PABD vs. USXF

Last updated Jun 16, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and USXF (iShares ESG Advanced MSCI USA ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while USXF is a Large Cap Growth Equities fund tracking the MSCI USA Choice ESG Screened Index. Both are passively managed. Over the past year, PABD returned 20.80% vs 36.09% for USXF. A 0.66 correlation means they provide meaningful diversification when combined. PABD charges 0.12%/yr vs 0.10%/yr for USXF.

Performance

PABD vs. USXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and iShares ESG Advanced MSCI USA ETF (USXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABD achieves a 8.37% return, which is significantly lower than USXF's 20.37% return.

PABD

• 1D: 0.75%
• 1M: 4.79%
• YTD: 8.37%
• 6M: 9.38%
• 1Y: 20.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USXF

• 1D: 2.44%
• 1M: 5.10%
• YTD: 20.37%
• 6M: 21.61%
• 1Y: 36.09%
• 3Y*: 25.87%
• 5Y*: 15.64%
• 10Y*: —

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

PABD vs. USXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	8.37%	30.06%	5.32%
USXF iShares ESG Advanced MSCI USA ETF	20.37%	16.97%	24.84%

Correlation

The correlation between PABD and USXF is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.66

The correlation between PABD and USXF has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

PABD vs. USXF - Sectors Allocation Comparison

Sectors	PABD	USXF
Financial Services	29.2%	15.1%
Industrials	15.9%	8.0%
Technology	13.9%	53.9%
Healthcare	11.8%	5.7%
Real Estate	6.1%	4.0%
Basic Materials	5.0%	2.3%
Consumer Defensive	4.8%	0.9%
Consumer Cyclical	4.6%	6.6%
Utilities	4.6%	1.1%
Communication Services	3.3%	2.0%
Energy	0.2%	0.1%

Return for Risk

PABD vs. USXF — Risk / Return Rank

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

PABD

PABD Risk / Return Rank: 38
PABD Sharpe Ratio Rank: 39
PABD Sortino Ratio Rank: 39
PABD Omega Ratio Rank: 37
PABD Calmar Ratio Rank: 35
PABD Martin Ratio Rank: 41

USXF

USXF Risk / Return Rank: 72
USXF Sharpe Ratio Rank: 72
USXF Sortino Ratio Rank: 66
USXF Omega Ratio Rank: 68
USXF Calmar Ratio Rank: 76
USXF Martin Ratio Rank: 78

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.

PABD vs. USXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and iShares ESG Advanced MSCI USA ETF (USXF). 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.

	PABD	USXF	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.10	-0.79
Sortino ratio: Return per unit of downside risk	1.91	2.77	-0.86
Omega ratio: Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio: Return relative to maximum drawdown	1.66	3.56	-1.89
Martin ratio: Return relative to average drawdown	6.21	13.71	-7.49

PABD vs. USXF - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.31, which is lower than the USXF Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of PABD and USXF, 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

PABD vs. USXF - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum USXF drawdown of -29.54%. Use the drawdown chart below to compare losses from any high point for PABD and USXF.

Drawdown Indicators

	PABD	USXF	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-29.54%	+16.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-10.19%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.93%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.54%	—
Current Drawdown Current decline from peak	-0.02%	-0.83%	+0.81%
Average Drawdown Average peak-to-trough decline	-2.62%	-6.40%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.64%	+0.72%

Volatility

PABD vs. USXF - Volatility Comparison

The current volatility for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) is 5.54%, while iShares ESG Advanced MSCI USA ETF (USXF) has a volatility of 7.98%. This indicates that PABD experiences smaller price fluctuations and is considered to be less risky than USXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABD	USXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	7.98%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	14.39%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	17.29%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	19.76%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	19.31%	-3.65%

PABD vs. USXF - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is higher than USXF's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PABD vs. USXF - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 4.03%, more than USXF's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	4.03%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%
USXF iShares ESG Advanced MSCI USA ETF	0.98%	0.93%	1.00%	1.21%	1.39%	0.86%	0.58%

Frequently Asked Questions

Can I hold both PABD and USXF in my portfolio?

PABD and USXF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PABD or USXF?

USXF has higher volatility (7.98%) compared to PABD (5.54%). In terms of maximum drawdown, PABD dropped -13.37% vs USXF's -29.54%.

Which ETF is better, PABD or USXF?

On 1-year performance, USXF leads with 36.09% vs 20.80% for PABD. On fees, USXF is cheaper at 0.10% per year. On volatility, PABD has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PABD or USXF?

Over the 1-year period, USXF has performed better with a 36.09% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABD or USXF?

USXF is cheaper with a 0.10% expense ratio, compared with 0.12% for PABD.

Which ETF pays a higher dividend yield, PABD or USXF?

PABD has the higher dividend yield at 4.03%, compared with 0.98% for USXF.

What is the main difference between PABD and USXF?

PABD is categorized as Foreign Large Cap Equities, while USXF is Large Cap Growth Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while USXF tracks MSCI USA Choice ESG Screened Index. Their fees differ too: 0.12% for PABD and 0.10% for USXF.

Which has better risk-adjusted returns?

USXF currently has the higher Sharpe Ratio (2.10 vs 1.31), 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.