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PRF vs. SMH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRF vs. SMH

Last updated Jun 16, 2026

PRF (Invesco RAFI US 1000 ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, PRF returned 13.94%/yr vs 38.18%/yr for SMH. A 0.68 correlation means they provide meaningful diversification when combined. PRF charges 0.34%/yr vs 0.35%/yr for SMH.

Performance

PRF vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI US 1000 ETF (PRF) and VanEck Semiconductor ETF (SMH). 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 16.44% return, which is significantly lower than SMH's 79.69% return. Over the past 10 years, PRF has underperformed SMH with an annualized return of 13.94%, while SMH has yielded a comparatively higher 38.18% annualized 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%

SMH

1D
4.38%
1M
16.31%
YTD
79.69%
6M
83.94%
1Y
152.58%
3Y*
62.32%
5Y*
39.72%
10Y*
38.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRF vs. SMH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PRF
Invesco RAFI US 1000 ETF		16.44%18.33%16.73%15.72%-7.79%31.12%7.78%27.42%-8.71%16.01%
SMH
VanEck Semiconductor ETF		79.69%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-9.05%38.48%

Correlation

The correlation between PRF and SMH is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2005

0.68

The correlation between PRF and SMH shifts across timeframes, from 0.55 (3 years) to 0.68 (all time), reflecting how their relationship changes across market environments.

PRF vs. SMH - Sectors Allocation Comparison

Sectors
PRF
SMH

Technology

23.1%
100.0%

Financial Services

15.4%

-

Healthcare

12.0%

-

Communication Services

9.4%

-

Industrials

8.9%

-

Consumer Cyclical

8.7%

-

Energy

7.9%

-

Consumer Defensive

6.0%

-

Basic Materials

3.3%

-

Utilities

3.0%

-

Real Estate

2.4%

-

Technology

PRF
23.1%
SMH
100.0%

Financial Services

PRF
15.4%
SMH

-

Healthcare

PRF
12.0%
SMH

-

Communication Services

PRF
9.4%
SMH

-

Industrials

PRF
8.9%
SMH

-

Consumer Cyclical

PRF
8.7%
SMH

-

Energy

PRF
7.9%
SMH

-

Consumer Defensive

PRF
6.0%
SMH

-

Basic Materials

PRF
3.3%
SMH

-

Utilities

PRF
3.0%
SMH

-

Real Estate

PRF
2.4%
SMH

-

Compare stocks, funds, or ETFs

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Invesco RAFI US 1000 ETF

VanEck Semiconductor ETF

Often compared with PRF:
PRF vs. SPYPRF vs. VOOPRF vs. RSPPRF vs. PFMPRF vs. VTVPRF vs. SCHDPRF vs. PXF
Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

PRF vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRF
PRF Risk / Return Rank: 9393
Overall Rank
PRF Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PRF Sortino Ratio Rank: 9494
Sortino Ratio Rank
PRF Omega Ratio Rank: 9393
Omega Ratio Rank
PRF Calmar Ratio Rank: 9191
Calmar Ratio Rank
PRF Martin Ratio Rank: 9393
Martin Ratio Rank
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9595
Sortino Ratio Rank
SMH Omega Ratio Rank: 9595
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9797
Martin Ratio Rank
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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and VanEck Semiconductor ETF (SMH). 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.

PRFSMHDifference
Sharpe ratioReturn per unit of total volatility
3.16
4.61

-1.45

Sortino ratioReturn per unit of downside risk
4.34
4.60

-0.26

Omega ratioGain probability vs. loss probability

1.58

1.65

-0.08

Calmar ratioReturn relative to maximum drawdown

5.23

10.28

-5.05

Martin ratioReturn relative to average drawdown

21.40

37.77

-16.37

PRF vs. SMH - Sharpe Ratio Comparison

The current PRF Sharpe Ratio is 3.16, which is lower than the SMH Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of PRF and SMH, 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. SMH - Drawdown Comparison

The maximum PRF drawdown since its inception was -60.35%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for PRF and SMH.

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Drawdown Indicators

PRFSMHDifference

Max Drawdown

Largest peak-to-trough decline

-60.35%

-84.96%

+24.61%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

-14.93%

+8.34%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

-35.74%

+19.92%

Max Drawdown (5Y)

Largest decline over 5 years

-19.72%

-45.30%

+25.58%

Max Drawdown (10Y)

Largest decline over 10 years

-38.16%

-45.30%

+7.14%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.92%

-41.04%

+34.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

4.06%

-2.45%

Volatility

PRF vs. SMH - Volatility Comparison

The current volatility for Invesco RAFI US 1000 ETF (PRF) is 3.64%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.71%. This indicates that PRF experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

16.71%

-13.07%

Volatility (6M)

Calculated over the trailing 6-month period

8.18%

27.97%

-19.79%

Volatility (1Y)

Calculated over the trailing 1-year period

10.93%

33.39%

-22.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.24%

35.53%

-20.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.69%

32.86%

-15.17%

PRF vs. SMH - Expense Ratio Comparison

PRF has a 0.34% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

PRF vs. SMH - Dividend Comparison

PRF's dividend yield for the trailing twelve months is around 1.36%, more than SMH's 0.17% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SMH
VanEck Semiconductor ETF		0.17%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%

Frequently Asked Questions

PRF and SMH have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.71%) compared to PRF (3.64%). In terms of maximum drawdown, PRF dropped -60.35% vs SMH's -84.96%.

On 10-year performance, SMH leads with 38.18% vs 13.94% for PRF. On fees, PRF is cheaper at 0.34% per year. On volatility, PRF has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMH has performed better with a 38.18% return vs 13.94%. 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 0.35% for SMH.

PRF has the higher dividend yield at 1.36%, compared with 0.17% for SMH.

PRF is categorized as Large Cap Value Equities, while SMH is Semiconductors. PRF tracks RAFI Fundamental Select US 1000 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.34% for PRF and 0.35% for SMH.

SMH currently has the higher Sharpe Ratio (4.61 vs 3.16), 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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