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PXH vs. SCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXH vs. SCZ

Last updated Aug 4, 2026
Documentation

PXH (Invesco FTSE RAFI Emerging Markets ETF) and SCZ (iShares MSCI EAFE Small-Cap ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index. Both are passively managed. Over the past 10 years, PXH returned 9.29%/yr vs 8.26%/yr for SCZ. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PXH charges 0.50%/yr vs 0.40%/yr for SCZ.

Performance

PXH vs. SCZ - 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 EAFE Small-Cap ETF (SCZ). 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 14.44% return, which is significantly higher than SCZ's 10.30% return. Over the past 10 years, PXH has outperformed SCZ with an annualized return of 9.29%, while SCZ has yielded a comparatively lower 8.26% annualized return.

PXH

1D
0.21%
1M
5.02%
6M
7.06%
YTD
14.44%
1Y
29.71%
3Y*
20.27%
5Y*
10.24%
10Y*
9.29%
ALL TIME*
3.68%

SCZ

1D
0.52%
1M
1.03%
6M
4.50%
YTD
10.30%
1Y
19.96%
3Y*
15.74%
5Y*
5.25%
10Y*
8.26%
ALL TIME*
5.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PXH

Invesco FTSE RAFI Emerging Markets ETF
$5.43M$7.06M$7.27M

SCZ

iShares MSCI EAFE Small-Cap ETF
$128.65M$132.73M$128.86M

PXH vs. SCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXH
Invesco FTSE RAFI Emerging Markets ETF		14.44%31.44%12.09%13.93%-15.18%8.31%-1.91%16.77%-8.68%26.60%
SCZ
iShares MSCI EAFE Small-Cap ETF		10.30%32.08%1.52%12.98%-21.27%10.12%11.71%24.68%-17.64%32.72%

Correlation

The correlation between PXH and SCZ is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.68

Correlation (3Y)
Balances recent behavior with more history.

0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.70

Correlation (10Y)
Provides a long-term view across more market conditions.

0.72

Correlation (All Time)
Calculated using the full available price history since Dec 12, 2007

0.74

The correlation between PXH and SCZ has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

PXH vs. SCZ - Sectors Allocation Comparison

Sectors
PXH
SCZ

Financial Services

26.1%
12.7%

Technology

24.3%
11.0%

Basic Materials

10.9%
9.7%

Energy

10.8%
3.3%

Consumer Cyclical

9.7%
12.5%

Communication Services

6.2%
3.6%

Industrials

4.6%
24.2%

Consumer Defensive

2.9%
4.8%

Utilities

2.2%
2.1%

Real Estate

1.5%
9.9%

Healthcare

0.9%
6.1%

Financial Services

PXH
26.1%
SCZ
12.7%

Technology

PXH
24.3%
SCZ
11.0%

Basic Materials

PXH
10.9%
SCZ
9.7%

Energy

PXH
10.8%
SCZ
3.3%

Consumer Cyclical

PXH
9.7%
SCZ
12.5%

Communication Services

PXH
6.2%
SCZ
3.6%

Industrials

PXH
4.6%
SCZ
24.2%

Consumer Defensive

PXH
2.9%
SCZ
4.8%

Utilities

PXH
2.2%
SCZ
2.1%

Real Estate

PXH
1.5%
SCZ
9.9%

Healthcare

PXH
0.9%
SCZ
6.1%

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

iShares MSCI EAFE Small-Cap ETF

Often compared with PXH:
PXH vs. FNDEPXH vs. PXFPXH vs. DEMPXH vs. IEMGPXH vs. EEMOPXH vs. EEMPXH vs. VOO
Often compared with SCZ:
SCZ vs. VSSSCZ vs. AVDVSCZ vs. IWMSCZ vs. IEFASCZ vs. VPLSCZ vs. IDEVSCZ vs. ISCF

Return for Risk

PXH vs. SCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PXH
PXH Risk / Return Rank: 7575
Overall Rank
PXH Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PXH Sortino Ratio Rank: 7373
Sortino Ratio Rank
PXH Omega Ratio Rank: 7676
Omega Ratio Rank
PXH Calmar Ratio Rank: 7979
Calmar Ratio Rank
PXH Martin Ratio Rank: 7171
Martin Ratio Rank
SCZ
SCZ Risk / Return Rank: 5252
Overall Rank
SCZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SCZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
SCZ Omega Ratio Rank: 5252
Omega Ratio Rank
SCZ Calmar Ratio Rank: 4747
Calmar Ratio Rank
SCZ Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PXH vs. SCZ - 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 EAFE Small-Cap ETF (SCZ). 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.

PXHSCZDifference
Sharpe ratioReturn per unit of total volatility
1.82
1.32

+0.50

Sortino ratioReturn per unit of downside risk
2.44
1.92

+0.52

Omega ratioGain probability vs. loss probability

1.33

1.24

+0.09

Calmar ratioReturn relative to maximum drawdown

2.91

1.75

+1.16

Martin ratioReturn relative to average drawdown

9.08

6.37

+2.71

PXH vs. SCZ - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.82, which is higher than the SCZ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PXH and SCZ, 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. SCZ - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, roughly equal to the maximum SCZ drawdown of -61.86%. Use the drawdown chart below to compare losses from any high point for PXH and SCZ.

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Drawdown Indicators

PXHSCZDifference

Max Drawdown

Largest peak-to-trough decline

-63.63%

-61.86%

-1.77%

Max Drawdown (1Y)

Largest decline over 1 year

-10.24%

-11.43%

+1.19%

Max Drawdown (3Y)

Largest decline over 3 years

-17.72%

-14.52%

-3.20%

Max Drawdown (5Y)

Largest decline over 5 years

-29.59%

-36.87%

+7.28%

Max Drawdown (10Y)

Largest decline over 10 years

-40.42%

-41.07%

+0.65%

Current Drawdown

Current decline from peak

-1.80%

-1.13%

-0.67%

Average Drawdown

Average peak-to-trough decline

-16.75%

-12.97%

-3.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.28%

3.14%

+0.14%

Volatility

PXH vs. SCZ - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 4.46%, while iShares MSCI EAFE Small-Cap ETF (SCZ) has a volatility of 4.70%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than SCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXHSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.46%

4.70%

-0.24%

Volatility (6M)

Calculated over the trailing 6-month period

13.39%

12.98%

+0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

16.44%

15.21%

+1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.94%

16.83%

+1.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.86%

17.17%

+2.69%

PXH vs. SCZ - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than SCZ's 0.40% expense ratio.

Dividends

PXH vs. SCZ - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.20%, more than SCZ's 3.16% yield.

PositionTTM20252024202320222021202020192018201720162015
PXH
Invesco FTSE RAFI Emerging Markets ETF		4.20%4.02%4.43%4.84%5.33%4.69%2.79%3.28%3.30%2.74%1.97%3.44%
SCZ
iShares MSCI EAFE Small-Cap ETF		3.16%3.30%3.50%2.96%1.99%2.96%1.52%3.52%2.79%2.38%2.82%2.06%

Frequently Asked Questions

PXH and SCZ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCZ has higher volatility (4.70%) compared to PXH (4.46%). In terms of maximum drawdown, PXH dropped -63.63% vs SCZ's -61.86%.

On 10-year performance, PXH leads with 9.29% vs 8.26% for SCZ. On fees, SCZ is cheaper at 0.40% per year. On volatility, PXH has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PXH has performed better with a 9.29% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCZ is cheaper with a 0.40% expense ratio, compared with 0.50% for PXH.

PXH has the higher dividend yield at 4.20%, compared with 3.16% for SCZ.

PXH is categorized as Emerging Markets Equities, while SCZ is Foreign Small & Mid Cap Equities. PXH tracks FTSE RAFI Emerging Markets Index, while SCZ tracks MSCI EAFE Small Cap Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for PXH and 0.40% for SCZ.

PXH currently has the higher Sharpe Ratio (1.82 vs 1.32), 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.

Portfolio Optimizer

Find the right allocation for PXH and SCZ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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