PRFZ vs. FNDA

Last updated Aug 2, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and FNDA (Schwab Fundamental U.S. Small Company ETF) are both Small Cap Blend Equities funds - PRFZ tracks the FTSE RAFI US 1500 Small-Mid Index while FNDA tracks the RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.68%/yr vs 10.90%/yr for FNDA. Their 0.98 correlation means they have historically moved very closely together. PRFZ charges 0.39%/yr vs 0.25%/yr for FNDA.

Performance

PRFZ vs. FNDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) and Schwab Fundamental U.S. Small Company ETF (FNDA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFZ achieves a 17.59% return, which is significantly lower than FNDA's 18.48% return. Over the past 10 years, PRFZ has outperformed FNDA with an annualized return of 11.68%, while FNDA has yielded a comparatively lower 10.90% annualized return.

PRFZ

• 1D: -0.23%
• 1M: -2.45%
• 6M: 13.03%
• YTD: 17.59%
• 1Y: 33.30%
• 3Y*: 14.83%
• 5Y*: 9.40%
• 10Y*: 11.68%
• ALL TIME*: 10.03%

FNDA

• 1D: -0.09%
• 1M: -1.21%
• 6M: 11.94%
• YTD: 18.48%
• 1Y: 30.92%
• 3Y*: 13.16%
• 5Y*: 8.52%
• 10Y*: 10.90%
• ALL TIME*: 10.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNDA Schwab Fundamental U.S. Small Company ETF	$15.42M	$15.07M	$42.17M
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	$4.67M	$5.60M	$8.64M

PRFZ vs. FNDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	17.59%	11.26%	12.68%	20.21%	-16.29%	28.26%	11.84%	21.91%	-11.43%	13.82%
FNDA Schwab Fundamental U.S. Small Company ETF	18.48%	7.44%	9.00%	20.29%	-14.83%	31.12%	8.44%	24.34%	-12.12%	12.68%

Correlation

The correlation between PRFZ and FNDA is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.98

The correlation between PRFZ and FNDA has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

PRFZ vs. FNDA - Sectors Allocation Comparison

Sectors	PRFZ	FNDA
Technology	19.5%	14.6%
Healthcare	17.8%	7.7%
Industrials	16.1%	18.6%
Financial Services	13.6%	15.5%
Consumer Cyclical	11.2%	11.7%
Real Estate	6.9%	10.2%
Energy	4.4%	5.6%
Basic Materials	3.2%	5.1%
Consumer Defensive	3.0%	4.2%
Communication Services	2.9%	3.8%
Utilities	1.3%	2.7%

Return for Risk

PRFZ vs. FNDA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRFZ

PRFZ Risk / Return Rank: 77
PRFZ Sharpe Ratio Rank: 75
PRFZ Sortino Ratio Rank: 77
PRFZ Omega Ratio Rank: 70
PRFZ Calmar Ratio Rank: 81
PRFZ Martin Ratio Rank: 79

FNDA

FNDA Risk / Return Rank: 78
FNDA Sharpe Ratio Rank: 75
FNDA Sortino Ratio Rank: 78
FNDA Omega Ratio Rank: 72
FNDA Calmar Ratio Rank: 83
FNDA Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRFZ vs. FNDA - 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 Schwab Fundamental U.S. Small Company ETF (FNDA). 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	FNDA	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.71	0.00
Sortino ratio: Return per unit of downside risk	2.49	2.51	-0.02
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.97	3.10	-0.12
Martin ratio: Return relative to average drawdown	10.08	10.14	-0.06

PRFZ vs. FNDA - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.71, which is comparable to the FNDA Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PRFZ and FNDA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PRFZ vs. FNDA - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than FNDA's maximum drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for PRFZ and FNDA.

Drawdown Indicators

	PRFZ	FNDA	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-44.64%	-17.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-9.36%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-25.92%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-25.92%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-44.64%	+0.36%
Current Drawdown Current decline from peak	-3.64%	-2.35%	-1.29%
Average Drawdown Average peak-to-trough decline	-9.36%	-6.62%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.86%	+0.20%

Volatility

PRFZ vs. FNDA - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 3.77% compared to Schwab Fundamental U.S. Small Company ETF (FNDA) at 3.40%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than FNDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	FNDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.40%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	11.81%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	17.02%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	20.71%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	22.31%	+0.07%

PRFZ vs. FNDA - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is higher than FNDA's 0.25% expense ratio.

Dividends

PRFZ vs. FNDA - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.80%, less than FNDA's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDA Schwab Fundamental U.S. Small Company ETF	1.12%	1.22%	1.53%	1.37%	1.38%	1.15%	1.31%	1.38%	1.64%	1.30%	1.18%	1.33%
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	0.80%	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

Can I hold both PRFZ and FNDA in my portfolio?

With a correlation of 0.95, PRFZ and FNDA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PRFZ or FNDA?

PRFZ has higher volatility (3.77%) compared to FNDA (3.40%). In terms of maximum drawdown, PRFZ dropped -62.41% vs FNDA's -44.64%.

Which ETF is better, PRFZ or FNDA?

On 10-year performance, PRFZ leads with 11.68% vs 10.90% for FNDA. On fees, FNDA is cheaper at 0.25% per year. On volatility, FNDA has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or FNDA?

Over the 10-year period, PRFZ has performed better with a 11.68% return vs 10.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or FNDA?

FNDA is cheaper with a 0.25% expense ratio, compared with 0.39% for PRFZ.

Which ETF pays a higher dividend yield, PRFZ or FNDA?

FNDA has the higher dividend yield at 1.12%, compared with 0.80% for PRFZ.

What is the main difference between PRFZ and FNDA?

PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.39% for PRFZ and 0.25% for FNDA.

Which has better risk-adjusted returns?

FNDA currently has the higher Sharpe Ratio (1.71 vs 1.71), 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.