EEMV vs PXH: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Min Vol Factor ETF

EEMVACboe

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

19.5%by weight

Expense ratio

EEMV −0.22pt a year

EEMV0.25%PXH0.47%

Avg volume · 30D

EEMV 1.01×the volume

EEMV225KPXH223K

10Y return · a year

PXH +2.6pt

EEMV+5.7%PXH+8.3%

EEMV vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+28.7%EEMV+59.1%PXH

Expense ratio: EEMV 0.25%, better; PXH 0.47%
Fund size: EEMV $3.4B; PXH $1.94B
1Y total return: EEMV +12.0%; PXH +13.1%, better
Yield (12M): EEMV 2.28%; PXH 4.13%, better
Holdings: EEMV 324; PXH 365
Avg volume (30D): EEMV 225K sh, better; PXH 223K sh
NAV per share: EEMV $71.20; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for EEMV, PXH, with each pillar’s weight
Pillar	EEMV	PXH
Cost30% weight	A92Higher	C44
Mission25% weight	Not scored	Not scored
Risk15% weight	B56	B63Higher
Tradability15% weight	A75	A77Higher
Holdings10% weight	A73Higher	B55
Durability5% weight	A81Higher	A76

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EEMV 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 ›

EEMV ranks 1st 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

EEMVAiShares MSCI Emerging Markets Min Vol Factor ETF

PXHBInvesco RAFI Emerging Markets ETF

In short

EEMV Emerging markets with the volume turned down. Since 2011, EEMV has tracked MSCI's minimum-volatility EM index, holding roughly 300 stocks picked for steadiness rather than size, at 0.25% a year.

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

EEMV The fund seeks to track an index of emerging-market equities selected for minimum-volatility characteristics.

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

Why people hold it

EEMV At 0.25%, it carries the lowest fee in its emerging-markets factor cohort, undercutting EELV at 0.29% and ECOW at 0.70%, and sitting well below the group median.
Live since 2011 and now a multi-billion-dollar fund: a long public track record of running the min vol playbook in the world's bumpiest equity markets.
About 300 emerging-market names, chosen by published index rules rather than a manager's hunch, so what you own is auditable rather than discretionary.
Stands among the stronger implementations in its emerging-markets factor peer group on our review, largely on cost and issuer staying power.

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

EEMV Minimum volatility is a construction rule, not a floor. The index aims for smaller swings; emerging-market currency, country and political risk still ride along.
Screening for low volatility pulls country and sector weights away from a cap-weighted EM benchmark, so it can move to a different rhythm than the headline index.
Volume is moderate rather than torrential, so execution habits (limit orders, skipping the opening minutes) matter more here than with a mega-cap index fund.

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 EEMV profile⁠

Full PXH profile⁠

EEMV vs PXH Holdings

How EEMV and PXH differ

Overlap by weight

19.5%

Shared holdings make up 39.5% of EEMV and 38.6% of PXH.

Level by level

Holdings74 in both19.5%
Countryby domicile65.7%
Sector11 Sectors68.9%
Asset classEquity100%

Sector

Sector weights in EEMV and PXH, widest gap first
Sector	More in EEMVMore in PXH	EEMV	PXH
Technology	EEMV +15.6 points	35.7%	20.1%
Energy	PXH +8.9 points	4.2%	13.1%
Materials	PXH +8.3 points	2.3%	10.6%
Financials	PXH +6.7 points	21.1%	27.8%
Consumer Discretionary	PXH +5.8 points	4.4%	10.2%
Communication	EEMV +5.5 points	11.3%	5.8%
Health Care	EEMV +4.8 points	5.8%	1.0%
Consumer Staples	EEMV +3.1 points	5.9%	2.8%
Utilities	EEMV +2.2 points	4.5%	2.3%
Real Estate	PXH +0.9 points	0.6%	1.5%
Industrials	PXH +0.8 points	4.2%	5.0%

Country, concentration and asset class

Country by domicile

Country weights in EEMV and PXH, widest gap first
Country	More in EEMVMore in PXH	EEMV	PXH
China	PXH +16.4 points	20.1%	36.5%
South Korea	EEMV +15.5 points	15.6%	0.1%
Brazil	PXH +8.9 points	1.8%	10.7%
Saudi Arabia	EEMV +7.6 points	13.7%	6.1%
India	EEMV +7.6 points	17.6%	10.0%
Mexico	PXH +3.2 points	0.0%	3.2%
Taiwan	PXH +1.8 points	24.6%	26.4%
Malaysia	EEMV +1.7 points	2.6%	0.9%
Other countries (7)	PXH +2.1 points	4.0%	6.1%

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

Concentration

Weight in the 10 largest Holdings

EEMV15.3%
PXH28.4%

Securities held

EEMV302
PXH359

Asset class

EEMV: Equity
PXH: Equity

Holdings

Only in EEMV228
In both74
Only in PXH285

Only in EEMV

228 securities, 60.3% of EEMV by weight

Samsung Electronics Non Voting Pre1.62%
Samsung Sdi Ltd1.56%
Saudi Arabian Oil1.52%
Industrial and Commercial Bank of1.47%
Samsung Electronics Ltd1.38%
Sk Hynix1.37%
Advanced Info Service Non-Voting D1.13%
Samsung Sds1.00%
Chroma Ate0.91%
Samsung Biologics0.89%
Advantech0.86%
China Yangtze Power Ltd A0.86%
Malayan Banking0.86%
Aselsan Elektronik Sanayi Ve Ticar0.86%
KT&G Corp0.84%
King Slide Works0.82%
National Bank of Kuwait0.82%
Emirates Telecommunications Group0.81%
Credicorp Ltd0.79%
Accton Technology0.75%
Kuwait Finance House0.75%
Torrent Pharmaceuticals Ltd0.73%
Db Islamic Bank0.72%
Hmm Ltd0.69%
Honprecision Inc0.63%
Al-Elm Information Security Compan0.62%
Al Rajhi Bank0.61%
President Chain Store Corp0.61%
Emirates Nbd0.59%
Sk Telecom0.59%
Aspeed Technology0.58%
Samsung Electro Mechanics Ltd0.57%
Elite Material0.57%
Ihh Healthcare0.56%
Xiaomi0.55%
Qatar National Bank0.55%
Naura Technology Group Ltd A0.52%
Titan Company Ltd0.50%
Abu Dhabi National Oil Company For0.50%
Etihad Etisalat0.49%
Ltm Ltd0.48%
Nestle India Ltd0.47%
Sk Square0.47%
Pidilite Industries Ltd0.45%
Wiwynn Corporation0.45%
Dr Sulaiman Al Habib Medical Grp0.44%
Jarir Marketing0.43%
International Container Terminal’s0.43%
Hong Leong Bank0.42%
S-Oil0.42%

Only in PXH

285 securities, 61.0% of PXH by weight

Alibaba Group Holding Ltd2.96%
Industrial & Commercial Bank of China Ltd2.15%
Tencent Holdings Ltd2.10%
Vale SA1.67%
JD.com Inc1.59%
Ping An Insurance Group Co of China Ltd1.30%
Nan Ya Plastics Corp0.98%
China Merchants Bank Co Ltd0.94%
Ptt Pcl0.83%
PDD Holdings Inc0.78%
Evergreen Marine Corp Taiwan Ltd0.71%
Sasol Ltd0.62%
Itau Unibanco Holding SA0.62%
Saudi Arabian Oil Co0.61%
Fubon Financial Holding Co Ltd0.58%
Lenovo Group Ltd0.57%
Grupo Financiero Banorte SAB de CV0.55%
Fomento Economico Mexicano SAB de CV0.55%
Asustek Computer Inc0.54%
Xiaomi Corp0.52%
Meituan0.51%
Grupo Mexico SAB de CV0.51%
Baidu Inc0.50%
Valterra Platinum Ltd0.47%
Cathay Financial Holding Co Ltd0.46%
NetEase Inc0.41%
Banco Bradesco SA0.41%
FirstRand Ltd0.40%
Banco do Brasil SA0.39%
Formosa Plastics Corp0.39%
Standard Bank Group Ltd0.38%
AUO Corp0.38%
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%
Kasikornbank PCL0.35%
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%
Compal Electronics Inc0.32%
China Minsheng Banking Corp Ltd0.30%
KGI Financial Holding Co Ltd0.30%
Formosa Chemicals & Fibre Corp0.30%

Weight gaps

All 74 Holdings in both funds, largest gap first.

Holding weights in EEMV and PXH, widest gap first
Holding	More in EEMVMore in PXH	EEMV	PXH
Petroleo Brasileiro Pref SA	PXH +4.65 points	0.08%	4.73%
Taiwan Semiconductor Manufacturing	PXH +4.30 points	1.54%	5.84%
Hon Hai Precision Industry	PXH +2.34 points	0.28%	2.62%
China Construction Bank Corp H	PXH +1.86 points	1.00%	2.86%
Tata Consultancy Services Ltd	EEMV +1.42 points	1.72%	0.30%
Mediatek	PXH +1.33 points	0.39%	1.72%
Taiwan Cooperative Financial Holdi	EEMV +1.19 points	1.30%	0.11%
Chunghwa Telecom Ltd	EEMV +1.12 points	1.45%	0.33%
Taiwan Mobile	EEMV +1.03 points	1.15%	0.12%
First Financial Holding Ltd	EEMV +1.02 points	1.21%	0.19%
Saudi Telecom	EEMV +0.99 points	1.22%	0.23%
Bharti Airtel Ltd	EEMV +0.96 points	1.22%	0.26%
Novatek Microelectronics	EEMV +0.77 points	1.06%	0.29%
Far Eastone Telecommunications Ltd	EEMV +0.77 points	0.87%	0.10%
Delta Electronics	EEMV +0.72 points	1.01%	0.29%
Tech Mahindra	EEMV +0.71 points	0.85%	0.14%
Petrochina H	PXH +0.63 points	0.50%	1.13%
Hua Nan Financial Holdings	EEMV +0.62 points	0.76%	0.14%
Hcl Technologies Ltd	EEMV +0.61 points	0.80%	0.19%
United Micro Electronics Corp	EEMV +0.59 points	1.36%	0.77%
Reliance Industries Ltd	PXH +0.58 points	0.35%	0.93%
Sun Pharmaceutical Industries	EEMV +0.57 points	0.69%	0.12%
China Petroleum and Chemical H	PXH +0.54 points	0.41%	0.95%
China Citic Bank Corp Ltd H	EEMV +0.52 points	0.86%	0.34%
E.sun Financial Holding	EEMV +0.45 points	0.65%	0.20%
Agricultural Bank of China H	EEMV +0.45 points	1.20%	0.75%
Cgn Power Ltd H	EEMV +0.44 points	0.55%	0.11%
Pegatron	EEMV +0.41 points	0.67%	0.26%
Ctbc Financial Holding	PXH +0.41 points	0.08%	0.49%
Dr Reddys Laboratories	EEMV +0.40 points	0.42%	0.02%
Falabella Saci	EEMV +0.38 points	0.48%	0.10%
Hdfc Bank	PXH +0.38 points	0.31%	0.69%
Mega Financial Holding Ltd	EEMV +0.37 points	0.61%	0.24%
Icici Bank	PXH +0.34 points	0.31%	0.65%
Infosys	EEMV +0.34 points	0.92%	0.58%
Innolux Corp	PXH +0.34 points	0.14%	0.48%
Maruti Suzuki India Ltd	EEMV +0.33 points	0.46%	0.13%
Cipla Ltd	EEMV +0.33 points	0.42%	0.09%
Hindustan Unilever Ltd	EEMV +0.33 points	0.43%	0.10%
Companhia De Saneamento Basico De	EEMV +0.30 points	0.41%	0.11%
Wipro	EEMV +0.27 points	0.38%	0.11%
Huaneng Power International Inc H	EEMV +0.26 points	0.36%	0.10%
Telefonica Brasil SA	EEMV +0.25 points	0.35%	0.10%
Axis Bank	PXH +0.25 points	0.07%	0.32%
The Saudi National Bank	PXH +0.22 points	0.05%	0.27%
China Shenhua Energy Ltd H	EEMV +0.22 points	0.69%	0.47%
Uni-President Enterprises	EEMV +0.15 points	0.36%	0.21%
Ambev SA	PXH +0.12 points	0.08%	0.20%
Picc Property and Casualty Ltd H	PXH +0.12 points	0.26%	0.38%
Postal Savings Bank of China Ltd H	EEMV +0.12 points	0.43%	0.31%
Boe Technology Group Ltd A	EEMV +0.12 points	0.25%	0.13%
Turk Hava Yollari Ao A	PXH +0.11 points	0.06%	0.17%
Power Grid Corporation of India	PXH +0.11 points	0.06%	0.17%
Bim Birlesik Magazalar A	PXH +0.11 points	0.04%	0.15%
Bank Central Asia	PXH +0.11 points	0.04%	0.15%
Kotak Mahindra Bank Ltd	EEMV +0.11 points	0.34%	0.23%
Cia Paranaense De Energia Copel	EEMV +0.10 points	0.18%	0.08%
Ase Technology Holding	PXH +0.08 points	0.72%	0.80%
Axia Energia SA	PXH +0.07 points	0.15%	0.22%
Yageo	PXH +0.05 points	0.15%	0.20%
Realtek Semiconductor	EEMV +0.05 points	0.27%	0.22%
Gold Fields	EEMV +0.05 points	0.23%	0.18%
Empresas Copec SA	EEMV +0.04 points	0.08%	0.04%
Kweichow Moutai A	EEMV +0.04 points	0.16%	0.12%
Saudi Basic Industries	EEMV +0.04 points	0.21%	0.17%
Bank of Communications Ltd H	EEMV +0.04 points	0.47%	0.43%
Itc Ltd	PXH +0.03 points	0.26%	0.29%
America Movil B	EEMV +0.03 points	0.51%	0.48%
Ultratech Cement Ltd	PXH +0.02 points	0.07%	0.09%
China Coal Energy Ltd H	PXH +0.02 points	0.08%	0.10%
Bank of China Ltd H	PXH +0.02 points	1.68%	1.70%
Bajaj Auto	EEMV +0.01 points	0.09%	0.08%
Equatorial SA	EEMV +0.01 points	0.13%	0.12%
The Peoples Insurance Co (Group)	EEMV +0.01 points	0.12%	0.11%

All 297 EEMV 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.

EEMV vs PXH Cost

Overpaying PXH vs EEMV

$4,259

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

EEMV 0.25%
$5,159
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

EEMV 0.25%
PXH 0.47%
Overpaying

Year by year

Year	EEMV	PXH	Overpaying
10	$455	$847	$392
20	$1,769	$3,261	$1,492
30	$5,159	$9,418	$4,259

Expense ratio

0.25%EEMV, cheaper
0.47%PXH

EEMV0.25%PXH0.47%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EEMV cheapest of 10 funds

PXH 6th cheapest of 10 funds

EEMV vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMV 2.28%; PXH 4.13%, better
Payout (12M): EEMV $1.62; PXH $1.16
Last payment: EEMV $0.65; PXH $0.32
Ex-dividend: EEMV Jun 15, 2026; PXH Sep 21, 2026
Paid on: EEMV Jun 18, 2026; PXH Sep 25, 2026
Frequency: EEMV Twice a year; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EEMVTwice a year · 19 paymentsAll EEMV payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

EEMV vs PXH Risk

Fall from peak · 5 years

EEMV
PXH

Risk facts

VolatilityStd dev, 3 years: EEMV 11.6%PXH 11.2%, better
Return per unit of riskSharpe ratio, 3 years: EEMV 0.85PXH 1.49, better
Worst fallMax drawdown, 5 years: EEMV −21.9%, betterPXH −29.6%
Market sensitivityBeta, 5 years: EEMV 0.72PXH 0.76; Market = 1

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