PXF vs SPDW: Grades, Fees and Holdings Compared

Invesco RAFI Developed Markets ex-U.S. ETF

PXFCNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

55.4%by weight

Expense ratio

SPDW −0.40pt a year

PXF0.43%SPDW0.03%

Avg volume · 30D

SPDW 26.2×the volume

PXF114KSPDW2.99M

10Y return · a year

PXF +1.5pt

PXF+11.4%SPDW+9.9%

PXF vs SPDW Performance

Nov 9, 2021 – Nov 9, 2026

+89.5%PXF+53.3%SPDW

Expense ratio: PXF 0.43%; SPDW 0.03%, better
Fund size: PXF $2.94B; SPDW $40.1B
1Y total return: PXF +27.1%, better; SPDW +18.5%
Yield (12M): PXF 3.25%, better; SPDW 3.05%
Holdings: PXF 1032; SPDW 2447
Avg volume (30D): PXF 114K sh; SPDW 2.99M sh, better
NAV per share: PXF $74.63; SPDW $48.15
52W range

ETF.net Grade

Pillar letters and Scores for PXF, SPDW, with each pillar’s weight
Pillar	PXF	SPDW
Cost30% weight	F5	A90Higher
Mission25% weight	A100	A100
Risk15% weight	B61Higher	C50
Tradability15% weight	C43	B60Higher
Holdings10% weight	A77	A90Higher
Durability5% weight	B55	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. PXF and SPDW 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 ›

SPDW ranks 2nd 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 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

SPDWAState Street SPDR Portfolio Developed World ex-US 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.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

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.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

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.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

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.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full PXF profile⁠

Full SPDW profile⁠

PXF vs SPDW Holdings

How PXF and SPDW differ

Overlap by weight

55.4%

Shared holdings make up 78.5% of PXF and 69.1% of SPDW.

Level by level

Holdings805 in both55.4%
Sector11 Sectors89.3%
Countryby domicile91.1%
Asset classStocks100%

Sector

Sector weights in PXF and SPDW, widest gap first
Sector	Gap	PXF	SPDW
Energy	PXF +5.9 points	11.0%	5.1%
Financials	SPDW +3.5 points	20.9%	24.4%
Technology	SPDW +3.2 points	9.6%	12.8%
Industrials	SPDW +2.9 points	14.6%	17.5%
Materials	PXF +1.6 points	8.9%	7.3%
Consumer Discretionary	PXF +1.2 points	9.8%	8.6%
Consumer Staples	PXF +1.0 points	7.2%	6.2%
Communication	PXF +0.8 points	4.4%	3.6%
Real Estate	SPDW +0.6 points	1.7%	2.3%
Health Care	SPDW +0.5 points	8.4%	8.9%
Utilities	PXF +0.1 points	3.5%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in PXF and SPDW, widest gap first
Country	Gap	PXF	SPDW
United Kingdom	PXF +2.9 points	14.0%	11.1%
Canada	SPDW +2.0 points	9.2%	11.2%
Germany	PXF +1.9 points	8.3%	6.4%
France	PXF +1.7 points	8.0%	6.3%
Japan	PXF +1.7 points	23.0%	21.3%
Netherlands	SPDW +1.2 points	2.8%	4.0%
Switzerland	SPDW +0.9 points	6.6%	7.5%
Australia	SPDW +0.9 points	4.9%	5.8%
Other countries (23)	SPDW +3.1 points	23.3%	26.4%

Outside the US: PXF 92% developed, 8% emerging. SPDW 91% developed, 9% emerging.

Concentration

Weight in the 10 largest Holdings

PXF13.6%
SPDW11.8%

Securities held

PXF1,017
SPDW2,427

Asset class

PXF: Stocks
SPDW: Stocks

Holdings

Only in PXF212
In both805
Only in SPDW1,622

Only in PXF

212 securities, 21.0% of PXF by weight

Samsung Electronics Co Ltd2.63%
TotalEnergies SE1.53%
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%
Dhl AG0.37%
Stellantis NV0.34%
Bank of Montreal0.32%
Intesa Sanpaolo SpA0.30%
Nutrien Ltd0.30%
Canadian Imperial Bank of Commerce0.26%
Cenovus Energy Inc0.25%
Hyundai Motor Co0.25%
Manulife Financial Corp0.24%
Alimentation Couche-Tard Inc0.24%
Deutsche Bank AG0.24%
POSCO Holdings Inc0.22%
Cie Generale des Etablissements Michelin SCA0.19%
Brookfield Corp0.19%
Magna International Inc0.19%
Canadian National Railway Co0.18%
Generali0.18%
TC Energy Corp0.18%
LG Electronics Inc0.17%
Barrick Mining Corp0.17%
Canadian Pacific Kansas City Ltd0.17%
NXP Semiconductors NV0.15%
CK Hutchison Holdings Ltd0.15%
Fairfax Financial Holdings Ltd0.14%
Orlen SA0.14%
Teck Resources Ltd0.13%
Swedbank AB0.13%
Sun Life Financial Inc0.13%
SK Inc0.12%
Alcon AG0.12%
National Bank of Canada0.12%
Medtronic PLC0.12%
Pembina Pipeline Corp0.11%
Power Corp of Canada0.11%
Agnico Eagle Mines Ltd0.11%
Fortis Inc/Canada0.10%
LG Chem Ltd0.10%
Intact Financial Corp0.09%
Imperial Oil Ltd0.09%
Loblaw Cos Ltd0.09%

Only in SPDW

1,622 securities, 30.8% of SPDW by weight

Samsung Electr Gdr Reg’s2.06%
Astrazeneca PLC0.90%
Royal Bank of Canada0.88%
Toronto Dominion Bank0.64%
Totalenergies SE0.58%
Shopify Inc Class A0.57%
Bank of Montreal0.38%
Bank of Nova Scotia0.37%
Intesa Sanpaolo0.35%
Can Imperial Bk of Commerce0.34%
Enbridge Inc0.33%
Agnico Eagle Mines Ltd0.32%
Canadian Natural Resources0.31%
Brookfield Corp0.29%
Samsung Electronics Pref0.27%
Canadian Pacific Kansas City0.27%
Suncor Energy Inc0.26%
Investor Ab B Shs0.25%
Canadian Natl Railway Co0.24%
Manulife Financial Corp0.22%
Deutsche Bank AG Registered0.22%
Barrick Mining Corp0.21%
Tc Energy Corp0.20%
Nordea Bank Abp0.19%
Wheaton Precious Metals Corp0.19%
Dhl AG0.19%
National Bank of Canada0.18%
Argenx SE0.17%
Generali0.16%
Dollarama Inc0.16%
Alimentation Couche Tard Inc0.15%
Ferrari NV0.15%
Franco Nevada Corp0.15%
Constellation Software Inc0.15%
Waste Connections Inc0.15%
Sk Square Co Ltd0.15%
Power Corp of Canada0.13%
Givaudan Reg0.13%
Sun Life Financial Inc0.12%
Nutrien Ltd0.12%
Fairfax Financial Hldgs Ltd0.12%
Cameco Corp0.12%
Swiss Life Holding AG Reg0.12%
Alcon Inc0.12%
Cenovus Energy Inc0.12%
Loblaw Companies Ltd0.11%
Mercedes Benz Group AG0.11%
Samsung Electro Mechanics Co0.11%
Swedbank Ab A Shares0.11%
Intact Financial Corp0.11%

Weight gaps

The 100 widest of 805 Holdings in both funds.

Holding weights in PXF and SPDW, widest gap first
Holding	Gap	PXF	SPDW
Shell PLCSHEL.L	PXF +1.53 points	2.43%	0.90%
ASML Holding NV	SPDW +1.42 points	0.31%	1.73%
SK hynix Inc	SPDW +1.16 points	0.36%	1.52%
Bp PLCBP.L	PXF +0.55 points	0.95%	0.40%
Glencore PLCGLEN.L	PXF +0.46 points	0.68%	0.22%
Bayer AG	PXF +0.46 points	0.64%	0.18%
Rolls-Royce Holdings PLCRR.L	SPDW +0.43 points	0.04%	0.47%
Basf SE	PXF +0.42 points	0.58%	0.16%
Sanofi SA	PXF +0.39 points	0.71%	0.32%
Advantest Corp	SPDW +0.38 points	0.05%	0.43%
Honda Motor Co Ltd	PXF +0.36 points	0.51%	0.15%
Toyota Motor Corp	PXF +0.35 points	1.15%	0.80%
Volkswagen AG	PXF +0.32 points	0.37%	0.05%
Bayerische Motoren Werke AG	PXF +0.30 points	0.37%	0.07%
Vodafone Group PLCVOD.L	PXF +0.29 points	0.42%	0.13%
Takeda Pharmaceutical Co Ltd	PXF +0.29 points	0.50%	0.21%
BHP Group Ltd	PXF +0.28 points	0.91%	0.63%
Equinor ASA	PXF +0.28 points	0.41%	0.13%
AP Moller - Maersk A/S	PXF +0.28 points	0.34%	0.06%
Repsol SA	PXF +0.26 points	0.39%	0.13%
Mitsubishi UFJ Financial Group Inc	SPDW +0.25 points	0.52%	0.77%
British American Tobacco PLCBATS.L	PXF +0.26 points	0.65%	0.39%
Sap SE	SPDW +0.25 points	0.50%	0.75%
Nordea Bank Abp	PXF +0.25 points	0.25%	<0.01%
Safran SA	SPDW +0.25 points	0.10%	0.35%
Airbus SE	SPDW +0.24 points	0.18%	0.42%
Spotify Technology SASPOT	SPDW +0.25 points	0.05%	0.30%
Eni SpA	PXF +0.25 points	0.45%	0.20%
Rio Tinto PLCRIO.L	PXF +0.23 points	0.52%	0.29%
Commonwealth Bank of Australia	SPDW +0.23 points	0.37%	0.60%
ABB Ltd	SPDW +0.23 points	0.18%	0.41%
Fast Retailing Co Ltd	SPDW +0.23 points	0.09%	0.32%
BNP Paribas SA	PXF +0.23 points	0.56%	0.33%
Siemens Energy AG	SPDW +0.22 points	0.07%	0.29%
HSBC Holdings PLCHSBA.L	PXF +0.22 points	1.15%	0.93%
Koninklijke Ahold Delhaize NV	PXF +0.20 points	0.31%	0.11%
Tokyo Electron Ltd	SPDW +0.20 points	0.19%	0.39%
Panasonic Holdings Corp	PXF +0.21 points	0.35%	0.14%
Deutsche Telekom AG	PXF +0.20 points	0.51%	0.31%
Schneider Electric SE	SPDW +0.20 points	0.25%	0.45%
Recruit Holdings Co Ltd	SPDW +0.19 points	0.31%	0.50%
Tesco PLCTSCO.L	PXF +0.18 points	0.34%	0.16%
Roche Holding AG	PXF +0.18 points	1.22%	1.04%
Kioxia Holdings Corp	SPDW +0.17 points	0.02%	0.19%
NTT Inc	PXF +0.17 points	0.26%	0.09%
Keyence Corp	SPDW +0.17 points	0.10%	0.27%
Cie Financiere Richemont SA	SPDW +0.17 points	0.18%	0.35%
Nippon Steel Corp	PXF +0.16 points	0.23%	0.07%
Hong Kong Exchanges & Clearing Ltd	SPDW +0.15 points	0.04%	0.19%
Barclays PLCBARC.L	PXF +0.15 points	0.39%	0.24%
ArcelorMittal SA	PXF +0.14 points	0.24%	0.10%
KDDI Corp	PXF +0.13 points	0.29%	0.16%
Mitsubishi Corp	PXF +0.12 points	0.52%	0.40%
Novo Nordisk A/S	SPDW +0.12 points	0.28%	0.40%
Woodside Energy Group Ltd	PXF +0.12 points	0.24%	0.12%
Hermes International SCA	SPDW +0.12 points	0.04%	0.16%
Iberdrola SA	SPDW +0.12 points	0.38%	0.50%
Renault SA	PXF +0.12 points	0.14%	0.02%
DBS Group Holdings Ltd	SPDW +0.11 points	0.24%	0.35%
Novartis AG	SPDW +0.12 points	0.81%	0.93%
Orange SA	PXF +0.11 points	0.21%	0.10%
Air Liquide SA	SPDW +0.12 points	0.30%	0.42%
Gsk PLCGSK.L	PXF +0.11 points	0.43%	0.32%
Deutsche Boerse AG	SPDW +0.11 points	0.10%	0.21%
Bridgestone Corp	PXF +0.11 points	0.21%	0.10%
Galderma Group AG	SPDW +0.11 points	0.02%	0.13%
Carrefour SA	PXF +0.11 points	0.14%	0.03%
Hoya Corp	SPDW +0.11 points	0.06%	0.17%
UBS Group AG	SPDW +0.11 points	0.37%	0.48%
Telefonica SA	PXF +0.10 points	0.17%	0.07%
SoftBank Group Corp	SPDW +0.10 points	0.18%	0.28%
Rheinmetall AG	SPDW +0.10 points	0.03%	0.13%
Suzuki Motor Corp	PXF +0.11 points	0.19%	0.08%
Nippon Yusen KK	PXF +0.11 points	0.18%	0.07%
Volvo AB	PXF +0.10 points	0.25%	0.15%
Kia Corp	PXF +0.10 points	0.16%	0.06%
Prosus NV	SPDW +0.10 points	0.07%	0.17%
Industria de Diseno Textil SA	SPDW +0.10 points	0.13%	0.23%
Seven & i Holdings Co Ltd	PXF +0.10 points	0.20%	0.10%
Mitsubishi Heavy Industries Ltd	SPDW +0.10 points	0.09%	0.19%
Societe Generale SA	PXF +0.10 points	0.26%	0.16%
Henkel AG & Co KGaA	PXF +0.10 points	0.14%	0.04%
Enel SpA	PXF +0.09 points	0.35%	0.26%
Siemens AG	SPDW +0.09 points	0.58%	0.67%
Standard Chartered PLCSTAN.L	PXF +0.09 points	0.25%	0.16%
ZIM Integrated Shipping Services LtdZIM	PXF +0.09 points	0.10%	0.01%
Nissan Motor Co Ltd	PXF +0.10 points	0.10%	0.01%
FUJIFILM Holdings Corp	PXF +0.09 points	0.18%	0.09%
L'Oreal SA	SPDW +0.09 points	0.27%	0.36%
Axa SA	PXF +0.09 points	0.36%	0.27%
Ucb SA	SPDW +0.09 points	0.07%	0.16%
BT Group PLC	PXF +0.08 points	0.16%	0.08%
Capgemini SE	PXF +0.08 points	0.15%	0.07%
Lonza Group AG	SPDW +0.09 points	0.09%	0.18%
Goodman Group	SPDW +0.08 points	0.04%	0.12%
Mazda Motor Corp	PXF +0.09 points	0.10%	0.01%
JFE Holdings Inc	PXF +0.08 points	0.10%	0.02%
Fujikura Ltd	SPDW +0.08 points	0.02%	0.10%
Denso Corp	PXF +0.08 points	0.16%	0.08%
Subaru Corp	PXF +0.09 points	0.12%	0.03%

All 1,020 PXF holdings⁠All 2,436 SPDW 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 SPDW Cost

Overpaying PXF vs SPDW

$8,024

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

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

Amount$10,000

Years30 years

Cost over time

PXF 0.43%
SPDW 0.03%
Overpaying

Year by year

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

Expense ratio

0.43%PXF
0.03%SPDW, cheaper

SPDW0.03%PXF0.43%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

PXF 19th cheapest of 20 funds

PXF vs SPDW Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PXF 3.25%, better; SPDW 3.05%
Payout (12M): PXF $2.49; SPDW $1.52
Last payment: PXF $0.55; SPDW $0.72
Ex-dividend: PXF Sep 21, 2026; SPDW Jun 22, 2026
Paid on: PXF Sep 25, 2026; SPDW Jun 26, 2026
Frequency: PXF Quarterly; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

PXFQuarterly · 39 paymentsAll PXF payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

PXF vs SPDW Risk

Fall from peak · 5 years

PXF
SPDW

Risk facts

VolatilityStd dev, 3 years: PXF 12.6%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: PXF 1.57, betterSPDW 1.27
Worst fallMax drawdown, 5 years: PXF −26.8%, betterSPDW −29.7%
Market sensitivityBeta, 5 years: PXF 0.92SPDW 1.05; Market = 1

PXF and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW

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PXF vs SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How PXF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PXF

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

How PXF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PXF

Only in SPDW

Weight gaps