PRFZ vs. VBK

Last updated Jul 22, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and VBK (Vanguard Small-Cap Growth ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index. Both are passively managed. Over the past 10 years, PRFZ returned 11.70%/yr vs 11.08%/yr for VBK. Their correlation of 0.93 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.05%/yr for VBK.

Performance

PRFZ vs. VBK - 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 Vanguard Small-Cap Growth ETF (VBK). 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 higher than VBK's 15.49% return. Over the past 10 years, PRFZ has outperformed VBK with an annualized return of 11.70%, while VBK has yielded a comparatively lower 11.08% 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%

VBK

• 1D: 1.50%
• 1M: -2.25%
• 6M: 8.68%
• YTD: 15.49%
• 1Y: 24.51%
• 3Y*: 14.50%
• 5Y*: 4.81%
• 10Y*: 11.08%
• ALL TIME*: 9.87%

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

PRFZ vs. VBK - 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%
VBK Vanguard Small-Cap Growth ETF	15.49%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%

Correlation

The correlation between PRFZ and VBK is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 20, 2006	0.93

The correlation between PRFZ and VBK has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

PRFZ vs. VBK - Sectors Allocation Comparison

Sectors	PRFZ	VBK
Technology	19.5%	27.1%
Healthcare	17.8%	17.9%
Industrials	16.1%	23.4%
Financial Services	13.6%	5.7%
Consumer Cyclical	11.2%	8.9%
Real Estate	6.9%	3.7%
Energy	4.4%	3.4%
Basic Materials	3.2%	3.1%
Consumer Defensive	3.0%	2.0%
Communication Services	2.9%	3.6%
Utilities	1.3%	1.1%

Return for Risk

PRFZ vs. VBK — 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

VBK

VBK Risk / Return Rank: 51
VBK Sharpe Ratio Rank: 47
VBK Sortino Ratio Rank: 46
VBK Omega Ratio Rank: 43
VBK Calmar Ratio Rank: 58
VBK Martin Ratio Rank: 60

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. VBK - 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 Vanguard Small-Cap Growth ETF (VBK). 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	VBK	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.22	+0.53
Sortino ratio: Return per unit of downside risk	2.55	1.76	+0.79
Omega ratio: Gain probability vs. loss probability	1.30	1.21	+0.09
Calmar ratio: Return relative to maximum drawdown	3.06	2.15	+0.91
Martin ratio: Return relative to average drawdown	10.42	7.71	+2.70

PRFZ vs. VBK - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.75, which is higher than the VBK Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of PRFZ and VBK, 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. VBK - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than VBK's maximum drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for PRFZ and VBK.

Drawdown Indicators

	PRFZ	VBK	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-58.68%	-3.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-11.44%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-27.54%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-38.39%	+11.81%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	-38.70%	-5.58%
Current Drawdown Current decline from peak	-2.13%	-4.80%	+2.67%
Average Drawdown Average peak-to-trough decline	-9.37%	-10.11%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.19%	-0.15%

Volatility

PRFZ vs. VBK - Volatility Comparison

The current volatility for Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) is 3.74%, while Vanguard Small-Cap Growth ETF (VBK) has a volatility of 4.87%. This indicates that PRFZ experiences smaller price fluctuations and is considered to be less risky than VBK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	VBK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	4.87%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	15.76%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.09%	20.19%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	23.63%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	22.89%	-0.51%

PRFZ vs. VBK - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is higher than VBK's 0.05% expense ratio.

Dividends

PRFZ vs. VBK - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.79%, more than VBK's 0.44% 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%
VBK Vanguard Small-Cap Growth ETF	0.44%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both PRFZ and VBK in my portfolio?

With a correlation of 0.91, PRFZ and VBK 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 VBK?

VBK has higher volatility (4.87%) compared to PRFZ (3.74%). In terms of maximum drawdown, PRFZ dropped -62.41% vs VBK's -58.68%.

Which ETF is better, PRFZ or VBK?

On 10-year performance, PRFZ leads with 11.70% vs 11.08% for VBK. On fees, VBK is cheaper at 0.05% per year. On volatility, PRFZ has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or VBK?

Over the 10-year period, PRFZ has performed better with a 11.70% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or VBK?

VBK is cheaper with a 0.05% expense ratio, compared with 0.39% for PRFZ.

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

PRFZ has the higher dividend yield at 0.79%, compared with 0.44% for VBK.

What is the main difference between PRFZ and VBK?

PRFZ is categorized as Small Cap Blend Equities, while VBK is Small Cap Growth Equities. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while VBK tracks CRSP US Small Cap Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.39% for PRFZ and 0.05% for VBK.

Which has better risk-adjusted returns?

PRFZ currently has the higher Sharpe Ratio (1.75 vs 1.22), 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.