PXF vs SPY
Invesco RAFI Developed Markets ex-US ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PXF delivered stronger 1-year returns. PXF offers more diversification with 1006 holdings.
Side-by-Side Comparison
| Metric | PXF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.43% | 0.09% | |
| AUM | $2.8B | $789.1B | |
| Dividend Yield | 3.13% | 1.01% | |
| Holdings | 1,040 | 505 | |
| YTD Return | +20.16% | +13.75% | |
| 1Y Return | +37.42% | +22.91% | |
| 3Y Return (annualized) | +24.21% | +21.67% | |
| 5Y Return (annualized) | +14.24% | +13.32% | |
| Volatility (annualized) | 19.4% | 15.3% | |
| Max Drawdown | -65.7% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 25, 2007 | Jan 22, 1993 |
PXF vs SPY Performance
Invesco RAFI Developed Markets ex-US ETF (PXF) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PXF returned +37.42% while SPY returned +22.91%. Year to date, PXF is up 20.16% versus a gain of 13.75% for SPY.
Over three years, PXF compounded at +24.21% per year against +21.67% for SPY; over five years the annualized figures are +14.24% and +13.32% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs +3.50%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PXF has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -65.7% for PXF and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PXF charges 0.43% per year while SPY charges 0.09%. On a $10,000 position that is $43 vs $9 annually, a gap of $34 per year that compounds over a long holding period. On income, PXF currently yields 3.13% against 1.01% for SPY.
Holdings Overlap
PXF and SPY share 8 holdings out of 1501 unique holdings combined, representing a 0.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PXF or SPY?
PXF has an expense ratio of 0.43% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $34 per year of difference.
Which performed better, PXF or SPY?
Over the past year PXF returned +37.42% vs +22.91% for SPY, so PXF leads on 1-year performance. Over the longest common window we track (19 years), PXF annualized +3.50% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PXF or SPY?
PXF has been the more volatile fund at 19.4% annualized versus 15.3% for SPY. Worst drawdown: PXF -65.7% vs SPY -56.5%.
Should I hold both PXF and SPY?
PXF and SPY have a monthly-return correlation of 0.83, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PXF and SPY?
PXF and SPY share 8 common holdings with a 0.5% weight overlap. Combined, they hold 1501 unique securities.
Which pays a higher dividend, PXF or SPY?
PXF yields 3.13% while SPY yields 1.01%, so PXF currently pays the higher dividend yield.
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