XCEM vs. PXF

Last updated Jun 13, 2026

XCEM (Columbia EM Core ex-China ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - XCEM is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, XCEM returned 12.68%/yr vs 12.26%/yr for PXF. A 0.71 correlation means they provide meaningful diversification when combined. XCEM charges 0.16%/yr vs 0.45%/yr for PXF.

Performance

XCEM vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCEM achieves a 34.83% return, which is significantly higher than PXF's 18.79% return. Both investments have delivered pretty close results over the past 10 years, with XCEM having a 12.68% annualized return and PXF not far behind at 12.26%.

XCEM

• 1D: 0.25%
• 1M: 4.23%
• YTD: 34.83%
• 6M: 40.49%
• 1Y: 60.61%
• 3Y*: 24.19%
• 5Y*: 11.44%
• 10Y*: 12.68%

PXF

• 1D: 0.34%
• 1M: 0.89%
• YTD: 18.79%
• 6M: 20.98%
• 1Y: 39.76%
• 3Y*: 23.81%
• 5Y*: 13.18%
• 10Y*: 12.26%

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

XCEM vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCEM Columbia EM Core ex-China ETF	34.83%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	18.79%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between XCEM and PXF is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.71

The correlation between XCEM and PXF has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

XCEM vs. PXF - Sectors Allocation Comparison

Sectors	XCEM	PXF
Technology	37.1%	11.4%
Financial Services	22.8%	19.7%
Industrials	9.7%	15.1%
Basic Materials	6.4%	10.1%
Consumer Cyclical	6.3%	10.2%
Communication Services	4.2%	4.3%
Energy	3.8%	10.6%
Consumer Defensive	3.0%	6.1%
Healthcare	2.9%	7.2%
Utilities	1.9%	3.6%
Real Estate	1.8%	1.8%

Return for Risk

XCEM vs. PXF — Risk / Return Rank

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

XCEM

XCEM Risk / Return Rank: 88
XCEM Sharpe Ratio Rank: 90
XCEM Sortino Ratio Rank: 85
XCEM Omega Ratio Rank: 89
XCEM Calmar Ratio Rank: 86
XCEM Martin Ratio Rank: 87

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

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.

XCEM vs. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). 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.

	XCEM	PXF	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.47	+0.20
Sortino ratio: Return per unit of downside risk	3.34	3.25	+0.08
Omega ratio: Gain probability vs. loss probability	1.49	1.45	+0.04
Calmar ratio: Return relative to maximum drawdown	4.21	3.66	+0.55
Martin ratio: Return relative to average drawdown	16.34	13.76	+2.58

XCEM vs. PXF - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 2.67, which is comparable to the PXF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of XCEM and PXF, 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

XCEM vs. PXF - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for XCEM and PXF.

Drawdown Indicators

	XCEM	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-41.24%	-64.74%	+23.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-10.91%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-14.06%	-4.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.57%	-26.82%	-2.75%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-41.59%	+0.35%
Current Drawdown Current decline from peak	-3.74%	-2.04%	-1.70%
Average Drawdown Average peak-to-trough decline	-8.58%	-15.25%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.90%	+0.82%

Volatility

XCEM vs. PXF - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) has a higher volatility of 11.91% compared to Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) at 6.76%. This indicates that XCEM's price experiences larger fluctuations and is considered to be riskier than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCEM	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.91%	6.76%	+5.15%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	13.95%	+7.02%
Volatility (1Y) Calculated over the trailing 1-year period	22.85%	16.18%	+6.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	16.62%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	18.07%	+1.79%

XCEM vs. PXF - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is lower than PXF's 0.45% expense ratio.

Dividends

XCEM vs. PXF - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.41%, less than PXF's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.12%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%
XCEM Columbia EM Core ex-China ETF	2.41%	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 XCEM and PXF in my portfolio?

XCEM and PXF have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCEM or PXF?

XCEM has higher volatility (11.91%) compared to PXF (6.76%). In terms of maximum drawdown, XCEM dropped -41.24% vs PXF's -64.74%.

Which ETF is better, XCEM or PXF?

On 10-year performance, XCEM leads with 12.68% vs 12.26% for PXF. On fees, XCEM is cheaper at 0.16% per year. On volatility, PXF has been the lower-risk option at 6.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCEM or PXF?

Over the 10-year period, XCEM has performed better with a 12.68% return vs 12.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCEM or PXF?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.45% for PXF.

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

PXF has the higher dividend yield at 3.12%, compared with 2.41% for XCEM.

What is the main difference between XCEM and PXF?

XCEM is categorized as Emerging Markets Equities, while PXF is Foreign Large Cap Equities. XCEM tracks MSCI Emerging Markets ex China Index, while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. They also come from different issuers: Ameriprise Financial and Invesco. Their fees differ too: 0.16% for XCEM and 0.45% for PXF.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (2.67 vs 2.47), 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.