PXH vs. DEM

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 10 years, PXH returned 10.99%/yr vs 10.58%/yr for DEM. Their correlation of 0.92 suggests significant overlap in exposure. PXH charges 0.50%/yr vs 0.63%/yr for DEM.

Performance

PXH vs. DEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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 DEM's 21.41% return. Both investments have delivered pretty close results over the past 10 years, with PXH having a 10.99% annualized return and DEM not far behind at 10.58%.

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%

DEM

• 1D: 0.98%
• 1M: 7.26%
• YTD: 21.41%
• 6M: 22.54%
• 1Y: 34.46%
• 3Y*: 19.79%
• 5Y*: 10.00%
• 10Y*: 10.58%

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

PXH vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	16.54%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
DEM WisdomTree Emerging Markets Equity Income Fund	21.41%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%

Correlation

The correlation between PXH and DEM is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2007	0.92

The correlation between PXH and DEM has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

PXH vs. DEM - Sectors Allocation Comparison

Sectors	PXH	DEM
Financial Services	25.8%	21.9%
Technology	19.9%	17.4%
Energy	13.0%	6.1%
Basic Materials	12.1%	3.5%
Consumer Cyclical	10.7%	5.0%
Communication Services	6.2%	3.0%
Industrials	4.6%	9.5%
Consumer Defensive	2.8%	5.8%
Utilities	2.4%	3.0%
Real Estate	1.7%	3.0%
Healthcare	0.9%	0.6%

Return for Risk

PXH vs. DEM — 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

DEM

DEM Risk / Return Rank: 79
DEM Sharpe Ratio Rank: 78
DEM Sortino Ratio Rank: 77
DEM Omega Ratio Rank: 77
DEM Calmar Ratio Rank: 83
DEM Martin Ratio Rank: 79

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. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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	DEM	Difference
Sharpe ratio Return per unit of total volatility	2.61	2.56	+0.06
Sortino ratio Return per unit of downside risk	3.47	3.51	-0.03
Omega ratio Gain probability vs. loss probability	1.48	1.47	+0.01
Calmar ratio Return relative to maximum drawdown	3.97	4.42	-0.46
Martin ratio Return relative to average drawdown	14.79	15.70	-0.91
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. DEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the DEM Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of PXH and DEM, 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	DEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.56	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.66	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.59	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.22	-0.08

Drawdowns

PXH vs. DEM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than DEM's maximum drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for PXH and DEM.

Drawdown Indicators

	PXH	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-51.85%	-11.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-7.89%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-15.64%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-27.18%	-2.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-37.79%	-2.63%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.87%	-12.90%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.22%	+0.53%

Volatility

PXH vs. DEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.12%, while WisdomTree Emerging Markets Equity Income Fund (DEM) has a volatility of 5.51%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.51%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	11.25%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	13.53%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	15.33%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	17.96%	+2.11%

PXH vs. DEM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

PXH vs. DEM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, less than DEM's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.71%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
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 DEM in my portfolio?

PXH and DEM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXH or DEM?

DEM has higher volatility (5.51%) compared to PXH (5.12%). In terms of maximum drawdown, PXH dropped -63.63% vs DEM's -51.85%.

Which ETF is better, PXH or DEM?

On 10-year performance, PXH leads with 10.99% vs 10.58% for DEM. On fees, PXH is cheaper at 0.50% 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 DEM?

Over the 10-year period, PXH has performed better with a 10.99% return vs 10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or DEM?

PXH is cheaper with a 0.50% expense ratio, compared with 0.63% for DEM.

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

DEM has the higher dividend yield at 3.71%, compared with 3.38% for PXH.

What is the main difference between PXH and DEM?

PXH tracks FTSE RAFI Emerging Markets Index, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.50% for PXH and 0.63% for DEM.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (2.61 vs 2.56), 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.