RWK vs. PRFZ

Last updated Jun 23, 2026

RWK (Invesco S&P MidCap 400 Revenue ETF) and PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) are both Small Cap Blend Equities funds from Invesco - RWK tracks the S&P MidCap 400 Revenue-Weighted Index while PRFZ tracks the FTSE RAFI US 1500 Small-Mid Index. Both are passively managed. Over the past 10 years, RWK returned 13.16%/yr vs 12.21%/yr for PRFZ. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

RWK vs. PRFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 Revenue ETF (RWK) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWK achieves a 14.32% return, which is significantly lower than PRFZ's 16.56% return. Over the past 10 years, RWK has outperformed PRFZ with an annualized return of 13.16%, while PRFZ has yielded a comparatively lower 12.21% annualized return.

RWK

• 1D: -0.04%
• 1M: 3.93%
• YTD: 14.32%
• 6M: 11.91%
• 1Y: 28.00%
• 3Y*: 17.62%
• 5Y*: 11.68%
• 10Y*: 13.16%

PRFZ

• 1D: 0.11%
• 1M: 4.27%
• YTD: 16.56%
• 6M: 13.40%
• 1Y: 36.25%
• 3Y*: 18.70%
• 5Y*: 8.61%
• 10Y*: 12.21%

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

RWK vs. PRFZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWK Invesco S&P MidCap 400 Revenue ETF	14.32%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	16.56%	11.26%	12.68%	20.21%	-16.29%	28.26%	11.84%	21.91%	-11.43%	13.82%

Correlation

The correlation between RWK and PRFZ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 22, 2008	0.91

The correlation between RWK and PRFZ has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

RWK vs. PRFZ - Sectors Allocation Comparison

Sectors	RWK	PRFZ
Industrials	22.1%	16.6%
Consumer Cyclical	20.4%	10.8%
Technology	16.1%	19.6%
Financial Services	12.1%	13.2%
Consumer Defensive	10.4%	2.8%
Energy	5.0%	5.0%
Basic Materials	4.9%	3.5%
Healthcare	4.2%	16.8%
Real Estate	2.6%	7.2%
Utilities	1.6%	1.5%
Communication Services	0.7%	2.9%

Return for Risk

RWK vs. PRFZ — Risk / Return Rank

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

RWK

RWK Risk / Return Rank: 50
RWK Sharpe Ratio Rank: 50
RWK Sortino Ratio Rank: 54
RWK Omega Ratio Rank: 47
RWK Calmar Ratio Rank: 52
RWK Martin Ratio Rank: 49

PRFZ

PRFZ Risk / Return Rank: 64
PRFZ Sharpe Ratio Rank: 62
PRFZ Sortino Ratio Rank: 63
PRFZ Omega Ratio Rank: 55
PRFZ Calmar Ratio Rank: 71
PRFZ Martin Ratio Rank: 68

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.

RWK vs. PRFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 Revenue ETF (RWK) 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.

	RWK	PRFZ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.99	-0.32
Sortino ratio: Return per unit of downside risk	2.51	2.82	-0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.53	3.51	-0.98
Martin ratio: Return relative to average drawdown	8.11	12.08	-3.97

RWK vs. PRFZ - Sharpe Ratio Comparison

The current RWK Sharpe Ratio is 1.67, which is comparable to the PRFZ Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of RWK and PRFZ, 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

RWK vs. PRFZ - Drawdown Comparison

The maximum RWK drawdown since its inception was -56.49%, smaller than the maximum PRFZ drawdown of -62.41%. Use the drawdown chart below to compare losses from any high point for RWK and PRFZ.

Drawdown Indicators

	RWK	PRFZ	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-62.41%	+5.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-10.38%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-26.54%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-26.58%	+2.00%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-44.28%	-1.92%
Current Drawdown Current decline from peak	-1.45%	0.00%	-1.45%
Average Drawdown Average peak-to-trough decline	-7.53%	-9.40%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	3.01%	+0.45%

Volatility

RWK vs. PRFZ - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 Revenue ETF (RWK) is 4.32%, while Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a volatility of 5.52%. This indicates that RWK experiences smaller price fluctuations and is considered to be less risky than PRFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWK	PRFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	5.52%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	12.96%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	18.32%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	21.35%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	22.48%	+0.49%

RWK vs. PRFZ - Expense Ratio Comparison

Both RWK and PRFZ have an expense ratio of 0.39%.

Dividends

RWK vs. PRFZ - Dividend Comparison

RWK's dividend yield for the trailing twelve months is around 1.36%, more than PRFZ's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF	1.01%	0.82%	1.45%	1.42%	1.33%	0.93%	0.91%	1.29%	1.37%	0.97%	1.31%	1.39%
RWK Invesco S&P MidCap 400 Revenue ETF	1.36%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%

Frequently Asked Questions

Can I hold both RWK and PRFZ in my portfolio?

RWK and PRFZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWK or PRFZ?

PRFZ has higher volatility (5.52%) compared to RWK (4.32%). In terms of maximum drawdown, RWK dropped -56.49% vs PRFZ's -62.41%.

Which ETF is better, RWK or PRFZ?

On 10-year performance, RWK leads with 13.16% vs 12.21% for PRFZ. Both ETFs have the same 0.39% expense ratio. On volatility, RWK has been the lower-risk option at 4.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWK or PRFZ?

Over the 10-year period, RWK has performed better with a 13.16% return vs 12.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWK or PRFZ?

RWK and PRFZ have the same expense ratio: 0.39% per year.

Which ETF pays a higher dividend yield, RWK or PRFZ?

RWK has the higher dividend yield at 1.36%, compared with 1.01% for PRFZ.

What is the main difference between RWK and PRFZ?

RWK tracks S&P MidCap 400 Revenue-Weighted Index, while PRFZ tracks FTSE RAFI US 1500 Small-Mid Index.

Which has better risk-adjusted returns?

PRFZ currently has the higher Sharpe Ratio (1.99 vs 1.67), 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.