EELV vs PXH: Grades, Fees and Holdings Compared

Invesco S&P Emerging Markets Low Volatility ETF

EELVBNYSE Arca

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

21.4%by weight

Expense ratio

EELV −0.18pt a year

EELV0.29%PXH0.47%

Avg volume · 30D

PXH 4.0×the volume

EELV56KPXH223K

10Y return · a year

PXH +1.8pt

EELV+6.5%PXH+8.3%

EELV vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+38.0%EELV+59.1%PXH

Expense ratio: EELV 0.29%, better; PXH 0.47%
Fund size: EELV $386M; PXH $1.94B
1Y total return: EELV +8.5%; PXH +13.1%, better
Yield (12M): EELV 4.40%, better; PXH 4.13%
Holdings: EELV 208; PXH 365
Avg volume (30D): EELV 56K sh; PXH 223K sh, better
NAV per share: EELV $27.86; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for EELV, PXH, with each pillar’s weight
Pillar	EELV	PXH
Cost30% weight	A78Higher	C44
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	B63
Tradability15% weight	C40	A77Higher
Holdings10% weight	B69Higher	B55
Durability5% weight	A70	A76Higher

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EELV and PXH are both graded against the same 10 Emerging Markets Factor Index funds, so their Grades compare head to head.

Emerging Markets Factor Index⁠

Category · 10 funds

See all 10 ›

EELV ranks 2nd and PXH 4th of 10 funds in the Emerging Markets Factor Index Category.

Rank 1AEEMViShares MSCI Emerging Markets Min Vol Factor ETFScore 78
Rank 2BEELVInvesco S&P Emerging Markets Low Volatility ETFScore 66
Rank 3BFNDESchwab Fundamental Emerging Markets Large Company Index ETFScore 64
Rank 4BPXHInvesco RAFI Emerging Markets ETFScore 57
Rank 5CBLESInspire Global Hope ETFScore 50

Our read on each fund

ETF.net Research

EELVBInvesco S&P Emerging Markets Low Volatility ETF

PXHBInvesco RAFI Emerging Markets ETF

In short

EELV EELV hunts the calm corners of emerging markets: roughly 200 of the least volatile stocks in a broad EM universe, chosen by rule rather than by a manager's hunch. Same asset class, deliberately lower-drama construction.

PXH Most emerging-markets funds size positions by share price. PXH sizes them by economic footprint (sales, cash flow, dividends, book value), the fundamental-indexing approach it has run since 2007. A value-tilted EM portfolio built from the accounting statements up.

Stated mandate

EELV The fund provides exposure to emerging-market stocks selected for low volatility by tracking the S&P BMI Emerging Markets Low Volatility Index.

PXH The Fund seeks to track, before fees and expenses, the investment results of the RAFI strategy.

Why people hold it

EELV At 0.29% a year it undercuts the median fee in its emerging-markets factor cohort (0.44%), and it has run the same low-volatility rulebook since its 2012 launch.
The rule is plain: track the S&P BMI Emerging Markets Low Volatility Index, which screens a broad EM universe on realized volatility. No stock-picker discretion.invesco.com
Roughly 200 holdings means no single name or headline steers the whole portfolio, and distributions land on a quarterly schedule.

PXH Position sizes come from book value, cash flow, sales and dividends, not market price, so a stock rallying does not automatically earn a bigger slot in the fund.invesco.com lseg.com
Running since 2007, one of the longest-lived fundamental-index plays in emerging markets, now at billion-dollar scale and moderately traded.
Roughly 400 stocks across emerging markets, paid out quarterly. Broad coverage rather than a concentrated country or sector bet.

Worth knowing

EELV It trades lightly next to the category's largest funds, so the spread paid at the trade can matter as much as the 0.29% fee.
A pure volatility screen reshapes the map: sector and country weights can sit far from a standard cap-weighted emerging-markets index.invesco.com
Cheap, but not the cheapest low-vol EM shelf: iShares' EEMV lists a 0.25% fee.

PXH At 0.47% it costs a shade more than the 0.45% median index tracker, and multiples of the cheapest broad index funds (VT charges 0.06%).
Weighting by fundamentals means the portfolio can look very different from cap-weighted EM benchmarks, and move differently from them for long stretches.lseg.com invesco.com
The benchmark switched in 2025 (it was the FTSE RAFI Emerging Index before), so the fund's long history predates today's selection rules.invesco.com

Full EELV profile⁠

Full PXH profile⁠

EELV vs PXH Holdings

How EELV and PXH differ

Overlap by weight

21.4%

Shared holdings make up 50.0% of EELV and 34.2% of PXH.

Level by level

Holdings99 in both21.4%
Sector11 Sectors61.5%
Countryby domicile62.1%
Asset classEquity100%

Sector

Sector weights in EELV and PXH, widest gap first
Sector	More in EELVMore in PXH	EELV	PXH
Technology	PXH +19.9 points	0.2%	20.1%
Financials	EELV +12.6 points	40.4%	27.8%
Utilities	EELV +6.8 points	9.1%	2.3%
Energy	PXH +6.9 points	6.2%	13.1%
Consumer Staples	EELV +6.8 points	9.6%	2.8%
Materials	PXH +6.1 points	4.5%	10.6%
Consumer Discretionary	PXH +5.7 points	4.5%	10.2%
Industrials	EELV +5.5 points	10.5%	5.0%
Communication	EELV +3.3 points	9.1%	5.8%
Health Care	EELV +2.5 points	3.5%	1.0%
Real Estate	EELV +0.9 points	2.4%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in EELV and PXH, widest gap first
Country	More in EELVMore in PXH	EELV	PXH
Malaysia	EELV +15.1 points	16.0%	0.9%
Taiwan	PXH +11.7 points	14.7%	26.4%
China	PXH +11.7 points	24.8%	36.5%
India	PXH +9.9 points	0.1%	10.0%
Thailand	EELV +8.1 points	11.4%	3.3%
South Africa	EELV +5.8 points	11.9%	6.1%
Mexico	EELV +3.7 points	6.9%	3.2%
Chile	EELV +2.3 points	2.8%	0.5%
Other countries (8)	PXH +1.6 points	11.5%	13.1%

Outside the US: EELV 0% developed, 100% emerging. PXH 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

EELV8.7%
PXH28.4%

Securities held

EELV201
PXH359

Asset class

EELV: Equity
PXH: Equity

Holdings

Only in EELV102
In both99
Only in PXH260

Only in EELV

102 securities, 50.8% of EELV by weight

Kuwait Finance House KSCP1.14%
Borouge PLC0.88%
Boubyan Bank KSCP0.87%
Tisco Financial Group PCL0.82%
Warba Bank KSCP0.81%
Gulf Bank KSCP0.76%
Chang Hwa Commercial Bank Ltd0.73%
Qatar Fuel QSC0.73%
National Bank of Kuwait SAKP0.70%
Al Rayan Bank0.69%
Mobile Telecommunications Co KSCP0.68%
Al Ahli Bank of Kuwait KSCP0.68%
IOI Corp Bhd0.63%
Adnoc Gas PLC0.61%
RHB Bank Bhd0.61%
Shanghai Pharmaceuticals Holding Co Ltd0.61%
Jarir Marketing Co0.60%
AMMB Holdings Bhd0.59%
Remgro Ltd0.58%
SD Guthrie Bhd0.58%
Abu Dhabi National Oil Co for Distribution PJSC0.58%
MISC Bhd0.57%
IHH Healthcare Bhd0.56%
Jiangsu Expressway Co Ltd0.55%
Komercni Banka AS0.53%
President Chain Store Corp0.52%
Arab National Bank0.51%
Caixa Seguridade Participacoes S/A0.51%
Arca Continental SAB de CV0.51%
Qatar Islamic Bank QPSC0.51%
Thai Beverage PCL0.51%
Hong Leong Bank Bhd0.50%
Qatar National Bank QPSC0.49%
Nahdi Medical Co0.49%
BB Seguridade Participacoes SA0.49%
TIME dotCom Bhd0.49%
Discovery Ltd0.49%
Bank Al-Jazira0.49%
Dubai Electricity & Water Authority PJSC0.48%
Alliance Bank Malaysia Bhd0.48%
Hengan International Group Co Ltd0.48%
Alinma Bank0.48%
Etihad Etisalat Co0.48%
Industries Qatar QSC0.47%
Powszechny Zaklad Ubezpieczen SA0.47%
Cez As0.46%
Nestle Malaysia Bhd0.46%
Westports Holdings Bhd0.46%
Prologis Property Mexico SA de CV0.46%
SF Holding Co Ltd0.45%

Only in PXH

260 securities, 66.5% of PXH by weight

Taiwan Semiconductor Manufacturing Co Ltd5.84%
Alibaba Group Holding Ltd2.96%
Hon Hai Precision Industry Co Ltd2.62%
Tencent Holdings Ltd2.10%
MediaTek Inc1.72%
JD.com Inc1.59%
Ping An Insurance Group Co of China Ltd1.30%
PetroChina Co Ltd1.13%
Nan Ya Plastics Corp0.98%
Reliance Industries Ltd0.93%
ASE Technology Holding Co Ltd0.80%
PDD Holdings Inc0.78%
United Microelectronics Corp0.77%
Evergreen Marine Corp Taiwan Ltd0.71%
HDFC Bank Ltd0.69%
ICICI Bank Ltd0.65%
Sasol Ltd0.62%
Infosys Ltd0.58%
Fubon Financial Holding Co Ltd0.58%
Lenovo Group Ltd0.57%
Grupo Financiero Banorte SAB de CV0.55%
Asustek Computer Inc0.54%
Xiaomi Corp0.52%
Meituan0.51%
Grupo Mexico SAB de CV0.51%
Baidu Inc0.50%
Innolux Corp0.48%
Valterra Platinum Ltd0.47%
Cathay Financial Holding Co Ltd0.46%
NetEase Inc0.41%
Banco do Brasil SA0.39%
Formosa Plastics Corp0.39%
AUO Corp0.38%
PICC Property & Casualty Co Ltd0.38%
State Bank of India0.37%
MTN Group Ltd0.37%
China Resources Land Ltd0.36%
Gerdau SA0.35%
Quanta Computer Inc0.35%
BOC Hong Kong Holdings Ltd0.35%
Wistron Corp0.35%
Cemex SAB de CV0.35%
COSCO SHIPPING Holdings Co Ltd0.35%
BYD Co Ltd0.34%
Vibra Energia SA0.34%
Industrial Bank Co Ltd0.33%
Yuanta Financial Holding Co Ltd0.32%
Axis Bank Ltd0.32%
Compal Electronics Inc0.32%
KGI Financial Holding Co Ltd0.30%

Weight gaps

All 99 Holdings in both funds, largest gap first.

Holding weights in EELV and PXH, widest gap first
Holding	More in EELVMore in PXH	EELV	PXH
Petroleo Brasileiro SA - Petrobras	PXH +4.30 points	0.43%	4.73%
China Construction Bank Corp	PXH +2.33 points	0.53%	2.86%
Industrial & Commercial Bank of China LtdIDCBF	PXH +1.59 points	0.56%	2.15%
Vale SA	PXH +1.36 points	0.31%	1.67%
Bank of China Ltd	PXH +1.13 points	0.57%	1.70%
Taiwan Mobile Co Ltd	EELV +0.73 points	0.85%	0.12%
Taiwan Cooperative Financial Holding Co Ltd	EELV +0.70 points	0.81%	0.11%
Chunghwa Telecom Co Ltd	EELV +0.64 points	0.97%	0.33%
NEPI Rockcastle NV	EELV +0.63 points	0.72%	0.09%
Shanghai Commercial & Savings Bank Ltd/The	EELV +0.62 points	0.72%	0.10%
Tenaga Nasional Bhd	EELV +0.60 points	0.75%	0.15%
Saudi Telecom Co	EELV +0.58 points	0.81%	0.23%
China Petroleum & Chemical Corp	PXH +0.52 points	0.43%	0.95%
Saudi Awwal Bank	EELV +0.49 points	0.60%	0.11%
Bid Corp Ltd	EELV +0.47 points	0.63%	0.16%
First Financial Holding Co Ltd	EELV +0.47 points	0.66%	0.19%
Malayan Banking Bhd	EELV +0.46 points	0.68%	0.22%
Capitec Limited	EELV +0.44 points	0.51%	0.07%
Far EasTone Telecommunications Co Ltd	EELV +0.45 points	0.55%	0.10%
Beijing Enterprises Holdings Ltd	EELV +0.44 points	0.47%	0.03%
Sinopharm Group Co Ltd	EELV +0.43 points	0.52%	0.09%
Enel Americas SA	EELV +0.43 points	0.44%	<0.01%
Uni-President Enterprises Corp	EELV +0.43 points	0.64%	0.21%
Bidvest Group Ltd	EELV +0.42 points	0.52%	0.10%
Saudi Energy Co	EELV +0.42 points	0.47%	0.05%
Bangkok Dusit Medical Services PCL	EELV +0.41 points	0.50%	0.09%
Old Mutual Ltd	EELV +0.40 points	0.50%	0.10%
Public Bank Bhd	EELV +0.41 points	0.60%	0.19%
Riyad Bank	EELV +0.41 points	0.53%	0.12%
China Tower Corp Ltd	EELV +0.40 points	0.52%	0.12%
China Resources Gas Group LtdCRGGF	EELV +0.40 points	0.46%	0.06%
China Merchants Bank Co Ltd	PXH +0.39 points	0.55%	0.94%
Shoprite Holdings Ltd	EELV +0.39 points	0.55%	0.16%
Fibra Uno Administracion SA de CV	EELV +0.39 points	0.46%	0.07%
Advanced Info Service PCL	EELV +0.39 points	0.48%	0.09%
Scb X Pcl	EELV +0.39 points	0.67%	0.28%
Coca-Cola Femsa SAB de CV	EELV +0.38 points	0.48%	0.10%
Vodacom Group Ltd	EELV +0.38 points	0.49%	0.11%
Kunlun Energy Co LtdKUNUF	EELV +0.39 points	0.49%	0.10%
E.Sun Financial Holding Co Ltd	EELV +0.38 points	0.58%	0.20%
China Communications Services Corp Ltd	EELV +0.38 points	0.41%	0.03%
SABIC Agri-Nutrients Co	EELV +0.37 points	0.45%	0.08%
Banque Saudi Fransi	EELV +0.37 points	0.45%	0.08%
Empresas Copec SA	EELV +0.36 points	0.40%	0.04%
Mega Financial Holding Co Ltd	EELV +0.36 points	0.60%	0.24%
Guangdong Investment Ltd	EELV +0.35 points	0.43%	0.08%
CGN Power Co Ltd	EELV +0.34 points	0.45%	0.11%
TMBThanachart Bank PCL	EELV +0.34 points	0.44%	0.10%
China Everbright Environment Group Ltd	EELV +0.32 points	0.38%	0.06%
China Resources Power Holdings Co Ltd	EELV +0.32 points	0.49%	0.17%
Exxaro Resources Ltd	EELV +0.32 points	0.39%	0.07%
Chongqing Rural Commercial Bank Co Ltd	EELV +0.31 points	0.41%	0.10%
Telefonica Brasil SA	EELV +0.31 points	0.41%	0.10%
Sanlam Ltd	EELV +0.30 points	0.45%	0.15%
Pepkor Holdings Ltd	EELV +0.30 points	0.37%	0.07%
Al Rajhi Bank	EELV +0.30 points	0.51%	0.21%
Ptt Pcl	PXH +0.29 points	0.54%	0.83%
Cp All Pcl	EELV +0.30 points	0.40%	0.10%
CIMB Group Holdings Bhd	EELV +0.29 points	0.46%	0.17%
TCC Group Holdings Co Ltd	EELV +0.29 points	0.48%	0.19%
Krung Thai Bank PCL	EELV +0.29 points	0.43%	0.14%
SinoPac Financial Holdings Co Ltd	EELV +0.28 points	0.45%	0.17%
Cia Paranaense de Energia - Copel	EELV +0.28 points	0.36%	0.08%
Banco de Chile	EELV +0.28 points	0.39%	0.11%
Saudi Basic Industries Corp	EELV +0.28 points	0.45%	0.17%
Cia Energetica de Minas Gerais	EELV +0.28 points	0.41%	0.13%
Eva Airways Corp	EELV +0.27 points	0.39%	0.12%
ANTA Sports Products LtdANPDF	EELV +0.27 points	0.41%	0.14%
ENN Energy Holdings LtdXNGSF	EELV +0.27 points	0.42%	0.15%
Agricultural Bank of China Ltd	PXH +0.25 points	0.50%	0.75%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	EELV +0.25 points	0.36%	0.11%
PTT Exploration & Production PCL	EELV +0.25 points	0.45%	0.20%
Charoen Pokphand Foods PCL	EELV +0.25 points	0.36%	0.11%
Nedbank Group Ltd	EELV +0.25 points	0.46%	0.21%
China Steel Corp	EELV +0.25 points	0.45%	0.20%
Chailease Holding Co Ltd	EELV +0.24 points	0.38%	0.14%
Postal Savings Bank of China Co Ltd	EELV +0.24 points	0.55%	0.31%
Wal-Mart de Mexico SAB de CV	EELV +0.23 points	0.48%	0.25%
Equatorial SA	EELV +0.23 points	0.35%	0.12%
Bangkok Bank PCL	EELV +0.23 points	0.51%	0.28%
China Everbright Bank Co Ltd	EELV +0.23 points	0.42%	0.19%
Kasikornbank PCL	EELV +0.22 points	0.57%	0.35%
Itau Unibanco Holding SA	PXH +0.21 points	0.41%	0.62%
Absa Group Ltd	EELV +0.20 points	0.44%	0.24%
Bank of Communications Co Ltd	EELV +0.20 points	0.63%	0.43%
Ambev SA	EELV +0.18 points	0.38%	0.20%
China CITIC Bank Corp Ltd	EELV +0.16 points	0.50%	0.34%
Saudi National Bank/The	EELV +0.14 points	0.41%	0.27%
CITIC Ltd	EELV +0.12 points	0.36%	0.24%
China Minsheng Banking Corp Ltd	EELV +0.12 points	0.42%	0.30%
Standard Bank Group Ltd	EELV +0.10 points	0.48%	0.38%
China Shenhua Energy Co Ltd	PXH +0.09 points	0.38%	0.47%
Saudi Arabian Oil Co	EELV +0.09 points	0.70%	0.61%
Banco Bradesco SA	PXH +0.09 points	0.32%	0.41%
Fomento Economico Mexicano SAB de CV	PXH +0.06 points	0.49%	0.55%
CTBC Financial Holding Co Ltd	PXH +0.03 points	0.46%	0.49%
FirstRand Ltd	EELV +0.03 points	0.43%	0.40%
America Movil SAB de CV	PXH +0.01 points	0.47%	0.48%
SinoPac Financial Holdings Co Ltd 11/06/2026	Same weight	<0.01%	<0.01%

All 202 EELV holdings⁠All 360 PXH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EELV vs PXH Cost

Overpaying PXH vs EELV

$3,466

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EELV 0.29%
$5,952
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

EELV 0.29%
PXH 0.47%
Overpaying

Year by year

Year	EELV	PXH	Overpaying
10	$527	$847	$320
20	$2,044	$3,261	$1,217
30	$5,952	$9,418	$3,466

Expense ratio

0.29%EELV, cheaper
0.47%PXH

EELV0.29%PXH0.47%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EELV 2nd cheapest of 10 funds

PXH 6th cheapest of 10 funds

EELV vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EELV 4.40%, better; PXH 4.13%
Payout (12M): EELV $1.22; PXH $1.16
Last payment: EELV $0.43; PXH $0.32
Ex-dividend: EELV Sep 21, 2026; PXH Sep 21, 2026
Paid on: EELV Sep 25, 2026; PXH Sep 25, 2026
Frequency: EELV Quarterly; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EELVQuarterly · 39 paymentsAll EELV payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

EELV vs PXH Risk

Fall from peak · 5 years

EELV
PXH

Risk facts

VolatilityStd dev, 3 years: EELV 9.2%, betterPXH 11.2%
Return per unit of riskSharpe ratio, 3 years: EELV 0.92PXH 1.49, better
Worst fallMax drawdown, 5 years: EELV −19.0%, betterPXH −29.6%
Market sensitivityBeta, 5 years: EELV 0.60PXH 0.76; Market = 1

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