ZECP vs. RAFE

Last updated Jun 25, 2026

ZECP (Zacks Earnings Consistent Portfolio ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds. ZECP is actively managed, while RAFE is passively managed. Over the past 3 years, ZECP returned 15.63%/yr vs 19.09%/yr for RAFE. Their correlation of 0.91 suggests significant overlap in exposure. ZECP charges 0.55%/yr vs 0.30%/yr for RAFE.

Performance

ZECP vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zacks Earnings Consistent Portfolio ETF (ZECP) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZECP achieves a 6.73% return, which is significantly lower than RAFE's 13.50% return.

ZECP

• 1D: 0.08%
• 1M: 0.13%
• YTD: 6.73%
• 6M: 5.35%
• 1Y: 18.92%
• 3Y*: 15.63%
• 5Y*: —
• 10Y*: —

RAFE

• 1D: 0.04%
• 1M: 2.27%
• YTD: 13.50%
• 6M: 12.30%
• 1Y: 28.30%
• 3Y*: 19.09%
• 5Y*: 11.13%
• 10Y*: —

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

ZECP vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZECP Zacks Earnings Consistent Portfolio ETF	6.73%	15.03%	17.32%	13.88%	-13.41%	7.62%
RAFE PIMCO RAFI ESG U.S. ETF	13.50%	17.60%	13.81%	18.80%	-13.76%	6.04%

Correlation

The correlation between ZECP and RAFE is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 24, 2021	0.91

The correlation between ZECP and RAFE has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

ZECP vs. RAFE — Risk / Return Rank

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

ZECP

ZECP Risk / Return Rank: 60
ZECP Sharpe Ratio Rank: 61
ZECP Sortino Ratio Rank: 65
ZECP Omega Ratio Rank: 57
ZECP Calmar Ratio Rank: 52
ZECP Martin Ratio Rank: 65

RAFE

RAFE Risk / Return Rank: 84
RAFE Sharpe Ratio Rank: 86
RAFE Sortino Ratio Rank: 87
RAFE Omega Ratio Rank: 83
RAFE Calmar Ratio Rank: 81
RAFE Martin Ratio Rank: 83

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.

ZECP vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zacks Earnings Consistent Portfolio ETF (ZECP) 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.

	ZECP	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.48	-0.71
Sortino ratio: Return per unit of downside risk	2.63	3.46	-0.84
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	2.28	3.81	-1.53
Martin ratio: Return relative to average drawdown	10.37	14.74	-4.37

ZECP vs. RAFE - Sharpe Ratio Comparison

The current ZECP Sharpe Ratio is 1.77, which is comparable to the RAFE Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ZECP and RAFE, 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

ZECP vs. RAFE - Drawdown Comparison

The maximum ZECP drawdown since its inception was -21.86%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for ZECP and RAFE.

Drawdown Indicators

	ZECP	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-35.74%	+13.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-7.46%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.36%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.28%	—
Current Drawdown Current decline from peak	-1.32%	-1.21%	-0.11%
Average Drawdown Average peak-to-trough decline	-5.45%	-6.17%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.93%	-0.10%

Volatility

ZECP vs. RAFE - Volatility Comparison

The current volatility for Zacks Earnings Consistent Portfolio ETF (ZECP) is 3.19%, while PIMCO RAFI ESG U.S. ETF (RAFE) has a volatility of 3.71%. This indicates that ZECP experiences smaller price fluctuations and is considered to be less risky than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZECP	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.71%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	8.70%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	11.51%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	15.10%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	19.39%	-4.77%

ZECP vs. RAFE - Expense Ratio Comparison

ZECP has a 0.55% expense ratio, which is higher than RAFE's 0.30% expense ratio.

Dividends

ZECP vs. RAFE - Dividend Comparison

ZECP's dividend yield for the trailing twelve months is around 0.74%, less than RAFE's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
RAFE PIMCO RAFI ESG U.S. ETF	1.50%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%
ZECP Zacks Earnings Consistent Portfolio ETF	0.74%	0.79%	0.63%	0.73%	0.91%	0.11%	0.00%

Frequently Asked Questions

Can I hold both ZECP and RAFE in my portfolio?

ZECP and RAFE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZECP or RAFE?

RAFE has higher volatility (3.71%) compared to ZECP (3.19%). In terms of maximum drawdown, ZECP dropped -21.86% vs RAFE's -35.74%.

Which ETF is better, ZECP or RAFE?

On 3-year performance, RAFE leads with 19.09% vs 15.63% for ZECP. On fees, RAFE is cheaper at 0.30% per year. On volatility, ZECP has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZECP or RAFE?

Over the 3-year period, RAFE has performed better with a 19.09% return vs 15.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZECP or RAFE?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.55% for ZECP.

Which ETF pays a higher dividend yield, ZECP or RAFE?

RAFE has the higher dividend yield at 1.50%, compared with 0.74% for ZECP.

What is the main difference between ZECP and RAFE?

They also come from different issuers: Zacks and PIMCO. Their fees differ too: 0.55% for ZECP and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.48 vs 1.77), 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.