PRF vs. PAUG

Last updated Jun 16, 2026

PRF (Invesco RAFI US 1000 ETF) and PAUG (Innovator U.S. Equity Power Buffer ETF - August) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while PAUG is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect August Series Index. Both are passively managed. Over the past 5 years, PRF returned 13.06%/yr vs 9.23%/yr for PAUG. Their correlation of 0.82 suggests significant overlap in exposure. PRF charges 0.34%/yr vs 0.79%/yr for PAUG.

Performance

PRF vs. PAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI US 1000 ETF (PRF) and Innovator U.S. Equity Power Buffer ETF - August (PAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRF achieves a 16.44% return, which is significantly higher than PAUG's 5.25% return.

PRF

• 1D: 0.68%
• 1M: 4.19%
• YTD: 16.44%
• 6M: 16.00%
• 1Y: 34.32%
• 3Y*: 20.74%
• 5Y*: 13.06%
• 10Y*: 13.94%

PAUG

• 1D: 0.40%
• 1M: 1.02%
• YTD: 5.25%
• 6M: 5.77%
• 1Y: 15.45%
• 3Y*: 13.76%
• 5Y*: 9.23%
• 10Y*: —

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

PRF vs. PAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PRF Invesco RAFI US 1000 ETF	16.44%	18.33%	16.73%	15.72%	-7.79%	31.12%	7.78%	8.65%
PAUG Innovator U.S. Equity Power Buffer ETF - August	5.25%	12.34%	15.37%	17.71%	-6.85%	7.58%	9.82%	3.60%

Correlation

The correlation between PRF and PAUG is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.82

The correlation between PRF and PAUG has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

PRF vs. PAUG - Sectors Allocation Comparison

Sectors	PRF	PAUG
Technology	23.1%	38.4%
Financial Services	15.4%	11.0%
Healthcare	12.0%	8.4%
Communication Services	9.4%	10.8%
Industrials	8.9%	7.9%
Consumer Cyclical	8.7%	10.0%
Energy	7.9%	3.2%
Consumer Defensive	6.0%	4.6%
Basic Materials	3.3%	1.7%
Utilities	3.0%	2.1%
Real Estate	2.4%	1.8%

Return for Risk

PRF vs. PAUG — Risk / Return Rank

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

PRF

PRF Risk / Return Rank: 93
PRF Sharpe Ratio Rank: 94
PRF Sortino Ratio Rank: 94
PRF Omega Ratio Rank: 93
PRF Calmar Ratio Rank: 91
PRF Martin Ratio Rank: 93

PAUG

PAUG Risk / Return Rank: 90
PAUG Sharpe Ratio Rank: 90
PAUG Sortino Ratio Rank: 93
PAUG Omega Ratio Rank: 93
PAUG Calmar Ratio Rank: 80
PAUG Martin Ratio Rank: 92

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.

PRF vs. PAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and Innovator U.S. Equity Power Buffer ETF - August (PAUG). 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	PAUG	Difference
Sharpe ratio: Return per unit of total volatility	3.16	2.80	+0.36
Sortino ratio: Return per unit of downside risk	4.34	4.19	+0.15
Omega ratio: Gain probability vs. loss probability	1.58	1.60	-0.02
Calmar ratio: Return relative to maximum drawdown	5.23	3.92	+1.31
Martin ratio: Return relative to average drawdown	21.40	21.35	+0.04

PRF vs. PAUG - Sharpe Ratio Comparison

The current PRF Sharpe Ratio is 3.16, which is comparable to the PAUG Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of PRF and PAUG, 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. PAUG - Drawdown Comparison

The maximum PRF drawdown since its inception was -60.35%, which is greater than PAUG's maximum drawdown of -17.88%. Use the drawdown chart below to compare losses from any high point for PRF and PAUG.

Drawdown Indicators

	PRF	PAUG	Difference
Max Drawdown Largest peak-to-trough decline	-60.35%	-17.88%	-42.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-3.96%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	-10.45%	-5.37%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-11.76%	-7.96%
Max Drawdown (10Y) Largest decline over 10 years	-38.16%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.92%	-1.81%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.72%	+0.89%

Volatility

PRF vs. PAUG - Volatility Comparison

Invesco RAFI US 1000 ETF (PRF) has a higher volatility of 3.64% compared to Innovator U.S. Equity Power Buffer ETF - August (PAUG) at 1.01%. This indicates that PRF's price experiences larger fluctuations and is considered to be riskier than PAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRF	PAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	1.01%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	4.26%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.93%	5.55%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	8.72%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	10.58%	+7.11%

PRF vs. PAUG - Expense Ratio Comparison

PRF has a 0.34% expense ratio, which is lower than PAUG's 0.79% expense ratio.

Dividends

PRF vs. PAUG - Dividend Comparison

PRF's dividend yield for the trailing twelve months is around 1.36%, while PAUG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAUG Innovator U.S. Equity Power Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.33%	0.00%	0.00%	0.00%	0.00%
PRF Invesco RAFI US 1000 ETF	1.36%	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 PAUG in my portfolio?

PRF and PAUG have a correlation of 0.78, 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 PAUG?

PRF has higher volatility (3.64%) compared to PAUG (1.01%). In terms of maximum drawdown, PRF dropped -60.35% vs PAUG's -17.88%.

Which ETF is better, PRF or PAUG?

On 5-year performance, PRF leads with 13.06% vs 9.23% for PAUG. On fees, PRF is cheaper at 0.34% per year. On volatility, PAUG has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRF or PAUG?

Over the 5-year period, PRF has performed better with a 13.06% return vs 9.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRF or PAUG?

PRF is cheaper with a 0.34% expense ratio, compared with 0.79% for PAUG.

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

PRF has the higher dividend yield at 1.36%, compared with 0.00% for PAUG.

What is the main difference between PRF and PAUG?

PRF is categorized as Large Cap Value Equities, while PAUG is Defined Outcome. PRF tracks RAFI Fundamental Select US 1000 Index, while PAUG tracks Cboe S&P 500 15% Buffer Protect August Series Index. They also come from different issuers: Invesco and Innovator. Their fees differ too: 0.34% for PRF and 0.79% for PAUG.

Which has better risk-adjusted returns?

PRF currently has the higher Sharpe Ratio (3.16 vs 2.80), 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.