PRFZ vs. FNDX

Last updated Jun 14, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.95%/yr vs 14.45%/yr for FNDX. Their correlation of 0.87 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.25%/yr for FNDX.

Performance

PRFZ vs. FNDX - 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. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PRFZ having a 15.55% return and FNDX slightly lower at 15.49%. Over the past 10 years, PRFZ has underperformed FNDX with an annualized return of 11.95%, while FNDX has yielded a comparatively higher 14.45% 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%

FNDX

• 1D: 0.90%
• 1M: 3.30%
• YTD: 15.49%
• 6M: 14.86%
• 1Y: 32.83%
• 3Y*: 20.28%
• 5Y*: 13.11%
• 10Y*: 14.45%

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

PRFZ vs. FNDX - 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%
FNDX Schwab Fundamental U.S. Large Company Index ETF	15.49%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between PRFZ and FNDX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.87

The correlation between PRFZ and FNDX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

PRFZ vs. FNDX - Sectors Allocation Comparison

Sectors	PRFZ	FNDX
Technology	19.6%	22.1%
Healthcare	16.8%	11.9%
Industrials	16.6%	9.1%
Financial Services	13.2%	13.3%
Consumer Cyclical	10.8%	9.1%
Real Estate	7.2%	1.7%
Energy	5.0%	9.3%
Basic Materials	3.5%	3.6%
Communication Services	2.9%	9.9%
Consumer Defensive	2.8%	7.0%
Utilities	1.5%	3.0%

Return for Risk

PRFZ vs. FNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PRFZ

PRFZ Risk / Return Rank: 65
PRFZ Sharpe Ratio Rank: 62
PRFZ Sortino Ratio Rank: 63
PRFZ Omega Ratio Rank: 57
PRFZ Calmar Ratio Rank: 72
PRFZ Martin Ratio Rank: 68

FNDX

FNDX Risk / Return Rank: 93
FNDX Sharpe Ratio Rank: 94
FNDX Sortino Ratio Rank: 93
FNDX Omega Ratio Rank: 92
FNDX Calmar Ratio Rank: 91
FNDX Martin Ratio Rank: 92

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.

PRFZ vs. FNDX - 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. Large Company Index ETF (FNDX). 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	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	3.03	-1.22
Sortino ratio: Return per unit of downside risk	2.58	4.21	-1.63
Omega ratio: Gain probability vs. loss probability	1.31	1.56	-0.25
Calmar ratio: Return relative to maximum drawdown	3.20	5.23	-2.03
Martin ratio: Return relative to average drawdown	11.02	20.31	-9.29

PRFZ vs. FNDX - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.81, which is lower than the FNDX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of PRFZ and FNDX, 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. FNDX - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for PRFZ and FNDX.

Drawdown Indicators

	PRFZ	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-37.72%	-24.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-6.06%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-16.30%	-10.24%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-19.06%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-37.72%	-6.56%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.41%	-3.55%	-5.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	1.56%	+1.45%

Volatility

PRFZ vs. FNDX - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 5.92% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 3.18%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	3.18%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	7.58%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	10.45%	+7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	15.21%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	17.51%	+4.95%

PRFZ vs. FNDX - Expense Ratio Comparison

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

Dividends

PRFZ vs. FNDX - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.82%, less than FNDX's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.44%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
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

Can I hold both PRFZ and FNDX in my portfolio?

PRFZ and FNDX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRFZ or FNDX?

PRFZ has higher volatility (5.92%) compared to FNDX (3.18%). In terms of maximum drawdown, PRFZ dropped -62.41% vs FNDX's -37.72%.

Which ETF is better, PRFZ or FNDX?

On 10-year performance, FNDX leads with 14.45% vs 11.95% for PRFZ. On fees, FNDX is cheaper at 0.25% per year. On volatility, FNDX has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or FNDX?

Over the 10-year period, FNDX has performed better with a 14.45% return vs 11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or FNDX?

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

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

FNDX has the higher dividend yield at 1.44%, compared with 0.82% for PRFZ.

What is the main difference between PRFZ and FNDX?

PRFZ is categorized as Small Cap Blend Equities, while FNDX is Large Cap Value Equities. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.39% for PRFZ and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.03 vs 1.81), 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.