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QEMM vs. PXH
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QEMM vs. PXH

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) and Invesco FTSE RAFI Emerging Markets ETF (PXH).

QEMM and PXH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QEMM is a passively managed fund by State Street that tracks the performance of the MSCI EM Factor Mix A-Series (USD). It was launched on Jun 4, 2014. 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. Both QEMM and PXH 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

QEMM vs. PXH - Performance Comparison

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

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QEMM vs. PXH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.84%21.92%4.98%12.50%-17.82%6.34%9.95%15.40%-13.33%31.50%
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%

Returns By Period

The year-to-date returns for both stocks are quite close, with QEMM having a 4.84% return and PXH slightly lower at 4.64%. Over the past 10 years, QEMM has underperformed PXH with an annualized return of 7.09%, while PXH has yielded a comparatively higher 9.71% annualized return.

QEMM

1D
2.95%
1M
-6.92%
YTD
4.84%
6M
8.64%
1Y
26.47%
3Y*
13.21%
5Y*
4.75%
10Y*
7.09%

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%
*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.

SPDR MSCI Emerging Markets StrategicFactors ETF

Invesco FTSE RAFI Emerging Markets ETF

Often compared with QEMM:
QEMM vs. MXFP.LQEMM vs. SPDWQEMM vs. EMGFQEMM vs. JHMBQEMM vs. EMIM.LQEMM vs. URTHQEMM vs. AEME.L
Often compared with PXH:
PXH vs. FNDEPXH vs. IEMGPXH vs. DEMPXH vs. VOOPXH vs. EEMPXH vs. PXFPXH vs. EEMO

QEMM vs. PXH - Expense Ratio Comparison

QEMM has a 0.30% expense ratio, which is lower than PXH's 0.50% expense ratio.

PXH
Invesco FTSE RAFI Emerging Markets ETF
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF

Return for Risk

QEMM vs. PXH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QEMM
QEMM Risk / Return Rank: 8282
Overall Rank
QEMM Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QEMM Sortino Ratio Rank: 8282
Sortino Ratio Rank
QEMM Omega Ratio Rank: 8181
Omega Ratio Rank
QEMM Calmar Ratio Rank: 8585
Calmar Ratio Rank
QEMM Martin Ratio Rank: 8383
Martin Ratio Rank
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
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.

QEMM vs. PXH - Risk-Adjusted Trends Comparison

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

QEMMPXHDifference

Sharpe ratio

Return per unit of total volatility

1.54

1.57

-0.02

Sortino ratio

Return per unit of downside risk

2.16

2.17

-0.01

Omega ratio

Gain probability vs. loss probability

1.31

1.32

-0.01

Calmar ratio

Return relative to maximum drawdown

2.56

2.11

+0.45

Martin ratio

Return relative to average drawdown

9.33

9.45

-0.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QEMM vs. PXH - Sharpe Ratio Comparison

The current QEMM Sharpe Ratio is 1.54, which is comparable to the PXH Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of QEMM and PXH, 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

QEMMPXHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.54

1.57

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

0.49

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.48

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.12

+0.13

Correlation

The correlation between QEMM and PXH is 0.83, 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

QEMM vs. PXH - Dividend Comparison

QEMM's dividend yield for the trailing twelve months is around 4.67%, more than PXH's 3.76% yield.

TTM20252024202320222021202020192018201720162015
QEMM
SPDR MSCI Emerging Markets StrategicFactors ETF		4.67%4.90%5.17%4.88%4.07%2.35%2.48%3.05%2.86%2.11%2.03%2.14%
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%

Drawdowns

QEMM vs. PXH - Drawdown Comparison

The maximum QEMM drawdown since its inception was -36.89%, smaller than the maximum PXH drawdown of -63.63%. Use the drawdown chart below to compare losses from any high point for QEMM and PXH.

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Drawdown Indicators

QEMMPXHDifference

Max Drawdown

Largest peak-to-trough decline

-36.89%

-63.63%

+26.74%

Max Drawdown (1Y)

Largest decline over 1 year

-10.40%

-13.78%

+3.38%

Max Drawdown (5Y)

Largest decline over 5 years

-27.55%

-29.59%

+2.04%

Max Drawdown (10Y)

Largest decline over 10 years

-36.89%

-40.42%

+3.53%

Current Drawdown

Current decline from peak

-7.76%

-6.55%

-1.21%

Average Drawdown

Average peak-to-trough decline

-10.77%

-17.00%

+6.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

3.08%

-0.23%

Volatility

QEMM vs. PXH - Volatility Comparison

SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a higher volatility of 9.11% compared to Invesco FTSE RAFI Emerging Markets ETF (PXH) at 7.57%. This indicates that QEMM's price experiences larger fluctuations and is considered to be riskier than PXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QEMMPXHDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.11%

7.57%

+1.54%

Volatility (6M)

Calculated over the trailing 6-month period

12.57%

12.04%

+0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

17.21%

18.52%

-1.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.81%

17.71%

-2.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.73%

20.21%

-3.48%