PXH vs SPY
Invesco RAFI Emerging Markets ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PXH delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PXH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.47% | 0.09% | |
| AUM | $1.9B | $789.1B | |
| Dividend Yield | 4.37% | 1.01% | |
| Holdings | 401 | 505 | |
| YTD Return | +12.43% | +13.68% | |
| 1Y Return | +25.07% | +21.53% | |
| 3Y Return (annualized) | +21.26% | +21.44% | |
| 5Y Return (annualized) | +10.04% | +13.18% | |
| Volatility (annualized) | 21.8% | 15.3% | |
| Max Drawdown | -64.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 27, 2007 | Jan 22, 1993 |
PXH vs SPY Performance
Invesco RAFI Emerging Markets ETF (PXH) 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 PXH returned +25.07% while SPY returned +21.53%. Year to date, PXH is up 12.43% versus a gain of 13.68% for SPY.
Over three years, PXH compounded at +21.26% per year against +21.44% for SPY; over five years the annualized figures are +10.04% and +13.18% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs +1.88%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PXH has been the more volatile fund, with annualized monthly volatility of 21.8% 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 -64.0% for PXH 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PXH charges 0.47% per year while SPY charges 0.09%. On a $10,000 position that is $47 vs $9 annually, a gap of $38 per year that compounds over a long holding period. On income, PXH currently yields 4.37% against 1.01% for SPY.
Holdings Overlap
PXH and SPY share 0 holdings out of 871 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PXH or SPY?
PXH has an expense ratio of 0.47% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $38 per year of difference.
Which performed better, PXH or SPY?
Over the past year PXH returned +25.07% vs +21.53% for SPY, so PXH leads on 1-year performance. Over the longest common window we track (19 years), PXH annualized +1.88% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, PXH or SPY?
PXH has been the more volatile fund at 21.8% annualized versus 15.3% for SPY. Worst drawdown: PXH -64.0% vs SPY -56.5%.
Should I hold both PXH and SPY?
PXH and SPY have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PXH and SPY?
PXH and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 871 unique securities.
Which pays a higher dividend, PXH or SPY?
PXH yields 4.37% while SPY yields 1.01%, so PXH currently pays the higher dividend yield.
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