RAFE vs. USPX
RAFE (PIMCO RAFI ESG U.S. ETF) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - RAFE tracks the RAFI ESG US Index while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 5 years, RAFE returned 11.54%/yr vs 11.75%/yr for USPX. Their correlation of 0.86 means they have usually moved in the same direction. RAFE charges 0.30%/yr vs 0.03%/yr for USPX.
Performance
RAFE vs. USPX - Performance Comparison
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Returns By Period
In the year-to-date period, RAFE achieves a 16.68% return, which is significantly higher than USPX's 9.67% return.
RAFE
- 1D
- -0.31%
- 1M
- 1.12%
- 6M
- 14.64%
- YTD
- 16.68%
- 1Y
- 31.75%
- 3Y*
- 18.09%
- 5Y*
- 11.54%
- 10Y*
- —
- ALL TIME*
- 12.67%
USPX
- 1D
- 0.59%
- 1M
- 0.02%
- 6M
- 8.24%
- YTD
- 9.67%
- 1Y
- 20.68%
- 3Y*
- 19.24%
- 5Y*
- 11.75%
- 10Y*
- 12.14%
- ALL TIME*
- 12.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $564.44K | $467.39K | $607.84K | |
| $3.15M | $2.94M | $3.73M |
RAFE vs. USPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RAFE PIMCO RAFI ESG U.S. ETF | 16.68% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
USPX Franklin U.S. Equity Index ETF | 9.67% | 17.78% | 24.97% | 27.07% | -18.88% | 19.53% | 9.72% | 0.87% |
Correlation
The correlation between RAFE and USPX is 0.78, 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. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019 | 0.86 |
The correlation between RAFE and USPX shifts across timeframes, from 0.78 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
RAFE vs. USPX — Risk / Return Rank
RAFE
USPX
RAFE vs. USPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) and Franklin U.S. Equity Index ETF (USPX). 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.
| RAFE | USPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.26 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 2.04 | +2.05 |
| Martin ratioReturn relative to average drawdown | 16.26 | 8.56 | +7.69 |
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Drawdowns
RAFE vs. USPX - Drawdown Comparison
The maximum RAFE drawdown since its inception was -35.74%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for RAFE and USPX.
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Drawdown Indicators
| RAFE | USPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.74% | -31.21% | -4.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.46% | -9.15% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -19.21% | +2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -24.28% | -24.60% | +0.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.21% | — |
Current DrawdownCurrent decline from peak | -0.96% | -1.63% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -6.08% | -4.40% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 2.18% | -0.31% |
Volatility
RAFE vs. USPX - Volatility Comparison
The current volatility for PIMCO RAFI ESG U.S. ETF (RAFE) is 3.01%, while Franklin U.S. Equity Index ETF (USPX) has a volatility of 3.39%. This indicates that RAFE experiences smaller price fluctuations and is considered to be less risky than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RAFE | USPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 3.39% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.70% | 10.23% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 13.02% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.05% | 16.30% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.27% | 15.97% | +3.30% |
RAFE vs. USPX - Expense Ratio Comparison
RAFE has a 0.30% expense ratio, which is higher than USPX's 0.03% expense ratio.
Dividends
RAFE vs. USPX - Dividend Comparison
RAFE's dividend yield for the trailing twelve months is around 1.48%, more than USPX's 1.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RAFE PIMCO RAFI ESG U.S. ETF | 1.48% | 1.67% | 1.79% | 1.81% | 2.22% | 1.42% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% |
USPX Franklin U.S. Equity Index ETF | 1.09% | 1.07% | 1.23% | 1.35% | 2.21% | 2.40% | 2.51% | 3.07% | 2.91% | 2.60% | 4.89% |
Frequently Asked Questions
RAFE and USPX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USPX has higher volatility (3.39%) compared to RAFE (3.01%). In terms of maximum drawdown, RAFE dropped -35.74% vs USPX's -31.21%.
On 5-year performance, USPX leads with 11.75% vs 11.54% for RAFE. On fees, USPX is cheaper at 0.03% per year. On volatility, RAFE has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USPX has performed better with a 11.75% return vs 11.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USPX is cheaper with a 0.03% expense ratio, compared with 0.30% for RAFE.
RAFE has the higher dividend yield at 1.48%, compared with 1.09% for USPX.
RAFE tracks RAFI ESG US Index, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: PIMCO and Franklin Templeton. Their fees differ too: 0.30% for RAFE and 0.03% for USPX.
RAFE currently has the higher Sharpe Ratio (2.67 vs 1.44), 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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