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PXF vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXF vs. EFAV

Last updated Jun 24, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - PXF tracks the FTSE RAFI Developed Markets ex-U.S. Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, PXF returned 12.13%/yr vs 6.31%/yr for EFAV. Their correlation of 0.84 suggests significant overlap in exposure. PXF charges 0.45%/yr vs 0.20%/yr for EFAV.

Performance

PXF vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PXF achieves a 15.96% return, which is significantly higher than EFAV's 2.67% return. Over the past 10 years, PXF has outperformed EFAV with an annualized return of 12.13%, while EFAV has yielded a comparatively lower 6.31% annualized return.

PXF

1D
-2.82%
1M
-1.23%
YTD
15.96%
6M
16.38%
1Y
38.71%
3Y*
23.69%
5Y*
13.10%
10Y*
12.13%

EFAV

1D
-0.18%
1M
-3.17%
YTD
2.67%
6M
2.24%
1Y
8.51%
3Y*
12.53%
5Y*
5.83%
10Y*
6.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXF vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		15.96%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%24.52%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		2.67%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between PXF and EFAV is 0.77, 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

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.84

The correlation between PXF and EFAV has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

PXF vs. EFAV - Sectors Allocation Comparison

Sectors
PXF
EFAV

Financial Services

19.1%
19.4%

Technology

14.7%
4.6%

Industrials

14.6%
15.9%

Consumer Cyclical

10.4%
5.0%

Basic Materials

10.1%
1.5%

Energy

9.5%
8.3%

Healthcare

6.8%
12.0%

Consumer Defensive

5.7%
11.9%

Communication Services

4.3%
9.6%

Utilities

3.2%
8.8%

Real Estate

1.6%
3.0%

Financial Services

PXF
19.1%
EFAV
19.4%

Technology

PXF
14.7%
EFAV
4.6%

Industrials

PXF
14.6%
EFAV
15.9%

Consumer Cyclical

PXF
10.4%
EFAV
5.0%

Basic Materials

PXF
10.1%
EFAV
1.5%

Energy

PXF
9.5%
EFAV
8.3%

Healthcare

PXF
6.8%
EFAV
12.0%

Consumer Defensive

PXF
5.7%
EFAV
11.9%

Communication Services

PXF
4.3%
EFAV
9.6%

Utilities

PXF
3.2%
EFAV
8.8%

Real Estate

PXF
1.6%
EFAV
3.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VEAPXF vs. VXUSPXF vs. VYMIPXF vs. PXHPXF vs. IDV
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

PXF vs. EFAV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXF
PXF Risk / Return Rank: 7575
Overall Rank
PXF Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 7373
Sortino Ratio Rank
PXF Omega Ratio Rank: 7777
Omega Ratio Rank
PXF Calmar Ratio Rank: 7474
Calmar Ratio Rank
PXF Martin Ratio Rank: 7474
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 2424
Overall Rank
EFAV Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 2222
Sortino Ratio Rank
EFAV Omega Ratio Rank: 2222
Omega Ratio Rank
EFAV Calmar Ratio Rank: 2727
Calmar Ratio Rank
EFAV Martin Ratio Rank: 2626
Martin Ratio Rank
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.

PXF vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

PXFEFAVDifference
Sharpe ratioReturn per unit of total volatility
2.37
0.81

+1.56

Sortino ratioReturn per unit of downside risk
3.10
1.19

+1.91

Omega ratioGain probability vs. loss probability

1.43

1.15

+0.28

Calmar ratioReturn relative to maximum drawdown

3.56

1.28

+2.28

Martin ratioReturn relative to average drawdown

13.32

3.26

+10.05

PXF vs. EFAV - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.37, which is higher than the EFAV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of PXF and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PXF vs. EFAV - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for PXF and EFAV.

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Drawdown Indicators

PXFEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-27.56%

-37.18%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-6.66%

-4.25%

Max Drawdown (3Y)

Largest decline over 3 years

-14.06%

-8.75%

-5.31%

Max Drawdown (5Y)

Largest decline over 5 years

-26.82%

-27.46%

+0.64%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

-27.56%

-14.03%

Current Drawdown

Current decline from peak

-4.37%

-6.66%

+2.29%

Average Drawdown

Average peak-to-trough decline

-15.24%

-4.77%

-10.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.92%

2.61%

+0.31%

Volatility

PXF vs. EFAV - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 6.95% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.10%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXFEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.95%

3.10%

+3.85%

Volatility (6M)

Calculated over the trailing 6-month period

14.28%

8.53%

+5.75%

Volatility (1Y)

Calculated over the trailing 1-year period

16.41%

10.57%

+5.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.64%

11.82%

+4.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.81%

13.06%

+4.75%

PXF vs. EFAV - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

PXF vs. EFAV - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.17%, less than EFAV's 3.29% yield.

PositionTTM20252024202320222021202020192018201720162015
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.29%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.17%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

PXF and EFAV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXF has higher volatility (6.95%) compared to EFAV (3.10%). In terms of maximum drawdown, PXF dropped -64.74% vs EFAV's -27.56%.

On 10-year performance, PXF leads with 12.13% vs 6.31% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PXF has performed better with a 12.13% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.45% for PXF.

EFAV has the higher dividend yield at 3.29%, compared with 3.17% for PXF.

PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.45% for PXF and 0.20% for EFAV.

PXF currently has the higher Sharpe Ratio (2.37 vs 0.81), 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.

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