PXH vs. TDEC

Last updated Jun 4, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and TDEC (FT Vest Emerging Markets Buffer ETF - December) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while TDEC is a Defined Outcome fund tracking the MSCI Emerging Markets. Both are passively managed. Over the past year, PXH returned 36.41% vs 24.92% for TDEC. Their correlation of 0.89 suggests significant overlap in exposure. PXH charges 0.50%/yr vs 0.95%/yr for TDEC.

Performance

PXH vs. TDEC - Performance Comparison

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

Returns By Period

In the year-to-date period, PXH achieves a 14.63% return, which is significantly higher than TDEC's 9.50% return.

PXH

• 1D: -1.63%
• 1M: 3.38%
• YTD: 14.63%
• 6M: 15.56%
• 1Y: 36.41%
• 3Y*: 22.02%
• 5Y*: 9.00%
• 10Y*: 10.81%

TDEC

• 1D: 0.18%
• 1M: 2.02%
• YTD: 9.50%
• 6M: 11.52%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PXH vs. TDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PXH Invesco FTSE RAFI Emerging Markets ETF	14.63%	31.44%	-0.78%
TDEC FT Vest Emerging Markets Buffer ETF - December	9.50%	21.39%	-0.70%

Correlation

The correlation between PXH and TDEC is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 24, 2024	0.89

The correlation between PXH and TDEC has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

PXH vs. TDEC — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 71
PXH Sharpe Ratio Rank: 72
PXH Sortino Ratio Rank: 69
PXH Omega Ratio Rank: 72
PXH Calmar Ratio Rank: 71
PXH Martin Ratio Rank: 71

TDEC

TDEC Risk / Return Rank: 74
TDEC Sharpe Ratio Rank: 75
TDEC Sortino Ratio Rank: 75
TDEC Omega Ratio Rank: 87
TDEC Calmar Ratio Rank: 61
TDEC Martin Ratio Rank: 72

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. TDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and FT Vest Emerging Markets Buffer ETF - December (TDEC). 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	TDEC	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.48	-0.09
Sortino ratio Return per unit of downside risk	3.20	3.44	-0.24
Omega ratio Gain probability vs. loss probability	1.43	1.56	-0.12
Calmar ratio Return relative to maximum drawdown	3.57	3.11	+0.46
Martin ratio Return relative to average drawdown	13.29	13.70	-0.41
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. TDEC - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 2.39, which is comparable to the TDEC Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PXH and TDEC, 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	TDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.48	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	1.83	-1.69

Drawdowns

PXH vs. TDEC - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than TDEC's maximum drawdown of -10.30%. Use the drawdown chart below to compare losses from any high point for PXH and TDEC.

Drawdown Indicators

	PXH	TDEC	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-10.30%	-53.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-8.16%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	—	—
Current Drawdown Current decline from peak	-1.63%	0.00%	-1.63%
Average Drawdown Average peak-to-trough decline	-16.86%	-1.04%	-15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	1.85%	+0.90%

Volatility

PXH vs. TDEC - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 5.43% compared to FT Vest Emerging Markets Buffer ETF - December (TDEC) at 2.77%. This indicates that PXH's price experiences larger fluctuations and is considered to be riskier than TDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	TDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	2.77%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	9.02%	+3.28%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	10.08%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	11.76%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	11.76%	+8.31%

PXH vs. TDEC - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is lower than TDEC's 0.95% expense ratio.

Dividends

PXH vs. TDEC - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.43%, while TDEC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	3.43%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
TDEC FT Vest Emerging Markets Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PXH and TDEC in my portfolio?

PXH and TDEC have a correlation of 0.86, 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 TDEC?

PXH has higher volatility (5.43%) compared to TDEC (2.77%). In terms of maximum drawdown, PXH dropped -63.63% vs TDEC's -10.30%.

Which ETF is better, PXH or TDEC?

On 1-year performance, PXH leads with 36.41% vs 24.92% for TDEC. On fees, PXH is cheaper at 0.50% per year. On volatility, TDEC has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or TDEC?

Over the 1-year period, PXH has performed better with a 36.41% return vs 24.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or TDEC?

PXH is cheaper with a 0.50% expense ratio, compared with 0.95% for TDEC.

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

PXH has the higher dividend yield at 3.43%, compared with 0.00% for TDEC.

What is the main difference between PXH and TDEC?

PXH is categorized as Emerging Markets Equities, while TDEC is Defined Outcome. PXH tracks FTSE RAFI Emerging Markets Index, while TDEC tracks MSCI Emerging Markets. They also come from different issuers: Invesco and FT Vest. Their fees differ too: 0.50% for PXH and 0.95% for TDEC.

Which has better risk-adjusted returns?

TDEC currently has the higher Sharpe Ratio (2.48 vs 2.39), 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.