PRFZ vs. OVS

Last updated Jun 24, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. PRFZ is passively managed, while OVS is actively managed. Over the past 5 years, PRFZ returned 8.31%/yr vs 6.48%/yr for OVS. With a 0.96 correlation, they move nearly in lockstep. PRFZ charges 0.39%/yr vs 0.83%/yr for OVS.

Performance

PRFZ vs. OVS - 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 Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFZ achieves a 16.06% return, which is significantly lower than OVS's 20.91% return.

PRFZ

• 1D: -0.43%
• 1M: 3.82%
• YTD: 16.06%
• 6M: 13.71%
• 1Y: 34.11%
• 3Y*: 18.53%
• 5Y*: 8.31%
• 10Y*: 12.16%

OVS

• 1D: -0.41%
• 1M: 3.73%
• YTD: 20.91%
• 6M: 18.05%
• 1Y: 38.42%
• 3Y*: 17.64%
• 5Y*: 6.48%
• 10Y*: —

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

PRFZ vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	16.06%	11.26%	12.68%	20.21%	-16.29%	28.26%	11.84%	8.26%
OVS Overlay Shares Small Cap Equity ETF	20.91%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	9.35%

Correlation

The correlation between PRFZ and OVS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.96

The correlation between PRFZ and OVS has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

PRFZ vs. OVS - Sectors Allocation Comparison

Sectors	PRFZ	OVS
Technology	19.6%	17.5%
Healthcare	16.8%	10.9%
Industrials	16.6%	15.1%
Financial Services	13.2%	16.4%
Consumer Cyclical	10.8%	13.1%
Real Estate	7.2%	7.5%
Energy	5.0%	5.4%
Basic Materials	3.5%	5.0%
Communication Services	2.9%	3.7%
Consumer Defensive	2.8%	3.7%
Utilities	1.5%	1.9%

Return for Risk

PRFZ vs. OVS — Risk / Return Rank

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

PRFZ

PRFZ Risk / Return Rank: 62
PRFZ Sharpe Ratio Rank: 59
PRFZ Sortino Ratio Rank: 61
PRFZ Omega Ratio Rank: 54
PRFZ Calmar Ratio Rank: 70
PRFZ Martin Ratio Rank: 66

OVS

OVS Risk / Return Rank: 71
OVS Sharpe Ratio Rank: 65
OVS Sortino Ratio Rank: 66
OVS Omega Ratio Rank: 60
OVS Calmar Ratio Rank: 86
OVS Martin Ratio Rank: 80

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. OVS - 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 Overlay Shares Small Cap Equity ETF (OVS). 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	OVS	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.99	-0.11
Sortino ratio: Return per unit of downside risk	2.68	2.82	-0.14
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	3.30	4.54	-1.24
Martin ratio: Return relative to average drawdown	11.37	14.73	-3.36

PRFZ vs. OVS - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.88, which is comparable to the OVS Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PRFZ and OVS, 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. OVS - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than OVS's maximum drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for PRFZ and OVS.

Drawdown Indicators

	PRFZ	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-45.09%	-17.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-8.51%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-30.49%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-30.49%	+3.91%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	—	—
Current Drawdown Current decline from peak	-0.43%	-0.63%	+0.20%
Average Drawdown Average peak-to-trough decline	-9.40%	-11.27%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.61%	+0.40%

Volatility

PRFZ vs. OVS - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) and Overlay Shares Small Cap Equity ETF (OVS) have volatilities of 5.54% and 5.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.30%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	13.42%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	19.47%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	23.24%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	27.42%	-4.98%

PRFZ vs. OVS - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

PRFZ vs. OVS - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.81%, less than OVS's 6.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVS Overlay Shares Small Cap Equity ETF	6.64%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%	0.00%	0.00%	0.00%	0.00%
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	0.81%	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 OVS in my portfolio?

With a correlation of 0.96, PRFZ and OVS 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 OVS?

PRFZ has higher volatility (5.54%) compared to OVS (5.30%). In terms of maximum drawdown, PRFZ dropped -62.41% vs OVS's -45.09%.

Which ETF is better, PRFZ or OVS?

On 5-year performance, PRFZ leads with 8.31% vs 6.48% for OVS. On fees, PRFZ is cheaper at 0.39% per year. On volatility, OVS has been the lower-risk option at 5.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or OVS?

Over the 5-year period, PRFZ has performed better with a 8.31% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or OVS?

PRFZ is cheaper with a 0.39% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.64%, compared with 0.81% for PRFZ.

What is the main difference between PRFZ and OVS?

They also come from different issuers: Invesco and Liquid Strategies. Their fees differ too: 0.39% for PRFZ and 0.83% for OVS.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.99 vs 1.88), 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.