PXC.TO vs. PZW.TO

Last updated Jun 17, 2026

PXC.TO (Invesco RAFI Canadian Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both exchange-traded funds - PXC.TO is a Canada Equities fund tracking the RAFI Canada Index, while PZW.TO is a Global Equities fund tracking the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, PXC.TO returned 13.49%/yr vs 11.40%/yr for PZW.TO. At a 0.25 correlation, their price movements are largely independent.

Performance

PXC.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco RAFI Canadian Index ETF (PXC.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXC.TO achieves a 18.54% return, which is significantly higher than PZW.TO's 14.05% return. Over the past 10 years, PXC.TO has outperformed PZW.TO with an annualized return of 13.49%, while PZW.TO has yielded a comparatively lower 11.40% annualized return.

PXC.TO

• 1D: 1.18%
• 1M: 3.49%
• YTD: 18.54%
• 6M: 16.15%
• 1Y: 38.06%
• 3Y*: 24.74%
• 5Y*: 17.15%
• 10Y*: 13.49%

PZW.TO

• 1D: 1.45%
• 1M: 2.62%
• YTD: 14.05%
• 6M: 13.57%
• 1Y: 33.42%
• 3Y*: 18.94%
• 5Y*: 10.31%
• 10Y*: 11.40%

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

PXC.TO vs. PZW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXC.TO Invesco RAFI Canadian Index ETF	18.54%	26.50%	19.57%	9.28%	1.37%	34.11%	-1.11%	19.11%	-9.11%	7.15%
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	14.05%	18.48%	16.03%	12.88%	-10.53%	17.53%	7.48%	18.01%	-8.08%	13.64%

Correlation

The correlation between PXC.TO and PZW.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 (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 13, 2015	0.25

The correlation between PXC.TO and PZW.TO shifts across timeframes, from 0.25 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PXC.TO vs. PZW.TO — Risk / Return Rank

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

PXC.TO

PXC.TO Risk / Return Rank: 96
PXC.TO Sharpe Ratio Rank: 96
PXC.TO Sortino Ratio Rank: 95
PXC.TO Omega Ratio Rank: 96
PXC.TO Calmar Ratio Rank: 96
PXC.TO Martin Ratio Rank: 96

PZW.TO

PZW.TO Risk / Return Rank: 77
PZW.TO Sharpe Ratio Rank: 75
PZW.TO Sortino Ratio Rank: 80
PZW.TO Omega Ratio Rank: 79
PZW.TO Calmar Ratio Rank: 78
PZW.TO Martin Ratio Rank: 75

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.

PXC.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Canadian Index ETF (PXC.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

	PXC.TO	PZW.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.72	2.21	+1.51
Sortino ratio: Return per unit of downside risk	4.88	3.25	+1.63
Omega ratio: Gain probability vs. loss probability	1.74	1.43	+0.31
Calmar ratio: Return relative to maximum drawdown	8.23	3.70	+4.53
Martin ratio: Return relative to average drawdown	32.94	13.22	+19.72

PXC.TO vs. PZW.TO - Sharpe Ratio Comparison

The current PXC.TO Sharpe Ratio is 3.72, which is higher than the PZW.TO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PXC.TO and PZW.TO, 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

PXC.TO vs. PZW.TO - Drawdown Comparison

The maximum PXC.TO drawdown since its inception was -41.78%, which is greater than PZW.TO's maximum drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for PXC.TO and PZW.TO.

Drawdown Indicators

	PXC.TO	PZW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.78%	-32.45%	-9.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.64%	-8.50%	+3.86%
Max Drawdown (3Y) Largest decline over 3 years	-10.99%	-16.88%	+5.89%
Max Drawdown (5Y) Largest decline over 5 years	-15.75%	-22.13%	+6.38%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-32.45%	-9.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.05%	-5.74%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	2.38%	-1.22%

Volatility

PXC.TO vs. PZW.TO - Volatility Comparison

The current volatility for Invesco RAFI Canadian Index ETF (PXC.TO) is 2.93%, while Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a volatility of 3.65%. This indicates that PXC.TO experiences smaller price fluctuations and is considered to be less risky than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXC.TO	PZW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.65%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.49%	10.48%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	14.25%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	14.67%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.43%	15.94%	+0.49%

Dividends

PXC.TO vs. PZW.TO - Dividend Comparison

PXC.TO's dividend yield for the trailing twelve months is around 2.24%, more than PZW.TO's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXC.TO Invesco RAFI Canadian Index ETF	2.24%	2.65%	3.17%	3.48%	3.42%	2.58%	3.10%	2.92%	2.86%	2.23%	2.57%	3.13%
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	1.71%	1.97%	2.12%	3.23%	1.90%	1.93%	1.52%	2.26%	1.78%	1.57%	1.09%	0.96%

Frequently Asked Questions

Can I hold both PXC.TO and PZW.TO in my portfolio?

PXC.TO and PZW.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.

What is the main difference between PXC.TO and PZW.TO?

PXC.TO is categorized as Canada Equities, while PZW.TO is Global Equities. PXC.TO tracks RAFI Canada Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index.