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PRFZ vs. RWK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRFZ vs. RWK

Last updated Aug 2, 2026
Documentation

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both Small Cap Blend Equities funds from Invesco - PRFZ tracks the FTSE RAFI US 1500 Small-Mid Index while RWK tracks the S&P MidCap 400 Revenue-Weighted Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.68%/yr vs 13.00%/yr for RWK. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.39% expense ratio.

Performance

PRFZ vs. RWK - 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 Invesco S&P MidCap 400 Revenue ETF (RWK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with PRFZ having a 17.59% return and RWK slightly higher at 18.15%. Over the past 10 years, PRFZ has underperformed RWK with an annualized return of 11.68%, while RWK has yielded a comparatively higher 13.00% 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%

RWK

1D
-0.70%
1M
1.66%
6M
13.42%
YTD
18.15%
1Y
28.53%
3Y*
15.25%
5Y*
12.08%
10Y*
13.00%
ALL TIME*
11.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PRFZ

Invesco FTSE RAFI US 1500 Small-Mid ETF
$4.67M$5.60M$8.64M

RWK

Invesco S&P MidCap 400 Revenue ETF
$2.23M$2.59M$2.47M

PRFZ vs. RWK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RWK
Invesco S&P MidCap 400 Revenue ETF		18.15%10.27%11.94%23.76%-8.19%34.31%11.06%28.20%-14.65%13.39%

Correlation

The correlation between PRFZ and RWK is 0.84, 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.

0.84

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.93

Correlation (10Y)
Provides a long-term view across more market conditions.

0.93

Correlation (All Time)
Calculated using the full available price history since Feb 22, 2008

0.91

The correlation between PRFZ and RWK has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

PRFZ vs. RWK - Sectors Allocation Comparison

Sectors
PRFZ
RWK

Technology

19.5%
11.8%

Healthcare

17.8%
4.7%

Industrials

16.1%
23.3%

Financial Services

13.6%
13.0%

Consumer Cyclical

11.2%
21.0%

Real Estate

6.9%
2.9%

Energy

4.4%
4.9%

Basic Materials

3.2%
4.4%

Consumer Defensive

3.0%
11.1%

Communication Services

2.9%
1.4%

Utilities

1.3%
1.6%

Technology

PRFZ
19.5%
RWK
11.8%

Healthcare

PRFZ
17.8%
RWK
4.7%

Industrials

PRFZ
16.1%
RWK
23.3%

Financial Services

PRFZ
13.6%
RWK
13.0%

Consumer Cyclical

PRFZ
11.2%
RWK
21.0%

Real Estate

PRFZ
6.9%
RWK
2.9%

Energy

PRFZ
4.4%
RWK
4.9%

Basic Materials

PRFZ
3.2%
RWK
4.4%

Consumer Defensive

PRFZ
3.0%
RWK
11.1%

Communication Services

PRFZ
2.9%
RWK
1.4%

Utilities

PRFZ
1.3%
RWK
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco S&P MidCap 400 Revenue ETF

Often compared with PRFZ:
PRFZ vs. BSMIXPRFZ vs. FNDAPRFZ vs. PWBPRFZ vs. FVPRFZ vs. VOOPRFZ vs. SCHAPRFZ vs. SCHG
Often compared with RWK:
RWK vs. RWJRWK vs. RFVRWK vs. XMHQRWK vs. XMVMRWK vs. ONEYRWK vs. PRNRWK vs. BOSOX

Return for Risk

PRFZ vs. RWK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PRFZ
PRFZ Risk / Return Rank: 7777
Overall Rank
PRFZ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
PRFZ Sortino Ratio Rank: 7777
Sortino Ratio Rank
PRFZ Omega Ratio Rank: 7070
Omega Ratio Rank
PRFZ Calmar Ratio Rank: 8181
Calmar Ratio Rank
PRFZ Martin Ratio Rank: 7979
Martin Ratio Rank
RWK
RWK Risk / Return Rank: 6969
Overall Rank
RWK Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
RWK Sortino Ratio Rank: 7575
Sortino Ratio Rank
RWK Omega Ratio Rank: 6767
Omega Ratio Rank
RWK Calmar Ratio Rank: 6868
Calmar Ratio Rank
RWK Martin Ratio Rank: 6464
Martin Ratio Rank
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. RWK - 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 Invesco S&P MidCap 400 Revenue ETF (RWK). 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.

PRFZRWKDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.59

+0.12

Sortino ratioReturn per unit of downside risk
2.49
2.41

+0.08

Omega ratioGain probability vs. loss probability

1.29

1.28

+0.01

Calmar ratioReturn relative to maximum drawdown

2.97

2.34

+0.63

Martin ratioReturn relative to average drawdown

10.08

7.78

+2.30

PRFZ vs. RWK - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.71, which is comparable to the RWK Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PRFZ and RWK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PRFZ vs. RWK - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than RWK's maximum drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for PRFZ and RWK.

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Drawdown Indicators

PRFZRWKDifference

Max Drawdown

Largest peak-to-trough decline

-62.41%

-56.49%

-5.92%

Max Drawdown (1Y)

Largest decline over 1 year

-10.38%

-11.14%

+0.76%

Max Drawdown (3Y)

Largest decline over 3 years

-26.54%

-24.58%

-1.96%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-24.58%

-2.00%

Max Drawdown (10Y)

Largest decline over 10 years

-44.28%

-46.20%

+1.92%

Current Drawdown

Current decline from peak

-3.64%

-1.30%

-2.34%

Average Drawdown

Average peak-to-trough decline

-9.36%

-7.49%

-1.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

3.35%

-0.29%

Volatility

PRFZ vs. RWK - Volatility Comparison

The current volatility for Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) is 3.77%, while Invesco S&P MidCap 400 Revenue ETF (RWK) has a volatility of 4.08%. This indicates that PRFZ experiences smaller price fluctuations and is considered to be less risky than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFZRWKDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.77%

4.08%

-0.31%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

11.96%

+0.90%

Volatility (1Y)

Calculated over the trailing 1-year period

18.11%

16.49%

+1.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.23%

20.94%

+0.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

22.88%

-0.50%

PRFZ vs. RWK - Expense Ratio Comparison

Both PRFZ and RWK have an expense ratio of 0.39%.

Dividends

PRFZ vs. RWK - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.80%, less than RWK's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
RWK
Invesco S&P MidCap 400 Revenue ETF		1.00%1.25%1.11%1.05%1.18%0.85%0.96%1.09%1.22%0.99%1.30%0.92%

Frequently Asked Questions

PRFZ and RWK have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RWK has higher volatility (4.08%) compared to PRFZ (3.77%). In terms of maximum drawdown, PRFZ dropped -62.41% vs RWK's -56.49%.

On 10-year performance, RWK leads with 13.00% vs 11.68% for PRFZ. Both ETFs have the same 0.39% expense ratio. On volatility, PRFZ has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RWK has performed better with a 13.00% return vs 11.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PRFZ and RWK have the same expense ratio: 0.39% per year.

RWK has the higher dividend yield at 1.00%, compared with 0.80% for PRFZ.

PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while RWK tracks S&P MidCap 400 Revenue-Weighted Index.

PRFZ currently has the higher Sharpe Ratio (1.71 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.

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