PDN vs. MFDX

Last updated Jun 4, 2026

PDN (Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - PDN is a Foreign Small & Mid Cap Equities fund tracking the FTSE RAFI Developed x US Mid/Small, while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Both are passively managed. Over the past 5 years, PDN returned 6.42%/yr vs 9.92%/yr for MFDX. Their correlation of 0.93 suggests significant overlap in exposure. PDN charges 0.49%/yr vs 0.39%/yr for MFDX.

Performance

PDN vs. MFDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PDN having a 10.22% return and MFDX slightly lower at 9.73%.

PDN

• 1D: -0.74%
• 1M: 0.91%
• YTD: 10.22%
• 6M: 12.61%
• 1Y: 27.72%
• 3Y*: 18.02%
• 5Y*: 6.42%
• 10Y*: 8.41%

MFDX

• 1D: -0.55%
• 1M: 2.31%
• YTD: 9.73%
• 6M: 12.33%
• 1Y: 23.13%
• 3Y*: 18.62%
• 5Y*: 9.92%
• 10Y*: —

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

PDN vs. MFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	10.22%	38.34%	0.57%	13.35%	-17.35%	9.03%	10.65%	19.17%	-18.38%	8.00%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.73%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%

Correlation

The correlation between PDN and MFDX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.93

The correlation between PDN and MFDX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

PDN vs. MFDX - Sectors Allocation Comparison

Sectors	PDN	MFDX
Industrials	22.4%	19.9%
Financial Services	11.4%	16.4%
Consumer Cyclical	11.1%	8.6%
Technology	10.3%	7.1%
Basic Materials	10.0%	10.8%
Real Estate	8.6%	3.0%
Healthcare	5.4%	6.0%
Energy	5.1%	6.8%
Consumer Defensive	4.7%	8.0%
Communication Services	3.3%	7.0%
Utilities	2.4%	6.4%

Return for Risk

PDN vs. MFDX — Risk / Return Rank

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

PDN

PDN Risk / Return Rank: 55
PDN Sharpe Ratio Rank: 56
PDN Sortino Ratio Rank: 56
PDN Omega Ratio Rank: 56
PDN Calmar Ratio Rank: 50
PDN Martin Ratio Rank: 56

MFDX

MFDX Risk / Return Rank: 48
MFDX Sharpe Ratio Rank: 48
MFDX Sortino Ratio Rank: 48
MFDX Omega Ratio Rank: 48
MFDX Calmar Ratio Rank: 44
MFDX Martin Ratio Rank: 51

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.

PDN vs. MFDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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.

	PDN	MFDX	Difference
Sharpe ratio Return per unit of total volatility	1.91	1.70	+0.21
Sortino ratio Return per unit of downside risk	2.68	2.38	+0.30
Omega ratio Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio Return relative to maximum drawdown	2.47	2.18	+0.29
Martin ratio Return relative to average drawdown	9.64	8.66	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDN vs. MFDX - Sharpe Ratio Comparison

The current PDN Sharpe Ratio is 1.91, which is comparable to the MFDX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of PDN and MFDX, 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

	PDN	MFDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.70	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.66	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.54	-0.27

Drawdowns

PDN vs. MFDX - Drawdown Comparison

The maximum PDN drawdown since its inception was -59.32%, which is greater than MFDX's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for PDN and MFDX.

Drawdown Indicators

	PDN	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-36.05%	-23.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-10.66%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-11.62%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-33.68%	-25.58%	-8.10%
Max Drawdown (10Y) Largest decline over 10 years	-41.94%	—	—
Current Drawdown Current decline from peak	-2.62%	-1.84%	-0.78%
Average Drawdown Average peak-to-trough decline	-11.59%	-6.50%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.68%	+0.20%

Volatility

PDN vs. MFDX - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) has a higher volatility of 4.74% compared to PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) at 4.45%. This indicates that PDN's price experiences larger fluctuations and is considered to be riskier than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDN	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	4.45%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	11.34%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.61%	13.73%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.34%	15.03%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	16.41%	+0.65%

PDN vs. MFDX - Expense Ratio Comparison

PDN has a 0.49% expense ratio, which is higher than MFDX's 0.39% expense ratio.

Dividends

PDN vs. MFDX - Dividend Comparison

PDN's dividend yield for the trailing twelve months is around 3.08%, more than MFDX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.79%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	0.00%	0.00%
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	3.08%	3.36%	3.36%	3.16%	2.68%	2.42%	1.79%	2.60%	2.21%	2.42%	2.16%	2.06%

Frequently Asked Questions

Can I hold both PDN and MFDX in my portfolio?

With a correlation of 0.91, PDN and MFDX 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, PDN or MFDX?

PDN has higher volatility (4.74%) compared to MFDX (4.45%). In terms of maximum drawdown, PDN dropped -59.32% vs MFDX's -36.05%.

Which ETF is better, PDN or MFDX?

On 5-year performance, MFDX leads with 9.92% vs 6.42% for PDN. On fees, MFDX is cheaper at 0.39% per year. On volatility, MFDX has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDN or MFDX?

Over the 5-year period, MFDX has performed better with a 9.92% return vs 6.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDN or MFDX?

MFDX is cheaper with a 0.39% expense ratio, compared with 0.49% for PDN.

Which ETF pays a higher dividend yield, PDN or MFDX?

PDN has the higher dividend yield at 3.08%, compared with 2.79% for MFDX.

What is the main difference between PDN and MFDX?

PDN is categorized as Foreign Small & Mid Cap Equities, while MFDX is Foreign Large Cap Equities. PDN tracks FTSE RAFI Developed x US Mid/Small, while MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.49% for PDN and 0.39% for MFDX.

Which has better risk-adjusted returns?

PDN currently has the higher Sharpe Ratio (1.91 vs 1.70), 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.