PXF vs. FLJH

Last updated Jun 14, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both exchange-traded funds - PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index, while FLJH is a Japan Equities fund tracking the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, PXF returned 13.18%/yr vs 20.54%/yr for FLJH. A 0.65 correlation means they provide meaningful diversification when combined. PXF charges 0.45%/yr vs 0.09%/yr for FLJH.

Performance

PXF vs. FLJH - 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 Franklin FTSE Japan Hedged ETF (FLJH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PXF having a 18.79% return and FLJH slightly higher at 18.85%.

PXF

• 1D: 0.34%
• 1M: 0.69%
• YTD: 18.79%
• 6M: 20.98%
• 1Y: 41.20%
• 3Y*: 23.81%
• 5Y*: 13.18%
• 10Y*: 12.26%

FLJH

• 1D: 0.82%
• 1M: 1.43%
• YTD: 18.85%
• 6M: 15.00%
• 1Y: 45.89%
• 3Y*: 25.97%
• 5Y*: 20.54%
• 10Y*: —

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

PXF vs. FLJH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	18.79%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	2.04%
FLJH Franklin FTSE Japan Hedged ETF	18.85%	25.26%	25.89%	36.02%	-2.75%	12.68%	10.65%	20.34%	-14.66%	1.26%

Correlation

The correlation between PXF and FLJH is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.65

The correlation between PXF and FLJH has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

PXF vs. FLJH - Sectors Allocation Comparison

Sectors	PXF	FLJH
Financial Services	19.1%	15.8%
Technology	14.7%	19.4%
Industrials	14.6%	25.2%
Consumer Cyclical	10.4%	12.7%
Basic Materials	10.1%	4.4%
Energy	9.5%	0.9%
Healthcare	6.8%	5.5%
Consumer Defensive	5.7%	4.0%
Communication Services	4.3%	8.0%
Utilities	3.2%	1.2%
Real Estate	1.6%	3.0%

Return for Risk

PXF vs. FLJH — Risk / Return Rank

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

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

FLJH

FLJH Risk / Return Rank: 86
FLJH Sharpe Ratio Rank: 87
FLJH Sortino Ratio Rank: 86
FLJH Omega Ratio Rank: 85
FLJH Calmar Ratio Rank: 86
FLJH Martin Ratio Rank: 87

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. FLJH - 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 Franklin FTSE Japan Hedged ETF (FLJH). 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.

	PXF	FLJH	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.46	+0.01
Sortino ratio: Return per unit of downside risk	3.25	3.35	-0.10
Omega ratio: Gain probability vs. loss probability	1.45	1.45	0.00
Calmar ratio: Return relative to maximum drawdown	3.66	4.20	-0.54
Martin ratio: Return relative to average drawdown	13.76	16.28	-2.52

PXF vs. FLJH - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.47, which is comparable to the FLJH Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PXF and FLJH, 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

PXF vs. FLJH - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for PXF and FLJH.

Drawdown Indicators

	PXF	FLJH	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-31.51%	-33.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-10.80%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-20.39%	+6.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-20.39%	-6.43%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	—	—
Current Drawdown Current decline from peak	-2.04%	-1.30%	-0.74%
Average Drawdown Average peak-to-trough decline	-15.25%	-5.30%	-9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.78%	+0.12%

Volatility

PXF vs. FLJH - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 6.76% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 5.20%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXF	FLJH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	5.20%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	14.09%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	18.44%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	18.61%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	19.84%	-1.77%

PXF vs. FLJH - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

PXF vs. FLJH - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.12%, less than FLJH's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLJH Franklin FTSE Japan Hedged ETF	3.28%	3.90%	5.06%	25.59%	26.67%	1.29%	0.00%	0.00%	5.92%	0.10%	0.00%	0.00%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.12%	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

Can I hold both PXF and FLJH in my portfolio?

PXF and FLJH have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXF or FLJH?

PXF has higher volatility (6.76%) compared to FLJH (5.20%). In terms of maximum drawdown, PXF dropped -64.74% vs FLJH's -31.51%.

Which ETF is better, PXF or FLJH?

On 5-year performance, FLJH leads with 20.54% vs 13.18% for PXF. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXF or FLJH?

Over the 5-year period, FLJH has performed better with a 20.54% return vs 13.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXF or FLJH?

FLJH is cheaper with a 0.09% expense ratio, compared with 0.45% for PXF.

Which ETF pays a higher dividend yield, PXF or FLJH?

FLJH has the higher dividend yield at 3.28%, compared with 3.12% for PXF.

What is the main difference between PXF and FLJH?

PXF is categorized as Foreign Large Cap Equities, while FLJH is Japan Equities. PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.45% for PXF and 0.09% for FLJH.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.47 vs 2.46), 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.