#macro-risk

#macro-risk

The Invesco RAFI Emerging Markets ETF ( NYSEARCA:PXH) has delivered exceptional returns, surging 42% over the past year to reach $28.10 as of January 27, 2026. This performance significantly outpaced the S&P 500's 16% gain and slightly edged out the iShares MSCI Emerging Markets ETF ( NYSEARCA:EEM) with its 46% return. The rally reflects renewed appetite for emerging markets exposure as investors position for a potential shift away from US equities after years of domestic market dominance.