PXH vs. DVYE

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and DVYE (iShares Emerging Markets Dividend ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while DVYE tracks the Dow Jones Emerging Markets Select Dividend Index. Both are passively managed. Over the past 10 years, PXH returned 10.99%/yr vs 8.06%/yr for DVYE. Their correlation of 0.89 suggests significant overlap in exposure. PXH charges 0.50%/yr vs 0.49%/yr for DVYE.

Performance

PXH vs. DVYE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and iShares Emerging Markets Dividend ETF (DVYE). 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 higher than DVYE's 12.47% return. Over the past 10 years, PXH has outperformed DVYE with an annualized return of 10.99%, while DVYE has yielded a comparatively lower 8.06% annualized 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%

DVYE

• 1D: 0.60%
• 1M: -0.14%
• YTD: 12.47%
• 6M: 13.50%
• 1Y: 30.89%
• 3Y*: 22.70%
• 5Y*: 5.36%
• 10Y*: 8.06%

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

PXH vs. DVYE - 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%
DVYE iShares Emerging Markets Dividend ETF	12.47%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	27.04%

Correlation

The correlation between PXH and DVYE is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012	0.89

The correlation between PXH and DVYE has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

PXH vs. DVYE - Sectors Allocation Comparison

Sectors	PXH	DVYE
Financial Services	25.8%	28.4%
Technology	19.9%	7.3%
Energy	13.0%	19.1%
Basic Materials	12.1%	8.6%
Consumer Cyclical	10.7%	4.3%
Communication Services	6.2%	1.9%
Industrials	4.6%	16.8%
Consumer Defensive	2.8%	2.4%
Utilities	2.4%	7.4%
Real Estate	1.7%	3.7%
Healthcare	0.9%	-

Return for Risk

PXH vs. DVYE — 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

DVYE

DVYE Risk / Return Rank: 69
DVYE Sharpe Ratio Rank: 65
DVYE Sortino Ratio Rank: 62
DVYE Omega Ratio Rank: 62
DVYE Calmar Ratio Rank: 85
DVYE Martin Ratio Rank: 72

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. DVYE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and iShares Emerging Markets Dividend ETF (DVYE). 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	DVYE	Difference
Sharpe ratio Return per unit of total volatility	2.61	2.19	+0.43
Sortino ratio Return per unit of downside risk	3.47	2.94	+0.53
Omega ratio Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio Return relative to maximum drawdown	3.97	4.78	-0.81
Martin ratio Return relative to average drawdown	14.79	13.81	+0.98
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. DVYE - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the DVYE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PXH and DVYE, 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	DVYE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.19	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.32	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.44	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.17	-0.02

Drawdowns

PXH vs. DVYE - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than DVYE's maximum drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for PXH and DVYE.

Drawdown Indicators

	PXH	DVYE	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-47.42%	-16.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-6.49%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-14.63%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-40.89%	+11.30%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-40.89%	+0.47%
Current Drawdown Current decline from peak	0.00%	-2.32%	+2.32%
Average Drawdown Average peak-to-trough decline	-16.87%	-15.38%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.25%	+0.50%

Volatility

PXH vs. DVYE - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.12%, while iShares Emerging Markets Dividend ETF (DVYE) has a volatility of 5.46%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than DVYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	DVYE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.46%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	11.47%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	14.19%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	16.98%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	18.39%	+1.68%

PXH vs. DVYE - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than DVYE's 0.49% expense ratio.

Dividends

PXH vs. DVYE - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, less than DVYE's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	5.03%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
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 DVYE in my portfolio?

PXH and DVYE have a correlation of 0.82, 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 DVYE?

DVYE has higher volatility (5.46%) compared to PXH (5.12%). In terms of maximum drawdown, PXH dropped -63.63% vs DVYE's -47.42%.

Which ETF is better, PXH or DVYE?

On 10-year performance, PXH leads with 10.99% vs 8.06% for DVYE. On fees, DVYE is cheaper at 0.49% 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 DVYE?

Over the 10-year period, PXH has performed better with a 10.99% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or DVYE?

DVYE is cheaper with a 0.49% expense ratio, compared with 0.50% for PXH.

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

DVYE has the higher dividend yield at 5.03%, compared with 3.38% for PXH.

What is the main difference between PXH and DVYE?

PXH tracks FTSE RAFI Emerging Markets Index, while DVYE tracks Dow Jones Emerging Markets Select Dividend Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PXH and 0.49% for DVYE.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (2.61 vs 2.19), 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.