PRFZ vs. SPY

Last updated Jun 24, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PRFZ returned 12.16%/yr vs 15.53%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

PRFZ vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 8.15% return. Over the past 10 years, PRFZ has underperformed SPY with an annualized return of 12.16%, while SPY has yielded a comparatively higher 15.53% annualized 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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

PRFZ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	16.06%	11.26%	12.68%	20.21%	-16.29%	28.26%	11.84%	21.91%	-11.43%	13.82%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PRFZ and SPY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 20, 2006	0.84

The correlation between PRFZ and SPY has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

PRFZ vs. SPY - Sectors Allocation Comparison

Sectors	PRFZ	SPY
Technology	19.6%	39.0%
Healthcare	16.8%	8.3%
Industrials	16.6%	7.8%
Financial Services	13.2%	11.1%
Consumer Cyclical	10.8%	9.9%
Real Estate	7.2%	1.8%
Energy	5.0%	3.1%
Basic Materials	3.5%	1.7%
Communication Services	2.9%	10.6%
Consumer Defensive	2.8%	4.5%
Utilities	1.5%	2.1%

Return for Risk

PRFZ vs. SPY — 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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.90	-0.02
Sortino ratio: Return per unit of downside risk	2.68	2.58	+0.09
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.30	2.67	+0.63
Martin ratio: Return relative to average drawdown	11.37	11.92	-0.55

PRFZ vs. SPY - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.88, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PRFZ and SPY, 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. SPY - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PRFZ and SPY.

Drawdown Indicators

	PRFZ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-55.19%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-8.88%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-18.76%	-7.78%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.50%	-2.08%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-33.72%	-10.56%
Current Drawdown Current decline from peak	-0.43%	-3.17%	+2.74%
Average Drawdown Average peak-to-trough decline	-9.40%	-9.04%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	1.98%	+1.03%

Volatility

PRFZ vs. SPY - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 5.54% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	4.87%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.96%	9.85%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	12.50%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	17.15%	+4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	17.95%	+4.49%

PRFZ vs. SPY - Expense Ratio Comparison

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

Dividends

PRFZ vs. SPY - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.81%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PRFZ and SPY in my portfolio?

PRFZ and SPY have a correlation of 0.78, 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 SPY?

PRFZ has higher volatility (5.54%) compared to SPY (4.87%). In terms of maximum drawdown, PRFZ dropped -62.41% vs SPY's -55.19%.

Which ETF is better, PRFZ or SPY?

On 10-year performance, SPY leads with 15.53% vs 12.16% for PRFZ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 12.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or SPY?

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

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

SPY has the higher dividend yield at 1.03%, compared with 0.81% for PRFZ.

What is the main difference between PRFZ and SPY?

PRFZ is categorized as Small Cap Blend Equities, while SPY is S&P 500. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for PRFZ and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 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.