PXH vs. XCEM

Last updated Jun 24, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and XCEM (Columbia EM Core ex-China ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while XCEM tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 10 years, PXH returned 10.53%/yr vs 12.62%/yr for XCEM. A 0.77 correlation means they provide meaningful diversification when combined. PXH charges 0.50%/yr vs 0.16%/yr for XCEM.

Performance

PXH vs. XCEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and Columbia EM Core ex-China ETF (XCEM). 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 lower than XCEM's 34.20% return. Over the past 10 years, PXH has underperformed XCEM with an annualized return of 10.53%, while XCEM has yielded a comparatively higher 12.62% 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%

XCEM

• 1D: -6.33%
• 1M: 4.21%
• YTD: 34.20%
• 6M: 36.41%
• 1Y: 61.17%
• 3Y*: 24.94%
• 5Y*: 11.50%
• 10Y*: 12.62%

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

PXH vs. XCEM - 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%
XCEM Columbia EM Core ex-China ETF	34.20%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%

Correlation

The correlation between PXH and XCEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.77

The correlation between PXH and XCEM has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

PXH vs. XCEM - Sectors Allocation Comparison

Sectors	PXH	XCEM
Financial Services	24.8%	22.8%
Technology	24.5%	37.1%
Basic Materials	11.8%	6.4%
Energy	11.5%	3.8%
Consumer Cyclical	9.8%	6.3%
Communication Services	5.9%	4.2%
Industrials	4.4%	9.7%
Consumer Defensive	2.7%	3.0%
Utilities	2.2%	1.9%
Real Estate	1.7%	1.8%
Healthcare	0.8%	2.9%

Return for Risk

PXH vs. XCEM — 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

XCEM

XCEM Risk / Return Rank: 82
XCEM Sharpe Ratio Rank: 83
XCEM Sortino Ratio Rank: 74
XCEM Omega Ratio Rank: 83
XCEM Calmar Ratio Rank: 83
XCEM Martin Ratio Rank: 84

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. XCEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and Columbia EM Core ex-China ETF (XCEM). 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	XCEM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.53	-0.73
Sortino ratio: Return per unit of downside risk	2.44	3.12	-0.69
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	2.84	4.25	-1.41
Martin ratio: Return relative to average drawdown	10.04	16.39	-6.35

PXH vs. XCEM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.81, which is comparable to the XCEM Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PXH and XCEM, 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. XCEM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than XCEM's maximum drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for PXH and XCEM.

Drawdown Indicators

	PXH	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-41.24%	-22.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-14.46%	+4.22%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-18.92%	+1.20%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-29.57%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-41.24%	+0.82%
Current Drawdown Current decline from peak	-4.91%	-6.33%	+1.42%
Average Drawdown Average peak-to-trough decline	-16.82%	-8.57%	-8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.74%	-0.85%

Volatility

PXH vs. XCEM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 6.78%, while Columbia EM Core ex-China ETF (XCEM) has a volatility of 14.01%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than XCEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	14.01%	-7.23%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	22.56%	-9.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	24.28%	-8.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	18.60%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	19.94%	+0.02%

PXH vs. XCEM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than XCEM's 0.16% expense ratio.

Dividends

PXH vs. XCEM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.34%, more than XCEM's 2.42% 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%
XCEM Columbia EM Core ex-China ETF	2.42%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both PXH and XCEM in my portfolio?

PXH and XCEM have a correlation of 0.82, 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 XCEM?

XCEM has higher volatility (14.01%) compared to PXH (6.78%). In terms of maximum drawdown, PXH dropped -63.63% vs XCEM's -41.24%.

Which ETF is better, PXH or XCEM?

On 10-year performance, XCEM leads with 12.62% vs 10.53% for PXH. On fees, XCEM is cheaper at 0.16% per year. On volatility, PXH has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or XCEM?

Over the 10-year period, XCEM has performed better with a 12.62% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or XCEM?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.50% for PXH.

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

PXH has the higher dividend yield at 4.34%, compared with 2.42% for XCEM.

What is the main difference between PXH and XCEM?

PXH tracks FTSE RAFI Emerging Markets Index, while XCEM tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Invesco and Ameriprise Financial. Their fees differ too: 0.50% for PXH and 0.16% for XCEM.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (2.53 vs 1.81), 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.