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IJR vs. PRFZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJR vs. PRFZ

Last updated Jun 9, 2026

IJR (iShares Core S&P Small-Cap ETF) and PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) are both Small Cap Blend Equities funds - IJR tracks the S&P SmallCap 600 Index while PRFZ tracks the FTSE RAFI US 1500 Small-Mid Index. Both are passively managed. Over the past 10 years, IJR returned 10.61%/yr vs 11.40%/yr for PRFZ. With a 0.97 correlation, they move nearly in lockstep. IJR charges 0.06%/yr vs 0.39%/yr for PRFZ.

Performance

IJR vs. PRFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJR achieves a 15.49% return, which is significantly higher than PRFZ's 11.74% return. Over the past 10 years, IJR has underperformed PRFZ with an annualized return of 10.61%, while PRFZ has yielded a comparatively higher 11.40% annualized return.

IJR

1D
0.65%
1M
0.17%
YTD
15.49%
6M
15.12%
1Y
30.47%
3Y*
13.78%
5Y*
5.37%
10Y*
10.61%

PRFZ

1D
0.67%
1M
-0.33%
YTD
11.74%
6M
10.40%
1Y
28.88%
3Y*
16.18%
5Y*
7.48%
10Y*
11.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IJR vs. PRFZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJR
iShares Core S&P Small-Cap ETF		15.49%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		11.74%11.26%12.68%20.21%-16.29%28.26%11.84%21.91%-11.43%13.82%

Correlation

The correlation between IJR and PRFZ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2006

0.97

The correlation between IJR and PRFZ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

IJR vs. PRFZ - Sectors Allocation Comparison

Sectors
IJR
PRFZ

Financial Services

16.8%
13.3%

Industrials

15.5%
16.7%

Technology

15.5%
20.8%

Consumer Cyclical

13.4%
10.4%

Healthcare

11.1%
16.4%

Real Estate

7.6%
6.7%

Energy

5.9%
5.4%

Basic Materials

5.1%
3.3%

Communication Services

3.6%
2.7%

Consumer Defensive

3.5%
2.5%

Utilities

2.0%
1.5%

Financial Services

IJR
16.8%
PRFZ
13.3%

Industrials

IJR
15.5%
PRFZ
16.7%

Technology

IJR
15.5%
PRFZ
20.8%

Consumer Cyclical

IJR
13.4%
PRFZ
10.4%

Healthcare

IJR
11.1%
PRFZ
16.4%

Real Estate

IJR
7.6%
PRFZ
6.7%

Energy

IJR
5.9%
PRFZ
5.4%

Basic Materials

IJR
5.1%
PRFZ
3.3%

Communication Services

IJR
3.6%
PRFZ
2.7%

Consumer Defensive

IJR
3.5%
PRFZ
2.5%

Utilities

IJR
2.0%
PRFZ
1.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P Small-Cap ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR
Often compared with PRFZ:
PRFZ vs. BSMIXPRFZ vs. FVPRFZ vs. FNDAPRFZ vs. RWKPRFZ vs. PWBPRFZ vs. VOOPRFZ vs. SCHA

Return for Risk

IJR vs. PRFZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IJR
IJR Risk / Return Rank: 6363
Overall Rank
IJR Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 6060
Sortino Ratio Rank
IJR Omega Ratio Rank: 5353
Omega Ratio Rank
IJR Calmar Ratio Rank: 7676
Calmar Ratio Rank
IJR Martin Ratio Rank: 6969
Martin Ratio Rank
PRFZ
PRFZ Risk / Return Rank: 5555
Overall Rank
PRFZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
PRFZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
PRFZ Omega Ratio Rank: 4848
Omega Ratio Rank
PRFZ Calmar Ratio Rank: 6262
Calmar Ratio Rank
PRFZ Martin Ratio Rank: 6060
Martin Ratio Rank
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.

IJR vs. PRFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). 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.

IJRPRFZDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.60

+0.14

Sortino ratioReturn per unit of downside risk
2.53
2.31

+0.22

Omega ratioGain probability vs. loss probability

1.30

1.27

+0.03

Calmar ratioReturn relative to maximum drawdown

3.52

2.79

+0.73

Martin ratioReturn relative to average drawdown

11.72

9.60

+2.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJR vs. PRFZ - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 1.74, which is comparable to the PRFZ Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of IJR and PRFZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IJRPRFZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.60

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.35

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.51

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.40

+0.03

Drawdowns

IJR vs. PRFZ - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, smaller than the maximum PRFZ drawdown of -62.41%. Use the drawdown chart below to compare losses from any high point for IJR and PRFZ.

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Drawdown Indicators

IJRPRFZDifference

Max Drawdown

Largest peak-to-trough decline

-58.15%

-62.41%

+4.26%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-10.38%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-28.02%

-26.54%

-1.48%

Max Drawdown (5Y)

Largest decline over 5 years

-28.02%

-26.58%

-1.44%

Max Drawdown (10Y)

Largest decline over 10 years

-44.36%

-44.28%

-0.08%

Current Drawdown

Current decline from peak

-1.20%

-2.27%

+1.07%

Average Drawdown

Average peak-to-trough decline

-9.28%

-9.42%

+0.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.61%

3.02%

-0.41%

Volatility

IJR vs. PRFZ - Volatility Comparison

The current volatility for iShares Core S&P Small-Cap ETF (IJR) is 4.73%, while Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a volatility of 5.34%. This indicates that IJR experiences smaller price fluctuations and is considered to be less risky than PRFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJRPRFZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

5.34%

-0.61%

Volatility (6M)

Calculated over the trailing 6-month period

11.82%

12.69%

-0.87%

Volatility (1Y)

Calculated over the trailing 1-year period

17.63%

18.16%

-0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.42%

21.35%

+0.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.92%

22.47%

+0.45%

IJR vs. PRFZ - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is lower than PRFZ's 0.39% expense ratio.

Dividends

IJR vs. PRFZ - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.15%, more than PRFZ's 0.85% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.15%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		0.85%0.82%1.45%1.42%1.33%0.93%0.91%1.29%1.37%0.97%1.31%1.39%

Frequently Asked Questions

With a correlation of 0.96, IJR and PRFZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

PRFZ has higher volatility (5.34%) compared to IJR (4.73%). In terms of maximum drawdown, IJR dropped -58.15% vs PRFZ's -62.41%.

On 10-year performance, PRFZ leads with 11.40% vs 10.61% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PRFZ has performed better with a 11.40% return vs 10.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.39% for PRFZ.

IJR has the higher dividend yield at 1.15%, compared with 0.85% for PRFZ.

IJR tracks S&P SmallCap 600 Index, while PRFZ tracks FTSE RAFI US 1500 Small-Mid Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.06% for IJR and 0.39% for PRFZ.

IJR currently has the higher Sharpe Ratio (1.74 vs 1.60), 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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