PXF vs SCHF: Grades, Fees and Holdings Compared

Invesco RAFI Developed Markets ex-U.S. ETF

PXFCNYSE Arca

Schwab International Equity ETF

SCHFANYSE Arca

Overlap

58.9%by weight

Expense ratio

SCHF −0.40pt a year

PXF0.43%SCHF0.03%

Avg volume · 30D

SCHF 74.2×the volume

PXF114KSCHF8.48M

10Y return · a year

PXF +1.4pt

PXF+11.4%SCHF+10.0%

PXF vs SCHF Performance

Nov 9, 2021 – Nov 9, 2026

+89.5%PXF+56.5%SCHF

Expense ratio: PXF 0.43%; SCHF 0.03%, better
Fund size: PXF $2.94B; SCHF $65.8B
1Y total return: PXF +27.1%, better; SCHF +18.7%
Yield (12M): PXF 3.25%, better; SCHF 3.10%
Holdings: PXF 1032; SCHF 1436
Avg volume (30D): PXF 114K sh; SCHF 8.48M sh, better
NAV per share: PXF $74.63; SCHF $26.30
52W range

ETF.net Grade

Pillar letters and Scores for PXF, SCHF, with each pillar’s weight
Pillar	PXF	SCHF
Cost30% weight	F5	A90Higher
Mission25% weight	A100	A100
Risk15% weight	B61Higher	C48
Tradability15% weight	C43	B63Higher
Holdings10% weight	A77	A78Higher
Durability5% weight	B55	A71Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. PXF and SCHF are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

SCHF ranks 4th and PXF 16th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 82
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 81
Rank 3AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4ASCHFSchwab International Equity ETFScore 79
Rank 5AIEFAiShares Core MSCI EAFE ETFScore 76
Rank 15CGSIDGoldman Sachs MarketBeta International Equity ETFScore 53
Rank 16CPXFInvesco RAFI Developed Markets ex-U.S. ETFScore 52
Rank 17CTOKiShares MSCI Kokusai ETFScore 46

Our read on each fund

ETF.net Research

PXFCInvesco RAFI Developed Markets ex-U.S. ETF

SCHFASchwab International Equity ETF

In short

PXF Most developed-market index funds size a company by its stock price. PXF uses the RAFI method instead, weighting roughly 1,000 non-US names by fundamental measures of the business, which pulls the portfolio toward value.

SCHF Schwab's core answer to "everything outside the US": roughly 1,500 developed-market stocks for 0.03% a year, the floor for this category. Running since 2009 and one of the most heavily traded funds in its niche.

Stated mandate

PXF The Fund seeks to track the investment results of its underlying index before fees and expenses, primarily by investing in securities that make up that index.

SCHF The fund seeks to track the total return of the FTSE Developed ex US Index as closely as possible before fees and expenses.

Why people hold it

PXF The RAFI screen sizes holdings by fundamental measures of the business rather than share price, so a stock does not get a bigger slot just for going up.invesco.com
Roughly 1,000 companies across developed markets outside the US, wide enough that no single name carries the fund.
Live since 2007 and now a multibillion-dollar fund: the long-standing fundamental-weighted option in a category otherwise built on market cap.
Straight index tracking with no manager discretion, and it has hugged the FTSE RAFI Developed ex US 1000 Index it is built to follow. Pays quarterly.

SCHF 0.03% a year is the cheapest tier in developed-international core, matched only by VEA and SPDW.
Tracks the FTSE Developed ex US Index tightly, one of the closest index fits in its peer group.
Roughly 1,500 stocks across Europe, Japan and the rest of the developed world ex-US, in one ticker.
A multi-billion-dollar fund that trades very actively, which helps keep bid-ask costs small. Live since 2009.

Worth knowing

PXF 0.43% a year against 0.03% at cap-weighted peers like VEA, SPDW and SCHF. The fundamental weighting comes with a real price tag.
Volume is moderate next to the category giants, so spreads and limit orders matter more on large or hurried trades.
A value tilt is a deliberate departure from the market, and it can trail cap-weighted developed funds for long stretches when the biggest growth names lead.

SCHF No currency hedge. The index holds foreign shares in dollars, so exchange-rate swings feed into your return alongside the stocks.
Developed markets only: no US names, and no emerging markets such as China, India or Brazil.
Weighted by market value, so Europe's and Japan's largest companies dominate the top of the book despite the wide holdings list.

Full PXF profile⁠

Full SCHF profile⁠

PXF vs SCHF Holdings

How PXF and SCHF differ

Overlap by weight

58.9%

Shared holdings make up 80.5% of PXF and 75.3% of SCHF.

Level by level

Holdings753 in both58.9%
Sector11 Sectors88.0%
Countryby domicile91.1%
Asset classStocks100%

Sector

Sector weights in PXF and SCHF, widest gap first
Sector	Gap	PXF	SCHF
Energy	PXF +5.8 points	11.0%	5.2%
Financials	SCHF +5.0 points	20.9%	25.9%
Technology	SCHF +4.5 points	9.6%	14.1%
Consumer Discretionary	PXF +2.4 points	9.8%	7.4%
Industrials	SCHF +2.3 points	14.6%	16.9%
Materials	PXF +1.8 points	8.9%	7.1%
Consumer Staples	PXF +0.8 points	7.2%	6.4%
Communication	PXF +0.8 points	4.4%	3.6%
Health Care	PXF +0.4 points	8.4%	8.0%
Real Estate	SCHF +0.3 points	1.7%	2.0%
Utilities	Same weight	3.5%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in PXF and SCHF, widest gap first
Country	Gap	PXF	SCHF
United Kingdom	PXF +2.9 points	14.0%	11.1%
Japan	PXF +1.9 points	23.0%	21.1%
Canada	SCHF +1.8 points	9.2%	11.0%
Germany	PXF +1.5 points	8.3%	6.8%
France	PXF +1.4 points	8.0%	6.6%
South Korea	SCHF +1.3 points	6.7%	8.0%
Switzerland	SCHF +1.1 points	6.6%	7.7%
Netherlands	SCHF +1.1 points	2.8%	3.9%
Other countries (23)	SCHF +2.2 points	21.5%	23.7%

Outside the US: PXF 92% developed, 8% emerging. SCHF 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

PXF13.6%
SCHF13.3%

Securities held

PXF1,017
SCHF1,421

Asset class

PXF: Stocks
SCHF: Stocks

Holdings

Only in PXF264
In both753
Only in SCHF668

Only in PXF

264 securities, 19.1% of PXF by weight

TotalEnergies SE1.53%
Bp PLC0.95%
AstraZeneca PLC0.61%
Royal Bank of Canada0.57%
Mercedes-Benz Group AG0.57%
Toronto-Dominion Bank/The0.56%
Suncor Energy Inc0.47%
Canadian Natural Resources Ltd0.44%
Bank of Nova Scotia/The0.43%
Enbridge Inc0.39%
Stellantis NV0.34%
Bank of Montreal0.32%
Intesa Sanpaolo SpA0.30%
Nutrien Ltd0.30%
Canadian Imperial Bank of Commerce0.26%
Cenovus Energy Inc0.25%
Manulife Financial Corp0.24%
Alimentation Couche-Tard Inc0.24%
Deutsche Bank AG0.24%
Brookfield Corp0.19%
Magna International Inc0.19%
Canadian National Railway Co0.18%
TC Energy Corp0.18%
Barrick Mining Corp0.17%
Canadian Pacific Kansas City Ltd0.17%
NXP Semiconductors NV0.15%
CK Hutchison Holdings Ltd0.15%
Fairfax Financial Holdings Ltd0.14%
Teck Resources Ltd0.13%
Sun Life Financial Inc0.13%
Alcon AG0.12%
National Bank of Canada0.12%
Medtronic PLC0.12%
Teva Pharmaceutical Industries Ltd0.11%
Pembina Pipeline Corp0.11%
Power Corp of Canada0.11%
Agnico Eagle Mines Ltd0.11%
Fortis Inc/Canada0.10%
ZIM Integrated Shipping Services Ltd0.10%
Intact Financial Corp0.09%
Imperial Oil Ltd0.09%
Loblaw Cos Ltd0.09%
Aviva PLC0.09%
BCE Inc0.09%
Garmin Ltd0.09%
CGI Inc0.09%
Wpp PLC0.08%
Tourmaline Oil Corp0.08%
Sumitomo Mitsui Trust Group Inc0.08%
Waste Connections Inc0.08%

Only in SCHF

668 securities, 24.6% of SCHF by weight

Royal Bank of Canada1.01%
Astrazeneca PLC0.99%
Toronto Dominion0.72%
Shopify Subordinate Voting Class A0.65%
Totalenergies0.63%
Bank of Montreal0.43%
Bp PLC0.42%
Bank of Nova Scotia0.40%
Canadian Imperial Bank of Commerce0.38%
Intesa Sanpaolo0.38%
Enbridge0.37%
Canadian Natural Resources Ltd0.35%
Agnico Eagle Mines0.35%
Samsung Electronics Non Voting Pre0.32%
Brookfield Class A0.31%
Canadian Pacific Kansas City0.29%
Suncor Energy Inc0.29%
Investor Class B0.27%
Manulife Financial0.26%
Barrick Mining0.24%
Canadian National Railway0.24%
Tc Energy0.23%
Wheaton Precious Metals0.22%
Deutsche Bank AG0.22%
National Bank of Canada0.21%
Argenx0.20%
Franco Nevada0.18%
Constellation Software0.18%
Ferrari0.17%
Teva Pharmaceutical Industries0.17%
Sk Square0.17%
Waste Connections0.17%
Alimentation Couche Tard Inc0.16%
Dollarama0.14%
Sun Life Financial Inc0.14%
Fairfax Financial Holdings Sub Vot0.14%
Givaudan SA0.14%
Cenovus Energy0.13%
Alcon AG0.13%
Mercedes-Benz Group N AG0.13%
Intact Financial Corp0.12%
Power Corporation of Canada0.12%
Nutrien Ltd0.12%
Ssc Government Mm Gvmxx0.12%
Cameco0.11%
Fortis0.11%
Aviva PLC0.10%
Ferrovial NV0.10%
Teck Resources Subordinate Voting0.10%
Pembina Pipeline0.10%

Weight gaps

The 100 widest of 753 Holdings in both funds.

Holding weights in PXF and SCHF, widest gap first
Holding	Gap	PXF	SCHF
ASML Holding NV	SCHF +1.66 points	0.31%	1.97%
Shell PLCSHEL.L	PXF +1.39 points	2.43%	1.04%
SK hynix Inc	SCHF +1.35 points	0.36%	1.71%
Rolls-Royce Holdings PLCRR.L	SCHF +0.46 points	0.04%	0.50%
Glencore PLCGLEN.L	PXF +0.44 points	0.68%	0.24%
Bayer AG	PXF +0.42 points	0.64%	0.22%
Advantest Corp	SCHF +0.41 points	0.05%	0.46%
Basf SE	PXF +0.39 points	0.58%	0.19%
Toyota Motor Corp	PXF +0.36 points	1.15%	0.79%
Honda Motor Co Ltd	PXF +0.36 points	0.51%	0.15%
Sanofi SA	PXF +0.35 points	0.71%	0.36%
Samsung Electronics Co Ltd	PXF +0.34 points	2.63%	2.29%
Sap SE	SCHF +0.32 points	0.50%	0.82%
Vodafone Group PLCVOD.L	PXF +0.32 points	0.42%	0.10%
Equinor ASA	PXF +0.32 points	0.41%	0.09%
Commonwealth Bank of Australia	SCHF +0.31 points	0.37%	0.68%
Volkswagen AG	PXF +0.31 points	0.37%	0.06%
AP Moller - Maersk A/S	PXF +0.31 points	0.34%	0.03%
Safran SA	SCHF +0.31 points	0.10%	0.41%
Bayerische Motoren Werke AG	PXF +0.29 points	0.37%	0.08%
Siemens Energy AG	SCHF +0.28 points	0.07%	0.35%
Airbus SE	SCHF +0.28 points	0.18%	0.46%
ABB Ltd	SCHF +0.27 points	0.18%	0.45%
Mitsubishi UFJ Financial Group Inc	SCHF +0.27 points	0.52%	0.79%
Novartis AG	SCHF +0.27 points	0.81%	1.08%
Schneider Electric SE	SCHF +0.27 points	0.25%	0.52%
Eni SpA	PXF +0.27 points	0.45%	0.18%
Takeda Pharmaceutical Co Ltd	PXF +0.26 points	0.50%	0.24%
Repsol SA	PXF +0.26 points	0.39%	0.13%
Fast Retailing Co Ltd	SCHF +0.23 points	0.09%	0.32%
Tokyo Electron Ltd	SCHF +0.22 points	0.19%	0.41%
Iberdrola SA	SCHF +0.22 points	0.38%	0.60%
Rio Tinto PLCRIO.L	PXF +0.21 points	0.52%	0.31%
Cie Financiere Richemont SA	SCHF +0.21 points	0.18%	0.39%
Recruit Holdings Co Ltd	SCHF +0.20 points	0.31%	0.51%
Kioxia Holdings Corp	SCHF +0.20 points	0.02%	0.22%
British American Tobacco PLCBATS.L	PXF +0.21 points	0.65%	0.44%
BNP Paribas SA	PXF +0.20 points	0.56%	0.36%
BHP Group Ltd	PXF +0.19 points	0.91%	0.72%
Keyence Corp	SCHF +0.19 points	0.10%	0.29%
Panasonic Holdings Corp	PXF +0.19 points	0.35%	0.16%
Koninklijke Ahold Delhaize NV	PXF +0.19 points	0.31%	0.12%
Tesco PLCTSCO.L	PXF +0.18 points	0.34%	0.16%
Siemens AG	SCHF +0.18 points	0.58%	0.76%
Novo Nordisk A/S	SCHF +0.18 points	0.28%	0.46%
Air Liquide SA	SCHF +0.18 points	0.30%	0.48%
POSCO Holdings Inc	PXF +0.17 points	0.22%	0.05%
NTT Inc	PXF +0.16 points	0.26%	0.10%
Mitsubishi Corp	PXF +0.17 points	0.52%	0.35%
Hong Kong Exchanges & Clearing Ltd	SCHF +0.17 points	0.04%	0.21%
Dhl AG	PXF +0.16 points	0.37%	0.21%
UBS Group AG	SCHF +0.16 points	0.37%	0.53%
Nippon Steel Corp	PXF +0.16 points	0.23%	0.07%
Deutsche Telekom AG	PXF +0.16 points	0.51%	0.35%
DBS Group Holdings Ltd	SCHF +0.15 points	0.24%	0.39%
Hyundai Motor Co	PXF +0.15 points	0.25%	0.10%
ArcelorMittal SA	PXF +0.15 points	0.24%	0.09%
Nestle SA	SCHF +0.15 points	0.81%	0.96%
Hermes International SCA	SCHF +0.15 points	0.04%	0.19%
L'Oreal SA	SCHF +0.14 points	0.27%	0.41%
Deutsche Boerse AG	SCHF +0.13 points	0.10%	0.23%
LG Electronics Inc	PXF +0.13 points	0.17%	0.04%
Galderma Group AG	SCHF +0.13 points	0.02%	0.15%
Industria de Diseno Textil SA	SCHF +0.13 points	0.13%	0.26%
Relx PLCREL.L	SCHF +0.13 points	0.12%	0.25%
SoftBank Group Corp	SCHF +0.12 points	0.18%	0.30%
Rheinmetall AG	SCHF +0.12 points	0.03%	0.15%
Telefonica SA	PXF +0.12 points	0.17%	0.05%
Mitsubishi Heavy Industries Ltd	SCHF +0.13 points	0.09%	0.22%
Allianz SE	SCHF +0.12 points	0.56%	0.68%
Renault SA	PXF +0.12 points	0.14%	0.02%
Nippon Yusen KK	PXF +0.12 points	0.18%	0.06%
Barclays PLCBARC.L	PXF +0.12 points	0.39%	0.27%
Carrefour SA	PXF +0.11 points	0.14%	0.03%
Cie Generale des Etablissements Michelin SCA	PXF +0.11 points	0.19%	0.08%
Bridgestone Corp	PXF +0.11 points	0.21%	0.10%
Prosus NV	SCHF +0.11 points	0.07%	0.18%
Hoya Corp	SCHF +0.11 points	0.06%	0.17%
KDDI Corp	PXF +0.11 points	0.29%	0.18%
Seven & i Holdings Co Ltd	PXF +0.10 points	0.20%	0.10%
Lonza Group AG	SCHF +0.11 points	0.09%	0.20%
BT Group PLC	PXF +0.10 points	0.16%	0.06%
Mitsui & Co Ltd	PXF +0.10 points	0.36%	0.26%
Hitachi Ltd	SCHF +0.10 points	0.35%	0.45%
Woodside Energy Group Ltd	PXF +0.10 points	0.24%	0.14%
Suzuki Motor Corp	PXF +0.10 points	0.19%	0.09%
BAE Systems PLCBA.L	SCHF +0.10 points	0.16%	0.26%
Kia Corp	PXF +0.10 points	0.16%	0.06%
LVMH Moet Hennessy Louis Vuitton SE	SCHF +0.10 points	0.30%	0.40%
Goodman Group	SCHF +0.10 points	0.04%	0.14%
FUJIFILM Holdings Corp	PXF +0.09 points	0.18%	0.09%
ASM International NV	SCHF +0.09 points	0.03%	0.12%
Infineon Technologies AG	SCHF +0.10 points	0.14%	0.24%
Canon Inc	PXF +0.09 points	0.18%	0.09%
Mizuho Financial Group Inc	SCHF +0.09 points	0.29%	0.38%
Nissan Motor Co Ltd	PXF +0.10 points	0.10%	0.01%
Fujikura Ltd	SCHF +0.09 points	0.02%	0.11%
Societe Generale SA	PXF +0.09 points	0.26%	0.17%
Banco Bilbao Vizcaya Argentaria SA	SCHF +0.09 points	0.42%	0.51%
Orange SA	PXF +0.08 points	0.21%	0.13%

All 1,020 PXF holdings⁠All 1,442 SCHF 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.

PXF vs SCHF Cost

Overpaying PXF vs SCHF

$8,024

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

PXF 0.43%
$8,662
SCHF 0.03%
$638

Amount$10,000

Years30 years

Cost over time

PXF 0.43%
SCHF 0.03%
Overpaying

Year by year

Year	PXF	SCHF	Overpaying
10	$776	$55	$721
20	$2,994	$216	$2,778
30	$8,662	$638	$8,024

Expense ratio

0.43%PXF
0.03%SCHF, cheaper

SCHF0.03%PXF0.43%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SCHF cheapest of 20 funds

PXF 19th cheapest of 20 funds

PXF vs SCHF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PXF 3.25%, better; SCHF 3.10%
Payout (12M): PXF $2.49; SCHF $0.84
Last payment: PXF $0.55; SCHF $0.17
Ex-dividend: PXF Sep 21, 2026; SCHF Jun 24, 2026
Paid on: PXF Sep 25, 2026; SCHF Jun 29, 2026
Frequency: PXF Quarterly; SCHF Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

PXFQuarterly · 39 paymentsAll PXF payments⁠

SCHFTwice a year · 18 paymentsAll SCHF payments⁠

PXF vs SCHF Risk

Fall from peak · 5 years

PXF
SCHF

Risk facts

VolatilityStd dev, 3 years: PXF 12.6%, betterSCHF 12.7%
Return per unit of riskSharpe ratio, 3 years: PXF 1.57, betterSCHF 1.27
Worst fallMax drawdown, 5 years: PXF −26.8%, betterSCHF −28.6%
Market sensitivityBeta, 5 years: PXF 0.92SCHF 1.03; Market = 1

PXF and SCHF in the news

All news⁠

Head-to-Head
VEA over SCHF if this is your only developed-markets fund
Nov 4, 2026SCHF
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SCHF

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PXF vs SCHF

In short

Stated mandate

Why people hold it

Worth knowing

How PXF and SCHF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PXF

Only in SCHF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

VEA over SCHF if this is your only developed-markets fund

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

How PXF and SCHF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PXF

Only in SCHF

Weight gaps