PRF vs. PWB
PRF (Invesco RAFI US 1000 ETF) and PWB (Invesco Dynamic Large Cap Growth ETF) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index. Both are passively managed. Over the past 10 years, PRF returned 13.99%/yr vs 18.61%/yr for PWB. A 0.80 correlation means they provide meaningful diversification when combined. PRF charges 0.34%/yr vs 0.56%/yr for PWB.
Performance
PRF vs. PWB - Performance Comparison
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Returns By Period
In the year-to-date period, PRF achieves a 14.83% return, which is significantly lower than PWB's 26.79% return. Over the past 10 years, PRF has underperformed PWB with an annualized return of 13.99%, while PWB has yielded a comparatively higher 18.61% annualized return.
PRF
- 1D
- -0.54%
- 1M
- 0.85%
- YTD
- 14.83%
- 6M
- 14.24%
- 1Y
- 31.19%
- 3Y*
- 20.98%
- 5Y*
- 12.86%
- 10Y*
- 13.99%
PWB
- 1D
- -4.36%
- 1M
- 4.17%
- YTD
- 26.79%
- 6M
- 24.81%
- 1Y
- 42.75%
- 3Y*
- 32.92%
- 5Y*
- 17.17%
- 10Y*
- 18.61%
PRF vs. PWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRF Invesco RAFI US 1000 ETF | 14.83% | 18.33% | 16.73% | 15.72% | -7.79% | 31.12% | 7.78% | 27.42% | -8.71% | 16.01% |
PWB Invesco Dynamic Large Cap Growth ETF | 26.79% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
Correlation
The correlation between PRF and PWB is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2005 | 0.80 |
The correlation between PRF and PWB shifts across timeframes, from 0.69 (3 years) to 0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PRF vs. PWB — Risk / Return Rank
PRF
PWB
PRF vs. PWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and Invesco Dynamic Large Cap Growth ETF (PWB). 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 | PWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.36 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.75 | 3.55 | +1.20 |
| Martin ratioReturn relative to average drawdown | 19.37 | 14.75 | +4.62 |
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Drawdowns
PRF vs. PWB - Drawdown Comparison
The maximum PRF drawdown since its inception was -60.35%, which is greater than PWB's maximum drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for PRF and PWB.
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Drawdown Indicators
| PRF | PWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -52.58% | -7.77% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -12.11% | +5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -15.82% | -22.10% | +6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -31.41% | +11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -38.16% | -32.36% | -5.80% |
Current DrawdownCurrent decline from peak | -1.39% | -4.36% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -6.91% | -8.22% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 2.91% | -1.30% |
Volatility
PRF vs. PWB - Volatility Comparison
The current volatility for Invesco RAFI US 1000 ETF (PRF) is 3.70%, while Invesco Dynamic Large Cap Growth ETF (PWB) has a volatility of 10.34%. This indicates that PRF experiences smaller price fluctuations and is considered to be less risky than PWB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRF | PWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 10.34% | -6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 8.24% | 17.43% | -9.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.99% | 20.72% | -9.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.20% | 21.41% | -6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 20.91% | -3.26% |
PRF vs. PWB - Expense Ratio Comparison
PRF has a 0.34% expense ratio, which is lower than PWB's 0.56% expense ratio.
Dividends
PRF vs. PWB - Dividend Comparison
PRF's dividend yield for the trailing twelve months is around 1.39%, while PWB has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRF Invesco RAFI US 1000 ETF | 1.39% | 1.59% | 1.78% | 1.84% | 2.01% | 1.58% | 1.97% | 1.99% | 2.25% | 1.58% | 2.17% | 2.25% |
PWB Invesco Dynamic Large Cap Growth ETF | 0.00% | 0.00% | 0.08% | 0.37% | 0.31% | 0.04% | 0.21% | 0.58% | 0.97% | 0.54% | 0.82% | 0.67% |
Frequently Asked Questions
PRF and PWB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWB has higher volatility (10.34%) compared to PRF (3.70%). In terms of maximum drawdown, PRF dropped -60.35% vs PWB's -52.58%.
On 10-year performance, PWB leads with 18.61% vs 13.99% for PRF. On fees, PRF is cheaper at 0.34% per year. On volatility, PRF has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWB has performed better with a 18.61% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PRF is cheaper with a 0.34% expense ratio, compared with 0.56% for PWB.
PRF has the higher dividend yield at 1.39%, compared with 0.00% for PWB.
PRF is categorized as Large Cap Value Equities, while PWB is Large Cap Growth Equities. PRF tracks RAFI Fundamental Select US 1000 Index, while PWB tracks Dynamic Large Cap Growth Intellidex Index. Their fees differ too: 0.34% for PRF and 0.56% for PWB.
PRF currently has the higher Sharpe Ratio (2.86 vs 2.08), 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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