PRFZ vs. EMLC
PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.95%/yr vs 2.28%/yr for EMLC. At a 0.43 correlation, their price movements are largely independent. PRFZ charges 0.39%/yr vs 0.30%/yr for EMLC.
Performance
PRFZ vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, PRFZ achieves a 15.55% return, which is significantly higher than EMLC's 1.40% return. Over the past 10 years, PRFZ has outperformed EMLC with an annualized return of 11.95%, while EMLC has yielded a comparatively lower 2.28% annualized return.
PRFZ
- 1D
- 0.87%
- 1M
- 6.43%
- YTD
- 15.55%
- 6M
- 12.59%
- 1Y
- 35.58%
- 3Y*
- 16.84%
- 5Y*
- 8.16%
- 10Y*
- 11.95%
EMLC
- 1D
- 0.28%
- 1M
- 1.78%
- YTD
- 1.40%
- 6M
- 2.50%
- 1Y
- 9.22%
- 3Y*
- 6.63%
- 5Y*
- 1.36%
- 10Y*
- 2.28%
PRFZ vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF | 15.55% | 11.26% | 12.68% | 20.21% | -16.29% | 28.26% | 11.84% | 21.91% | -11.43% | 13.82% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 1.40% | 18.81% | -2.97% | 11.18% | -10.58% | -9.72% | 3.08% | 9.79% | -7.57% | 13.84% |
Correlation
The correlation between PRFZ and EMLC is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2010 | 0.43 |
The correlation between PRFZ and EMLC shifts across timeframes, from 0.41 (10 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PRFZ vs. EMLC — Risk / Return Rank
PRFZ
EMLC
PRFZ vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). 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.
| PRFZ | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 1.42 | +1.77 |
| Martin ratioReturn relative to average drawdown | 11.02 | 4.75 | +6.27 |
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Drawdowns
PRFZ vs. EMLC - Drawdown Comparison
The maximum PRFZ drawdown since its inception was -62.41%, which is greater than EMLC's maximum drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for PRFZ and EMLC.
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Drawdown Indicators
| PRFZ | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.41% | -32.43% | -29.98% |
Max Drawdown (1Y)Largest decline over 1 year | -10.38% | -6.19% | -4.19% |
Max Drawdown (3Y)Largest decline over 3 years | -26.54% | -9.15% | -17.39% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -23.91% | -2.67% |
Max Drawdown (10Y)Largest decline over 10 years | -44.28% | -26.47% | -17.81% |
Current DrawdownCurrent decline from peak | 0.00% | -3.83% | +3.83% |
Average DrawdownAverage peak-to-trough decline | -9.41% | -14.35% | +4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 1.86% | +1.15% |
Volatility
PRFZ vs. EMLC - Volatility Comparison
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 5.92% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.44%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFZ | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.92% | 2.44% | +3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 12.93% | 6.17% | +6.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 7.06% | +11.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.38% | 9.14% | +12.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.46% | 10.04% | +12.42% |
PRFZ vs. EMLC - Expense Ratio Comparison
PRFZ has a 0.39% expense ratio, which is higher than EMLC's 0.30% expense ratio.
Dividends
PRFZ vs. EMLC - Dividend Comparison
PRFZ's dividend yield for the trailing twelve months is around 0.82%, less than EMLC's 6.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.16% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF | 0.82% | 0.82% | 1.45% | 1.42% | 1.33% | 0.93% | 0.91% | 1.29% | 1.37% | 0.97% | 1.31% | 1.39% |
Frequently Asked Questions
PRFZ and EMLC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFZ has higher volatility (5.92%) compared to EMLC (2.44%). In terms of maximum drawdown, PRFZ dropped -62.41% vs EMLC's -32.43%.
On 10-year performance, PRFZ leads with 11.95% vs 2.28% for EMLC. On fees, EMLC is cheaper at 0.30% per year. On volatility, EMLC has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PRFZ has performed better with a 11.95% return vs 2.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMLC is cheaper with a 0.30% expense ratio, compared with 0.39% for PRFZ.
EMLC has the higher dividend yield at 6.16%, compared with 0.82% for PRFZ.
PRFZ is categorized as Small Cap Blend Equities, while EMLC is Emerging Markets Bonds. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while EMLC tracks J.P. Morgan Government Bond Index Emerging Markets Global Core Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.39% for PRFZ and 0.30% for EMLC.
PRFZ currently has the higher Sharpe Ratio (1.81 vs 1.25), 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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