PRF vs. INCE

Last updated Aug 6, 2026

PRF (Invesco RAFI US 1000 ETF) and INCE (Franklin Income Equity Focus ETF) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while INCE is a Dividend fund actively managed by Franklin Templeton. PRF is passively managed, while INCE is actively managed. Over the past 5 years, PRF returned 13.48%/yr vs 10.70%/yr for INCE. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PRF charges 0.34%/yr vs 0.29%/yr for INCE.

Performance

PRF vs. INCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI US 1000 ETF (PRF) and Franklin Income Equity Focus ETF (INCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRF achieves a 19.74% return, which is significantly higher than INCE's 16.28% return.

PRF

• 1D: -0.45%
• 1M: 2.42%
• 6M: 13.29%
• YTD: 19.74%
• 1Y: 33.36%
• 3Y*: 20.80%
• 5Y*: 13.48%
• 10Y*: 13.75%
• ALL TIME*: 10.75%

INCE

• 1D: -0.13%
• 1M: 2.10%
• 6M: 7.42%
• YTD: 16.28%
• 1Y: 26.49%
• 3Y*: 16.56%
• 5Y*: 10.70%
• 10Y*: —
• ALL TIME*: 13.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INCE Franklin Income Equity Focus ETF	$14.28M	$6.88M	$3.19M
PRF Invesco RAFI US 1000 ETF	$14.15M	$15.87M	$21.40M

PRF vs. INCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRF Invesco RAFI US 1000 ETF	19.74%	18.33%	16.73%	15.72%	-7.79%	31.12%	7.78%	27.42%	-8.71%	16.01%
INCE Franklin Income Equity Focus ETF	16.28%	15.92%	10.70%	13.87%	-8.54%	23.36%	12.33%	32.72%	-2.14%	19.66%

Correlation

The correlation between PRF and INCE is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.79

The correlation between PRF and INCE shifts across timeframes, from 0.75 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

PRF vs. INCE - Sectors Allocation Comparison

Sectors	PRF	INCE
Technology	22.3%	3.6%
Financial Services	16.0%	13.3%
Healthcare	12.6%	7.0%
Industrials	9.3%	8.9%
Consumer Cyclical	9.0%	3.1%
Communication Services	8.7%	2.4%
Energy	7.1%	5.6%
Consumer Defensive	6.2%	9.3%
Utilities	3.1%	6.8%
Basic Materials	3.0%	2.7%
Real Estate	2.6%	-

Return for Risk

PRF vs. INCE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRF

PRF Risk / Return Rank: 95
PRF Sharpe Ratio Rank: 96
PRF Sortino Ratio Rank: 95
PRF Omega Ratio Rank: 95
PRF Calmar Ratio Rank: 94
PRF Martin Ratio Rank: 95

INCE

INCE Risk / Return Rank: 95
INCE Sharpe Ratio Rank: 96
INCE Sortino Ratio Rank: 96
INCE Omega Ratio Rank: 95
INCE Calmar Ratio Rank: 94
INCE Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRF vs. INCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and Franklin Income Equity Focus ETF (INCE). 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.

	PRF	INCE	Difference
Sharpe ratio: Return per unit of total volatility	3.10	3.20	-0.09
Sortino ratio: Return per unit of downside risk	4.28	4.63	-0.35
Omega ratio: Gain probability vs. loss probability	1.57	1.60	-0.03
Calmar ratio: Return relative to maximum drawdown	5.08	5.43	-0.35
Martin ratio: Return relative to average drawdown	21.28	20.94	+0.35

PRF vs. INCE - Sharpe Ratio Comparison

The current PRF Sharpe Ratio is 3.10, which is comparable to the INCE Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of PRF and INCE, 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

PRF vs. INCE - Drawdown Comparison

The maximum PRF drawdown since its inception was -60.35%, which is greater than INCE's maximum drawdown of -33.95%. Use the drawdown chart below to compare losses from any high point for PRF and INCE.

Drawdown Indicators

	PRF	INCE	Difference
Max Drawdown Largest peak-to-trough decline	-60.35%	-33.95%	-26.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-4.90%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	-14.01%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-18.40%	-1.32%
Max Drawdown (10Y) Largest decline over 10 years	-38.16%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.13%	-0.32%
Average Drawdown Average peak-to-trough decline	-6.88%	-3.21%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.27%	+0.30%

Volatility

PRF vs. INCE - Volatility Comparison

Invesco RAFI US 1000 ETF (PRF) has a higher volatility of 2.84% compared to Franklin Income Equity Focus ETF (INCE) at 2.40%. This indicates that PRF's price experiences larger fluctuations and is considered to be riskier than INCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRF	INCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.40%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	6.13%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	8.32%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.11%	13.26%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	15.59%	+2.01%

PRF vs. INCE - Expense Ratio Comparison

PRF has a 0.34% expense ratio, which is higher than INCE's 0.29% expense ratio.

Dividends

PRF vs. INCE - Dividend Comparison

PRF's dividend yield for the trailing twelve months is around 1.33%, less than INCE's 4.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INCE Franklin Income Equity Focus ETF	4.78%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%	0.00%
PRF Invesco RAFI US 1000 ETF	1.33%	1.59%	1.78%	1.84%	2.01%	1.58%	1.97%	1.99%	2.25%	1.58%	2.17%	2.25%

Frequently Asked Questions

Can I hold both PRF and INCE in my portfolio?

PRF and INCE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRF or INCE?

PRF has higher volatility (2.84%) compared to INCE (2.40%). In terms of maximum drawdown, PRF dropped -60.35% vs INCE's -33.95%.

Which ETF is better, PRF or INCE?

On 5-year performance, PRF leads with 13.48% vs 10.70% for INCE. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRF or INCE?

Over the 5-year period, PRF has performed better with a 13.48% return vs 10.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRF or INCE?

INCE is cheaper with a 0.29% expense ratio, compared with 0.34% for PRF.

Which ETF pays a higher dividend yield, PRF or INCE?

INCE has the higher dividend yield at 4.78%, compared with 1.33% for PRF.

What is the main difference between PRF and INCE?

PRF is categorized as Large Cap Value Equities, while INCE is Dividend. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.34% for PRF and 0.29% for INCE.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (3.20 vs 3.10), 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.