PRF vs SPY
Invesco RAFI US 1000 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PRF or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. PRF led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. PRF is less concentrated, with 22.6% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PRF | SPY |
|---|---|---|
| Expense Ratio | 0.34% | 0.09%Best |
| AUM | $10.0B | $804.7B |
| Dividend Yield | 1.33% | 0.98% |
| Holdings | 1,003 | 505 |
| YTD Return | +18.54%Best | +12.22% |
| 1Y Return | +25.55%Best | +16.97% |
| 3Y Return (annualized) | +20.89% | +21.16%Best |
| 5Y Return (annualized) | +13.54%Best | +13.00% |
| Volatility (annualized) | 16.6% | 15.1%Best |
| Max Drawdown | -61.6% | -56.5%Best |
| $10,000 over 5 years | $18,869Best | $18,424 |
| Top 10 Weight | 22.6%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 19, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 19, 2005 to Sep 17, 2026 (20.7 years).
PRF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.7 years both funds cover.
PRF vs SPY Performance
Invesco RAFI US 1000 ETF (PRF) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PRF returned +25.55% while SPY returned +16.97%. Year to date, PRF is up 18.54% versus a gain of 12.22% for SPY.
Over three years, PRF compounded at +20.89% per year against +21.16% for SPY; over five years the annualized figures are +13.54% and +13.00% respectively. Across the full 21-year window we track, SPY has the edge at +9.47% annualized vs +9.18%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PRF has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.1% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -61.6% for PRF and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PRF charges 0.34% per year while SPY charges 0.09%. On a $10,000 position that is $34 vs $9 annually, a gap of $25 per year that compounds over a long holding period. On income, PRF currently yields 1.33% against 0.98% for SPY.
Holdings Overlap
87.0% of PRF's money is in holdings SPY also owns. 94.1% of SPY's money is in holdings PRF also owns.
Most of SPY is already inside PRF. Owning both mostly buys the same companies twice.
458 positions in common, counted across the 905 positions we hold weights for in PRF and 504 in SPY, against full books of 1,003 and 505.
What only one of them owns
Our book lists 43 positions for SPY that do not appear in our book for PRF (5.4% of the fund), and 422 for PRF that do not appear in SPY (9.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PRF | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 4.37% | 7.26% | 2.89% |
| NVDANvidia Corp | 0.64% | 8.01% | 7.37% |
| MSFTMicrosoft Corp | 2.82% | 5.66% | 2.84% |
| GOOGLAlphabet Inc,class A | 3.42% | 2.99% | 0.43% |
| AMZNAmazon.Com Inc | 2.19% | 3.79% | 1.60% |
| METAMeta Platforms Inc | 1.39% | 1.93% | 0.54% |
| AVGOBroadcom Inc | 0.52% | 2.66% | 2.14% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.76% | 1.40% | 0.36% |
| JPMJpmorgan Chase | 1.70% | 1.45% | 0.25% |
| XOMExxon Mobil Corp. | 1.90% | 1.04% | 0.86% |
94.1% of SPY is already inside PRF.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PRF or SPY?
PRF has an expense ratio of 0.34% while SPY charges 0.09%. SPY is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, PRF or SPY?
Over the past year PRF returned +25.55% vs +16.97% for SPY, so PRF leads on 1-year performance. Over the longest common window we track (21 years), PRF annualized +9.18% vs +9.47% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PRF or SPY?
PRF has been the more volatile fund at 16.6% annualized versus 15.1% for SPY. Worst drawdown: PRF -61.6% vs SPY -56.5%.
Should I hold both PRF and SPY?
PRF and SPY have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between PRF and SPY?
94.1% of SPY's money is in holdings PRF also owns. 94.1% of SPY's is in holdings PRF also owns. They hold 458 positions in common, counted across the 905 positions we hold weights for in PRF and 504 in SPY.
Which pays a higher dividend, PRF or SPY?
PRF yields 1.33% while SPY yields 0.98%, so PRF currently pays the higher dividend yield.
Is SPY better than PRF?
SPY has a lower expense ratio. PRF led over 1Y and 5Y, SPY over 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. PRF is less concentrated, with 22.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.