PXF vs. FTIEX

Last updated Jun 24, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and FTIEX (Fidelity Total International Equity Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PXF returned 12.13%/yr vs 11.55%/yr for FTIEX. Their correlation of 0.90 suggests significant overlap in exposure. PXF charges 0.45%/yr vs 1.05%/yr for FTIEX.

Performance

PXF vs. FTIEX - 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 Fidelity Total International Equity Fund (FTIEX). 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 PXF having a 15.96% return and FTIEX slightly lower at 15.51%. Both investments have delivered pretty close results over the past 10 years, with PXF having a 12.13% annualized return and FTIEX not far behind at 11.55%.

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%

FTIEX

• 1D: 0.00%
• 1M: 3.61%
• YTD: 15.51%
• 6M: 15.54%
• 1Y: 32.62%
• 3Y*: 20.75%
• 5Y*: 9.74%
• 10Y*: 11.55%

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

PXF vs. FTIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FTIEX Fidelity Total International Equity Fund	15.51%	32.46%	6.58%	16.31%	-17.03%	11.11%	17.91%	27.63%	-15.19%	28.22%

Correlation

The correlation between PXF and FTIEX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 2, 2007	0.90

The correlation between PXF and FTIEX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

PXF vs. FTIEX — Risk / Return Rank

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

PXF

PXF Risk / Return Rank: 75
PXF Sharpe Ratio Rank: 78
PXF Sortino Ratio Rank: 73
PXF Omega Ratio Rank: 77
PXF Calmar Ratio Rank: 74
PXF Martin Ratio Rank: 74

FTIEX

FTIEX Risk / Return Rank: 60
FTIEX Sharpe Ratio Rank: 61
FTIEX Sortino Ratio Rank: 56
FTIEX Omega Ratio Rank: 61
FTIEX Calmar Ratio Rank: 60
FTIEX Martin Ratio Rank: 60

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. FTIEX - 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 Fidelity Total International Equity Fund (FTIEX). 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	FTIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.12	+0.25
Sortino ratio: Return per unit of downside risk	3.10	2.89	+0.21
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.56	2.85	+0.71
Martin ratio: Return relative to average drawdown	13.32	11.26	+2.05

PXF vs. FTIEX - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.37, which is comparable to the FTIEX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PXF and FTIEX, 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. FTIEX - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, roughly equal to the maximum FTIEX drawdown of -61.85%. Use the drawdown chart below to compare losses from any high point for PXF and FTIEX.

Drawdown Indicators

	PXF	FTIEX	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-61.85%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-11.78%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-14.18%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-30.02%	+3.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-33.37%	-8.22%
Current Drawdown Current decline from peak	-4.37%	0.00%	-4.37%
Average Drawdown Average peak-to-trough decline	-15.24%	-13.12%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.98%	-0.06%

Volatility

PXF vs. FTIEX - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 6.95% compared to Fidelity Total International Equity Fund (FTIEX) at 6.49%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than FTIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXF	FTIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	6.49%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	13.93%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	15.91%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	16.37%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	16.88%	+0.93%

PXF vs. FTIEX - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than FTIEX's 1.05% expense ratio.

Dividends

PXF vs. FTIEX - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.17%, more than FTIEX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTIEX Fidelity Total International Equity Fund	1.06%	1.23%	1.57%	1.33%	1.07%	8.67%	2.46%	1.66%	1.00%	2.43%	1.47%	1.25%
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

Can I hold both PXF and FTIEX in my portfolio?

With a correlation of 0.92, PXF and FTIEX 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, PXF or FTIEX?

PXF has higher volatility (6.95%) compared to FTIEX (6.49%). In terms of maximum drawdown, PXF dropped -64.74% vs FTIEX's -61.85%.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.37 vs 2.12), 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.