USPX vs. RAFE
USPX (Franklin U.S. Equity Index ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - USPX tracks the Morningstar US Target Market Exposure Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, USPX returned 11.91%/yr vs 11.73%/yr for RAFE. Their correlation of 0.86 means they have usually moved in the same direction. USPX charges 0.03%/yr vs 0.30%/yr for RAFE.
Performance
USPX vs. RAFE - Performance Comparison
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Returns By Period
In the year-to-date period, USPX achieves a 11.39% return, which is significantly lower than RAFE's 17.29% return.
USPX
- 1D
- 1.57%
- 1M
- 1.59%
- 6M
- 9.42%
- YTD
- 11.39%
- 1Y
- 22.58%
- 3Y*
- 20.76%
- 5Y*
- 11.91%
- 10Y*
- 12.33%
- ALL TIME*
- 12.60%
RAFE
- 1D
- 0.52%
- 1M
- 1.64%
- 6M
- 14.11%
- YTD
- 17.29%
- 1Y
- 32.43%
- 3Y*
- 19.17%
- 5Y*
- 11.73%
- 10Y*
- —
- ALL TIME*
- 12.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $455.18K | $476.38K | $608.93K | |
| $3.21M | $2.97M | $3.76M |
USPX vs. RAFE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USPX Franklin U.S. Equity Index ETF | 11.39% | 17.78% | 24.97% | 27.07% | -18.88% | 19.53% | 9.72% | 0.87% |
RAFE PIMCO RAFI ESG U.S. ETF | 17.29% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
Correlation
The correlation between USPX and RAFE 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. | 0.84 |
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 USPX and RAFE 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
USPX vs. RAFE — Risk / Return Rank
USPX
RAFE
USPX vs. RAFE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.
| USPX | RAFE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.51 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 4.37 | -1.89 |
| Martin ratioReturn relative to average drawdown | 10.39 | 17.37 | -6.98 |
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Drawdowns
USPX vs. RAFE - Drawdown Comparison
The maximum USPX drawdown since its inception was -31.21%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for USPX and RAFE.
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Drawdown Indicators
| USPX | RAFE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.21% | -35.74% | +4.53% |
Max Drawdown (1Y)Largest decline over 1 year | -9.15% | -7.46% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -19.21% | -16.36% | -2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -24.60% | -24.28% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | -31.21% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.45% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -6.08% | +1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 1.87% | +0.31% |
Volatility
USPX vs. RAFE - Volatility Comparison
Franklin U.S. Equity Index ETF (USPX) has a higher volatility of 3.73% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 2.99%. This indicates that USPX's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USPX | RAFE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 2.99% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 10.32% | 8.71% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 11.39% | +1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 15.05% | +1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 19.27% | -3.29% |
USPX vs. RAFE - Expense Ratio Comparison
USPX has a 0.03% expense ratio, which is lower than RAFE's 0.30% expense ratio.
Dividends
USPX vs. RAFE - Dividend Comparison
USPX's dividend yield for the trailing twelve months is around 1.08%, less than RAFE's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RAFE PIMCO RAFI ESG U.S. ETF | 1.47% | 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 | 1.08% | 1.07% | 1.23% | 1.35% | 2.21% | 2.40% | 2.51% | 3.07% | 2.91% | 2.60% | 4.89% |
Frequently Asked Questions
USPX and RAFE 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 (3.73%) compared to RAFE (2.99%). In terms of maximum drawdown, USPX dropped -31.21% vs RAFE's -35.74%.
On 5-year performance, USPX leads with 11.91% vs 11.73% for RAFE. On fees, USPX is cheaper at 0.03% per year. On volatility, RAFE has been the lower-risk option at 2.99%. 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 11.91% return vs 11.73%. 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 1.47%, compared with 1.08% for USPX.
USPX tracks Morningstar US Target Market Exposure Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: Franklin Templeton and PIMCO. Their fees differ too: 0.03% for USPX and 0.30% for RAFE.
RAFE currently has the higher Sharpe Ratio (2.87 vs 1.75), 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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