RPV vs. RFV

Last updated Jun 24, 2026

RPV (Invesco S&P 500® Pure Value ETF) and RFV (Invesco S&P MidCap 400® Pure Value ETF) are both exchange-traded funds - RPV is a Large Cap Value Equities fund tracking the S&P 500/Citigroup Pure Value Index, while RFV is a Small Cap Value Equities fund tracking the S&P Mid Cap 400 Pure Value. Both are passively managed. Over the past 10 years, RPV returned 11.14%/yr vs 12.72%/yr for RFV. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

RPV vs. RFV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® Pure Value ETF (RPV) and Invesco S&P MidCap 400® Pure Value ETF (RFV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPV achieves a 10.84% return, which is significantly lower than RFV's 12.16% return. Over the past 10 years, RPV has underperformed RFV with an annualized return of 11.14%, while RFV has yielded a comparatively higher 12.72% annualized return.

RPV

• 1D: 0.43%
• 1M: 0.99%
• YTD: 10.84%
• 6M: 10.96%
• 1Y: 25.73%
• 3Y*: 17.60%
• 5Y*: 10.53%
• 10Y*: 11.14%

RFV

• 1D: -0.25%
• 1M: 2.83%
• YTD: 12.16%
• 6M: 11.00%
• 1Y: 21.60%
• 3Y*: 15.04%
• 5Y*: 10.82%
• 10Y*: 12.72%

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

RPV vs. RFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPV Invesco S&P 500® Pure Value ETF	10.84%	17.70%	12.41%	7.98%	-1.27%	34.22%	-8.69%	24.80%	-12.31%	17.30%
RFV Invesco S&P MidCap 400® Pure Value ETF	12.16%	7.66%	5.63%	30.26%	-3.99%	33.02%	9.61%	24.98%	-18.56%	14.74%

Correlation

The correlation between RPV and RFV is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006	0.88

The correlation between RPV and RFV shifts across timeframes, from 0.78 (1 year) to 0.89 (10 years), reflecting how their relationship changes across market environments.

RPV vs. RFV - Sectors Allocation Comparison

Sectors	RPV	RFV
Financial Services	17.4%	17.4%
Healthcare	16.8%	0.6%
Consumer Defensive	14.8%	7.4%
Consumer Cyclical	11.4%	25.5%
Energy	10.0%	12.1%
Basic Materials	8.6%	7.6%
Industrials	6.7%	11.7%
Communication Services	5.5%	-
Utilities	3.9%	-
Technology	3.5%	14.2%
Real Estate	1.6%	3.5%

Return for Risk

RPV vs. RFV — Risk / Return Rank

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

RPV

RPV Risk / Return Rank: 65
RPV Sharpe Ratio Rank: 65
RPV Sortino Ratio Rank: 67
RPV Omega Ratio Rank: 59
RPV Calmar Ratio Rank: 69
RPV Martin Ratio Rank: 66

RFV

RFV Risk / Return Rank: 36
RFV Sharpe Ratio Rank: 35
RFV Sortino Ratio Rank: 38
RFV Omega Ratio Rank: 33
RFV Calmar Ratio Rank: 36
RFV Martin Ratio Rank: 35

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.

RPV vs. RFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® Pure Value ETF (RPV) and Invesco S&P MidCap 400® Pure Value ETF (RFV). 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.

	RPV	RFV	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.20	+0.81
Sortino ratio: Return per unit of downside risk	2.92	1.87	+1.05
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	3.34	1.73	+1.61
Martin ratio: Return relative to average drawdown	11.48	5.10	+6.38

RPV vs. RFV - Sharpe Ratio Comparison

The current RPV Sharpe Ratio is 2.02, which is higher than the RFV Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of RPV and RFV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RPV vs. RFV - Drawdown Comparison

The maximum RPV drawdown since its inception was -75.32%, roughly equal to the maximum RFV drawdown of -71.82%. Use the drawdown chart below to compare losses from any high point for RPV and RFV.

Drawdown Indicators

	RPV	RFV	Difference
Max Drawdown Largest peak-to-trough decline	-75.32%	-71.82%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-12.51%	+4.77%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-24.65%	+9.15%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-24.65%	+2.01%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	-52.24%	+1.57%
Current Drawdown Current decline from peak	-2.85%	-2.86%	+0.01%
Average Drawdown Average peak-to-trough decline	-10.66%	-9.77%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	4.24%	-1.99%

Volatility

RPV vs. RFV - Volatility Comparison

The current volatility for Invesco S&P 500® Pure Value ETF (RPV) is 3.56%, while Invesco S&P MidCap 400® Pure Value ETF (RFV) has a volatility of 4.28%. This indicates that RPV experiences smaller price fluctuations and is considered to be less risky than RFV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPV	RFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	4.28%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	11.90%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	18.02%	-5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.79%	21.98%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.87%	24.94%	-3.07%

RPV vs. RFV - Expense Ratio Comparison

Both RPV and RFV have an expense ratio of 0.35%.

Dividends

RPV vs. RFV - Dividend Comparison

RPV's dividend yield for the trailing twelve months is around 2.40%, more than RFV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFV Invesco S&P MidCap 400® Pure Value ETF	1.70%	2.07%	1.31%	1.27%	2.05%	1.60%	1.52%	1.71%	1.39%	1.36%	0.88%	1.79%
RPV Invesco S&P 500® Pure Value ETF	2.40%	2.50%	2.16%	2.38%	2.29%	1.92%	2.11%	2.28%	2.49%	1.73%	1.73%	2.39%

Frequently Asked Questions

Can I hold both RPV and RFV in my portfolio?

RPV and RFV 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.

Which is riskier, RPV or RFV?

RFV has higher volatility (4.28%) compared to RPV (3.56%). In terms of maximum drawdown, RPV dropped -75.32% vs RFV's -71.82%.

Which ETF is better, RPV or RFV?

On 10-year performance, RFV leads with 12.72% vs 11.14% for RPV. Both ETFs have the same 0.35% expense ratio. On volatility, RPV has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RPV or RFV?

Over the 10-year period, RFV has performed better with a 12.72% return vs 11.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPV or RFV?

RPV and RFV have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, RPV or RFV?

RPV has the higher dividend yield at 2.40%, compared with 1.70% for RFV.

What is the main difference between RPV and RFV?

RPV is categorized as Large Cap Value Equities, while RFV is Small Cap Value Equities. RPV tracks S&P 500/Citigroup Pure Value Index, while RFV tracks S&P Mid Cap 400 Pure Value.

Which has better risk-adjusted returns?

RPV currently has the higher Sharpe Ratio (2.02 vs 1.20), 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.