XOEX vs. RAFE

Last updated Jul 14, 2026

XOEX (Xtrackers S&P 100 Ex Top 20 ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - XOEX tracks the S&P 100 Ex-Top 20 Select Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 3 years, XOEX returned 16.74%/yr vs 18.76%/yr for RAFE. Their correlation of 0.93 suggests significant overlap in exposure. XOEX charges 0.15%/yr vs 0.30%/yr for RAFE.

Performance

XOEX vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOEX achieves a 10.98% return, which is significantly lower than RAFE's 15.70% return.

XOEX

• 1D: -0.32%
• 1M: 0.70%
• 6M: 8.65%
• YTD: 10.98%
• 1Y: 23.61%
• 3Y*: 16.74%
• 5Y*: —
• 10Y*: —

RAFE

• 1D: -0.06%
• 1M: 1.59%
• 6M: 13.30%
• YTD: 15.70%
• 1Y: 28.06%
• 3Y*: 18.76%
• 5Y*: 11.46%
• 10Y*: —

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

XOEX vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOEX Xtrackers S&P 100 Ex Top 20 ETF	10.98%	18.97%	12.07%	15.99%	2.98%
RAFE PIMCO RAFI ESG U.S. ETF	15.70%	17.60%	13.81%	18.80%	0.12%

Correlation

The correlation between XOEX and RAFE is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.93

The correlation between XOEX and RAFE has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

XOEX vs. RAFE — Risk / Return Rank

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

XOEX

XOEX Risk / Return Rank: 82
XOEX Sharpe Ratio Rank: 83
XOEX Sortino Ratio Rank: 85
XOEX Omega Ratio Rank: 81
XOEX Calmar Ratio Rank: 78
XOEX Martin Ratio Rank: 82

RAFE

RAFE Risk / Return Rank: 89
RAFE Sharpe Ratio Rank: 91
RAFE Sortino Ratio Rank: 91
RAFE Omega Ratio Rank: 89
RAFE Calmar Ratio Rank: 86
RAFE Martin Ratio Rank: 88

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.

XOEX vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 100 Ex Top 20 ETF (XOEX) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.

	XOEX	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.49	-0.39
Sortino ratio: Return per unit of downside risk	3.03	3.48	-0.45
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	3.24	3.78	-0.54
Martin ratio: Return relative to average drawdown	12.77	14.72	-1.95

XOEX vs. RAFE - Sharpe Ratio Comparison

The current XOEX Sharpe Ratio is 2.10, which is comparable to the RAFE Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of XOEX and RAFE, 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

XOEX vs. RAFE - Drawdown Comparison

The maximum XOEX drawdown since its inception was -14.68%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for XOEX and RAFE.

Drawdown Indicators

	XOEX	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-14.68%	-35.74%	+21.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.31%	-7.46%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-16.36%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.28%	—
Current Drawdown Current decline from peak	-1.06%	-0.06%	-1.00%
Average Drawdown Average peak-to-trough decline	-2.59%	-6.13%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.91%	-0.06%

Volatility

XOEX vs. RAFE - Volatility Comparison

Xtrackers S&P 100 Ex Top 20 ETF (XOEX) has a higher volatility of 3.15% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 2.78%. This indicates that XOEX's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOEX	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.78%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	8.59%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	11.34%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.39%	15.07%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.39%	19.33%	-5.94%

XOEX vs. RAFE - Expense Ratio Comparison

XOEX has a 0.15% expense ratio, which is lower than RAFE's 0.30% expense ratio.

Dividends

XOEX vs. RAFE - Dividend Comparison

XOEX's dividend yield for the trailing twelve months is around 1.46%, less than RAFE's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%
XOEX Xtrackers S&P 100 Ex Top 20 ETF	1.46%	1.95%	2.09%	1.72%	0.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XOEX and RAFE in my portfolio?

With a correlation of 0.92, XOEX and RAFE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XOEX or RAFE?

XOEX has higher volatility (3.15%) compared to RAFE (2.78%). In terms of maximum drawdown, XOEX dropped -14.68% vs RAFE's -35.74%.

Which ETF is better, XOEX or RAFE?

On 3-year performance, RAFE leads with 18.76% vs 16.74% for XOEX. On fees, XOEX is cheaper at 0.15% per year. On volatility, RAFE has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOEX or RAFE?

Over the 3-year period, RAFE has performed better with a 18.76% return vs 16.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOEX or RAFE?

XOEX is cheaper with a 0.15% expense ratio, compared with 0.30% for RAFE.

Which ETF pays a higher dividend yield, XOEX or RAFE?

RAFE has the higher dividend yield at 1.49%, compared with 1.46% for XOEX.

What is the main difference between XOEX and RAFE?

XOEX tracks S&P 100 Ex-Top 20 Select Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: Xtrackers and PIMCO. Their fees differ too: 0.15% for XOEX and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.49 vs 2.10), 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.