PWB vs. PRFZ
PWB (Invesco Large Cap Growth ETF) and PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while PRFZ is a Small Cap Blend Equities fund tracking the FTSE RAFI US 1500 Small-Mid Index. Both are passively managed. Over the past 10 years, PWB returned 17.48%/yr vs 11.60%/yr for PRFZ. Their 0.76 correlation means they have sometimes moved together and sometimes differently. PWB charges 0.55%/yr vs 0.39%/yr for PRFZ.
Performance
PWB vs. PRFZ - Performance Comparison
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Returns By Period
In the year-to-date period, PWB achieves a 22.21% return, which is significantly higher than PRFZ's 19.63% return. Over the past 10 years, PWB has outperformed PRFZ with an annualized return of 17.48%, while PRFZ has yielded a comparatively lower 11.60% annualized return.
PWB
- 1D
- 1.40%
- 1M
- -2.05%
- 6M
- 14.07%
- YTD
- 22.21%
- 1Y
- 32.89%
- 3Y*
- 30.60%
- 5Y*
- 15.35%
- 10Y*
- 17.48%
- ALL TIME*
- 12.10%
PRFZ
- 1D
- 1.73%
- 1M
- -0.76%
- 6M
- 14.00%
- YTD
- 19.63%
- 1Y
- 35.61%
- 3Y*
- 16.21%
- 5Y*
- 10.09%
- 10Y*
- 11.60%
- ALL TIME*
- 10.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.92M | $5.60M | $8.78M | |
| $13.40M | $17.48M | $15.67M |
PWB vs. PRFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWB Invesco Large Cap Growth ETF | 22.21% | 24.94% | 31.04% | 30.61% | -25.81% | 19.58% | 31.89% | 24.68% | 0.88% | 30.71% |
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF | 19.63% | 11.26% | 12.68% | 20.21% | -16.29% | 28.26% | 11.84% | 21.91% | -11.43% | 13.82% |
Correlation
The correlation between PWB and PRFZ is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2006 | 0.76 |
The correlation between PWB and PRFZ shifts across timeframes, from 0.65 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PWB vs. PRFZ — Risk / Return Rank
PWB
PRFZ
PWB vs. PRFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Large Cap Growth ETF (PWB) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). 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.
| PWB | PRFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.45 | -1.04 |
| Martin ratioReturn relative to average drawdown | 8.93 | 11.67 | -2.74 |
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Drawdowns
PWB vs. PRFZ - Drawdown Comparison
The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum PRFZ drawdown of -62.41%. Use the drawdown chart below to compare losses from any high point for PWB and PRFZ.
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Drawdown Indicators
| PWB | PRFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.58% | -62.41% | +9.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -10.38% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -26.54% | +4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -31.41% | -26.58% | -4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -32.36% | -44.28% | +11.92% |
Current DrawdownCurrent decline from peak | -7.82% | -1.97% | -5.85% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -9.36% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.69% | 3.06% | +0.63% |
Volatility
PWB vs. PRFZ - Volatility Comparison
Invesco Large Cap Growth ETF (PWB) has a higher volatility of 9.00% compared to Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) at 4.10%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than PRFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWB | PRFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.00% | 4.10% | +4.90% |
Volatility (6M)Calculated over the trailing 6-month period | 19.91% | 12.89% | +7.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.18% | 18.07% | +5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.91% | 21.25% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 22.39% | -1.21% |
PWB vs. PRFZ - Expense Ratio Comparison
PWB has a 0.55% expense ratio, which is higher than PRFZ's 0.39% expense ratio.
Dividends
PWB vs. PRFZ - Dividend Comparison
PWB has not paid dividends to shareholders, while PRFZ's dividend yield for the trailing twelve months is around 0.79%.
| 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% |
PWB Invesco Large Cap Growth ETF | 0.00% | 0.00% | 0.08% | 0.37% | 0.31% | 0.04% | 0.21% | 0.58% | 0.97% | 0.54% | 0.82% | 0.67% |
Frequently Asked Questions
PWB and PRFZ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWB has higher volatility (9.00%) compared to PRFZ (4.10%). In terms of maximum drawdown, PWB dropped -52.58% vs PRFZ's -62.41%.
On 10-year performance, PWB leads with 17.48% vs 11.60% for PRFZ. On fees, PRFZ is cheaper at 0.39% per year. On volatility, PRFZ has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWB has performed better with a 17.48% return vs 11.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PRFZ is cheaper with a 0.39% expense ratio, compared with 0.55% for PWB.
PRFZ has the higher dividend yield at 0.79%, compared with 0.00% for PWB.
PWB is categorized as Large Cap Growth Equities, while PRFZ is Small Cap Blend Equities. PWB tracks Dynamic Large Cap Growth Intellidex Index, while PRFZ tracks FTSE RAFI US 1500 Small-Mid Index. Their fees differ too: 0.55% for PWB and 0.39% for PRFZ.
PRFZ currently has the higher Sharpe Ratio (1.98 vs 1.43), 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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