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PRFZ vs. SPIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PRFZ vs. SPIP

Last updated Jun 9, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and SPIP (SPDR Portfolio TIPS ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.40%/yr vs 2.50%/yr for SPIP. At a correlation of -0.11, they often move in opposite directions. PRFZ charges 0.39%/yr vs 0.12%/yr for SPIP.

Performance

PRFZ vs. SPIP - 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 Portfolio TIPS ETF (SPIP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PRFZ achieves a 11.74% return, which is significantly higher than SPIP's 0.90% return. Over the past 10 years, PRFZ has outperformed SPIP with an annualized return of 11.40%, while SPIP has yielded a comparatively lower 2.50% annualized return.

PRFZ

1D
0.67%
1M
-0.33%
YTD
11.74%
6M
10.40%
1Y
28.88%
3Y*
16.18%
5Y*
7.48%
10Y*
11.40%

SPIP

1D
-0.16%
1M
-0.83%
YTD
0.90%
6M
0.92%
1Y
4.77%
3Y*
3.64%
5Y*
0.78%
10Y*
2.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PRFZ vs. SPIP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		11.74%11.26%12.68%20.21%-16.29%28.26%11.84%21.91%-11.43%13.82%
SPIP
SPDR Portfolio TIPS ETF		0.90%6.78%2.35%2.98%-12.84%5.80%11.41%9.14%-1.53%3.16%

Correlation

The correlation between PRFZ and SPIP is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.17

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since May 31, 2007

-0.11

The correlation between PRFZ and SPIP shifts across timeframes, from -0.11 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

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

SPDR Portfolio TIPS ETF

Often compared with PRFZ:
PRFZ vs. BSMIXPRFZ vs. FVPRFZ vs. FNDAPRFZ vs. RWKPRFZ vs. PWBPRFZ vs. VOOPRFZ vs. SCHA
Often compared with SPIP:
SPIP vs. TIPSPIP vs. VTIPSPIP vs. SCHPSPIP vs. TIPXSPIP vs. FIPDXSPIP vs. TDTTSPIP vs. BKLN

Return for Risk

PRFZ vs. SPIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PRFZ
PRFZ Risk / Return Rank: 5555
Overall Rank
PRFZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
PRFZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
PRFZ Omega Ratio Rank: 4848
Omega Ratio Rank
PRFZ Calmar Ratio Rank: 6262
Calmar Ratio Rank
PRFZ Martin Ratio Rank: 6060
Martin Ratio Rank
SPIP
SPIP Risk / Return Rank: 4545
Overall Rank
SPIP Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
SPIP Sortino Ratio Rank: 4343
Sortino Ratio Rank
SPIP Omega Ratio Rank: 4242
Omega Ratio Rank
SPIP Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPIP Martin Ratio Rank: 4646
Martin Ratio Rank
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. SPIP - 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 Portfolio TIPS ETF (SPIP). 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.

PRFZSPIPDifference
Sharpe ratioReturn per unit of total volatility
1.60
1.35

+0.25

Sortino ratioReturn per unit of downside risk
2.31
1.98

+0.33

Omega ratioGain probability vs. loss probability

1.27

1.24

+0.03

Calmar ratioReturn relative to maximum drawdown

2.79

2.34

+0.45

Martin ratioReturn relative to average drawdown

9.60

6.86

+2.73

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. SPIP - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.60, which is comparable to the SPIP Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of PRFZ and SPIP, 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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Sharpe Ratios by Period

PRFZSPIPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

1.35

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.12

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.42

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.52

-0.12

Drawdowns

PRFZ vs. SPIP - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than SPIP's maximum drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for PRFZ and SPIP.

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Drawdown Indicators

PRFZSPIPDifference

Max Drawdown

Largest peak-to-trough decline

-62.41%

-15.39%

-47.02%

Max Drawdown (1Y)

Largest decline over 1 year

-10.38%

-2.04%

-8.34%

Max Drawdown (3Y)

Largest decline over 3 years

-26.54%

-4.76%

-21.78%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-15.39%

-11.19%

Max Drawdown (10Y)

Largest decline over 10 years

-44.28%

-15.39%

-28.89%

Current Drawdown

Current decline from peak

-2.27%

-1.60%

-0.67%

Average Drawdown

Average peak-to-trough decline

-9.42%

-4.10%

-5.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

0.70%

+2.32%

Volatility

PRFZ vs. SPIP - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 5.34% compared to SPDR Portfolio TIPS ETF (SPIP) at 1.00%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than SPIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PRFZSPIPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.34%

1.00%

+4.34%

Volatility (6M)

Calculated over the trailing 6-month period

12.69%

2.57%

+10.12%

Volatility (1Y)

Calculated over the trailing 1-year period

18.16%

3.56%

+14.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.35%

6.57%

+14.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.47%

6.01%

+16.46%

PRFZ vs. SPIP - Expense Ratio Comparison

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

Dividends

PRFZ vs. SPIP - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.85%, less than SPIP's 4.78% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPIP
SPDR Portfolio TIPS ETF		4.78%4.09%3.36%3.70%7.05%4.53%1.97%2.91%2.80%3.02%1.88%0.14%

Frequently Asked Questions

PRFZ and SPIP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRFZ has higher volatility (5.34%) compared to SPIP (1.00%). In terms of maximum drawdown, PRFZ dropped -62.41% vs SPIP's -15.39%.

On 10-year performance, PRFZ leads with 11.40% vs 2.50% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PRFZ has performed better with a 11.40% return vs 2.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPIP has the higher dividend yield at 4.78%, compared with 0.85% for PRFZ.

PRFZ is categorized as Small Cap Blend Equities, while SPIP is Inflation-Protected Bonds. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for PRFZ and 0.12% for SPIP.

PRFZ currently has the higher Sharpe Ratio (1.60 vs 1.35), 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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