PXH vs. FEM

Last updated Aug 4, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and FEM (First Trust Emerging Markets AlphaDEX Fund) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while FEM tracks the NASDAQ AlphaDEX EM Index. Both are passively managed. Over the past 10 years, PXH returned 9.29%/yr vs 8.01%/yr for FEM. Their correlation of 0.89 means they have usually moved in the same direction. PXH charges 0.50%/yr vs 0.80%/yr for FEM.

Performance

PXH vs. FEM - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PXH having a 14.44% return and FEM slightly higher at 14.62%. Over the past 10 years, PXH has outperformed FEM with an annualized return of 9.29%, while FEM has yielded a comparatively lower 8.01% annualized return.

PXH

• 1D: 0.21%
• 1M: 5.02%
• 6M: 7.06%
• YTD: 14.44%
• 1Y: 29.71%
• 3Y*: 20.27%
• 5Y*: 10.24%
• 10Y*: 9.29%
• ALL TIME*: 3.68%

FEM

• 1D: 1.10%
• 1M: -0.97%
• 6M: 7.32%
• YTD: 14.62%
• 1Y: 28.96%
• 3Y*: 15.72%
• 5Y*: 6.98%
• 10Y*: 8.01%
• ALL TIME*: 3.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEM First Trust Emerging Markets AlphaDEX Fund	$3.69M	$3.65M	$3.68M
PXH Invesco FTSE RAFI Emerging Markets ETF	$5.43M	$7.06M	$7.27M

PXH vs. FEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	14.44%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
FEM First Trust Emerging Markets AlphaDEX Fund	14.62%	28.36%	3.01%	10.84%	-14.24%	7.40%	-1.68%	20.55%	-15.51%	41.05%

Correlation

The correlation between PXH and FEM is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011	0.89

The correlation between PXH and FEM has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

PXH vs. FEM - Sectors Allocation Comparison

Sectors	PXH	FEM
Financial Services	26.1%	7.5%
Technology	24.3%	29.9%
Basic Materials	10.9%	7.2%
Energy	10.8%	12.2%
Consumer Cyclical	9.7%	5.4%
Communication Services	6.2%	4.6%
Industrials	4.6%	19.1%
Consumer Defensive	2.9%	2.9%
Utilities	2.2%	6.0%
Real Estate	1.5%	2.5%
Healthcare	0.9%	2.7%

Return for Risk

PXH vs. FEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PXH

PXH Risk / Return Rank: 75
PXH Sharpe Ratio Rank: 77
PXH Sortino Ratio Rank: 73
PXH Omega Ratio Rank: 76
PXH Calmar Ratio Rank: 79
PXH Martin Ratio Rank: 71

FEM

FEM Risk / Return Rank: 61
FEM Sharpe Ratio Rank: 58
FEM Sortino Ratio Rank: 51
FEM Omega Ratio Rank: 56
FEM Calmar Ratio Rank: 73
FEM Martin Ratio Rank: 66

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. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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.

	PXH	FEM	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.44	+0.38
Sortino ratio: Return per unit of downside risk	2.44	1.90	+0.54
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.91	2.67	+0.24
Martin ratio: Return relative to average drawdown	9.08	8.27	+0.82

PXH vs. FEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.82, which is comparable to the FEM Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PXH and FEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PXH vs. FEM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than FEM's maximum drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for PXH and FEM.

Drawdown Indicators

	PXH	FEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-46.23%	-17.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.88%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-18.79%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-31.72%	+2.13%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-46.23%	+5.81%
Current Drawdown Current decline from peak	-1.80%	-7.17%	+5.37%
Average Drawdown Average peak-to-trough decline	-16.75%	-14.94%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.51%	-0.23%

Volatility

PXH vs. FEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 4.46%, while First Trust Emerging Markets AlphaDEX Fund (FEM) has a volatility of 7.85%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than FEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	FEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	7.85%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	17.34%	-3.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.44%	20.22%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	18.86%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	21.01%	-1.15%

PXH vs. FEM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than FEM's 0.80% expense ratio.

Dividends

PXH vs. FEM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.20%, more than FEM's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEM First Trust Emerging Markets AlphaDEX Fund	2.30%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%
PXH Invesco FTSE RAFI Emerging Markets ETF	4.20%	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 FEM in my portfolio?

PXH and FEM have a correlation of 0.87, 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 FEM?

FEM has higher volatility (7.85%) compared to PXH (4.46%). In terms of maximum drawdown, PXH dropped -63.63% vs FEM's -46.23%.

Which ETF is better, PXH or FEM?

On 10-year performance, PXH leads with 9.29% vs 8.01% for FEM. 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.

Which ETF has performed better, PXH or FEM?

Over the 10-year period, PXH has performed better with a 9.29% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or FEM?

PXH is cheaper with a 0.50% expense ratio, compared with 0.80% for FEM.

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

PXH has the higher dividend yield at 4.20%, compared with 2.30% for FEM.

What is the main difference between PXH and FEM?

PXH tracks FTSE RAFI Emerging Markets Index, while FEM tracks NASDAQ AlphaDEX EM Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.50% for PXH and 0.80% for FEM.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.82 vs 1.44), 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.