PXH vs. FNDE

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while FNDE tracks the Russell Fundamental Emerging Markets Large Company Index. Both are passively managed. Over the past 10 years, PXH returned 10.99%/yr vs 11.46%/yr for FNDE. With a 0.97 correlation, they move nearly in lockstep. PXH charges 0.50%/yr vs 0.39%/yr for FNDE.

Performance

PXH vs. FNDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). 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 FNDE's 17.44% return. Both investments have delivered pretty close results over the past 10 years, with PXH having a 10.99% annualized return and FNDE not far ahead at 11.46%.

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%

FNDE

• 1D: 1.63%
• 1M: 4.16%
• YTD: 17.44%
• 6M: 18.33%
• 1Y: 39.87%
• 3Y*: 22.27%
• 5Y*: 10.18%
• 10Y*: 11.46%

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

PXH vs. FNDE - 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%
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	17.44%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%

Correlation

The correlation between PXH and FNDE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.97

The correlation between PXH and FNDE has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

PXH vs. FNDE - Sectors Allocation Comparison

Sectors	PXH	FNDE
Financial Services	25.8%	23.8%
Technology	19.9%	18.7%
Energy	13.0%	15.5%
Basic Materials	12.1%	13.6%
Consumer Cyclical	10.7%	9.5%
Communication Services	6.2%	6.6%
Industrials	4.6%	4.7%
Consumer Defensive	2.8%	3.1%
Utilities	2.4%	2.5%
Real Estate	1.7%	1.5%
Healthcare	0.9%	0.5%

Return for Risk

PXH vs. FNDE — 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

FNDE

FNDE Risk / Return Rank: 79
FNDE Sharpe Ratio Rank: 81
FNDE Sortino Ratio Rank: 78
FNDE Omega Ratio Rank: 81
FNDE Calmar Ratio Rank: 77
FNDE Martin Ratio Rank: 77

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. FNDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). 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	FNDE	Difference
Sharpe ratio Return per unit of total volatility	2.61	2.69	-0.07
Sortino ratio Return per unit of downside risk	3.47	3.54	-0.06
Omega ratio Gain probability vs. loss probability	1.48	1.49	-0.01
Calmar ratio Return relative to maximum drawdown	3.97	3.97	-0.01
Martin ratio Return relative to average drawdown	14.79	15.08	-0.28
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. FNDE - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the FNDE Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of PXH and FNDE, 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	FNDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.69	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.61	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.60	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.38	-0.24

Drawdowns

PXH vs. FNDE - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than FNDE's maximum drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for PXH and FNDE.

Drawdown Indicators

	PXH	FNDE	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-43.55%	-20.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.23%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-18.40%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-29.44%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-39.93%	-0.49%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.87%	-11.71%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.69%	+0.06%

Volatility

PXH vs. FNDE - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) have volatilities of 5.12% and 5.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	FNDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.08%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.18%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	14.90%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	16.90%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	19.30%	+0.77%

PXH vs. FNDE - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than FNDE's 0.39% expense ratio.

Dividends

PXH vs. FNDE - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, less than FNDE's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	3.56%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
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 FNDE in my portfolio?

With a correlation of 0.98, PXH and FNDE 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 FNDE?

PXH has higher volatility (5.12%) compared to FNDE (5.08%). In terms of maximum drawdown, PXH dropped -63.63% vs FNDE's -43.55%.

Which ETF is better, PXH or FNDE?

On 10-year performance, FNDE leads with 11.46% vs 10.99% for PXH. On fees, FNDE is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or FNDE?

Over the 10-year period, FNDE has performed better with a 11.46% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or FNDE?

FNDE is cheaper with a 0.39% expense ratio, compared with 0.50% for PXH.

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

FNDE has the higher dividend yield at 3.56%, compared with 3.38% for PXH.

What is the main difference between PXH and FNDE?

PXH tracks FTSE RAFI Emerging Markets Index, while FNDE tracks Russell Fundamental Emerging Markets Large Company Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.50% for PXH and 0.39% for FNDE.

Which has better risk-adjusted returns?

FNDE currently has the higher Sharpe Ratio (2.69 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.