CFA vs. RAFE
CFA (VictoryShares US 500 Volatility Weighted ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - CFA tracks the Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, CFA returned 8.29%/yr vs 11.46%/yr for RAFE. Their correlation of 0.91 suggests significant overlap in exposure. CFA charges 0.35%/yr vs 0.30%/yr for RAFE.
Performance
CFA vs. RAFE - Performance Comparison
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Returns By Period
In the year-to-date period, CFA achieves a 9.92% return, which is significantly lower than RAFE's 15.70% return.
CFA
- 1D
- -0.02%
- 1M
- 1.67%
- 6M
- 6.90%
- YTD
- 9.92%
- 1Y
- 13.74%
- 3Y*
- 12.92%
- 5Y*
- 8.29%
- 10Y*
- 11.49%
RAFE
- 1D
- -0.06%
- 1M
- 1.59%
- 6M
- 13.30%
- YTD
- 15.70%
- 1Y
- 28.06%
- 3Y*
- 18.76%
- 5Y*
- 11.46%
- 10Y*
- —
CFA vs. RAFE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 9.92% | 8.63% | 15.34% | 11.85% | -11.39% | 26.09% | 11.98% | 0.72% |
RAFE PIMCO RAFI ESG U.S. ETF | 15.70% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
Correlation
The correlation between CFA and RAFE is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019 | 0.91 |
The correlation between CFA and RAFE has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
CFA vs. RAFE — Risk / Return Rank
CFA
RAFE
CFA vs. RAFE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US 500 Volatility Weighted ETF (CFA) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CFA | RAFE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.45 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 3.78 | -1.84 |
| Martin ratioReturn relative to average drawdown | 7.17 | 14.72 | -7.55 |
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Drawdowns
CFA vs. RAFE - Drawdown Comparison
The maximum CFA drawdown since its inception was -37.74%, which is greater than RAFE's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for CFA and RAFE.
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Drawdown Indicators
| CFA | RAFE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.74% | -35.74% | -2.00% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -7.46% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -17.28% | -16.36% | -0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -20.88% | -24.28% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -37.74% | — | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.06% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -6.13% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 1.91% | +0.01% |
Volatility
CFA vs. RAFE - Volatility Comparison
The current volatility for VictoryShares US 500 Volatility Weighted ETF (CFA) is 2.59%, while PIMCO RAFI ESG U.S. ETF (RAFE) has a volatility of 2.78%. This indicates that CFA experiences smaller price fluctuations and is considered to be less risky than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CFA | RAFE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 2.78% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 8.59% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.81% | 11.34% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.06% | 15.07% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 19.33% | -2.20% |
CFA vs. RAFE - Expense Ratio Comparison
CFA has a 0.35% expense ratio, which is higher than RAFE's 0.30% expense ratio.
Dividends
CFA vs. RAFE - Dividend Comparison
CFA's dividend yield for the trailing twelve months is around 1.22%, less than RAFE's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFA VictoryShares US 500 Volatility Weighted ETF | 1.22% | 1.29% | 1.32% | 1.42% | 1.59% | 1.04% | 1.21% | 1.35% | 1.50% | 1.15% | 1.37% | 1.31% |
RAFE PIMCO RAFI ESG U.S. ETF | 1.49% | 1.67% | 1.79% | 1.81% | 2.22% | 1.42% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CFA and RAFE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAFE has higher volatility (2.78%) compared to CFA (2.59%). In terms of maximum drawdown, CFA dropped -37.74% vs RAFE's -35.74%.
On 5-year performance, RAFE leads with 11.46% vs 8.29% for CFA. On fees, RAFE is cheaper at 0.30% per year. On volatility, CFA has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAFE has performed better with a 11.46% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAFE is cheaper with a 0.30% expense ratio, compared with 0.35% for CFA.
RAFE has the higher dividend yield at 1.49%, compared with 1.22% for CFA.
CFA tracks Nasdaq Victory U.S. Large Cap 500 Volatility Weighted Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: VictoryShares and PIMCO. Their fees differ too: 0.35% for CFA and 0.30% for RAFE.
RAFE currently has the higher Sharpe Ratio (2.49 vs 1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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