PRFZ vs. MGMT

Last updated Jun 4, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and MGMT (Ballast Small/Mid Cap ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while MGMT is a Mid Cap Blend Equities fund actively managed by Inverdale Capital Management LLC. PRFZ is passively managed, while MGMT is actively managed. Over the past 5 years, PRFZ returned 7.93%/yr vs 6.94%/yr for MGMT. Their correlation of 0.92 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 1.10%/yr for MGMT.

Performance

PRFZ vs. MGMT - 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 Ballast Small/Mid Cap ETF (MGMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFZ achieves a 12.74% return, which is significantly higher than MGMT's 9.79% return.

PRFZ

• 1D: -1.32%
• 1M: 2.22%
• YTD: 12.74%
• 6M: 11.50%
• 1Y: 31.75%
• 3Y*: 17.38%
• 5Y*: 7.93%
• 10Y*: 11.50%

MGMT

• 1D: -0.68%
• 1M: 1.10%
• YTD: 9.79%
• 6M: 9.52%
• 1Y: 26.48%
• 3Y*: 13.99%
• 5Y*: 6.94%
• 10Y*: —

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

PRFZ vs. MGMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	12.74%	11.26%	12.68%	20.21%	-16.29%	28.26%	5.59%
MGMT Ballast Small/Mid Cap ETF	9.79%	6.96%	12.95%	17.87%	-14.54%	40.77%	5.36%

Correlation

The correlation between PRFZ and MGMT is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.92

The correlation between PRFZ and MGMT has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

PRFZ vs. MGMT - Sectors Allocation Comparison

Sectors	PRFZ	MGMT
Technology	20.4%	13.6%
Industrials	16.5%	23.1%
Healthcare	16.2%	6.2%
Financial Services	13.5%	11.1%
Consumer Cyclical	10.2%	8.0%
Real Estate	6.8%	1.8%
Energy	5.7%	15.7%
Basic Materials	3.3%	13.4%
Communication Services	2.6%	3.5%
Consumer Defensive	2.5%	3.5%
Utilities	1.5%	-

Return for Risk

PRFZ vs. MGMT — Risk / Return Rank

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

PRFZ

PRFZ Risk / Return Rank: 54
PRFZ Sharpe Ratio Rank: 51
PRFZ Sortino Ratio Rank: 53
PRFZ Omega Ratio Rank: 47
PRFZ Calmar Ratio Rank: 61
PRFZ Martin Ratio Rank: 59

MGMT

MGMT Risk / Return Rank: 43
MGMT Sharpe Ratio Rank: 43
MGMT Sortino Ratio Rank: 45
MGMT Omega Ratio Rank: 40
MGMT Calmar Ratio Rank: 44
MGMT Martin Ratio Rank: 41

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. MGMT - 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 Ballast Small/Mid Cap ETF (MGMT). 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.

	PRFZ	MGMT	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.52	+0.26
Sortino ratio: Return per unit of downside risk	2.58	2.25	+0.32
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	3.07	2.16	+0.91
Martin ratio: Return relative to average drawdown	10.58	6.55	+4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRFZ vs. MGMT - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.79, which is comparable to the MGMT Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PRFZ and MGMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRFZ	MGMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.52	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.36	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.68	-0.27

Drawdowns

PRFZ vs. MGMT - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than MGMT's maximum drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for PRFZ and MGMT.

Drawdown Indicators

	PRFZ	MGMT	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-24.95%	-37.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-12.32%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-23.76%	-2.78%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.95%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	—	—
Current Drawdown Current decline from peak	-1.32%	-2.72%	+1.40%
Average Drawdown Average peak-to-trough decline	-9.42%	-6.74%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.05%	-1.04%

Volatility

PRFZ vs. MGMT - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 4.51% compared to Ballast Small/Mid Cap ETF (MGMT) at 4.14%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than MGMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	MGMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.14%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	11.93%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	17.50%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	19.53%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	19.57%	+2.87%

PRFZ vs. MGMT - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is lower than MGMT's 1.10% expense ratio.

Dividends

PRFZ vs. MGMT - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.85%, more than MGMT's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGMT Ballast Small/Mid Cap ETF	0.31%	0.34%	0.51%	1.16%	0.90%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	0.85%	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 MGMT in my portfolio?

PRFZ and MGMT have a correlation of 0.87, 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 MGMT?

PRFZ has higher volatility (4.51%) compared to MGMT (4.14%). In terms of maximum drawdown, PRFZ dropped -62.41% vs MGMT's -24.95%.

Which ETF is better, PRFZ or MGMT?

On 5-year performance, PRFZ leads with 7.93% vs 6.94% for MGMT. On fees, PRFZ is cheaper at 0.39% per year. On volatility, MGMT has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or MGMT?

Over the 5-year period, PRFZ has performed better with a 7.93% return vs 6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or MGMT?

PRFZ is cheaper with a 0.39% expense ratio, compared with 1.10% for MGMT.

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

PRFZ has the higher dividend yield at 0.85%, compared with 0.31% for MGMT.

What is the main difference between PRFZ and MGMT?

PRFZ is categorized as Small Cap Blend Equities, while MGMT is Mid Cap Blend Equities. They also come from different issuers: Invesco and Inverdale Capital Management LLC. Their fees differ too: 0.39% for PRFZ and 1.10% for MGMT.

Which has better risk-adjusted returns?

PRFZ currently has the higher Sharpe Ratio (1.79 vs 1.52), 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.