PXF vs. SPDW

Last updated Jun 4, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - PXF tracks the FTSE RAFI Developed Markets ex-U.S. Index while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 10 years, PXF returned 11.80%/yr vs 10.09%/yr for SPDW. Their correlation of 0.92 suggests significant overlap in exposure. PXF charges 0.45%/yr vs 0.04%/yr for SPDW.

Performance

PXF vs. SPDW - 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 SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXF achieves a 20.42% return, which is significantly higher than SPDW's 15.00% return. Over the past 10 years, PXF has outperformed SPDW with an annualized return of 11.80%, while SPDW has yielded a comparatively lower 10.09% annualized return.

PXF

• 1D: -0.70%
• 1M: 6.92%
• YTD: 20.42%
• 6M: 24.34%
• 1Y: 44.15%
• 3Y*: 25.13%
• 5Y*: 13.47%
• 10Y*: 11.80%

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

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

PXF vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	20.42%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%

Correlation

The correlation between PXF and SPDW is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 26, 2007	0.92

The correlation between PXF and SPDW has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

PXF vs. SPDW - Sectors Allocation Comparison

Sectors	PXF	SPDW
Financial Services	19.7%	22.9%
Industrials	15.1%	19.2%
Technology	11.4%	13.7%
Energy	10.6%	5.5%
Consumer Cyclical	10.2%	7.8%
Basic Materials	10.1%	7.3%
Healthcare	7.2%	8.3%
Consumer Defensive	6.1%	5.7%
Communication Services	4.3%	3.8%
Utilities	3.6%	3.3%
Real Estate	1.8%	2.5%

Return for Risk

PXF vs. SPDW — 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: 79
PXF Martin Ratio Rank: 79

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW 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. SPDW - 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 SPDR Portfolio World ex-US ETF (SPDW). 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	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.07	+0.84
Sortino ratio: Return per unit of downside risk	3.83	2.87	+0.96
Omega ratio: Gain probability vs. loss probability	1.52	1.37	+0.15
Calmar ratio: Return relative to maximum drawdown	4.07	2.80	+1.27
Martin ratio: Return relative to average drawdown	15.61	10.93	+4.68
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. SPDW - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.92, which is higher than the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of PXF and SPDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PXF	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.07	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.57	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.59	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.24	0.00

Drawdowns

PXF vs. SPDW - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than SPDW's maximum drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for PXF and SPDW.

Drawdown Indicators

	PXF	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-60.02%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-11.55%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-13.53%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	-30.21%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-34.98%	-6.61%
Current Drawdown Current decline from peak	-0.70%	-0.87%	+0.17%
Average Drawdown Average peak-to-trough decline	-15.27%	-12.91%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.95%	-0.11%

Volatility

PXF vs. SPDW - Volatility Comparison

The current volatility for Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) is 5.33%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 5.63%. This indicates that PXF experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXF	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	5.63%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	13.17%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	15.60%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	16.49%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	17.26%	+0.78%

PXF vs. SPDW - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

PXF vs. SPDW - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.07%, more than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.07%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both PXF and SPDW in my portfolio?

With a correlation of 0.97, PXF and SPDW 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 SPDW?

SPDW has higher volatility (5.63%) compared to PXF (5.33%). In terms of maximum drawdown, PXF dropped -64.74% vs SPDW's -60.02%.

Which ETF is better, PXF or SPDW?

On 10-year performance, PXF leads with 11.80% vs 10.09% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, PXF has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXF or SPDW?

Over the 10-year period, PXF has performed better with a 11.80% return vs 10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXF or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.45% for PXF.

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

PXF has the higher dividend yield at 3.07%, compared with 2.87% for SPDW.

What is the main difference between PXF and SPDW?

PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.45% for PXF and 0.04% for SPDW.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.92 vs 2.07), 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.