PXH vs. QAT

Last updated Jun 24, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and QAT (iShares MSCI Qatar ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while QAT tracks the MSCI All Qatar Capped Index. Both are passively managed. Over the past 10 years, PXH returned 10.53%/yr vs 4.43%/yr for QAT. At a 0.33 correlation, their price movements are largely independent. PXH charges 0.50%/yr vs 0.59%/yr for QAT.

Performance

PXH vs. QAT - Performance Comparison

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

Returns By Period

In the year-to-date period, PXH achieves a 10.82% return, which is significantly higher than QAT's 1.01% return. Over the past 10 years, PXH has outperformed QAT with an annualized return of 10.53%, while QAT has yielded a comparatively lower 4.43% annualized return.

PXH

• 1D: -2.63%
• 1M: -0.53%
• YTD: 10.82%
• 6M: 11.08%
• 1Y: 28.95%
• 3Y*: 20.22%
• 5Y*: 8.62%
• 10Y*: 10.53%

QAT

• 1D: -0.39%
• 1M: 2.08%
• YTD: 1.01%
• 6M: 0.41%
• 1Y: 7.11%
• 3Y*: 5.84%
• 5Y*: 3.56%
• 10Y*: 4.43%

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

PXH vs. QAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	10.82%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
QAT iShares MSCI Qatar ETF	1.01%	8.81%	5.20%	2.72%	-7.23%	14.42%	6.94%	-0.44%	20.03%	-11.66%

Correlation

The correlation between PXH and QAT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 1, 2014	0.33

PXH vs. QAT - Sectors Allocation Comparison

Sectors	PXH	QAT
Financial Services	24.8%	55.5%
Technology	24.5%	1.0%
Basic Materials	11.8%	12.6%
Energy	11.5%	7.6%
Consumer Cyclical	9.8%	0.7%
Communication Services	5.9%	6.3%
Industrials	4.4%	8.4%
Consumer Defensive	2.7%	0.6%
Utilities	2.2%	2.5%
Real Estate	1.7%	4.0%
Healthcare	0.8%	0.8%

Return for Risk

PXH vs. QAT — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 58
PXH Sharpe Ratio Rank: 57
PXH Sortino Ratio Rank: 54
PXH Omega Ratio Rank: 57
PXH Calmar Ratio Rank: 61
PXH Martin Ratio Rank: 60

QAT

QAT Risk / Return Rank: 17
QAT Sharpe Ratio Rank: 18
QAT Sortino Ratio Rank: 17
QAT Omega Ratio Rank: 17
QAT Calmar Ratio Rank: 17
QAT Martin Ratio Rank: 14

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. QAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and iShares MSCI Qatar ETF (QAT). 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	QAT	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.54	+1.27
Sortino ratio: Return per unit of downside risk	2.44	0.87	+1.57
Omega ratio: Gain probability vs. loss probability	1.33	1.11	+0.22
Calmar ratio: Return relative to maximum drawdown	2.84	0.67	+2.17
Martin ratio: Return relative to average drawdown	10.04	1.24	+8.80

PXH vs. QAT - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.81, which is higher than the QAT Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of PXH and QAT, 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. QAT - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than QAT's maximum drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for PXH and QAT.

Drawdown Indicators

	PXH	QAT	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-45.21%	-18.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.60%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-17.41%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-33.17%	+3.58%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-34.04%	-6.38%
Current Drawdown Current decline from peak	-4.91%	-11.55%	+6.64%
Average Drawdown Average peak-to-trough decline	-16.82%	-19.14%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	5.75%	-2.86%

Volatility

PXH vs. QAT - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 6.78% compared to iShares MSCI Qatar ETF (QAT) at 5.72%. This indicates that PXH's price experiences larger fluctuations and is considered to be riskier than QAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	QAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	5.72%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	11.06%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	13.25%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	15.06%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	17.54%	+2.42%

PXH vs. QAT - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than QAT's 0.59% expense ratio.

Dividends

PXH vs. QAT - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.34%, less than QAT's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	4.34%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
QAT iShares MSCI Qatar ETF	4.63%	3.51%	5.90%	3.92%	4.78%	2.33%	2.63%	3.57%	4.63%	4.10%	3.51%	4.49%

Frequently Asked Questions

Can I hold both PXH and QAT in my portfolio?

PXH and QAT have a correlation of 0.32, 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 QAT?

PXH has higher volatility (6.78%) compared to QAT (5.72%). In terms of maximum drawdown, PXH dropped -63.63% vs QAT's -45.21%.

Which ETF is better, PXH or QAT?

On 10-year performance, PXH leads with 10.53% vs 4.43% for QAT. On fees, PXH is cheaper at 0.50% per year. On volatility, QAT has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or QAT?

Over the 10-year period, PXH has performed better with a 10.53% return vs 4.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or QAT?

PXH is cheaper with a 0.50% expense ratio, compared with 0.59% for QAT.

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

QAT has the higher dividend yield at 4.63%, compared with 4.34% for PXH.

What is the main difference between PXH and QAT?

PXH tracks FTSE RAFI Emerging Markets Index, while QAT tracks MSCI All Qatar Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PXH and 0.59% for QAT.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.81 vs 0.54), 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.