POWA vs. RAFE
POWA (Invesco Bloomberg Pricing Power ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - POWA tracks the Bloomberg Pricing Power Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, POWA returned 7.15%/yr vs 11.13%/yr for RAFE. Their correlation of 0.83 suggests significant overlap in exposure. POWA charges 0.40%/yr vs 0.30%/yr for RAFE.
Performance
POWA vs. RAFE - Performance Comparison
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Returns By Period
In the year-to-date period, POWA achieves a -2.46% return, which is significantly lower than RAFE's 13.50% return.
POWA
- 1D
- 1.03%
- 1M
- 0.67%
- YTD
- -2.46%
- 6M
- -3.75%
- 1Y
- 2.72%
- 3Y*
- 10.35%
- 5Y*
- 7.15%
- 10Y*
- 10.28%
RAFE
- 1D
- 0.04%
- 1M
- 2.27%
- YTD
- 13.50%
- 6M
- 12.30%
- 1Y
- 28.30%
- 3Y*
- 19.09%
- 5Y*
- 11.13%
- 10Y*
- —
POWA vs. RAFE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
POWA Invesco Bloomberg Pricing Power ETF | -2.46% | 11.71% | 13.18% | 10.58% | -7.67% | 24.93% | 7.61% | 0.36% |
RAFE PIMCO RAFI ESG U.S. ETF | 13.50% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
Correlation
The correlation between POWA and RAFE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019 | 0.83 |
The correlation between POWA and RAFE has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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Return for Risk
POWA vs. RAFE — Risk / Return Rank
POWA
RAFE
POWA vs. RAFE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Pricing Power ETF (POWA) 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.
| POWA | RAFE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.44 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 3.81 | -3.53 |
| Martin ratioReturn relative to average drawdown | 0.70 | 14.74 | -14.04 |
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Drawdowns
POWA vs. RAFE - Drawdown Comparison
The maximum POWA drawdown since its inception was -47.91%, which is greater than RAFE's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for POWA and RAFE.
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Drawdown Indicators
| POWA | RAFE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.91% | -35.74% | -12.17% |
Max Drawdown (1Y)Largest decline over 1 year | -9.76% | -7.46% | -2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -15.00% | -16.36% | +1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -17.75% | -24.28% | +6.53% |
Max Drawdown (10Y)Largest decline over 10 years | -36.53% | — | — |
Current DrawdownCurrent decline from peak | -6.60% | -1.21% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -6.17% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 1.93% | +1.98% |
Volatility
POWA vs. RAFE - Volatility Comparison
The current volatility for Invesco Bloomberg Pricing Power ETF (POWA) is 3.27%, while PIMCO RAFI ESG U.S. ETF (RAFE) has a volatility of 3.71%. This indicates that POWA 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
| POWA | RAFE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.71% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 9.03% | 8.70% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.82% | 11.51% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.94% | 15.10% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 19.39% | -3.34% |
POWA vs. RAFE - Expense Ratio Comparison
POWA has a 0.40% expense ratio, which is higher than RAFE's 0.30% expense ratio.
Dividends
POWA vs. RAFE - Dividend Comparison
POWA's dividend yield for the trailing twelve months is around 0.96%, less than RAFE's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
POWA Invesco Bloomberg Pricing Power ETF | 0.96% | 0.94% | 0.79% | 1.60% | 1.48% | 1.06% | 1.34% | 1.16% | 1.39% | 1.63% | 2.18% | 3.31% |
RAFE PIMCO RAFI ESG U.S. ETF | 1.50% | 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
POWA and RAFE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RAFE has higher volatility (3.71%) compared to POWA (3.27%). In terms of maximum drawdown, POWA dropped -47.91% vs RAFE's -35.74%.
On 5-year performance, RAFE leads with 11.13% vs 7.15% for POWA. On fees, RAFE is cheaper at 0.30% per year. On volatility, POWA has been the lower-risk option at 3.27%. 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 11.13% return vs 7.15%. 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 0.40% for POWA.
RAFE has the higher dividend yield at 1.50%, compared with 0.96% for POWA.
POWA tracks Bloomberg Pricing Power Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: Invesco and PIMCO. Their fees differ too: 0.40% for POWA and 0.30% for RAFE.
RAFE currently has the higher Sharpe Ratio (2.48 vs 0.23), 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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