PXH vs. PXF

Last updated Jun 3, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, PXH returned 10.99%/yr vs 11.88%/yr for PXF. A 0.77 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.45%/yr for PXF.

Performance

PXH vs. PXF - 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 Developed Markets ex-U.S. ETF (PXF). 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 PXF's 21.27% return. Over the past 10 years, PXH has underperformed PXF with an annualized return of 10.99%, while PXF has yielded a comparatively higher 11.88% 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%

PXF

• 1D: 0.62%
• 1M: 6.53%
• YTD: 21.27%
• 6M: 25.96%
• 1Y: 44.09%
• 3Y*: 25.42%
• 5Y*: 13.78%
• 10Y*: 11.88%

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

PXH vs. PXF - 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%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	21.27%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between PXH and PXF is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 1, 2007	0.77

The correlation between PXH and PXF has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

PXH vs. PXF - Sectors Allocation Comparison

Sectors	PXH	PXF
Financial Services	25.8%	19.7%
Technology	19.9%	11.4%
Energy	13.0%	10.6%
Basic Materials	12.1%	10.1%
Consumer Cyclical	10.7%	10.2%
Communication Services	6.2%	4.3%
Industrials	4.6%	15.1%
Consumer Defensive	2.8%	6.1%
Utilities	2.4%	3.6%
Real Estate	1.7%	1.8%
Healthcare	0.9%	7.2%

Return for Risk

PXH vs. PXF — 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

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

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. PXF - 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 Developed Markets ex-U.S. ETF (PXF). 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	PXF	Difference
Sharpe ratio Return per unit of total volatility	2.61	2.91	-0.30
Sortino ratio Return per unit of downside risk	3.47	3.82	-0.35
Omega ratio Gain probability vs. loss probability	1.48	1.52	-0.05
Calmar ratio Return relative to maximum drawdown	3.97	4.18	-0.21
Martin ratio Return relative to average drawdown	14.79	16.08	-1.29
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. PXF - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.61, which is comparable to the PXF Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of PXH and PXF, 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	PXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.91	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.84	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.66	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.24	-0.09

Drawdowns

PXH vs. PXF - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, roughly equal to the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for PXH and PXF.

Drawdown Indicators

	PXH	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-64.74%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.91%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-14.06%	-3.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-26.82%	-2.77%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-41.59%	+1.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.87%	-15.28%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.84%	-0.09%

Volatility

PXH vs. PXF - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 5.12%, while Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a volatility of 5.41%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.41%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.84%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	15.24%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	16.45%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	18.04%	+2.03%

PXH vs. PXF - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than PXF's 0.45% expense ratio.

Dividends

PXH vs. PXF - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.38%, more than PXF's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.05%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%
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 PXF in my portfolio?

PXH and PXF have a correlation of 0.75, 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 PXF?

PXF has higher volatility (5.41%) compared to PXH (5.12%). In terms of maximum drawdown, PXH dropped -63.63% vs PXF's -64.74%.

Which ETF is better, PXH or PXF?

On 10-year performance, PXF leads with 11.88% vs 10.99% for PXH. On fees, PXF is cheaper at 0.45% 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 PXF?

Over the 10-year period, PXF has performed better with a 11.88% 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 PXF?

PXF is cheaper with a 0.45% expense ratio, compared with 0.50% for PXH.

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

PXH has the higher dividend yield at 3.38%, compared with 3.05% for PXF.

What is the main difference between PXH and PXF?

PXH is categorized as Emerging Markets Equities, while PXF is Foreign Large Cap Equities. PXH tracks FTSE RAFI Emerging Markets Index, while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. Their fees differ too: 0.50% for PXH and 0.45% for PXF.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.91 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.