PRF vs SPY
PRF vs SPY
Invesco RAFI US 1000 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. PRF delivered stronger 1-year returns. PRF offers more diversification with 893 holdings.
Side-by-Side Comparison
| Metric | PRF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.34% | 0.09% | |
| AUM | $9.8B | $789.1B | |
| Dividend Yield | 1.37% | 1.01% | |
| Holdings | 1,004 | 505 | |
| YTD Return | +18.48% | +13.10% | |
| 1Y Return | +32.83% | +22.80% | |
| 3Y Return (annualized) | +20.13% | +20.98% | |
| 5Y Return (annualized) | +13.32% | +13.20% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -61.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 19, 2005 | Jan 22, 1993 |
PRF vs SPY Performance
Invesco RAFI US 1000 ETF (PRF) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PRF returned +32.83% while SPY returned +22.80%. Year to date, PRF is up 18.48% versus a gain of 13.10% for SPY.
Over three years, PRF compounded at +20.13% per year against +20.98% for SPY; over five years the annualized figures are +13.32% and +13.20% respectively. Across the full 21-year window we track, PRF has the edge at +9.24% annualized vs +8.83%. 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 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 1.37% against 1.01% for SPY.
Holdings Overlap
PRF and SPY share 451 holdings out of 945 unique holdings combined, representing a 60.2% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in PRF | Weight in SPY | Difference |
|---|---|---|---|
| AAPL | 4.01% | 7.09% | 3.08% |
| NVDA | 0.59% | 7.31% | 6.72% |
| GOOGL | 3.68% | 3.32% | 0.36% |
| MSFT | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| INTC | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| JPM:US | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings PRF shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $25 per year of difference.
Which performed better, PRF or SPY?
Over the past year PRF returned +32.83% vs +22.80% for SPY, so PRF leads on 1-year performance. Over the longest common window we track (21 years), PRF annualized +9.24% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, PRF or SPY?
PRF has been the more volatile fund at 16.6% annualized versus 15.3% 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. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between PRF and SPY?
PRF and SPY share 451 common holdings with a 60.2% weight overlap. Combined, they hold 945 unique securities.
Which pays a higher dividend, PRF or SPY?
PRF yields 1.37% while SPY yields 1.01%, so PRF currently pays the higher dividend yield.
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