PXH vs. VB

Last updated Jun 14, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and VB (Vanguard Small-Cap ETF) are both exchange-traded funds - PXH is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, PXH returned 10.91%/yr vs 11.61%/yr for VB. A 0.67 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.05%/yr for VB.

Performance

PXH vs. VB - Performance Comparison

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

Returns By Period

In the year-to-date period, PXH achieves a 12.73% return, which is significantly lower than VB's 15.33% return. Over the past 10 years, PXH has underperformed VB with an annualized return of 10.91%, while VB has yielded a comparatively higher 11.61% annualized return.

PXH

• 1D: 0.66%
• 1M: 1.72%
• YTD: 12.73%
• 6M: 14.41%
• 1Y: 30.72%
• 3Y*: 20.06%
• 5Y*: 8.70%
• 10Y*: 10.91%

VB

• 1D: 0.70%
• 1M: 5.17%
• YTD: 15.33%
• 6M: 13.69%
• 1Y: 30.83%
• 3Y*: 16.14%
• 5Y*: 6.98%
• 10Y*: 11.61%

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

PXH vs. VB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	12.73%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
VB Vanguard Small-Cap ETF	15.33%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%

Correlation

The correlation between PXH and VB is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 28, 2007	0.67

The correlation between PXH and VB shifts across timeframes, from 0.56 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

PXH vs. VB - Sectors Allocation Comparison

Sectors	PXH	VB
Financial Services	24.8%	12.6%
Technology	24.5%	17.2%
Basic Materials	11.8%	4.8%
Energy	11.5%	4.7%
Consumer Cyclical	9.8%	11.3%
Communication Services	5.9%	3.1%
Industrials	4.4%	20.8%
Consumer Defensive	2.7%	3.4%
Utilities	2.2%	3.3%
Real Estate	1.7%	7.6%
Healthcare	0.8%	11.1%

Return for Risk

PXH vs. VB — Risk / Return Rank

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

PXH

PXH Risk / Return Rank: 64
PXH Sharpe Ratio Rank: 64
PXH Sortino Ratio Rank: 61
PXH Omega Ratio Rank: 65
PXH Calmar Ratio Rank: 65
PXH Martin Ratio Rank: 64

VB

VB Risk / Return Rank: 64
VB Sharpe Ratio Rank: 59
VB Sortino Ratio Rank: 60
VB Omega Ratio Rank: 55
VB Calmar Ratio Rank: 73
VB Martin Ratio Rank: 73

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. VB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Vanguard Small-Cap ETF (VB). 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	VB	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.73	+0.11
Sortino ratio: Return per unit of downside risk	2.49	2.47	+0.03
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	2.85	3.21	-0.36
Martin ratio: Return relative to average drawdown	10.21	11.80	-1.60

PXH vs. VB - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.84, which is comparable to the VB Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of PXH and VB, 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. VB - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than VB's maximum drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for PXH and VB.

Drawdown Indicators

	PXH	VB	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-59.56%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-8.98%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-25.36%	+7.64%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-28.15%	-1.44%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-42.05%	+1.63%
Current Drawdown Current decline from peak	-3.27%	0.00%	-3.27%
Average Drawdown Average peak-to-trough decline	-16.84%	-8.43%	-8.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.44%	+0.41%

Volatility

PXH vs. VB - Volatility Comparison

Invesco FTSE RAFI Emerging Markets ETF (PXH) has a higher volatility of 6.41% compared to Vanguard Small-Cap ETF (VB) at 5.41%. This indicates that PXH's price experiences larger fluctuations and is considered to be riskier than VB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	VB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	5.41%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	12.24%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	16.68%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	20.80%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	21.44%	-1.38%

PXH vs. VB - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than VB's 0.05% expense ratio.

Dividends

PXH vs. VB - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 3.49%, more than VB's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	3.49%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
VB Vanguard Small-Cap ETF	1.18%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%

Frequently Asked Questions

Can I hold both PXH and VB in my portfolio?

PXH and VB have a correlation of 0.61, 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 VB?

PXH has higher volatility (6.41%) compared to VB (5.41%). In terms of maximum drawdown, PXH dropped -63.63% vs VB's -59.56%.

Which ETF is better, PXH or VB?

On 10-year performance, VB leads with 11.61% vs 10.91% for PXH. On fees, VB is cheaper at 0.05% per year. On volatility, VB has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or VB?

Over the 10-year period, VB has performed better with a 11.61% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or VB?

VB is cheaper with a 0.05% expense ratio, compared with 0.50% for PXH.

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

PXH has the higher dividend yield at 3.49%, compared with 1.18% for VB.

What is the main difference between PXH and VB?

PXH is categorized as Emerging Markets Equities, while VB is Small Cap Blend Equities. PXH tracks FTSE RAFI Emerging Markets Index, while VB tracks CRSP US Small Cap Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.50% for PXH and 0.05% for VB.

Which has better risk-adjusted returns?

PXH currently has the higher Sharpe Ratio (1.84 vs 1.73), 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.