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TOK vs. PFM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TOK vs. PFM

Last updated Jun 6, 2026

TOK (iShares MSCI Kokusai ETF) and PFM (Invesco Dividend Achievers™ ETF) are both Large Cap Growth Equities funds - TOK tracks the MSCI Kokusai Index while PFM tracks the NASDAQ US Broad Dividend Achievers Index. Both are passively managed. Over the past 10 years, TOK returned 13.19%/yr vs 11.66%/yr for PFM. A 0.76 correlation means they provide meaningful diversification when combined. TOK charges 0.25%/yr vs 0.53%/yr for PFM.

Performance

TOK vs. PFM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and Invesco Dividend Achievers™ ETF (PFM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with TOK having a 7.65% return and PFM slightly lower at 7.32%. Over the past 10 years, TOK has outperformed PFM with an annualized return of 13.19%, while PFM has yielded a comparatively lower 11.66% annualized return.

TOK

1D
-2.48%
1M
-0.06%
YTD
7.65%
6M
8.12%
1Y
23.58%
3Y*
20.17%
5Y*
11.75%
10Y*
13.19%

PFM

1D
-1.11%
1M
1.44%
YTD
7.32%
6M
7.15%
1Y
19.01%
3Y*
16.07%
5Y*
10.46%
10Y*
11.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TOK vs. PFM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TOK
iShares MSCI Kokusai ETF		7.65%20.83%19.52%24.76%-17.93%23.84%15.06%30.05%-7.83%22.09%
PFM
Invesco Dividend Achievers™ ETF		7.32%14.00%16.87%11.40%-6.22%23.08%9.53%26.88%-4.58%17.65%

Correlation

The correlation between TOK and PFM is 0.80, 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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2007

0.76

The correlation between TOK and PFM has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

TOK vs. PFM - Sectors Allocation Comparison

Sectors
TOK
PFM

Technology

31.3%
24.7%

Financial Services

14.9%
18.5%

Industrials

9.8%
11.1%

Communication Services

9.0%
1.1%

Consumer Cyclical

9.0%
4.0%

Healthcare

8.7%
14.9%

Consumer Defensive

5.2%
12.0%

Energy

4.0%
4.7%

Basic Materials

3.2%
3.0%

Utilities

2.8%
4.2%

Real Estate

1.7%
2.0%

Technology

TOK
31.3%
PFM
24.7%

Financial Services

TOK
14.9%
PFM
18.5%

Industrials

TOK
9.8%
PFM
11.1%

Communication Services

TOK
9.0%
PFM
1.1%

Consumer Cyclical

TOK
9.0%
PFM
4.0%

Healthcare

TOK
8.7%
PFM
14.9%

Consumer Defensive

TOK
5.2%
PFM
12.0%

Energy

TOK
4.0%
PFM
4.7%

Basic Materials

TOK
3.2%
PFM
3.0%

Utilities

TOK
2.8%
PFM
4.2%

Real Estate

TOK
1.7%
PFM
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Kokusai ETF

Invesco Dividend Achievers™ ETF

Often compared with TOK:
TOK vs. VOOTOK vs. ACWITOK vs. QQQMTOK vs. URTHTOK vs. SCHDTOK vs. VYMTOK vs. QQQ
Often compared with PFM:
PFM vs. PRFPFM vs. PHOPFM vs. SCHDPFM vs. VBMFXPFM vs. EDIVPFM vs. VIGPFM vs. VYM

Return for Risk

TOK vs. PFM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TOK
TOK Risk / Return Rank: 6161
Overall Rank
TOK Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
TOK Sortino Ratio Rank: 6060
Sortino Ratio Rank
TOK Omega Ratio Rank: 6060
Omega Ratio Rank
TOK Calmar Ratio Rank: 5555
Calmar Ratio Rank
TOK Martin Ratio Rank: 6868
Martin Ratio Rank
PFM
PFM Risk / Return Rank: 6363
Overall Rank
PFM Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
PFM Sortino Ratio Rank: 6767
Sortino Ratio Rank
PFM Omega Ratio Rank: 6262
Omega Ratio Rank
PFM Calmar Ratio Rank: 5757
Calmar Ratio Rank
PFM Martin Ratio Rank: 6363
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.

TOK vs. PFM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and Invesco Dividend Achievers™ ETF (PFM). 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.

TOKPFMDifference
Sharpe ratioReturn per unit of total volatility
1.94
2.00

-0.06

Sortino ratioReturn per unit of downside risk
2.68
2.93

-0.25

Omega ratioGain probability vs. loss probability

1.35

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

2.61

2.69

-0.08

Martin ratioReturn relative to average drawdown

11.95

10.91

+1.04

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

TOK vs. PFM - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.94, which is comparable to the PFM Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TOK and PFM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TOKPFMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

2.00

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.78

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.77

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.52

-0.09

Drawdowns

TOK vs. PFM - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than PFM's maximum drawdown of -53.21%. Use the drawdown chart below to compare losses from any high point for TOK and PFM.

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Drawdown Indicators

TOKPFMDifference

Max Drawdown

Largest peak-to-trough decline

-56.18%

-53.21%

-2.97%

Max Drawdown (1Y)

Largest decline over 1 year

-9.07%

-7.09%

-1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-16.23%

-14.50%

-1.73%

Max Drawdown (5Y)

Largest decline over 5 years

-25.86%

-17.81%

-8.05%

Max Drawdown (10Y)

Largest decline over 10 years

-34.82%

-32.22%

-2.60%

Current Drawdown

Current decline from peak

-2.70%

-1.11%

-1.59%

Average Drawdown

Average peak-to-trough decline

-8.52%

-6.94%

-1.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

1.75%

+0.23%

Volatility

TOK vs. PFM - Volatility Comparison

iShares MSCI Kokusai ETF (TOK) has a higher volatility of 3.82% compared to Invesco Dividend Achievers™ ETF (PFM) at 2.30%. This indicates that TOK's price experiences larger fluctuations and is considered to be riskier than PFM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TOKPFMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.82%

2.30%

+1.52%

Volatility (6M)

Calculated over the trailing 6-month period

9.72%

7.20%

+2.52%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

9.53%

+2.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

13.54%

+2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.16%

15.21%

+1.95%

TOK vs. PFM - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is lower than PFM's 0.53% expense ratio.

Dividends

TOK vs. PFM - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.28%, less than PFM's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
PFM
Invesco Dividend Achievers™ ETF		1.34%1.41%1.58%1.86%1.95%1.69%1.92%1.94%2.27%1.70%2.56%2.36%
TOK
iShares MSCI Kokusai ETF		1.28%1.37%1.66%1.95%3.55%1.66%1.52%2.12%2.74%2.60%2.56%3.02%

Frequently Asked Questions

TOK and PFM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TOK has higher volatility (3.82%) compared to PFM (2.30%). In terms of maximum drawdown, TOK dropped -56.18% vs PFM's -53.21%.

On 10-year performance, TOK leads with 13.19% vs 11.66% for PFM. On fees, TOK is cheaper at 0.25% per year. On volatility, PFM has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TOK has performed better with a 13.19% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TOK is cheaper with a 0.25% expense ratio, compared with 0.53% for PFM.

PFM has the higher dividend yield at 1.34%, compared with 1.28% for TOK.

TOK tracks MSCI Kokusai Index, while PFM tracks NASDAQ US Broad Dividend Achievers Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for TOK and 0.53% for PFM.

PFM currently has the higher Sharpe Ratio (2.00 vs 1.94), 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.

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