PRF vs. SPIP
PRF (Invesco RAFI US 1000 ETF) and SPIP (SPDR Portfolio TIPS ETF) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 10 years, PRF returned 13.59%/yr vs 2.50%/yr for SPIP. At a correlation of -0.14, they often move in opposite directions. PRF charges 0.34%/yr vs 0.12%/yr for SPIP.
Performance
PRF vs. SPIP - Performance Comparison
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Returns By Period
In the year-to-date period, PRF achieves a 13.92% return, which is significantly higher than SPIP's 0.90% return. Over the past 10 years, PRF has outperformed SPIP with an annualized return of 13.59%, while SPIP has yielded a comparatively lower 2.50% annualized return.
PRF
- 1D
- 0.40%
- 1M
- 1.27%
- YTD
- 13.92%
- 6M
- 14.77%
- 1Y
- 31.21%
- 3Y*
- 20.66%
- 5Y*
- 12.37%
- 10Y*
- 13.59%
SPIP
- 1D
- -0.16%
- 1M
- -0.83%
- YTD
- 0.90%
- 6M
- 0.92%
- 1Y
- 4.77%
- 3Y*
- 3.64%
- 5Y*
- 0.78%
- 10Y*
- 2.50%
PRF vs. SPIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRF Invesco RAFI US 1000 ETF | 13.92% | 18.33% | 16.73% | 15.72% | -7.79% | 31.12% | 7.78% | 27.42% | -8.71% | 16.01% |
SPIP SPDR Portfolio TIPS ETF | 0.90% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
Correlation
The correlation between PRF and SPIP is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | -0.14 |
The correlation between PRF and SPIP shifts across timeframes, from -0.14 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PRF vs. SPIP — Risk / Return Rank
PRF
SPIP
PRF vs. SPIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and SPDR Portfolio TIPS ETF (SPIP). 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.
| PRF | SPIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.24 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.76 | 2.34 | +2.41 |
| Martin ratioReturn relative to average drawdown | 19.58 | 6.86 | +12.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRF | SPIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.91 | 1.35 | +1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.12 | +0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.42 | +0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.52 | -0.05 |
Drawdowns
PRF vs. SPIP - Drawdown Comparison
The maximum PRF drawdown since its inception was -60.35%, which is greater than SPIP's maximum drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for PRF and SPIP.
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Drawdown Indicators
| PRF | SPIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -15.39% | -44.96% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -2.04% | -4.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.82% | -4.76% | -11.06% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -15.39% | -4.33% |
Max Drawdown (10Y)Largest decline over 10 years | -38.16% | -15.39% | -22.77% |
Current DrawdownCurrent decline from peak | -1.50% | -1.60% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -6.93% | -4.10% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 0.70% | +0.90% |
Volatility
PRF vs. SPIP - Volatility Comparison
Invesco RAFI US 1000 ETF (PRF) has a higher volatility of 3.02% compared to SPDR Portfolio TIPS ETF (SPIP) at 1.00%. This indicates that PRF's price experiences larger fluctuations and is considered to be riskier than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRF | SPIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.02% | 1.00% | +2.02% |
Volatility (6M)Calculated over the trailing 6-month period | 8.00% | 2.57% | +5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.78% | 3.56% | +7.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.21% | 6.57% | +8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.68% | 6.01% | +11.67% |
PRF vs. SPIP - Expense Ratio Comparison
PRF has a 0.34% expense ratio, which is higher than SPIP's 0.12% expense ratio.
Dividends
PRF vs. SPIP - Dividend Comparison
PRF's dividend yield for the trailing twelve months is around 1.39%, less than SPIP's 4.78% yield.
| 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% |
SPIP SPDR Portfolio TIPS ETF | 4.78% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
Frequently Asked Questions
PRF and SPIP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRF has higher volatility (3.02%) compared to SPIP (1.00%). In terms of maximum drawdown, PRF dropped -60.35% vs SPIP's -15.39%.
On 10-year performance, PRF leads with 13.59% vs 2.50% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.00%. 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 13.59% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.34% for PRF.
SPIP has the higher dividend yield at 4.78%, compared with 1.39% for PRF.
PRF is categorized as Large Cap Value Equities, while SPIP is Inflation-Protected Bonds. PRF tracks RAFI Fundamental Select US 1000 Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.34% for PRF and 0.12% for SPIP.
PRF currently has the higher Sharpe Ratio (2.91 vs 1.35), 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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