PZLV vs. PRF

Last updated Jun 5, 2026

PZLV (Pzena U.S. Large Cap Value ETF) and PRF (Invesco RAFI US 1000 ETF) are both Large Cap Value Equities funds. PZLV is actively managed, while PRF is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. PZLV charges 0.60%/yr vs 0.34%/yr for PRF.

Performance

PZLV vs. PRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena U.S. Large Cap Value ETF (PZLV) and Invesco RAFI US 1000 ETF (PRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PZLV

• 1D: 1.34%
• 1M: 5.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRF

• 1D: 0.75%
• 1M: 3.76%
• YTD: 15.65%
• 6M: 16.07%
• 1Y: 34.38%
• 3Y*: 21.84%
• 5Y*: 12.60%
• 10Y*: 13.66%

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

PZLV vs. PRF - Yearly Performance Comparison

	2026 (YTD)
PZLV Pzena U.S. Large Cap Value ETF	12.17%
PRF Invesco RAFI US 1000 ETF	13.17%

Correlation

The correlation between PZLV and PRF is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026	0.73

Return for Risk

PZLV vs. PRF — Risk / Return Rank

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

PRF

PRF Risk / Return Rank: 91
PRF Sharpe Ratio Rank: 92
PRF Sortino Ratio Rank: 92
PRF Omega Ratio Rank: 91
PRF Calmar Ratio Rank: 89
PRF Martin Ratio Rank: 91

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.

PZLV vs. PRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena U.S. Large Cap Value ETF (PZLV) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	PZLV	PRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.25	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.63	0.48	+6.15

Drawdowns

PZLV vs. PRF - Drawdown Comparison

The maximum PZLV drawdown since its inception was -2.30%, smaller than the maximum PRF drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for PZLV and PRF.

Drawdown Indicators

	PZLV	PRF	Difference
Max Drawdown Largest peak-to-trough decline	-2.30%	-60.35%	+58.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.59%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.16%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.64%	-6.93%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.59%	—

Volatility

Volatility by Period

	PZLV	PRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.20%	10.64%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	15.19%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	17.67%	-3.47%

PZLV vs. PRF - Expense Ratio Comparison

PZLV has a 0.60% expense ratio, which is higher than PRF's 0.34% expense ratio.

Dividends

PZLV vs. PRF - Dividend Comparison

PZLV has not paid dividends to shareholders, while PRF's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRF Invesco RAFI US 1000 ETF	1.37%	1.59%	1.78%	1.84%	2.01%	1.58%	1.97%	1.99%	2.25%	1.58%	2.17%	2.25%
PZLV Pzena U.S. Large Cap Value ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZLV and PRF in my portfolio?

PZLV and PRF have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PZLV or PRF?

On fees, PRF is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZLV or PRF?

PRF is cheaper with a 0.34% expense ratio, compared with 0.60% for PZLV.

Which ETF pays a higher dividend yield, PZLV or PRF?

PRF has the higher dividend yield at 1.37%, compared with 0.00% for PZLV.

What is the main difference between PZLV and PRF?

They also come from different issuers: Pzena and Invesco. Their fees differ too: 0.60% for PZLV and 0.34% for PRF.