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PRF vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRF vs. SPAXX

Last updated Jun 13, 2026

PRF (Invesco RAFI US 1000 ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while SPAXX is a Money Market fund actively managed by Fidelity. PRF is passively managed, while SPAXX is actively managed. Over the past 5 years, PRF returned 12.67%/yr vs 1.45%/yr for SPAXX. At a 0.03 correlation, their price movements are largely independent. PRF charges 0.34%/yr vs 0.42%/yr for SPAXX.

Performance

PRF vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI US 1000 ETF (PRF) and Fidelity Government Money Market Fund (SPAXX). 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 15.65% return, which is significantly higher than SPAXX's 1.37% return.

PRF

1D
0.88%
1M
2.68%
YTD
15.65%
6M
15.18%
1Y
32.18%
3Y*
20.72%
5Y*
12.67%
10Y*
13.91%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRF vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PRF
Invesco RAFI US 1000 ETF		15.65%18.33%16.73%15.72%-7.79%7.74%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between PRF and SPAXX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.00

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

0.03

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

0.03

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.03

Compare stocks, funds, or ETFs

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Invesco RAFI US 1000 ETF

Fidelity Government Money Market Fund

Often compared with PRF:
PRF vs. SPYPRF vs. VOOPRF vs. RSPPRF vs. PFMPRF vs. VTVPRF vs. SCHDPRF vs. PXF
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

PRF vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRF
PRF Risk / Return Rank: 9292
Overall Rank
PRF Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
PRF Sortino Ratio Rank: 9393
Sortino Ratio Rank
PRF Omega Ratio Rank: 9292
Omega Ratio Rank
PRF Calmar Ratio Rank: 9090
Calmar Ratio Rank
PRF Martin Ratio Rank: 9292
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and Fidelity Government Money Market Fund (SPAXX). 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.

PRFSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.95
3.65

-0.69

Sortino ratioReturn per unit of downside risk
4.07

—

—

Omega ratioGain probability vs. loss probability

1.54

—

—

Calmar ratioReturn relative to maximum drawdown

4.90

—

—

Martin ratioReturn relative to average drawdown

20.07

—

—

PRF vs. SPAXX - Sharpe Ratio Comparison

The current PRF Sharpe Ratio is 2.95, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of PRF and SPAXX, 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. SPAXX - Drawdown Comparison

The maximum PRF drawdown since its inception was -60.35%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PRF and SPAXX.

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Drawdown Indicators

PRFSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-60.35%

0.00%

-60.35%

Max Drawdown (1Y)

Largest decline over 1 year

-6.59%

0.00%

-6.59%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

0.00%

-15.82%

Max Drawdown (5Y)

Largest decline over 5 years

-19.72%

0.00%

-19.72%

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%

0.00%

-6.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

0.00%

+1.61%

Volatility

PRF vs. SPAXX - Volatility Comparison

Invesco RAFI US 1000 ETF (PRF) has a higher volatility of 3.60% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that PRF's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.60%

0.28%

+3.32%

Volatility (6M)

Calculated over the trailing 6-month period

8.17%

0.66%

+7.51%

Volatility (1Y)

Calculated over the trailing 1-year period

10.95%

1.03%

+9.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.23%

0.69%

+14.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.68%

0.69%

+16.99%

PRF vs. SPAXX - Expense Ratio Comparison

PRF has a 0.34% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

PRF vs. SPAXX - Dividend Comparison

PRF's dividend yield for the trailing twelve months is around 1.37%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
PRF
Invesco RAFI US 1000 ETF		1.37%1.59%1.78%1.84%2.01%1.58%1.97%1.99%2.25%1.58%2.17%2.25%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PRF and SPAXX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRF has higher volatility (3.60%) compared to SPAXX (0.28%). In terms of maximum drawdown, PRF dropped -60.35% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.95), 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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