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PRF vs. IWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRF vs. IWX

Last updated Aug 6, 2026
Documentation

PRF (Invesco RAFI US 1000 ETF) and IWX (iShares Russell Top 200 Value ETF) are both Large Cap Value Equities funds - PRF tracks the RAFI Fundamental Select US 1000 Index while IWX tracks the Russell Top 200 Value Index. Both are passively managed. Over the past 10 years, PRF returned 13.75%/yr vs 12.12%/yr for IWX. Their correlation of 0.93 means they have usually moved in the same direction. PRF charges 0.34%/yr vs 0.20%/yr for IWX.

Performance

PRF vs. IWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI US 1000 ETF (PRF) and iShares Russell Top 200 Value ETF (IWX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PRF achieves a 19.74% return, which is significantly lower than IWX's 22.90% return. Over the past 10 years, PRF has outperformed IWX with an annualized return of 13.75%, while IWX has yielded a comparatively lower 12.12% annualized 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%

IWX

1D
-0.04%
1M
4.02%
6M
16.35%
YTD
22.90%
1Y
35.96%
3Y*
20.20%
5Y*
12.81%
10Y*
12.12%
ALL TIME*
11.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWX

iShares Russell Top 200 Value ETF
$31.21M$48.49M$35.34M

PRF

Invesco RAFI US 1000 ETF
$14.15M$15.87M$21.40M

PRF vs. IWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IWX
iShares Russell Top 200 Value ETF		22.90%18.23%14.89%10.45%-5.33%23.33%1.46%25.82%-6.53%14.05%

Correlation

The correlation between PRF and IWX is 0.93, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.95

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (10Y)
Provides a long-term view across more market conditions.

0.95

Correlation (All Time)
Calculated using the full available price history since Sep 28, 2009

0.93

The correlation between PRF and IWX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

PRF vs. IWX - Sectors Allocation Comparison

Sectors
PRF
IWX

Technology

22.3%
22.6%

Financial Services

16.0%
20.0%

Healthcare

12.6%
13.6%

Industrials

9.3%
8.3%

Consumer Cyclical

9.0%
11.6%

Communication Services

8.7%
3.5%

Energy

7.1%
5.1%

Consumer Defensive

6.2%
8.2%

Utilities

3.1%
2.6%

Basic Materials

3.0%
2.8%

Real Estate

2.6%
1.8%

Technology

PRF
22.3%
IWX
22.6%

Financial Services

PRF
16.0%
IWX
20.0%

Healthcare

PRF
12.6%
IWX
13.6%

Industrials

PRF
9.3%
IWX
8.3%

Consumer Cyclical

PRF
9.0%
IWX
11.6%

Communication Services

PRF
8.7%
IWX
3.5%

Energy

PRF
7.1%
IWX
5.1%

Consumer Defensive

PRF
6.2%
IWX
8.2%

Utilities

PRF
3.1%
IWX
2.6%

Basic Materials

PRF
3.0%
IWX
2.8%

Real Estate

PRF
2.6%
IWX
1.8%

Compare stocks, funds, or ETFs

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

Invesco RAFI US 1000 ETF

iShares Russell Top 200 Value ETF

Often compared with PRF:
PRF vs. SPYPRF vs. VOOPRF vs. RSPPRF vs. PFMPRF vs. SCHDPRF vs. VTVPRF vs. PXF
Often compared with IWX:
IWX vs. IWNIWX vs. IWYIWX vs. IWCIWX vs. IWFIWX vs. XLPIWX vs. QQQIWX vs. SPYV

Return for Risk

PRF vs. IWX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PRF
PRF Risk / Return Rank: 9595
Overall Rank
PRF Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PRF Sortino Ratio Rank: 9595
Sortino Ratio Rank
PRF Omega Ratio Rank: 9595
Omega Ratio Rank
PRF Calmar Ratio Rank: 9494
Calmar Ratio Rank
PRF Martin Ratio Rank: 9595
Martin Ratio Rank
IWX
IWX Risk / Return Rank: 9696
Overall Rank
IWX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
IWX Sortino Ratio Rank: 9696
Sortino Ratio Rank
IWX Omega Ratio Rank: 9595
Omega Ratio Rank
IWX Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWX Martin Ratio Rank: 9696
Martin Ratio Rank
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. IWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and iShares Russell Top 200 Value ETF (IWX). 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.

PRFIWXDifference
Sharpe ratioReturn per unit of total volatility
3.10
3.38

-0.28

Sortino ratioReturn per unit of downside risk
4.28
4.67

-0.39

Omega ratioGain probability vs. loss probability

1.57

1.61

-0.04

Calmar ratioReturn relative to maximum drawdown

5.08

5.48

-0.39

Martin ratioReturn relative to average drawdown

21.28

24.10

-2.82

PRF vs. IWX - Sharpe Ratio Comparison

The current PRF Sharpe Ratio is 3.10, which is comparable to the IWX Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of PRF and IWX, 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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Drawdowns

PRF vs. IWX - Drawdown Comparison

The maximum PRF drawdown since its inception was -60.35%, which is greater than IWX's maximum drawdown of -35.76%. Use the drawdown chart below to compare losses from any high point for PRF and IWX.

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Drawdown Indicators

PRFIWXDifference

Max Drawdown

Largest peak-to-trough decline

-60.35%

-35.76%

-24.59%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

-6.59%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

-13.37%

-2.45%

Max Drawdown (5Y)

Largest decline over 5 years

-19.72%

-18.13%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-38.16%

-35.76%

-2.40%

Current Drawdown

Current decline from peak

-0.45%

-0.04%

-0.41%

Average Drawdown

Average peak-to-trough decline

-6.88%

-3.79%

-3.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.57%

1.50%

+0.07%

Volatility

PRF vs. IWX - Volatility Comparison

The current volatility for Invesco RAFI US 1000 ETF (PRF) is 2.84%, while iShares Russell Top 200 Value ETF (IWX) has a volatility of 3.00%. This indicates that PRF experiences smaller price fluctuations and is considered to be less risky than IWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFIWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

3.00%

-0.16%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

8.49%

-0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

10.80%

10.68%

+0.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.11%

13.89%

+1.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

16.49%

+1.11%

PRF vs. IWX - Expense Ratio Comparison

PRF has a 0.34% expense ratio, which is higher than IWX's 0.20% expense ratio.

Dividends

PRF vs. IWX - Dividend Comparison

PRF's dividend yield for the trailing twelve months is around 1.33%, less than IWX's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IWX
iShares Russell Top 200 Value ETF		1.37%1.59%1.97%2.13%2.07%1.79%2.12%2.60%2.66%2.12%2.22%2.77%
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

With a correlation of 0.93, PRF and IWX 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.

IWX has higher volatility (3.00%) compared to PRF (2.84%). In terms of maximum drawdown, PRF dropped -60.35% vs IWX's -35.76%.

On 10-year performance, PRF leads with 13.75% vs 12.12% for IWX. On fees, IWX is cheaper at 0.20% per year. On volatility, PRF has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PRF has performed better with a 13.75% return vs 12.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWX is cheaper with a 0.20% expense ratio, compared with 0.34% for PRF.

IWX has the higher dividend yield at 1.37%, compared with 1.33% for PRF.

PRF tracks RAFI Fundamental Select US 1000 Index, while IWX tracks Russell Top 200 Value Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.34% for PRF and 0.20% for IWX.

IWX currently has the higher Sharpe Ratio (3.38 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.

Portfolio Optimizer

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