PRF vs. TLT
PRF (Invesco RAFI US 1000 ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, PRF returned 13.94%/yr vs -1.78%/yr for TLT. At a correlation of -0.28, they often move in opposite directions. PRF charges 0.34%/yr vs 0.15%/yr for TLT.
Performance
PRF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, PRF achieves a 16.44% return, which is significantly higher than TLT's 0.21% return. Over the past 10 years, PRF has outperformed TLT with an annualized return of 13.94%, while TLT has yielded a comparatively lower -1.78% 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%
TLT
- 1D
- -0.06%
- 1M
- 2.87%
- YTD
- 0.21%
- 6M
- 0.32%
- 1Y
- 3.82%
- 3Y*
- -1.84%
- 5Y*
- -6.36%
- 10Y*
- -1.78%
PRF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.21% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between PRF and TLT is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2005 | -0.28 |
The correlation between PRF and TLT shifts across timeframes, from -0.28 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PRF vs. TLT — Risk / Return Rank
PRF
TLT
PRF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI US 1000 ETF (PRF) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.76 | ||
| Sortino ratioReturn per unit of downside risk | +3.69 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.07 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 5.23 | 0.51 | +4.72 |
| Martin ratioReturn relative to average drawdown | 21.40 | 1.22 | +20.18 |
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Drawdowns
PRF vs. TLT - Drawdown Comparison
The maximum PRF drawdown since its inception was -60.35%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for PRF and TLT.
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Drawdown Indicators
| PRF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -48.35% | -12.00% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -7.58% | +0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -15.82% | -19.18% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -43.70% | +23.98% |
Max Drawdown (10Y)Largest decline over 10 years | -38.16% | -48.35% | +10.19% |
Current DrawdownCurrent decline from peak | 0.00% | -40.15% | +40.15% |
Average DrawdownAverage peak-to-trough decline | -6.92% | -13.85% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 3.14% | -1.53% |
Volatility
PRF vs. TLT - Volatility Comparison
Invesco RAFI US 1000 ETF (PRF) has a higher volatility of 3.64% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.84%. This indicates that PRF's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.64% | 2.84% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 6.64% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.93% | 9.57% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 15.86% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 14.91% | +2.78% |
PRF vs. TLT - Expense Ratio Comparison
PRF has a 0.34% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
PRF vs. TLT - Dividend Comparison
PRF's dividend yield for the trailing twelve months is around 1.36%, less than TLT's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.57% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
PRF and TLT have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRF has higher volatility (3.64%) compared to TLT (2.84%). In terms of maximum drawdown, PRF dropped -60.35% vs TLT's -48.35%.
On 10-year performance, PRF leads with 13.94% vs -1.78% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.84%. 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 13.94% return vs -1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.34% for PRF.
TLT has the higher dividend yield at 4.57%, compared with 1.36% for PRF.
PRF is categorized as Large Cap Value Equities, while TLT is Government Bonds. PRF tracks RAFI Fundamental Select US 1000 Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.34% for PRF and 0.15% for TLT.
PRF currently has the higher Sharpe Ratio (3.16 vs 0.40), 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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