PRFZ vs. SMLV

Last updated Jul 22, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and SMLV (SPDR SSGA US Small Cap Low Volatility 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 SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.70%/yr vs 10.46%/yr for SMLV. Their correlation of 0.88 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.12%/yr for SMLV.

Performance

PRFZ vs. SMLV - 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 SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFZ achieves a 19.43% return, which is significantly lower than SMLV's 22.65% return. Over the past 10 years, PRFZ has outperformed SMLV with an annualized return of 11.70%, while SMLV has yielded a comparatively lower 10.46% annualized return.

PRFZ

• 1D: 1.26%
• 1M: 2.57%
• 6M: 13.47%
• YTD: 19.43%
• 1Y: 31.60%
• 3Y*: 16.34%
• 5Y*: 10.13%
• 10Y*: 11.70%
• ALL TIME*: 10.13%

SMLV

• 1D: 0.33%
• 1M: 4.96%
• 6M: 17.68%
• YTD: 22.65%
• 1Y: 28.91%
• 3Y*: 17.23%
• 5Y*: 10.60%
• 10Y*: 10.46%
• ALL TIME*: 11.09%

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

PRFZ vs. SMLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	19.43%	11.26%	12.68%	20.21%	-16.29%	28.26%	11.84%	21.91%	-11.43%	13.82%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	22.65%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%

Correlation

The correlation between PRFZ and SMLV is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 21, 2013	0.88

The correlation between PRFZ and SMLV has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

PRFZ vs. SMLV - Sectors Allocation Comparison

Sectors	PRFZ	SMLV
Technology	19.5%	11.8%
Healthcare	17.8%	8.9%
Industrials	16.1%	14.3%
Financial Services	13.6%	30.9%
Consumer Cyclical	11.2%	9.0%
Real Estate	6.9%	11.9%
Energy	4.4%	1.5%
Basic Materials	3.2%	3.3%
Consumer Defensive	3.0%	3.5%
Communication Services	2.9%	2.3%
Utilities	1.3%	2.7%

Return for Risk

PRFZ vs. SMLV — Risk / Return Rank

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

PRFZ

PRFZ Risk / Return Rank: 74
PRFZ Sharpe Ratio Rank: 73
PRFZ Sortino Ratio Rank: 75
PRFZ Omega Ratio Rank: 67
PRFZ Calmar Ratio Rank: 79
PRFZ Martin Ratio Rank: 77

SMLV

SMLV Risk / Return Rank: 81
SMLV Sharpe Ratio Rank: 78
SMLV Sortino Ratio Rank: 80
SMLV Omega Ratio Rank: 79
SMLV Calmar Ratio Rank: 89
SMLV 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. SMLV - 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 SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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	SMLV	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.88	-0.13
Sortino ratio: Return per unit of downside risk	2.55	2.71	-0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	3.06	3.96	-0.90
Martin ratio: Return relative to average drawdown	10.42	11.15	-0.74

PRFZ vs. SMLV - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.75, which is comparable to the SMLV Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PRFZ and SMLV, 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. SMLV - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than SMLV's maximum drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for PRFZ and SMLV.

Drawdown Indicators

	PRFZ	SMLV	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-42.45%	-19.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-7.34%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-20.40%	-6.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-20.40%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-42.45%	-1.83%
Current Drawdown Current decline from peak	-2.13%	-1.26%	-0.87%
Average Drawdown Average peak-to-trough decline	-9.37%	-5.41%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.60%	+0.44%

Volatility

PRFZ vs. SMLV - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) have volatilities of 3.74% and 3.69%, 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	SMLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.69%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	10.08%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	15.43%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	18.22%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	20.90%	+1.48%

PRFZ vs. SMLV - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is higher than SMLV's 0.12% expense ratio.

Dividends

PRFZ vs. SMLV - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.79%, less than SMLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	0.79%	0.82%	1.45%	1.42%	1.33%	0.93%	0.91%	1.29%	1.37%	0.97%	1.31%	1.39%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.22%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both PRFZ and SMLV in my portfolio?

PRFZ and SMLV have a correlation of 0.81, 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 SMLV?

PRFZ has higher volatility (3.74%) compared to SMLV (3.69%). In terms of maximum drawdown, PRFZ dropped -62.41% vs SMLV's -42.45%.

Which ETF is better, PRFZ or SMLV?

On 10-year performance, PRFZ leads with 11.70% vs 10.46% for SMLV. On fees, SMLV is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or SMLV?

Over the 10-year period, PRFZ has performed better with a 11.70% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or SMLV?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.39% for PRFZ.

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

SMLV has the higher dividend yield at 2.22%, compared with 0.79% for PRFZ.

What is the main difference between PRFZ and SMLV?

PRFZ is categorized as Small Cap Blend Equities, while SMLV is Volatility Hedged Equity. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while SMLV tracks SSGA US Small Cap Low Volatility Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for PRFZ and 0.12% for SMLV.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.88 vs 1.75), 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.