Invesco FTSE RAFI Developed Markets ex-U.S.… (PDN) Performance
PDN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.2% since Dec 31, 2025
- 1 year
- +12.5% total return
- 5 years
- +6.5% a year
- 10 years
- +8.0% a year
- Since first price
- +5.6% a year since 2007
PDN trailing returns vs SPY, QQQ, AGG
| Period | PDN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.5% | −2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.2% | +0.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +0.5% | −1.1% | +7.8% | +8.4% | −1.5% |
| YTD | +9.2% | +6.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.5% | +8.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +77.1%+21.0%/yr | +60.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +37.3%+6.5%/yr | +16.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +116.0%+8.0%/yr | +63.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +202.4%+7.7%/yr | +105.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionSep 27, 2007 | +183.1%+5.6%/yr | +76.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PDN vs SPY
From Sep 27, 2007: PDN grew to $28,305, SPY to $70,241.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PDN returns by calendar year
13 of 18 full years positive. Best 2009 (+54.8%), worst 2008 (−41.3%). 2026 is year to date.
PDN annual returns table
| Year | PDN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.2% | −11.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +38.3% | −12.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +0.6% | −10.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +13.4% | −13.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −17.4% | −30.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +9.0% | −9.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +10.7% | −37.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +19.2% | −8.7% | +31.2% | +39.0% | +8.5% |
| 2018 | −18.4% | −26.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +30.7% | −2.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +6.5% | −9.9% | +12.0% | +7.1% | +2.4% |
| 2015 | +1.7% | −14.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −5.1% | −14.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +21.5% | −9.8% | +32.3% | +36.6% | −2.0% |
| 2012 | +17.2% | −16.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −14.1% | −23.3% | +1.9% | +3.4% | +7.7% |
| 2010 | +18.6% | −19.5% | +15.1% | +19.9% | +6.4% |
| 2009 | +54.8% | −26.0% | +26.4% | +54.7% | +3.0% |
| 2008 | −41.3% | −50.5% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PDN largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 1, 2007 | −59.3% | Mar 9, 2009 | Jan 12, 2011 | 1.4 years | 3.2 years |
| Jan 26, 2018 | −41.9% | Mar 23, 2020 | Dec 15, 2020 | 2.2 years | 2.9 years |
| Sep 3, 2021 | −33.7% | Oct 12, 2022 | May 5, 2025 | 1.1 years | 3.7 years |
| May 2, 2011 | −24.2% | Jun 1, 2012 | Apr 25, 2013 | 1.1 years | 2.0 years |
| May 15, 2015 | −20.6% | Feb 12, 2016 | Feb 10, 2017 | 9 months | 1.7 years |
| Jul 3, 2014 | −14.3% | Dec 15, 2014 | May 15, 2015 | 5 months | 10 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PDN risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +19.7% | +7.5% | +8.1% | +5.7% |
| Volatility (annualized) | 13.8% | 16.6% | 16.2% | 18.1% |
| Sharpe ratio | 1.07 | 0.30 | 0.42 | 0.32 |
| Sortino ratio | 1.79 | 0.44 | 0.60 | 0.47 |
| Best month | +8.2% | +12.3% | +13.0% | +17.6% |
| Worst month | −8.1% | −11.5% | −16.6% | −18.4% |
| Best 12 months | +48.6% | +48.6% | +61.4% | +87.5% |
| Worst 12 months | +0.6% | −29.5% | −29.5% | −49.5% |
| Positive months | 69% | 60% | 62% | 57% |
| Beta vs S&P 500 | 0.66 | 0.80 | 0.87 | — |
| Correlation with S&P 500 | 0.60 | 0.75 | 0.82 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PDN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 218 | −49.5% | +8.2% | +87.5% | 67% |
| 3-year (a year) | 194 | −5.1% | +6.6% | +29.9% | 88% |
| 5-year (a year) | 170 | −2.3% | +6.6% | +23.1% | 95% |
| 10-year (a year) | 110 | +2.6% | +6.2% | +12.8% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
PDN performance overview
Invesco FTSE RAFI Developed Markets ex-U.S.… (PDN) returned +12.5% over the past year and +8.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +5.6% a year, turning $10,000 into about $28,305. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −59.3%, from Nov 1, 2007 to Mar 9, 2009, and it took 1.8 years to get back to the old high. PDN finished 13 of its 18 full calendar years with a gain; the best year was 2009 (+54.8%) and the worst 2008 (−41.3%). Volatility has been 18.1% a year.
Related: PDN chart, PDN holdings, PDN dividends. See the PDN overview for the latest quote and fund facts.
PDN performance FAQ
What is the PDN return over the past year?
PDN returned +12.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.6%.
What is the average annual return of PDN?
PDN has returned +6.5% a year over 5 years, +8.0% a year over 10 years, +5.6% a year since September 27, 2007 (total return, distributions reinvested).
How much would $10,000 invested in PDN be worth?
$10,000 invested in PDN at its first recorded close on September 27, 2007 would be worth about $28,305 on October 23, 2026 with distributions reinvested.
What was the worst year for PDN?
The worst calendar year was 2008, with a total return of −41.3%. The best was 2009 at +54.8%.
What is the biggest drawdown of PDN?
The largest peak-to-trough decline was −59.3% between November 1, 2007 and March 9, 2009. It recovered to the old high on January 12, 2011, 1.8 years after the bottom.
How volatile is PDN?
Over the past 3 years PDN had an annualized volatility of 13.8% and a Sharpe ratio of 1.07 (excess return over 1–3 month T-bills per unit of risk).