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PXH vs. PRFZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXH vs. PRFZ

Last updated Jun 13, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index. Both are passively managed. Over the past 10 years, PXH returned 10.91%/yr vs 11.95%/yr for PRFZ. A 0.66 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.39%/yr for PRFZ.

Performance

PXH vs. PRFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). 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 12.73% return, which is significantly lower than PRFZ's 15.55% return. Over the past 10 years, PXH has underperformed PRFZ with an annualized return of 10.91%, while PRFZ has yielded a comparatively higher 11.95% annualized return.

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%

PRFZ

1D
0.87%
1M
4.92%
YTD
15.55%
6M
12.59%
1Y
33.05%
3Y*
16.84%
5Y*
8.16%
10Y*
11.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXH vs. PRFZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		15.55%11.26%12.68%20.21%-16.29%28.26%11.84%21.91%-11.43%13.82%

Correlation

The correlation between PXH and PRFZ is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

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

0.66

The correlation between PXH and PRFZ has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

PXH vs. PRFZ - Sectors Allocation Comparison

Sectors
PXH
PRFZ

Financial Services

25.8%
13.3%

Technology

19.9%
20.8%

Energy

13.0%
5.4%

Basic Materials

12.1%
3.3%

Consumer Cyclical

10.7%
10.4%

Communication Services

6.2%
2.7%

Industrials

4.6%
16.7%

Consumer Defensive

2.8%
2.5%

Utilities

2.4%
1.5%

Real Estate

1.7%
6.7%

Healthcare

0.9%
16.4%

Financial Services

PXH
25.8%
PRFZ
13.3%

Technology

PXH
19.9%
PRFZ
20.8%

Energy

PXH
13.0%
PRFZ
5.4%

Basic Materials

PXH
12.1%
PRFZ
3.3%

Consumer Cyclical

PXH
10.7%
PRFZ
10.4%

Communication Services

PXH
6.2%
PRFZ
2.7%

Industrials

PXH
4.6%
PRFZ
16.7%

Consumer Defensive

PXH
2.8%
PRFZ
2.5%

Utilities

PXH
2.4%
PRFZ
1.5%

Real Estate

PXH
1.7%
PRFZ
6.7%

Healthcare

PXH
0.9%
PRFZ
16.4%

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

Invesco FTSE RAFI US 1500 Small-Mid ETF

Often compared with PXH:
PXH vs. FNDEPXH vs. PXFPXH vs. IEMGPXH vs. DEMPXH vs. EEMPXH vs. VOOPXH vs. EEMO
Often compared with PRFZ:
PRFZ vs. BSMIXPRFZ vs. FNDAPRFZ vs. FVPRFZ vs. RWKPRFZ vs. PWBPRFZ vs. VOOPRFZ vs. SCHA

Return for Risk

PXH vs. PRFZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXH
PXH Risk / Return Rank: 6464
Overall Rank
PXH Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
PXH Sortino Ratio Rank: 6161
Sortino Ratio Rank
PXH Omega Ratio Rank: 6565
Omega Ratio Rank
PXH Calmar Ratio Rank: 6565
Calmar Ratio Rank
PXH Martin Ratio Rank: 6464
Martin Ratio Rank
PRFZ
PRFZ Risk / Return Rank: 6565
Overall Rank
PRFZ Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
PRFZ Sortino Ratio Rank: 6363
Sortino Ratio Rank
PRFZ Omega Ratio Rank: 5757
Omega Ratio Rank
PRFZ Calmar Ratio Rank: 7272
Calmar Ratio Rank
PRFZ Martin Ratio Rank: 6868
Martin Ratio Rank
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. PRFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). 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.

PXHPRFZDifference
Sharpe ratioReturn per unit of total volatility
1.84
1.81

+0.02

Sortino ratioReturn per unit of downside risk
2.49
2.58

-0.09

Omega ratioGain probability vs. loss probability

1.34

1.31

+0.03

Calmar ratioReturn relative to maximum drawdown

2.85

3.20

-0.35

Martin ratioReturn relative to average drawdown

10.21

11.02

-0.81

PXH vs. PRFZ - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.84, which is comparable to the PRFZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of PXH and PRFZ, 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. PRFZ - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, roughly equal to the maximum PRFZ drawdown of -62.41%. Use the drawdown chart below to compare losses from any high point for PXH and PRFZ.

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Drawdown Indicators

PXHPRFZDifference

Max Drawdown

Largest peak-to-trough decline

-63.63%

-62.41%

-1.22%

Max Drawdown (1Y)

Largest decline over 1 year

-10.24%

-10.38%

+0.14%

Max Drawdown (3Y)

Largest decline over 3 years

-17.72%

-26.54%

+8.82%

Max Drawdown (5Y)

Largest decline over 5 years

-29.59%

-26.58%

-3.01%

Max Drawdown (10Y)

Largest decline over 10 years

-40.42%

-44.28%

+3.86%

Current Drawdown

Current decline from peak

-3.27%

0.00%

-3.27%

Average Drawdown

Average peak-to-trough decline

-16.84%

-9.41%

-7.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

3.01%

-0.16%

Volatility

PXH vs. PRFZ - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 6.41% compared to Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) at 5.92%. This indicates that PXH's price experiences larger fluctuations and is considered to be riskier than PRFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXHPRFZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.41%

5.92%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

13.09%

12.93%

+0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

15.90%

18.33%

-2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.87%

21.38%

-3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.06%

22.46%

-2.40%

PXH vs. PRFZ - Expense Ratio Comparison

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

Dividends

PXH vs. PRFZ - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.49%, more than PRFZ's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		0.82%0.82%1.45%1.42%1.33%0.93%0.91%1.29%1.37%0.97%1.31%1.39%
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

PXH and PRFZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXH has higher volatility (6.41%) compared to PRFZ (5.92%). In terms of maximum drawdown, PXH dropped -63.63% vs PRFZ's -62.41%.

On 10-year performance, PRFZ leads with 11.95% vs 10.91% for PXH. On fees, PRFZ is cheaper at 0.39% per year. On volatility, PRFZ has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PRFZ has performed better with a 11.95% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PXH has the higher dividend yield at 3.49%, compared with 0.82% for PRFZ.

PXH is categorized as Emerging Markets Equities, while PRFZ is Small Cap Blend Equities. PXH tracks FTSE RAFI Emerging Markets Index, while PRFZ tracks FTSE RAFI US 1500 Small-Mid Index. Their fees differ too: 0.50% for PXH and 0.39% for PRFZ.

PXH currently has the higher Sharpe Ratio (1.84 vs 1.81), 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.

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