PXF vs. PXH

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) and Invesco FTSE RAFI Emerging Markets ETF (PXH).

PXF and PXH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PXF is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Developed Markets ex-U.S. Index. It was launched on Jun 25, 2007. PXH is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Emerging Markets Index. It was launched on Sep 27, 2007. Both PXF and PXH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PXF vs. PXH - 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 Invesco FTSE RAFI Emerging Markets ETF (PXH). The values are adjusted to include any dividend payments, if applicable.

PXF vs. PXH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	7.42%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%
PXH Invesco FTSE RAFI Emerging Markets ETF	4.64%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%

Returns By Period

In the year-to-date period, PXF achieves a 7.42% return, which is significantly higher than PXH's 4.64% return. Over the past 10 years, PXF has outperformed PXH with an annualized return of 10.96%, while PXH has yielded a comparatively lower 9.71% annualized return.

PXF

• 1D: 3.20%
• 1M: -7.54%
• YTD: 7.42%
• 6M: 16.47%
• 1Y: 39.79%
• 3Y*: 21.01%
• 5Y*: 12.53%
• 10Y*: 10.96%

PXH

• 1D: 2.87%
• 1M: -5.27%
• YTD: 4.64%
• 6M: 7.81%
• 1Y: 28.88%
• 3Y*: 18.73%
• 5Y*: 8.65%
• 10Y*: 9.71%

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

PXF vs. PXH - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is lower than PXH's 0.50% expense ratio.

PXH

Invesco FTSE RAFI Emerging Markets ETF

PXF

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

Return for Risk

PXF vs. PXH — Risk / Return Rank

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

PXF

PXF Risk / Return Rank: 94
PXF Sharpe Ratio Rank: 94
PXF Sortino Ratio Rank: 95
PXF Omega Ratio Rank: 95
PXF Calmar Ratio Rank: 92
PXF Martin Ratio Rank: 93

PXH

PXH Risk / Return Rank: 83
PXH Sharpe Ratio Rank: 82
PXH Sortino Ratio Rank: 84
PXH Omega Ratio Rank: 83
PXH Calmar Ratio Rank: 79
PXH Martin Ratio Rank: 85

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. PXH - 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 Invesco FTSE RAFI Emerging Markets ETF (PXH). 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.

	PXF	PXH	Difference
Sharpe ratio Return per unit of total volatility	2.29	1.57	+0.72
Sortino ratio Return per unit of downside risk	2.97	2.17	+0.80
Omega ratio Gain probability vs. loss probability	1.46	1.32	+0.14
Calmar ratio Return relative to maximum drawdown	3.34	2.11	+1.23
Martin ratio Return relative to average drawdown	13.24	9.45	+3.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXF vs. PXH - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.29, which is higher than the PXH Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of PXF and PXH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PXF	PXH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	1.57	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.49	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.48	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.12	+0.09

Correlation

The correlation between PXF and PXH is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PXF vs. PXH - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.45%, less than PXH's 3.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.45%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%
PXH Invesco FTSE RAFI Emerging Markets ETF	3.76%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%

Drawdowns

PXF vs. PXH - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, roughly equal to the maximum PXH drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for PXF and PXH.

Drawdown Indicators

	PXF	PXH	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-63.63%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.52%	-13.78%	+2.26%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-29.59%	+2.77%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-40.42%	-1.17%
Current Drawdown Current decline from peak	-7.54%	-6.55%	-0.99%
Average Drawdown Average peak-to-trough decline	-15.40%	-17.00%	+1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.08%	-0.18%

Volatility

PXF vs. PXH - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 8.30% compared to Invesco FTSE RAFI Emerging Markets ETF (PXH) at 7.57%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than PXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXF	PXH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	7.57%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	12.04%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	18.52%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	17.71%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	20.21%	-2.18%