PXH vs. AVEM

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and AVEM (Avantis Emerging Markets Equity ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while AVEM is a Foreign Large Cap Equities fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 5 years, PXH returned 9.61%/yr vs 10.44%/yr for AVEM. Their correlation of 0.93 suggests significant overlap in exposure. PXH charges 0.50%/yr vs 0.33%/yr for AVEM.

Performance

PXH vs. AVEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and Avantis Emerging Markets Equity ETF (AVEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXH achieves a 16.54% return, which is significantly lower than AVEM's 29.38% return.

PXH

• 1D: 1.80%
• 1M: 4.79%
• YTD: 16.54%
• 6M: 17.48%
• 1Y: 39.55%
• 3Y*: 22.69%
• 5Y*: 9.61%
• 10Y*: 10.99%

AVEM

• 1D: 0.71%
• 1M: 10.00%
• YTD: 29.38%
• 6M: 31.57%
• 1Y: 57.57%
• 3Y*: 26.65%
• 5Y*: 10.44%
• 10Y*: —

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

PXH vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PXH Invesco FTSE RAFI Emerging Markets ETF	16.54%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	10.32%
AVEM Avantis Emerging Markets Equity ETF	29.38%	34.48%	7.49%	15.30%	-18.15%	5.16%	14.39%	11.13%

Correlation

The correlation between PXH and AVEM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 20, 2019	0.93

The correlation between PXH and AVEM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

PXH vs. AVEM - Sectors Allocation Comparison

Sectors	PXH	AVEM
Financial Services	25.8%	20.7%
Technology	19.9%	32.3%
Energy	13.0%	5.1%
Basic Materials	12.1%	8.1%
Consumer Cyclical	10.7%	9.2%
Communication Services	6.2%	5.4%
Industrials	4.6%	9.2%
Consumer Defensive	2.8%	3.1%
Utilities	2.4%	2.6%
Real Estate	1.7%	1.6%
Healthcare	0.9%	2.8%

Return for Risk

PXH vs. AVEM — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 77
PXH Sharpe Ratio Rank: 80
PXH Sortino Ratio Rank: 76
PXH Omega Ratio Rank: 79
PXH Calmar Ratio Rank: 77
PXH Martin Ratio Rank: 76

AVEM

AVEM Risk / Return Rank: 85
AVEM Sharpe Ratio Rank: 88
AVEM Sortino Ratio Rank: 84
AVEM Omega Ratio Rank: 86
AVEM Calmar Ratio Rank: 83
AVEM 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.

PXH vs. AVEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Avantis Emerging Markets Equity ETF (AVEM). 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.

	PXH	AVEM	Difference
Sharpe ratio Return per unit of total volatility	2.61	2.98	-0.37
Sortino ratio Return per unit of downside risk	3.47	3.80	-0.33
Omega ratio Gain probability vs. loss probability	1.48	1.54	-0.06
Calmar ratio Return relative to maximum drawdown	3.97	4.50	-0.53
Martin ratio Return relative to average drawdown	14.79	17.88	-3.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXH vs. AVEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the AVEM Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of PXH and AVEM, 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

	PXH	AVEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.98	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.57	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.67	-0.52

Drawdowns

PXH vs. AVEM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than AVEM's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for PXH and AVEM.

Drawdown Indicators

	PXH	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-36.05%	-27.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-13.13%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-18.02%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-34.00%	+4.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.87%	-10.10%	-6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.30%	-0.55%

Volatility

PXH vs. AVEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.12%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 8.14%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than AVEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	8.14%	-3.02%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	16.64%	-4.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	19.40%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	18.33%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	20.55%	-0.48%

PXH vs. AVEM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than AVEM's 0.33% expense ratio.

Dividends

PXH vs. AVEM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, more than AVEM's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVEM Avantis Emerging Markets Equity ETF	1.95%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%	0.00%	0.00%	0.00%	0.00%
PXH Invesco FTSE RAFI Emerging Markets ETF	3.38%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%

Frequently Asked Questions

Can I hold both PXH and AVEM in my portfolio?

With a correlation of 0.91, PXH and AVEM 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, PXH or AVEM?

AVEM has higher volatility (8.14%) compared to PXH (5.12%). In terms of maximum drawdown, PXH dropped -63.63% vs AVEM's -36.05%.

Which ETF is better, PXH or AVEM?

On 5-year performance, AVEM leads with 10.44% vs 9.61% for PXH. On fees, AVEM is cheaper at 0.33% per year. On volatility, PXH has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or AVEM?

Over the 5-year period, AVEM has performed better with a 10.44% return vs 9.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or AVEM?

AVEM is cheaper with a 0.33% expense ratio, compared with 0.50% for PXH.

Which ETF pays a higher dividend yield, PXH or AVEM?

PXH has the higher dividend yield at 3.38%, compared with 1.95% for AVEM.

What is the main difference between PXH and AVEM?

PXH is categorized as Emerging Markets Equities, while AVEM is Foreign Large Cap Equities. PXH tracks FTSE RAFI Emerging Markets Index, while AVEM tracks MSCI Emerging Markets Index. They also come from different issuers: Invesco and American Century. Their fees differ too: 0.50% for PXH and 0.33% for AVEM.

Which has better risk-adjusted returns?

AVEM currently has the higher Sharpe Ratio (2.98 vs 2.61), 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.