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PXH vs. SPEM
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PXH vs. SPEM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco FTSE RAFI Emerging Markets ETF (PXH) and SPDR Portfolio Emerging Markets ETF (SPEM).

PXH and SPEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PXH is a passively managed fund by Invesco that tracks the performance of the FTSE RAFI Emerging Markets Index. It was launched on Sep 27, 2007. SPEM is a passively managed fund by State Street that tracks the performance of the S&P Emerging Markets BMI. It was launched on Mar 19, 2007. Both PXH and SPEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PXH vs. SPEM - Performance Comparison

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

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PXH vs. SPEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXH
Invesco FTSE RAFI Emerging Markets ETF		4.64%31.44%12.09%13.93%-15.18%8.31%-1.91%16.77%-8.68%26.60%
SPEM
SPDR Portfolio Emerging Markets ETF		0.21%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%34.82%

Returns By Period

In the year-to-date period, PXH achieves a 4.64% return, which is significantly higher than SPEM's 0.21% return. Over the past 10 years, PXH has outperformed SPEM with an annualized return of 9.71%, while SPEM has yielded a comparatively lower 8.16% annualized return.

PXH

1D
2.87%
1M
-5.27%
YTD
4.64%
6M
7.81%
1Y
28.88%
3Y*
18.73%
5Y*
8.65%
10Y*
9.71%

SPEM

1D
3.17%
1M
-7.13%
YTD
0.21%
6M
1.89%
1Y
22.70%
3Y*
14.39%
5Y*
4.29%
10Y*
8.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

SPDR Portfolio Emerging Markets ETF

Often compared with PXH:
PXH vs. FNDEPXH vs. IEMGPXH vs. DEMPXH vs. VOOPXH vs. EEMPXH vs. PXFPXH vs. EEMO
Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. EMXCSPEM vs. ESGESPEM vs. BKEMSPEM vs. EMGFSPEM vs. EMCR

PXH vs. SPEM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than SPEM's 0.11% expense ratio.

PXH
Invesco FTSE RAFI Emerging Markets ETF
SPEM
SPDR Portfolio Emerging Markets ETF

Return for Risk

PXH vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXH
PXH Risk / Return Rank: 8383
Overall Rank
PXH Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
PXH Sortino Ratio Rank: 8484
Sortino Ratio Rank
PXH Omega Ratio Rank: 8383
Omega Ratio Rank
PXH Calmar Ratio Rank: 7979
Calmar Ratio Rank
PXH Martin Ratio Rank: 8585
Martin Ratio Rank
SPEM
SPEM Risk / Return Rank: 7474
Overall Rank
SPEM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPEM Omega Ratio Rank: 7474
Omega Ratio Rank
SPEM Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPEM Martin Ratio Rank: 7272
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. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

PXHSPEMDifference

Sharpe ratio

Return per unit of total volatility

1.57

1.28

+0.28

Sortino ratio

Return per unit of downside risk

2.17

1.80

+0.37

Omega ratio

Gain probability vs. loss probability

1.32

1.26

+0.06

Calmar ratio

Return relative to maximum drawdown

2.11

1.82

+0.29

Martin ratio

Return relative to average drawdown

9.45

7.01

+2.45

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. SPEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.57, which is comparable to the SPEM Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of PXH and SPEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PXHSPEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

1.28

+0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.25

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.44

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.21

-0.08

Correlation

The correlation between PXH and SPEM is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PXH vs. SPEM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.76%, more than SPEM's 2.77% yield.

TTM20252024202320222021202020192018201720162015
PXH
Invesco FTSE RAFI Emerging Markets ETF		3.76%4.02%4.43%4.84%5.33%4.69%2.79%3.28%3.30%2.74%1.97%3.44%
SPEM
SPDR Portfolio Emerging Markets ETF		2.77%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%

Drawdowns

PXH vs. SPEM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, roughly equal to the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for PXH and SPEM.

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Drawdown Indicators

PXHSPEMDifference

Max Drawdown

Largest peak-to-trough decline

-63.63%

-64.41%

+0.78%

Max Drawdown (1Y)

Largest decline over 1 year

-13.78%

-12.35%

-1.43%

Max Drawdown (5Y)

Largest decline over 5 years

-29.59%

-31.94%

+2.35%

Max Drawdown (10Y)

Largest decline over 10 years

-40.42%

-36.06%

-4.36%

Current Drawdown

Current decline from peak

-6.55%

-8.56%

+2.01%

Average Drawdown

Average peak-to-trough decline

-17.00%

-14.87%

-2.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

3.20%

-0.12%

Volatility

PXH vs. SPEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 7.57%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 8.25%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXHSPEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.57%

8.25%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

12.04%

12.23%

-0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

18.52%

17.79%

+0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.71%

16.95%

+0.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.21%

18.76%

+1.45%