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VIOO vs. PRFZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. PRFZ

Last updated Jun 9, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and PRFZ (Invesco FTSE RAFI US 1500 Small-Mid ETF) are both Small Cap Blend Equities funds - VIOO tracks the S&P SmallCap 600 Index while PRFZ tracks the FTSE RAFI US 1500 Small-Mid Index. Both are passively managed. Over the past 10 years, VIOO returned 10.63%/yr vs 11.40%/yr for PRFZ. With a 0.95 correlation, they move nearly in lockstep. VIOO charges 0.07%/yr vs 0.39%/yr for PRFZ.

Performance

VIOO vs. PRFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) and Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIOO achieves a 15.44% return, which is significantly higher than PRFZ's 11.74% return. Over the past 10 years, VIOO has underperformed PRFZ with an annualized return of 10.63%, while PRFZ has yielded a comparatively higher 11.40% annualized return.

VIOO

1D
0.60%
1M
0.16%
YTD
15.44%
6M
15.12%
1Y
30.51%
3Y*
13.80%
5Y*
5.39%
10Y*
10.63%

PRFZ

1D
0.67%
1M
-0.33%
YTD
11.74%
6M
10.40%
1Y
28.88%
3Y*
16.18%
5Y*
7.48%
10Y*
11.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIOO vs. PRFZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOO
Vanguard S&P Small-Cap 600 ETF		15.44%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		11.74%11.26%12.68%20.21%-16.29%28.26%11.84%21.91%-11.43%13.82%

Correlation

The correlation between VIOO and PRFZ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.97

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 10, 2010

0.95

The correlation between VIOO and PRFZ has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

VIOO vs. PRFZ - Sectors Allocation Comparison

Sectors
VIOO
PRFZ

Financial Services

16.9%
13.3%

Industrials

15.5%
16.7%

Technology

15.5%
20.8%

Consumer Cyclical

13.4%
10.4%

Healthcare

11.0%
16.4%

Real Estate

7.7%
6.7%

Energy

5.9%
5.4%

Basic Materials

5.1%
3.3%

Communication Services

3.6%
2.7%

Consumer Defensive

3.5%
2.5%

Utilities

2.0%
1.5%

Financial Services

VIOO
16.9%
PRFZ
13.3%

Industrials

VIOO
15.5%
PRFZ
16.7%

Technology

VIOO
15.5%
PRFZ
20.8%

Consumer Cyclical

VIOO
13.4%
PRFZ
10.4%

Healthcare

VIOO
11.0%
PRFZ
16.4%

Real Estate

VIOO
7.7%
PRFZ
6.7%

Energy

VIOO
5.9%
PRFZ
5.4%

Basic Materials

VIOO
5.1%
PRFZ
3.3%

Communication Services

VIOO
3.6%
PRFZ
2.7%

Consumer Defensive

VIOO
3.5%
PRFZ
2.5%

Utilities

VIOO
2.0%
PRFZ
1.5%

Compare stocks, funds, or ETFs

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

Vanguard S&P Small-Cap 600 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG
Often compared with PRFZ:
PRFZ vs. BSMIXPRFZ vs. FVPRFZ vs. FNDAPRFZ vs. RWKPRFZ vs. PWBPRFZ vs. VOOPRFZ vs. SCHA

Return for Risk

VIOO vs. PRFZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIOO
VIOO Risk / Return Rank: 6363
Overall Rank
VIOO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6060
Sortino Ratio Rank
VIOO Omega Ratio Rank: 5353
Omega Ratio Rank
VIOO Calmar Ratio Rank: 7676
Calmar Ratio Rank
VIOO Martin Ratio Rank: 6969
Martin Ratio Rank
PRFZ
PRFZ Risk / Return Rank: 5555
Overall Rank
PRFZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
PRFZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
PRFZ Omega Ratio Rank: 4848
Omega Ratio Rank
PRFZ Calmar Ratio Rank: 6262
Calmar Ratio Rank
PRFZ Martin Ratio Rank: 6060
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.

VIOO vs. PRFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.

VIOOPRFZDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.60

+0.14

Sortino ratioReturn per unit of downside risk
2.53
2.31

+0.22

Omega ratioGain probability vs. loss probability

1.30

1.27

+0.03

Calmar ratioReturn relative to maximum drawdown

3.49

2.79

+0.70

Martin ratioReturn relative to average drawdown

11.68

9.60

+2.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOO vs. PRFZ - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.74, which is comparable to the PRFZ Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of VIOO 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.

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Sharpe Ratios by Period

VIOOPRFZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.60

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.35

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.51

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.40

+0.17

Drawdowns

VIOO vs. PRFZ - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum PRFZ drawdown of -62.41%. Use the drawdown chart below to compare losses from any high point for VIOO and PRFZ.

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Drawdown Indicators

VIOOPRFZDifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

-62.41%

+18.26%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

-10.38%

+1.61%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-26.54%

-1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-26.58%

-1.35%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

-44.28%

+0.13%

Current Drawdown

Current decline from peak

-1.13%

-2.27%

+1.14%

Average Drawdown

Average peak-to-trough decline

-7.33%

-9.42%

+2.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.62%

3.02%

-0.40%

Volatility

VIOO vs. PRFZ - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 ETF (VIOO) is 4.63%, while Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) has a volatility of 5.34%. This indicates that VIOO 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.

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Volatility by Period

VIOOPRFZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.63%

5.34%

-0.71%

Volatility (6M)

Calculated over the trailing 6-month period

11.84%

12.69%

-0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

17.66%

18.16%

-0.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.41%

21.35%

+0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.00%

22.47%

+0.53%

VIOO vs. PRFZ - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than PRFZ's 0.39% expense ratio.

Dividends

VIOO vs. PRFZ - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.18%, more than PRFZ's 0.85% yield.

PositionTTM20252024202320222021202020192018201720162015
PRFZ
Invesco FTSE RAFI US 1500 Small-Mid ETF		0.85%0.82%1.45%1.42%1.33%0.93%0.91%1.29%1.37%0.97%1.31%1.39%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.18%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%

Frequently Asked Questions

With a correlation of 0.96, VIOO and PRFZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

PRFZ has higher volatility (5.34%) compared to VIOO (4.63%). In terms of maximum drawdown, VIOO dropped -44.15% vs PRFZ's -62.41%.

On 10-year performance, PRFZ leads with 11.40% vs 10.63% for VIOO. On fees, VIOO is cheaper at 0.07% per year. On volatility, VIOO has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PRFZ has performed better with a 11.40% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOO is cheaper with a 0.07% expense ratio, compared with 0.39% for PRFZ.

VIOO has the higher dividend yield at 1.18%, compared with 0.85% for PRFZ.

VIOO tracks S&P SmallCap 600 Index, while PRFZ tracks FTSE RAFI US 1500 Small-Mid Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VIOO and 0.39% for PRFZ.

VIOO currently has the higher Sharpe Ratio (1.74 vs 1.60), 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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