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PXH vs. DEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXH vs. DEM

Last updated Aug 2, 2026
Documentation

PXH (Invesco FTSE RAFI Emerging Markets ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while DEM is a Dividend fund tracking the WisdomTree Emerging Markets Equity Income Index. Both are passively managed. Over the past 10 years, PXH returned 9.64%/yr vs 9.26%/yr for DEM. Their correlation of 0.92 means they have usually moved in the same direction. 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.

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Returns By Period

In the year-to-date period, PXH achieves a 14.20% return, which is significantly lower than DEM's 17.08% return. Both investments have delivered pretty close results over the past 10 years, with PXH having a 9.64% annualized return and DEM not far behind at 9.26%.

PXH

1D
0.97%
1M
4.81%
6M
6.84%
YTD
14.20%
1Y
29.44%
3Y*
19.40%
5Y*
10.44%
10Y*
9.64%
ALL TIME*
3.67%

DEM

1D
0.19%
1M
0.60%
6M
10.28%
YTD
17.08%
1Y
24.73%
3Y*
15.88%
5Y*
10.19%
10Y*
9.26%
ALL TIME*
4.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DEM

WisdomTree Emerging Markets Equity Income Fund
$8.90M$9.48M$10.87M

PXH

Invesco FTSE RAFI Emerging Markets ETF
$5.58M$7.03M$7.21M

PXH vs. DEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXH
Invesco FTSE RAFI Emerging Markets ETF		14.20%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		17.08%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 0.89, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.91

Correlation (10Y)
Provides a long-term view across more market conditions.

0.93

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2007

0.92

The correlation between PXH and DEM has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

PXH vs. DEM - Sectors Allocation Comparison

Sectors
PXH
DEM

Financial Services

26.1%
21.9%

Technology

24.3%
17.5%

Basic Materials

10.9%
3.7%

Energy

10.8%
6.2%

Consumer Cyclical

9.7%
5.4%

Communication Services

6.2%
3.0%

Industrials

4.6%
8.9%

Consumer Defensive

2.9%
5.8%

Utilities

2.2%
3.0%

Real Estate

1.5%
2.9%

Healthcare

0.9%
0.6%

Financial Services

PXH
26.1%
DEM
21.9%

Technology

PXH
24.3%
DEM
17.5%

Basic Materials

PXH
10.9%
DEM
3.7%

Energy

PXH
10.8%
DEM
6.2%

Consumer Cyclical

PXH
9.7%
DEM
5.4%

Communication Services

PXH
6.2%
DEM
3.0%

Industrials

PXH
4.6%
DEM
8.9%

Consumer Defensive

PXH
2.9%
DEM
5.8%

Utilities

PXH
2.2%
DEM
3.0%

Real Estate

PXH
1.5%
DEM
2.9%

Healthcare

PXH
0.9%
DEM
0.6%

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 Emerging Markets ETF

WisdomTree Emerging Markets Equity Income Fund

Often compared with PXH:
PXH vs. FNDEPXH vs. PXFPXH vs. IEMGPXH vs. EEMOPXH vs. EEMPXH vs. VOOPXH vs. PIE
Often compared with DEM:
DEM vs. DVYEDEM vs. EEMDEM vs. AVEMDEM vs. FNDEDEM vs. DGREDEM vs. FEMKXDEM vs. VXUS

Return for Risk

PXH vs. DEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PXH
PXH Risk / Return Rank: 7575
Overall Rank
PXH Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PXH Sortino Ratio Rank: 7373
Sortino Ratio Rank
PXH Omega Ratio Rank: 7676
Omega Ratio Rank
PXH Calmar Ratio Rank: 7878
Calmar Ratio Rank
PXH Martin Ratio Rank: 7171
Martin Ratio Rank
DEM
DEM Risk / Return Rank: 7575
Overall Rank
DEM Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DEM Sortino Ratio Rank: 7171
Sortino Ratio Rank
DEM Omega Ratio Rank: 7272
Omega Ratio Rank
DEM Calmar Ratio Rank: 8484
Calmar Ratio Rank
DEM Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

PXHDEMDifference
Sharpe ratioReturn per unit of total volatility
1.75
1.66

+0.09

Sortino ratioReturn per unit of downside risk
2.36
2.31

+0.05

Omega ratioGain probability vs. loss probability

1.31

1.30

+0.02

Calmar ratioReturn relative to maximum drawdown

2.80

3.15

-0.34

Martin ratioReturn relative to average drawdown

8.74

9.50

-0.76

PXH vs. DEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.75, which is comparable to the DEM Sharpe Ratio of 1.66. 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.

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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.

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Drawdown Indicators

PXHDEMDifference

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

-2.00%

-3.57%

+1.57%

Average Drawdown

Average peak-to-trough decline

-16.76%

-12.82%

-3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.28%

2.61%

+0.67%

Volatility

PXH vs. DEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 4.46%, while WisdomTree Emerging Markets Equity Income Fund (DEM) has a volatility of 5.12%. 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.

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Volatility by Period

PXHDEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.46%

5.12%

-0.66%

Volatility (6M)

Calculated over the trailing 6-month period

13.66%

13.28%

+0.38%

Volatility (1Y)

Calculated over the trailing 1-year period

16.46%

15.02%

+1.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.94%

15.60%

+2.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.86%

17.85%

+2.01%

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 4.21%, which matches DEM's 4.18% yield.

PositionTTM20252024202320222021202020192018201720162015
DEM
WisdomTree Emerging Markets Equity Income Fund		4.18%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		4.21%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

PXH and DEM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DEM has higher volatility (5.12%) compared to PXH (4.46%). In terms of maximum drawdown, PXH dropped -63.63% vs DEM's -51.85%.

On 10-year performance, PXH leads with 9.64% vs 9.26% for DEM. On fees, PXH is cheaper at 0.50% per year. On volatility, PXH has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PXH has performed better with a 9.64% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PXH has the higher dividend yield at 4.21%, compared with 4.18% for DEM.

PXH is categorized as Emerging Markets Equities, while DEM is Dividend. 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.

PXH currently has the higher Sharpe Ratio (1.75 vs 1.66), 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.

Portfolio Optimizer

Find the right allocation for PXH and DEM

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