ZIG vs. RAFE

Last updated Jun 25, 2026

ZIG (Acquirers Fund) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds - ZIG tracks the Acquirer's Index while RAFE tracks the RAFI ESG US Index. Both are passively managed. Over the past 5 years, ZIG returned 9.46%/yr vs 11.13%/yr for RAFE. A 0.77 correlation means they provide meaningful diversification when combined. ZIG charges 1.85%/yr vs 0.30%/yr for RAFE.

Performance

ZIG vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Acquirers Fund (ZIG) 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, ZIG achieves a 7.73% return, which is significantly lower than RAFE's 13.50% return.

ZIG

• 1D: 0.83%
• 1M: -1.03%
• YTD: 7.73%
• 6M: 6.09%
• 1Y: 13.49%
• 3Y*: 12.73%
• 5Y*: 9.46%
• 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)

ZIG vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZIG Acquirers Fund	7.73%	-2.67%	11.34%	36.70%	-17.34%	37.38%	-15.76%	-0.41%
RAFE PIMCO RAFI ESG U.S. ETF	13.50%	17.60%	13.81%	18.80%	-13.76%	30.16%	5.29%	0.43%

Correlation

The correlation between ZIG and RAFE is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019	0.77

The correlation between ZIG and RAFE shifts across timeframes, from 0.65 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZIG vs. RAFE — Risk / Return Rank

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

ZIG

ZIG Risk / Return Rank: 24
ZIG Sharpe Ratio Rank: 23
ZIG Sortino Ratio Rank: 25
ZIG Omega Ratio Rank: 22
ZIG Calmar Ratio Rank: 24
ZIG Martin Ratio Rank: 26

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.

ZIG vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Acquirers Fund (ZIG) 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.

	ZIG	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.48	-1.73
Sortino ratio: Return per unit of downside risk	1.30	3.46	-2.16
Omega ratio: Gain probability vs. loss probability	1.14	1.44	-0.30
Calmar ratio: Return relative to maximum drawdown	1.09	3.81	-2.72
Martin ratio: Return relative to average drawdown	3.25	14.74	-11.49

ZIG vs. RAFE - Sharpe Ratio Comparison

The current ZIG Sharpe Ratio is 0.75, which is lower than the RAFE Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of ZIG 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

ZIG vs. RAFE - Drawdown Comparison

The maximum ZIG drawdown since its inception was -37.14%, roughly equal to the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for ZIG and RAFE.

Drawdown Indicators

	ZIG	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-37.14%	-35.74%	-1.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-7.46%	-4.92%
Max Drawdown (3Y) Largest decline over 3 years	-29.75%	-16.36%	-13.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.75%	-24.28%	-5.47%
Current Drawdown Current decline from peak	-6.45%	-1.21%	-5.24%
Average Drawdown Average peak-to-trough decline	-9.71%	-6.17%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.93%	+2.24%

Volatility

ZIG vs. RAFE - Volatility Comparison

Acquirers Fund (ZIG) and PIMCO RAFI ESG U.S. ETF (RAFE) have volatilities of 3.54% and 3.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZIG	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.71%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	8.70%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	11.51%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	15.10%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.08%	19.39%	+2.69%

ZIG vs. RAFE - Expense Ratio Comparison

ZIG has a 1.85% expense ratio, which is higher than RAFE's 0.30% expense ratio.

Dividends

ZIG vs. RAFE - Dividend Comparison

ZIG's dividend yield for the trailing twelve months is around 1.77%, more 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%
ZIG Acquirers Fund	1.77%	1.91%	1.96%	1.07%	1.26%	0.18%	0.18%

Frequently Asked Questions

Can I hold both ZIG and RAFE in my portfolio?

ZIG and RAFE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZIG or RAFE?

RAFE has higher volatility (3.71%) compared to ZIG (3.54%). In terms of maximum drawdown, ZIG dropped -37.14% vs RAFE's -35.74%.

Which ETF is better, ZIG or RAFE?

On 5-year performance, RAFE leads with 11.13% vs 9.46% for ZIG. On fees, RAFE is cheaper at 0.30% per year. On volatility, ZIG has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZIG or RAFE?

Over the 5-year period, RAFE has performed better with a 11.13% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZIG or RAFE?

RAFE is cheaper with a 0.30% expense ratio, compared with 1.85% for ZIG.

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

ZIG has the higher dividend yield at 1.77%, compared with 1.50% for RAFE.

What is the main difference between ZIG and RAFE?

ZIG tracks Acquirer's Index, while RAFE tracks RAFI ESG US Index. They also come from different issuers: Acquirers Funds and PIMCO. Their fees differ too: 1.85% for ZIG and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.48 vs 0.75), 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.