PWV vs. PRF
PWV (Invesco Dynamic Large Cap Value ETF) and PRF (Invesco RAFI US 1000 ETF) are both Large Cap Value Equities funds from Invesco - PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX) while PRF tracks the RAFI Fundamental Select US 1000 Index. Both are passively managed. Over the past 10 years, PWV returned 11.97%/yr vs 13.51%/yr for PRF. Their correlation of 0.92 suggests significant overlap in exposure. PWV charges 0.58%/yr vs 0.34%/yr for PRF.
Performance
PWV vs. PRF - Performance Comparison
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Returns By Period
In the year-to-date period, PWV achieves a 18.98% return, which is significantly higher than PRF's 16.80% return. Over the past 10 years, PWV has underperformed PRF with an annualized return of 11.97%, while PRF has yielded a comparatively higher 13.51% annualized return.
PWV
- 1D
- -0.33%
- 1M
- 2.54%
- 6M
- 17.81%
- YTD
- 18.98%
- 1Y
- 28.36%
- 3Y*
- 21.34%
- 5Y*
- 14.63%
- 10Y*
- 11.97%
PRF
- 1D
- -0.09%
- 1M
- 0.99%
- 6M
- 13.18%
- YTD
- 16.80%
- 1Y
- 28.96%
- 3Y*
- 20.17%
- 5Y*
- 13.25%
- 10Y*
- 13.51%
PWV vs. PRF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWV Invesco Dynamic Large Cap Value ETF | 18.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
PRF Invesco RAFI US 1000 ETF | 16.80% | 18.33% | 16.73% | 15.72% | -7.79% | 31.12% | 7.78% | 27.42% | -8.71% | 16.01% |
Correlation
The correlation between PWV and PRF is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2005 | 0.92 |
Over the past year, the correlation between PWV and PRF has dropped to 0.70 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.
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Return for Risk
PWV vs. PRF — Risk / Return Rank
PWV
PRF
PWV vs. PRF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Value ETF (PWV) and Invesco RAFI US 1000 ETF (PRF). 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.
| PWV | PRF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.49 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 7.03 | 4.41 | +2.61 |
| Martin ratioReturn relative to average drawdown | 24.40 | 18.03 | +6.37 |
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Drawdowns
PWV vs. PRF - Drawdown Comparison
The maximum PWV drawdown since its inception was -49.04%, smaller than the maximum PRF drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for PWV and PRF.
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Drawdown Indicators
| PWV | PRF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.04% | -60.35% | +11.31% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -6.59% | +2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -15.82% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -16.36% | -19.72% | +3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -37.67% | -38.16% | +0.49% |
Current DrawdownCurrent decline from peak | -0.33% | -0.13% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -6.90% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.61% | -0.44% |
Volatility
PWV vs. PRF - Volatility Comparison
Invesco Dynamic Large Cap Value ETF (PWV) has a higher volatility of 3.83% compared to Invesco RAFI US 1000 ETF (PRF) at 2.37%. This indicates that PWV's price experiences larger fluctuations and is considered to be riskier than PRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PWV | PRF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.83% | 2.37% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 7.23% | 8.07% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 10.85% | -1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.33% | 15.16% | -0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 17.59% | -0.46% |
PWV vs. PRF - Expense Ratio Comparison
PWV has a 0.58% expense ratio, which is higher than PRF's 0.34% expense ratio.
Dividends
PWV vs. PRF - Dividend Comparison
PWV's dividend yield for the trailing twelve months is around 1.69%, more than PRF's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRF Invesco RAFI US 1000 ETF | 1.36% | 1.59% | 1.78% | 1.84% | 2.01% | 1.58% | 1.97% | 1.99% | 2.25% | 1.58% | 2.17% | 2.25% |
PWV Invesco Dynamic Large Cap Value ETF | 1.69% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
PWV and PRF have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (3.83%) compared to PRF (2.37%). In terms of maximum drawdown, PWV dropped -49.04% vs PRF's -60.35%.
On 10-year performance, PRF leads with 13.51% vs 11.97% for PWV. On fees, PRF is cheaper at 0.34% per year. On volatility, PRF has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PRF has performed better with a 13.51% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PRF is cheaper with a 0.34% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.69%, compared with 1.36% for PRF.
PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX), while PRF tracks RAFI Fundamental Select US 1000 Index. Their fees differ too: 0.58% for PWV and 0.34% for PRF.
PWV currently has the higher Sharpe Ratio (2.93 vs 2.68), 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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