PRFZ vs. NIXT

Last updated Jun 4, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and NIXT (Research Affiliates Deletions ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while NIXT is a Mid Cap Value Equities fund tracking the Research Affiliates Deletions Index. Both are passively managed. Over the past year, PRFZ returned 31.75% vs 33.50% for NIXT. Their correlation of 0.91 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.09%/yr for NIXT.

Performance

PRFZ vs. NIXT - 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 Research Affiliates Deletions ETF (NIXT). 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 lower than NIXT's 18.29% 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%

NIXT

• 1D: -1.51%
• 1M: 1.69%
• YTD: 18.29%
• 6M: 17.24%
• 1Y: 33.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRFZ vs. NIXT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	12.74%	11.26%	7.10%
NIXT Research Affiliates Deletions ETF	18.29%	4.94%	4.89%

Correlation

The correlation between PRFZ and NIXT is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.91

The correlation between PRFZ and NIXT has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

PRFZ vs. NIXT — 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

NIXT

NIXT Risk / Return Rank: 50
NIXT Sharpe Ratio Rank: 45
NIXT Sortino Ratio Rank: 48
NIXT Omega Ratio Rank: 41
NIXT Calmar Ratio Rank: 59
NIXT Martin Ratio Rank: 56

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. NIXT - 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 Research Affiliates Deletions ETF (NIXT). 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	NIXT	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.59	+0.20
Sortino ratio: Return per unit of downside risk	2.58	2.34	+0.24
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	3.07	2.87	+0.20
Martin ratio: Return relative to average drawdown	10.58	9.69	+0.89
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. NIXT - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.79, which is comparable to the NIXT Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PRFZ and NIXT, 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	NIXT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.59	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
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	0.71	-0.31

Drawdowns

PRFZ vs. NIXT - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than NIXT's maximum drawdown of -27.75%. Use the drawdown chart below to compare losses from any high point for PRFZ and NIXT.

Drawdown Indicators

	PRFZ	NIXT	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-27.75%	-34.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-11.71%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	—	—
Current Drawdown Current decline from peak	-1.32%	-2.37%	+1.05%
Average Drawdown Average peak-to-trough decline	-9.42%	-5.96%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.47%	-0.46%

Volatility

PRFZ vs. NIXT - Volatility Comparison

The current volatility for Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) is 4.51%, while Research Affiliates Deletions ETF (NIXT) has a volatility of 5.00%. This indicates that PRFZ experiences smaller price fluctuations and is considered to be less risky than NIXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	NIXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	5.00%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	14.08%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	21.24%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	23.31%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	23.31%	-0.87%

PRFZ vs. NIXT - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is higher than NIXT's 0.09% expense ratio.

Dividends

PRFZ vs. NIXT - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.85%, less than NIXT's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIXT Research Affiliates Deletions ETF	1.35%	1.64%	1.39%	0.00%	0.00%	0.00%	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 NIXT in my portfolio?

PRFZ and NIXT have a correlation of 0.89, 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 NIXT?

NIXT has higher volatility (5.00%) compared to PRFZ (4.51%). In terms of maximum drawdown, PRFZ dropped -62.41% vs NIXT's -27.75%.

Which ETF is better, PRFZ or NIXT?

On 1-year performance, NIXT leads with 33.50% vs 31.75% for PRFZ. On fees, NIXT is cheaper at 0.09% per year. On volatility, PRFZ has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or NIXT?

Over the 1-year period, NIXT has performed better with a 33.50% return vs 31.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or NIXT?

NIXT is cheaper with a 0.09% expense ratio, compared with 0.39% for PRFZ.

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

NIXT has the higher dividend yield at 1.35%, compared with 0.85% for PRFZ.

What is the main difference between PRFZ and NIXT?

PRFZ is categorized as Small Cap Blend Equities, while NIXT is Mid Cap Value Equities. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while NIXT tracks Research Affiliates Deletions Index. They also come from different issuers: Invesco and Research Affiliates. Their fees differ too: 0.39% for PRFZ and 0.09% for NIXT.

Which has better risk-adjusted returns?

PRFZ currently has the higher Sharpe Ratio (1.79 vs 1.59), 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.