PXF vs. GRID

Last updated Jun 14, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both exchange-traded funds - PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index, while GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure Index. Both are passively managed. Over the past 10 years, PXF returned 12.26%/yr vs 19.76%/yr for GRID. A 0.72 correlation means they provide meaningful diversification when combined. PXF charges 0.45%/yr vs 0.70%/yr for GRID.

Performance

PXF vs. GRID - 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 First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXF achieves a 18.79% return, which is significantly lower than GRID's 23.59% return. Over the past 10 years, PXF has underperformed GRID with an annualized return of 12.26%, while GRID has yielded a comparatively higher 19.76% annualized return.

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%

GRID

• 1D: -0.18%
• 1M: -4.22%
• YTD: 23.59%
• 6M: 24.02%
• 1Y: 43.17%
• 3Y*: 23.21%
• 5Y*: 16.83%
• 10Y*: 19.76%

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

PXF vs. GRID - 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%	24.52%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	23.59%	29.65%	15.18%	21.57%	-13.89%	27.65%	48.84%	42.80%	-22.69%	27.44%

Correlation

The correlation between PXF and GRID is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.72

The correlation between PXF and GRID has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

PXF vs. GRID - Sectors Allocation Comparison

Sectors	PXF	GRID
Financial Services	19.1%	-
Technology	14.7%	12.6%
Industrials	14.6%	24.4%
Consumer Cyclical	10.4%	2.4%
Basic Materials	10.1%	0.0%
Energy	9.5%	1.6%
Healthcare	6.8%	-
Consumer Defensive	5.7%	-
Communication Services	4.3%	-
Utilities	3.2%	3.9%
Real Estate	1.6%	-

Return for Risk

PXF vs. GRID — 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

GRID

GRID Risk / Return Rank: 73
GRID Sharpe Ratio Rank: 72
GRID Sortino Ratio Rank: 69
GRID Omega Ratio Rank: 69
GRID Calmar Ratio Rank: 79
GRID Martin Ratio Rank: 78

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. GRID - 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 First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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	GRID	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.02	+0.45
Sortino ratio: Return per unit of downside risk	3.25	2.70	+0.55
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.09
Calmar ratio: Return relative to maximum drawdown	3.66	3.57	+0.09
Martin ratio: Return relative to average drawdown	13.76	12.89	+0.86

PXF vs. GRID - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.47, which is comparable to the GRID Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PXF and GRID, 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. GRID - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than GRID's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for PXF and GRID.

Drawdown Indicators

	PXF	GRID	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-40.56%	-24.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-11.73%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-20.77%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-29.64%	+2.82%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-40.56%	-1.03%
Current Drawdown Current decline from peak	-2.04%	-5.40%	+3.36%
Average Drawdown Average peak-to-trough decline	-15.25%	-8.42%	-6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.25%	-0.35%

Volatility

PXF vs. GRID - Volatility Comparison

The current volatility for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) is 6.76%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 9.56%. This indicates that PXF experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXF	GRID	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	9.56%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	13.95%	17.70%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	20.73%	-4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	21.24%	-4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	22.90%	-4.83%

PXF vs. GRID - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than GRID's 0.70% expense ratio.

Dividends

PXF vs. GRID - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.12%, more than GRID's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.80%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%
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 GRID in my portfolio?

PXF and GRID have a correlation of 0.80, 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 GRID?

GRID has higher volatility (9.56%) compared to PXF (6.76%). In terms of maximum drawdown, PXF dropped -64.74% vs GRID's -40.56%.

Which ETF is better, PXF or GRID?

On 10-year performance, GRID leads with 19.76% vs 12.26% for PXF. On fees, PXF is cheaper at 0.45% per year. On volatility, PXF has been the lower-risk option at 6.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXF or GRID?

Over the 10-year period, GRID has performed better with a 19.76% return vs 12.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXF or GRID?

PXF is cheaper with a 0.45% expense ratio, compared with 0.70% for GRID.

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

PXF has the higher dividend yield at 3.12%, compared with 0.80% for GRID.

What is the main difference between PXF and GRID?

PXF is categorized as Foreign Large Cap Equities, while GRID is Alternative Energy Equities. PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.45% for PXF and 0.70% for GRID.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.47 vs 2.02), 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.