BUT.L vs. PSRF.L

Last updated Jun 5, 2026

BUT.L (Brunner Investment Trust) is a stock, while PSRF.L (Invesco FTSE RAFI US 1000 UCITS ETF) is Large Cap Value Equities fund tracking the Russell 1000 Value TR USD. Over the past 10 years, BUT.L returned 13.36%/yr vs 13.96%/yr for PSRF.L. At a 0.32 correlation, their price movements are largely independent.

Performance

BUT.L vs. PSRF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Brunner Investment Trust (BUT.L) and Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUT.L achieves a 3.93% return, which is significantly lower than PSRF.L's 15.57% return. Both investments have delivered pretty close results over the past 10 years, with BUT.L having a 13.36% annualized return and PSRF.L not far ahead at 13.96%.

BUT.L

• 1D: 0.14%
• 1M: -0.94%
• YTD: 3.93%
• 6M: 5.40%
• 1Y: 7.57%
• 3Y*: 13.58%
• 5Y*: 10.60%
• 10Y*: 13.36%

PSRF.L

• 1D: 0.49%
• 1M: 4.95%
• YTD: 15.57%
• 6M: 16.01%
• 1Y: 33.91%
• 3Y*: 17.74%
• 5Y*: 13.21%
• 10Y*: 13.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BUT.L vs. PSRF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUT.L Brunner Investment Trust	3.93%	-1.01%	24.71%	20.20%	-6.09%	31.65%	-3.13%	34.38%	-8.17%	30.61%
PSRF.L Invesco FTSE RAFI US 1000 UCITS ETF	15.57%	8.58%	18.11%	9.53%	2.89%	32.90%	3.20%	22.49%	-4.27%	4.98%

Correlation

The correlation between BUT.L and PSRF.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 12, 2007	0.32

The correlation between BUT.L and PSRF.L shifts across timeframes, from 0.32 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BUT.L vs. PSRF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BUT.L

BUT.L Risk / Return Rank: 56
BUT.L Sharpe Ratio Rank: 60
BUT.L Sortino Ratio Rank: 51
BUT.L Omega Ratio Rank: 50
BUT.L Calmar Ratio Rank: 59
BUT.L Martin Ratio Rank: 63

PSRF.L

PSRF.L Risk / Return Rank: 94
PSRF.L Sharpe Ratio Rank: 94
PSRF.L Sortino Ratio Rank: 94
PSRF.L Omega Ratio Rank: 94
PSRF.L Calmar Ratio Rank: 94
PSRF.L Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BUT.L vs. PSRF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brunner Investment Trust (BUT.L) and Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BUT.L	PSRF.L	Difference
Sharpe ratio: Return per unit of total volatility	0.55	3.61	-3.06
Sortino ratio: Return per unit of downside risk	0.86	4.89	-4.03
Omega ratio: Gain probability vs. loss probability	1.11	1.67	-0.56
Calmar ratio: Return relative to maximum drawdown	0.80	7.35	-6.55
Martin ratio: Return relative to average drawdown	2.46	27.04	-24.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUT.L vs. PSRF.L - Sharpe Ratio Comparison

The current BUT.L Sharpe Ratio is 0.55, which is lower than the PSRF.L Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of BUT.L and PSRF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BUT.L	PSRF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	3.61	-3.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.99	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.89	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.82	-0.37

Drawdowns

BUT.L vs. PSRF.L - Drawdown Comparison

The maximum BUT.L drawdown since its inception was -64.93%, which is greater than PSRF.L's maximum drawdown of -38.37%. Use the drawdown chart below to compare losses from any high point for BUT.L and PSRF.L.

Drawdown Indicators

	BUT.L	PSRF.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-38.37%	-26.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-4.60%	-4.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-18.14%	-6.79%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-18.14%	-6.79%
Max Drawdown (10Y) Largest decline over 10 years	-37.37%	-29.79%	-7.58%
Current Drawdown Current decline from peak	-2.76%	0.00%	-2.76%
Average Drawdown Average peak-to-trough decline	-14.61%	-4.15%	-10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	1.25%	+1.82%

Volatility

BUT.L vs. PSRF.L - Volatility Comparison

Brunner Investment Trust (BUT.L) has a higher volatility of 3.34% compared to Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.L) at 2.12%. This indicates that BUT.L's price experiences larger fluctuations and is considered to be riskier than PSRF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUT.L	PSRF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	2.12%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	10.67%	6.29%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.71%	9.36%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	13.32%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	15.79%	+3.99%

Dividends

BUT.L vs. PSRF.L - Dividend Comparison

BUT.L's dividend yield for the trailing twelve months is around 1.69%, more than PSRF.L's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUT.L Brunner Investment Trust	1.69%	1.73%	1.62%	1.89%	2.11%	1.82%	2.32%	2.19%	2.61%	2.12%	2.57%	2.87%
PSRF.L Invesco FTSE RAFI US 1000 UCITS ETF	1.19%	1.37%	1.46%	1.59%	1.70%	1.29%	1.78%	1.67%	1.78%	1.60%	1.51%	1.64%

Frequently Asked Questions

Can I hold both BUT.L and PSRF.L in my portfolio?

BUT.L and PSRF.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.