PFI vs. TFNS

Last updated Jun 24, 2026

PFI (Invesco Dorsey Wright Financial Momentum ETF) and TFNS (T. Rowe Price Financials ETF) are both exchange-traded funds - PFI is a Momentum fund tracking the Dorsey Wright Financials Technical Leaders Index, while TFNS is a Financials Equities fund actively managed by T. Rowe Price. PFI is passively managed, while TFNS is actively managed. Over the past year, PFI returned 12.22% vs 11.45% for TFNS. Their correlation of 0.84 suggests significant overlap in exposure. PFI charges 0.60%/yr vs 0.44%/yr for TFNS.

Performance

PFI vs. TFNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dorsey Wright Financial Momentum ETF (PFI) and T. Rowe Price Financials ETF (TFNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFI achieves a 7.04% return, which is significantly higher than TFNS's 0.45% return.

PFI

• 1D: 0.56%
• 1M: 4.63%
• YTD: 7.04%
• 6M: 4.43%
• 1Y: 12.22%
• 3Y*: 16.97%
• 5Y*: 5.43%
• 10Y*: 9.22%

TFNS

• 1D: 0.34%
• 1M: 4.00%
• YTD: 0.45%
• 6M: -0.86%
• 1Y: 11.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFI vs. TFNS - Yearly Performance Comparison

	2026 (YTD)	2025
PFI Invesco Dorsey Wright Financial Momentum ETF	7.04%	4.77%
TFNS T. Rowe Price Financials ETF	0.45%	11.06%

Correlation

The correlation between PFI and TFNS is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.84

The correlation between PFI and TFNS has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

PFI vs. TFNS - Sectors Allocation Comparison

Sectors	PFI	TFNS
Financial Services	81.2%	96.9%
Real Estate	18.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	1.1%
Technology	-	2.0%
Utilities	-	-

Return for Risk

PFI vs. TFNS — Risk / Return Rank

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

PFI

PFI Risk / Return Rank: 20
PFI Sharpe Ratio Rank: 20
PFI Sortino Ratio Rank: 19
PFI Omega Ratio Rank: 19
PFI Calmar Ratio Rank: 20
PFI Martin Ratio Rank: 22

TFNS

TFNS Risk / Return Rank: 21
TFNS Sharpe Ratio Rank: 23
TFNS Sortino Ratio Rank: 21
TFNS Omega Ratio Rank: 21
TFNS Calmar Ratio Rank: 20
TFNS Martin Ratio Rank: 20

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.

PFI vs. TFNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Financial Momentum ETF (PFI) and T. Rowe Price Financials ETF (TFNS). 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.

	PFI	TFNS	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.77	-0.11
Sortino ratio: Return per unit of downside risk	0.99	1.12	-0.14
Omega ratio: Gain probability vs. loss probability	1.12	1.14	-0.02
Calmar ratio: Return relative to maximum drawdown	0.89	0.82	+0.06
Martin ratio: Return relative to average drawdown	2.65	2.21	+0.44

PFI vs. TFNS - Sharpe Ratio Comparison

The current PFI Sharpe Ratio is 0.66, which is comparable to the TFNS Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of PFI and TFNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PFI vs. TFNS - Drawdown Comparison

The maximum PFI drawdown since its inception was -59.53%, which is greater than TFNS's maximum drawdown of -14.00%. Use the drawdown chart below to compare losses from any high point for PFI and TFNS.

Drawdown Indicators

	PFI	TFNS	Difference
Max Drawdown Largest peak-to-trough decline	-59.53%	-14.00%	-45.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-14.00%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-24.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.09%	—	—
Current Drawdown Current decline from peak	-1.04%	-2.36%	+1.32%
Average Drawdown Average peak-to-trough decline	-14.47%	-3.82%	-10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	5.19%	-0.57%

Volatility

PFI vs. TFNS - Volatility Comparison

Invesco Dorsey Wright Financial Momentum ETF (PFI) and T. Rowe Price Financials ETF (TFNS) have volatilities of 4.05% and 4.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFI	TFNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.03%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	11.45%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	15.00%	+3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.84%	15.06%	+6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	15.06%	+7.20%

PFI vs. TFNS - Expense Ratio Comparison

PFI has a 0.60% expense ratio, which is higher than TFNS's 0.44% expense ratio.

Dividends

PFI vs. TFNS - Dividend Comparison

PFI's dividend yield for the trailing twelve months is around 1.00%, more than TFNS's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFI Invesco Dorsey Wright Financial Momentum ETF	1.00%	0.68%	2.77%	1.85%	1.93%	1.28%	1.56%	0.92%	1.98%	0.35%	2.16%	1.44%
TFNS T. Rowe Price Financials ETF	0.49%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFI and TFNS in my portfolio?

PFI and TFNS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFI or TFNS?

PFI has higher volatility (4.05%) compared to TFNS (4.03%). In terms of maximum drawdown, PFI dropped -59.53% vs TFNS's -14.00%.

Which ETF is better, PFI or TFNS?

On 1-year performance, PFI leads with 12.22% vs 11.45% for TFNS. On fees, TFNS is cheaper at 0.44% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFI or TFNS?

Over the 1-year period, PFI has performed better with a 12.22% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFI or TFNS?

TFNS is cheaper with a 0.44% expense ratio, compared with 0.60% for PFI.

Which ETF pays a higher dividend yield, PFI or TFNS?

PFI has the higher dividend yield at 1.00%, compared with 0.49% for TFNS.

What is the main difference between PFI and TFNS?

PFI is categorized as Momentum, while TFNS is Financials Equities. They also come from different issuers: Invesco and T. Rowe Price. Their fees differ too: 0.60% for PFI and 0.44% for TFNS.

Which has better risk-adjusted returns?

TFNS currently has the higher Sharpe Ratio (0.77 vs 0.66), 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.