PXS.TO vs. TLV.TO

Last updated Jun 17, 2026

PXS.TO (Invesco RAFI U.S. Index ETF II CAD) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both exchange-traded funds - PXS.TO is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while TLV.TO is a Canada Equities fund tracking the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past 10 years, PXS.TO returned 14.57%/yr vs 9.17%/yr for TLV.TO. At a 0.33 correlation, their price movements are largely independent. PXS.TO charges 0.46%/yr vs 0.33%/yr for TLV.TO.

Performance

PXS.TO vs. TLV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco RAFI U.S. Index ETF II CAD (PXS.TO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXS.TO achieves a 17.13% return, which is significantly higher than TLV.TO's 13.99% return. Over the past 10 years, PXS.TO has outperformed TLV.TO with an annualized return of 14.57%, while TLV.TO has yielded a comparatively lower 9.17% annualized return.

PXS.TO

• 1D: 0.02%
• 1M: 5.04%
• YTD: 17.13%
• 6M: 18.30%
• 1Y: 36.32%
• 3Y*: 22.47%
• 5Y*: 15.63%
• 10Y*: 14.57%

TLV.TO

• 1D: 0.09%
• 1M: 4.92%
• YTD: 13.99%
• 6M: 15.33%
• 1Y: 27.56%
• 3Y*: 20.31%
• 5Y*: 11.30%
• 10Y*: 9.17%

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

PXS.TO vs. TLV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXS.TO Invesco RAFI U.S. Index ETF II CAD	17.13%	13.64%	26.23%	12.41%	-2.47%	32.84%	4.71%	21.47%	-1.23%	8.36%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	13.99%	22.51%	20.36%	4.75%	-10.22%	21.67%	-6.10%	22.29%	-6.62%	10.15%

Correlation

The correlation between PXS.TO and TLV.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Apr 20, 2015	0.33

The correlation between PXS.TO and TLV.TO shifts across timeframes, from 0.24 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PXS.TO vs. TLV.TO — Risk / Return Rank

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

PXS.TO

PXS.TO Risk / Return Rank: 95
PXS.TO Sharpe Ratio Rank: 95
PXS.TO Sortino Ratio Rank: 95
PXS.TO Omega Ratio Rank: 94
PXS.TO Calmar Ratio Rank: 95
PXS.TO Martin Ratio Rank: 95

TLV.TO

TLV.TO Risk / Return Rank: 96
TLV.TO Sharpe Ratio Rank: 96
TLV.TO Sortino Ratio Rank: 96
TLV.TO Omega Ratio Rank: 96
TLV.TO Calmar Ratio Rank: 94
TLV.TO Martin Ratio Rank: 96

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.

PXS.TO vs. TLV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI U.S. Index ETF II CAD (PXS.TO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO). 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.

	PXS.TO	TLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.36	3.74	-0.39
Sortino ratio: Return per unit of downside risk	4.93	5.63	-0.70
Omega ratio: Gain probability vs. loss probability	1.66	1.77	-0.12
Calmar ratio: Return relative to maximum drawdown	7.58	6.85	+0.73
Martin ratio: Return relative to average drawdown	27.00	31.45	-4.46

PXS.TO vs. TLV.TO - Sharpe Ratio Comparison

The current PXS.TO Sharpe Ratio is 3.36, which is comparable to the TLV.TO Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of PXS.TO and TLV.TO, 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

PXS.TO vs. TLV.TO - Drawdown Comparison

The maximum PXS.TO drawdown since its inception was -31.87%, smaller than the maximum TLV.TO drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for PXS.TO and TLV.TO.

Drawdown Indicators

	PXS.TO	TLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.87%	-37.68%	+5.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.88%	-4.07%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	-9.83%	-6.53%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-19.36%	+3.00%
Max Drawdown (10Y) Largest decline over 10 years	-31.87%	-37.68%	+5.81%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.36%	-4.05%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	0.88%	+0.49%

Volatility

PXS.TO vs. TLV.TO - Volatility Comparison

Invesco RAFI U.S. Index ETF II CAD (PXS.TO) has a higher volatility of 3.93% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.69%. This indicates that PXS.TO's price experiences larger fluctuations and is considered to be riskier than TLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXS.TO	TLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.69%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	5.85%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	7.46%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	9.95%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	12.69%	+2.59%

PXS.TO vs. TLV.TO - Expense Ratio Comparison

PXS.TO has a 0.46% expense ratio, which is higher than TLV.TO's 0.33% expense ratio.

Dividends

PXS.TO vs. TLV.TO - Dividend Comparison

PXS.TO's dividend yield for the trailing twelve months is around 1.23%, less than TLV.TO's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXS.TO Invesco RAFI U.S. Index ETF II CAD	1.23%	1.49%	1.53%	1.53%	1.80%	1.51%	2.51%	1.91%	1.84%	1.50%	1.62%	1.40%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	2.94%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%

Frequently Asked Questions

Can I hold both PXS.TO and TLV.TO in my portfolio?

PXS.TO and TLV.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PXS.TO or TLV.TO?

On fees, TLV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PXS.TO or TLV.TO?

TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.46% for PXS.TO.

What is the main difference between PXS.TO and TLV.TO?

PXS.TO is categorized as Large Cap Value Equities, while TLV.TO is Canada Equities. PXS.TO tracks RAFI Fundamental Select US 1000 Index, while TLV.TO tracks S&P/TSX Composite Low Volatility Index. Their fees differ too: 0.46% for PXS.TO and 0.33% for TLV.TO.