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PXF vs. SPIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXF vs. SPIP

Last updated Jun 9, 2026

PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) and SPIP (SPDR Portfolio TIPS 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 SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 10 years, PXF returned 11.69%/yr vs 2.50%/yr for SPIP. At a correlation of -0.08, they often move in opposite directions. PXF charges 0.45%/yr vs 0.12%/yr for SPIP.

Performance

PXF vs. SPIP - 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 TIPS ETF (SPIP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PXF achieves a 16.56% return, which is significantly higher than SPIP's 0.90% return. Over the past 10 years, PXF has outperformed SPIP with an annualized return of 11.69%, while SPIP has yielded a comparatively lower 2.50% annualized return.

PXF

1D
0.90%
1M
-0.60%
YTD
16.56%
6M
20.08%
1Y
38.53%
3Y*
23.53%
5Y*
12.81%
10Y*
11.69%

SPIP

1D
-0.16%
1M
-0.83%
YTD
0.90%
6M
0.92%
1Y
4.77%
3Y*
3.64%
5Y*
0.78%
10Y*
2.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXF vs. SPIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		16.56%42.51%4.54%18.46%-9.09%15.93%2.58%17.50%-14.84%24.52%
SPIP
SPDR Portfolio TIPS ETF		0.90%6.78%2.35%2.98%-12.84%5.80%11.41%9.14%-1.53%3.16%

Correlation

The correlation between PXF and SPIP is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.21

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2007

-0.08

The correlation between PXF and SPIP shifts across timeframes, from -0.08 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

SPDR Portfolio TIPS ETF

Often compared with PXF:
PXF vs. FNDFPXF vs. PRFPXF vs. VEAPXF vs. VXUSPXF vs. VYMIPXF vs. PXHPXF vs. SCHE
Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN

Return for Risk

PXF vs. SPIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXF
PXF Risk / Return Rank: 8080
Overall Rank
PXF Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PXF Sortino Ratio Rank: 8080
Sortino Ratio Rank
PXF Omega Ratio Rank: 8282
Omega Ratio Rank
PXF Calmar Ratio Rank: 7777
Calmar Ratio Rank
PXF Martin Ratio Rank: 7878
Martin Ratio Rank
SPIP
SPIP Risk / Return Rank: 4545
Overall Rank
SPIP Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPIP Omega Ratio Rank: 4242
Omega Ratio Rank
SPIP Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4646
Martin Ratio Rank
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. SPIP - 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 TIPS ETF (SPIP). 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.

PXFSPIPDifference
Sharpe ratioReturn per unit of total volatility
2.46
1.35

+1.11

Sortino ratioReturn per unit of downside risk
3.19
1.98

+1.22

Omega ratioGain probability vs. loss probability

1.45

1.24

+0.20

Calmar ratioReturn relative to maximum drawdown

3.55

2.34

+1.21

Martin ratioReturn relative to average drawdown

13.49

6.86

+6.63

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. SPIP - Sharpe Ratio Comparison

The current PXF Sharpe Ratio is 2.46, which is higher than the SPIP Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of PXF and SPIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PXFSPIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

1.35

+1.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.12

+0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.42

+0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.52

-0.29

Drawdowns

PXF vs. SPIP - Drawdown Comparison

The maximum PXF drawdown since its inception was -64.74%, which is greater than SPIP's maximum drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for PXF and SPIP.

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Drawdown Indicators

PXFSPIPDifference

Max Drawdown

Largest peak-to-trough decline

-64.74%

-15.39%

-49.35%

Max Drawdown (1Y)

Largest decline over 1 year

-10.91%

-2.04%

-8.87%

Max Drawdown (3Y)

Largest decline over 3 years

-14.06%

-4.76%

-9.30%

Max Drawdown (5Y)

Largest decline over 5 years

-26.82%

-15.39%

-11.43%

Max Drawdown (10Y)

Largest decline over 10 years

-41.59%

-15.39%

-26.20%

Current Drawdown

Current decline from peak

-3.88%

-1.60%

-2.28%

Average Drawdown

Average peak-to-trough decline

-15.26%

-4.10%

-11.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.86%

0.70%

+2.16%

Volatility

PXF vs. SPIP - Volatility Comparison

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a higher volatility of 6.06% compared to SPDR Portfolio TIPS ETF (SPIP) at 1.00%. This indicates that PXF's price experiences larger fluctuations and is considered to be riskier than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXFSPIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.06%

1.00%

+5.06%

Volatility (6M)

Calculated over the trailing 6-month period

13.53%

2.57%

+10.96%

Volatility (1Y)

Calculated over the trailing 1-year period

15.80%

3.56%

+12.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.54%

6.57%

+9.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.07%

6.01%

+12.06%

PXF vs. SPIP - Expense Ratio Comparison

PXF has a 0.45% expense ratio, which is higher than SPIP's 0.12% expense ratio.

Dividends

PXF vs. SPIP - Dividend Comparison

PXF's dividend yield for the trailing twelve months is around 3.18%, less than SPIP's 4.78% yield.

PositionTTM20252024202320222021202020192018201720162015
PXF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		3.18%3.64%3.48%3.55%3.58%3.74%2.11%3.50%3.38%2.78%3.21%3.10%
SPIP
SPDR Portfolio TIPS ETF		4.78%4.09%3.36%3.70%7.05%4.53%1.97%2.91%2.80%3.02%1.88%0.14%

Frequently Asked Questions

PXF and SPIP have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXF has higher volatility (6.06%) compared to SPIP (1.00%). In terms of maximum drawdown, PXF dropped -64.74% vs SPIP's -15.39%.

On 10-year performance, PXF leads with 11.69% vs 2.50% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PXF has performed better with a 11.69% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPIP is cheaper with a 0.12% expense ratio, compared with 0.45% for PXF.

SPIP has the higher dividend yield at 4.78%, compared with 3.18% for PXF.

PXF is categorized as Foreign Large Cap Equities, while SPIP is Inflation-Protected Bonds. PXF tracks FTSE RAFI Developed Markets ex-U.S. Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.45% for PXF and 0.12% for SPIP.

PXF currently has the higher Sharpe Ratio (2.46 vs 1.35), 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.

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