2.58% | 3.10% | 2.92% | 2.86% | 2.23% | 2.57% | 3.13% |
Frequently Asked Questions
INAI.TO and PXC.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INAI.TO is categorized as Technology Equities, while PXC.TO is Canada Equities. INAI.TO tracks Morningstar Global Next Gen AI Index, while PXC.TO tracks RAFI Canada Index.
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