PRFZ vs. XSHD

Last updated Jun 9, 2026

PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) and XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) are both exchange-traded funds - PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index, while XSHD is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, PRFZ returned 7.48%/yr vs -5.48%/yr for XSHD. Their correlation of 0.83 suggests significant overlap in exposure. PRFZ charges 0.39%/yr vs 0.30%/yr for XSHD.

Performance

PRFZ vs. XSHD - 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 SmallCap High Dividend Low Volatility ETF (XSHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFZ achieves a 11.74% return, which is significantly higher than XSHD's 8.35% 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%

XSHD

• 1D: -0.07%
• 1M: -0.38%
• YTD: 8.35%
• 6M: 9.38%
• 1Y: 7.68%
• 3Y*: 1.27%
• 5Y*: -5.48%
• 10Y*: —

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

PRFZ vs. XSHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	8.35%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-13.55%	17.91%	-7.86%	1.52%

Correlation

The correlation between PRFZ and XSHD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 2, 2016	0.83

The correlation between PRFZ and XSHD shifts across timeframes, from 0.72 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

PRFZ vs. XSHD - Sectors Allocation Comparison

Sectors	PRFZ	XSHD
Technology	20.8%	-
Industrials	16.7%	10.4%
Healthcare	16.4%	2.7%
Financial Services	13.3%	2.2%
Consumer Cyclical	10.4%	6.8%
Real Estate	6.7%	45.1%
Energy	5.4%	7.6%
Basic Materials	3.3%	5.4%
Communication Services	2.7%	1.9%
Consumer Defensive	2.5%	9.6%
Utilities	1.5%	10.7%

Return for Risk

PRFZ vs. XSHD — Risk / Return Rank

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

PRFZ

PRFZ Risk / Return Rank: 55
PRFZ Sharpe Ratio Rank: 52
PRFZ Sortino Ratio Rank: 53
PRFZ Omega Ratio Rank: 48
PRFZ Calmar Ratio Rank: 62
PRFZ Martin Ratio Rank: 60

XSHD

XSHD Risk / Return Rank: 19
XSHD Sharpe Ratio Rank: 18
XSHD Sortino Ratio Rank: 19
XSHD Omega Ratio Rank: 17
XSHD Calmar Ratio Rank: 19
XSHD Martin Ratio Rank: 19

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. XSHD - 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 SmallCap High Dividend Low Volatility ETF (XSHD). 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.

	PRFZ	XSHD	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.52	+1.08
Sortino ratio: Return per unit of downside risk	2.31	0.87	+1.44
Omega ratio: Gain probability vs. loss probability	1.27	1.10	+0.18
Calmar ratio: Return relative to maximum drawdown	2.79	0.73	+2.06
Martin ratio: Return relative to average drawdown	9.60	1.98	+7.62
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. XSHD - Sharpe Ratio Comparison

The current PRFZ Sharpe Ratio is 1.60, which is higher than the XSHD Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of PRFZ and XSHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PRFZ	XSHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	0.52	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.29	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.03	+0.43

Drawdowns

PRFZ vs. XSHD - Drawdown Comparison

The maximum PRFZ drawdown since its inception was -62.41%, which is greater than XSHD's maximum drawdown of -49.53%. Use the drawdown chart below to compare losses from any high point for PRFZ and XSHD.

Drawdown Indicators

	PRFZ	XSHD	Difference
Max Drawdown Largest peak-to-trough decline	-62.41%	-49.53%	-12.88%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-10.51%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-26.54%	-20.77%	-5.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-36.48%	+9.90%
Max Drawdown (10Y) Largest decline over 10 years	-44.28%	—	—
Current Drawdown Current decline from peak	-2.27%	-24.54%	+22.27%
Average Drawdown Average peak-to-trough decline	-9.42%	-16.37%	+6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.89%	-0.87%

Volatility

PRFZ vs. XSHD - Volatility Comparison

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a higher volatility of 5.34% compared to Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) at 3.44%. This indicates that PRFZ's price experiences larger fluctuations and is considered to be riskier than XSHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFZ	XSHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	3.44%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	9.70%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	14.77%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	18.88%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	22.23%	+0.24%

PRFZ vs. XSHD - Expense Ratio Comparison

PRFZ has a 0.39% expense ratio, which is higher than XSHD's 0.30% expense ratio.

Dividends

PRFZ vs. XSHD - Dividend Comparison

PRFZ's dividend yield for the trailing twelve months is around 0.85%, less than XSHD's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	5.34%	6.45%	7.25%	7.62%	6.77%	3.86%	5.55%	4.88%	5.49%	4.11%	0.41%	0.00%

Frequently Asked Questions

Can I hold both PRFZ and XSHD in my portfolio?

PRFZ and XSHD have a correlation of 0.72, 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 XSHD?

PRFZ has higher volatility (5.34%) compared to XSHD (3.44%). In terms of maximum drawdown, PRFZ dropped -62.41% vs XSHD's -49.53%.

Which ETF is better, PRFZ or XSHD?

On 5-year performance, PRFZ leads with 7.48% vs -5.48% for XSHD. On fees, XSHD is cheaper at 0.30% per year. On volatility, XSHD has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFZ or XSHD?

Over the 5-year period, PRFZ has performed better with a 7.48% return vs -5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFZ or XSHD?

XSHD is cheaper with a 0.30% expense ratio, compared with 0.39% for PRFZ.

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

XSHD has the higher dividend yield at 5.34%, compared with 0.85% for PRFZ.

What is the main difference between PRFZ and XSHD?

PRFZ is categorized as Small Cap Blend Equities, while XSHD is Volatility Hedged Equity. PRFZ tracks FTSE RAFI US 1500 Small-Mid Index, while XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index. Their fees differ too: 0.39% for PRFZ and 0.30% for XSHD.

Which has better risk-adjusted returns?

PRFZ currently has the higher Sharpe Ratio (1.60 vs 0.52), 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.