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SPLV vs. PRF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPLV vs. PRF

Last updated Jun 16, 2026

SPLV (Invesco S&P 500 Low Volatility ETF) and PRF (Invesco RAFI US 1000 ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while PRF is a Large Cap Value Equities fund tracking the RAFI Fundamental Select US 1000 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs 13.94%/yr for PRF. A 0.74 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.34%/yr for PRF.

Performance

SPLV vs. PRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and Invesco RAFI US 1000 ETF (PRF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPLV achieves a 4.85% return, which is significantly lower than PRF's 16.44% return. Over the past 10 years, SPLV has underperformed PRF with an annualized return of 8.33%, while PRF has yielded a comparatively higher 13.94% annualized return.

SPLV

1D
-0.36%
1M
2.76%
YTD
4.85%
6M
4.17%
1Y
4.71%
3Y*
8.01%
5Y*
6.29%
10Y*
8.33%

PRF

1D
0.68%
1M
4.19%
YTD
16.44%
6M
16.00%
1Y
34.32%
3Y*
20.74%
5Y*
13.06%
10Y*
13.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPLV vs. PRF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPLV
Invesco S&P 500 Low Volatility ETF		4.85%4.10%13.93%0.53%-4.88%24.13%-1.39%27.87%-0.19%17.32%
PRF
Invesco RAFI US 1000 ETF		16.44%18.33%16.73%15.72%-7.79%31.12%7.78%27.42%-8.71%16.01%

Correlation

The correlation between SPLV and PRF is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.68

Correlation (All Time)
Calculated using the full available price history since May 5, 2011

0.74

Over the past year, the correlation between SPLV and PRF has dropped to 0.42 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

SPLV vs. PRF - Sectors Allocation Comparison

Sectors
SPLV
PRF

Utilities

24.9%
3.0%

Financial Services

21.3%
15.4%

Real Estate

17.8%
2.4%

Industrials

12.2%
8.9%

Consumer Defensive

9.4%
6.0%

Healthcare

4.0%
12.0%

Consumer Cyclical

4.0%
8.7%

Energy

2.7%
7.9%

Basic Materials

2.1%
3.3%

Technology

0.8%
23.1%

Communication Services

0.8%
9.4%

Utilities

SPLV
24.9%
PRF
3.0%

Financial Services

SPLV
21.3%
PRF
15.4%

Real Estate

SPLV
17.8%
PRF
2.4%

Industrials

SPLV
12.2%
PRF
8.9%

Consumer Defensive

SPLV
9.4%
PRF
6.0%

Healthcare

SPLV
4.0%
PRF
12.0%

Consumer Cyclical

SPLV
4.0%
PRF
8.7%

Energy

SPLV
2.7%
PRF
7.9%

Basic Materials

SPLV
2.1%
PRF
3.3%

Technology

SPLV
0.8%
PRF
23.1%

Communication Services

SPLV
0.8%
PRF
9.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Low Volatility ETF

Invesco RAFI US 1000 ETF

Often compared with SPLV:
SPLV vs. USMVSPLV vs. SPYSPLV vs. SPHBSPLV vs. VOOSPLV vs. SPHDSPLV vs. JEPISPLV vs. DGRW
Often compared with PRF:
PRF vs. SPYPRF vs. VOOPRF vs. RSPPRF vs. PFMPRF vs. VTVPRF vs. SCHDPRF vs. PXF

Return for Risk

SPLV vs. PRF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPLV
SPLV Risk / Return Rank: 1717
Overall Rank
SPLV Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
SPLV Sortino Ratio Rank: 1616
Sortino Ratio Rank
SPLV Omega Ratio Rank: 1515
Omega Ratio Rank
SPLV Calmar Ratio Rank: 1818
Calmar Ratio Rank
SPLV Martin Ratio Rank: 1717
Martin Ratio Rank
PRF
PRF Risk / Return Rank: 9393
Overall Rank
PRF Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
PRF Sortino Ratio Rank: 9494
Sortino Ratio Rank
PRF Omega Ratio Rank: 9393
Omega Ratio Rank
PRF Calmar Ratio Rank: 9191
Calmar Ratio Rank
PRF Martin Ratio Rank: 9393
Martin Ratio Rank
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.

SPLV vs. PRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.

SPLVPRFDifference
Sharpe ratioReturn per unit of total volatility
0.47
3.16

-2.69

Sortino ratioReturn per unit of downside risk
0.73
4.34

-3.60

Omega ratioGain probability vs. loss probability

1.08

1.58

-0.49

Calmar ratioReturn relative to maximum drawdown

0.64

5.23

-4.59

Martin ratioReturn relative to average drawdown

1.50

21.40

-19.90

SPLV vs. PRF - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.47, which is lower than the PRF Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of SPLV and PRF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPLV vs. PRF - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum PRF drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for SPLV and PRF.

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Drawdown Indicators

SPLVPRFDifference

Max Drawdown

Largest peak-to-trough decline

-36.26%

-60.35%

+24.09%

Max Drawdown (1Y)

Largest decline over 1 year

-7.41%

-6.59%

-0.82%

Max Drawdown (3Y)

Largest decline over 3 years

-9.64%

-15.82%

+6.18%

Max Drawdown (5Y)

Largest decline over 5 years

-17.26%

-19.72%

+2.46%

Max Drawdown (10Y)

Largest decline over 10 years

-36.26%

-38.16%

+1.90%

Current Drawdown

Current decline from peak

-3.66%

0.00%

-3.66%

Average Drawdown

Average peak-to-trough decline

-3.55%

-6.92%

+3.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

1.61%

+1.54%

Volatility

SPLV vs. PRF - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to Invesco RAFI US 1000 ETF (PRF) at 3.64%. This indicates that SPLV'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

SPLVPRFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.03%

3.64%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

7.20%

8.18%

-0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

10.08%

10.93%

-0.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.51%

15.24%

-2.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.38%

17.69%

-2.31%

SPLV vs. PRF - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than PRF's 0.34% expense ratio.

Dividends

SPLV vs. PRF - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.15%, more than PRF's 1.36% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPLV
Invesco S&P 500 Low Volatility ETF		2.15%2.04%1.88%2.45%2.11%1.51%2.12%2.08%2.18%2.03%2.03%2.28%

Frequently Asked Questions

SPLV and PRF have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPLV has higher volatility (4.03%) compared to PRF (3.64%). In terms of maximum drawdown, SPLV dropped -36.26% vs PRF's -60.35%.

On 10-year performance, PRF leads with 13.94% vs 8.33% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, PRF has been the lower-risk option at 3.64%. 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 13.94% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPLV is cheaper with a 0.25% expense ratio, compared with 0.34% for PRF.

SPLV has the higher dividend yield at 2.15%, compared with 1.36% for PRF.

SPLV is categorized as S&P 500, while PRF is Large Cap Value Equities. SPLV tracks S&P 500 Low Volatility Index, while PRF tracks RAFI Fundamental Select US 1000 Index. Their fees differ too: 0.25% for SPLV and 0.34% for PRF.

PRF currently has the higher Sharpe Ratio (3.16 vs 0.47), 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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