PRFZ vs VOOV

PRFZBInvesco RAFI US 1500 Small-Mid ETF

VOOVAVanguard S&P 500 Value ETF

In short

PRFZ Fundamental indexing's small-cap veteran: since 2006, PRFZ has weighted holdings by book value, cash flow, sales and dividends instead of share price. That rulebook costs 0.36% a year, above the typical index wrapper.

VOOV Vanguard takes the S&P 500, sorts it by value traits, and hands you the cheap half: roughly 400 familiar large caps, one published index, seven basis points. A value tilt without leaving the blue-chip universe.

Stated mandate

PRFZ The fund is a passively managed index fund that seeks to track the investment results of its underlying index before fees and expenses.

VOOV The fund seeks to track the performance of the S&P 500 Value Index.

Why people hold it

• PRFZ Weight follows the business, not the ticker tape: book value, cash flow, sales and dividends set position sizes, and the index is rebuilt once a year.invesco.cominvesco.com 2
• Casts a wide net, holding about 1,500 names picked from the companies ranked 1,001 to 2,500 by fundamental size in a 3,000-stock universe.invesco.com
• Trading since 2006 and now a multi-billion-dollar fund, with Research Affiliates itself taking over as index provider in 2025.sec.gov
• Does what the label says: a passive fund that normally keeps at least 90% of assets in its index constituents, and it sits in the stronger half of its peer group.sec.gov

• VOOV Charges 0.07% a year against a 0.45% median for its index-tracker peer group. The value tilt arrives without the usual factor-fund markup.
• No manager discretion. It follows one published benchmark, the S&P 500 Value Index, holding roughly 400 large-cap names most investors already know.vanguard.com
• Running since 2010 and now a multi-billion-dollar fund, it sits among the strongest implementations in its peer group of plain index wrappers.

Worth knowing

• PRFZ The rulebook is not cheap: 0.36% a year, no waiver, above the category norm, against 0.03% for a plain cap-weighted tracker like SCHK.
• Weights reset only at the annual reconstitution, so in between the portfolio drifts with prices like any other index fund.invesco.com
• Sizing by fundamentals tilts toward cheaper, dividend-paying companies, so the fund can behave quite differently from a cap-weighted small-cap index.invesco.comlseg.com

• VOOV SPYV tracks the same S&P 500 Value Index for 0.04%. Same benchmark, thinner fee.
• You own one side of the index. When the growth half of the S&P 500 leads, this fund's path diverges from the headline benchmark.
• Volume is moderate rather than heavy, so spreads can run wider than the busiest large-cap ETFs. Cash comes back quarterly, not monthly.

Full PRFZ profile⁠

Full VOOV profile⁠