PXH vs. LMT

Last updated Jun 13, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) is Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while LMT (Lockheed Martin Corporation) is a stock. Over the past 10 years, PXH returned 10.91%/yr vs 11.37%/yr for LMT. At a 0.32 correlation, their price movements are largely independent.

Performance

PXH vs. LMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and Lockheed Martin Corporation (LMT). 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 12.73% return and LMT slightly higher at 13.04%. Both investments have delivered pretty close results over the past 10 years, with PXH having a 10.91% annualized return and LMT not far ahead at 11.37%.

PXH

• 1D: 0.66%
• 1M: -1.13%
• YTD: 12.73%
• 6M: 14.41%
• 1Y: 29.04%
• 3Y*: 20.06%
• 5Y*: 8.70%
• 10Y*: 10.91%

LMT

• 1D: -1.52%
• 1M: 4.60%
• YTD: 13.04%
• 6M: 13.84%
• 1Y: 18.25%
• 3Y*: 8.98%
• 5Y*: 9.78%
• 10Y*: 11.37%

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

PXH vs. LMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	12.73%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
LMT Lockheed Martin Corporation	13.04%	2.47%	10.02%	-4.31%	40.48%	3.15%	-6.49%	52.55%	-16.35%	31.77%

Correlation

The correlation between PXH and LMT is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007	0.32

The correlation between PXH and LMT shifts across timeframes, from -0.00 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PXH vs. LMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PXH

PXH Risk / Return Rank: 64
PXH Sharpe Ratio Rank: 64
PXH Sortino Ratio Rank: 61
PXH Omega Ratio Rank: 65
PXH Calmar Ratio Rank: 65
PXH Martin Ratio Rank: 64

LMT

LMT Risk / Return Rank: 60
LMT Sharpe Ratio Rank: 66
LMT Sortino Ratio Rank: 58
LMT Omega Ratio Rank: 59
LMT Calmar Ratio Rank: 59
LMT Martin Ratio Rank: 60

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. LMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Lockheed Martin Corporation (LMT). 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	LMT	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.69	+1.15
Sortino ratio: Return per unit of downside risk	2.49	1.05	+1.44
Omega ratio: Gain probability vs. loss probability	1.34	1.14	+0.19
Calmar ratio: Return relative to maximum drawdown	2.85	0.73	+2.12
Martin ratio: Return relative to average drawdown	10.21	1.69	+8.51

PXH vs. LMT - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.84, which is higher than the LMT Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of PXH and LMT, 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. LMT - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, smaller than the maximum LMT drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for PXH and LMT.

Drawdown Indicators

	PXH	LMT	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-79.29%	+15.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-25.15%	+14.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-31.79%	+14.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-31.79%	+2.20%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-36.67%	-3.75%
Current Drawdown Current decline from peak	-3.27%	-19.63%	+16.36%
Average Drawdown Average peak-to-trough decline	-16.84%	-26.83%	+9.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	10.81%	-7.96%

Volatility

PXH vs. LMT - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 6.41%, while Lockheed Martin Corporation (LMT) has a volatility of 7.02%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than LMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	LMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	7.02%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	20.04%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	26.71%	-10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	22.99%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	23.76%	-3.70%

Dividends

PXH vs. LMT - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.49%, more than LMT's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMT Lockheed Martin Corporation	2.53%	2.76%	2.62%	2.68%	2.34%	2.98%	2.76%	2.31%	3.13%	2.32%	2.71%	2.83%
PXH Invesco FTSE RAFI Emerging Markets ETF	3.49%	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 LMT in my portfolio?

PXH and LMT have a correlation of -0.00, 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 LMT?

LMT has higher volatility (7.02%) compared to PXH (6.41%). In terms of maximum drawdown, PXH dropped -63.63% vs LMT's -79.29%.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.84 vs 0.69), 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.