COWS vs. PEY

Last updated Jul 14, 2026

COWS (Amplify Cash Flow Dividend Leaders ETF) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds - COWS tracks the Kelly US Cash Flow Dividend Leaders Index while PEY tracks the NASDAQ US Dividend Achievers 50 Index. Both are passively managed. Over the past year, COWS returned 23.16% vs 17.53% for PEY. A 0.77 correlation means they provide meaningful diversification when combined. COWS charges 0.00%/yr vs 0.54%/yr for PEY.

Performance

COWS vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow Dividend Leaders ETF (COWS) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COWS achieves a 12.10% return, which is significantly lower than PEY's 19.77% return.

COWS

• 1D: 0.82%
• 1M: 2.19%
• 6M: 9.67%
• YTD: 12.10%
• 1Y: 23.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEY

• 1D: 0.64%
• 1M: 2.39%
• 6M: 15.42%
• YTD: 19.77%
• 1Y: 17.53%
• 3Y*: 12.29%
• 5Y*: 8.01%
• 10Y*: 8.62%

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

COWS vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
COWS Amplify Cash Flow Dividend Leaders ETF	12.10%	15.29%	11.08%	9.31%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	19.77%	0.56%	5.25%	7.49%

Correlation

The correlation between COWS and PEY is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.77

The correlation between COWS and PEY has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

COWS vs. PEY - Sectors Allocation Comparison

Sectors	COWS	PEY
Technology	25.7%	5.1%
Industrials	18.5%	17.6%
Financial Services	16.7%	22.3%
Consumer Cyclical	9.7%	8.3%
Healthcare	7.7%	6.1%
Energy	7.0%	1.3%
Basic Materials	5.9%	5.4%
Communication Services	4.2%	5.6%
Consumer Defensive	2.5%	16.2%
Utilities	2.3%	11.6%
Real Estate	-	-

Return for Risk

COWS vs. PEY — Risk / Return Rank

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

COWS

COWS Risk / Return Rank: 64
COWS Sharpe Ratio Rank: 53
COWS Sortino Ratio Rank: 56
COWS Omega Ratio Rank: 51
COWS Calmar Ratio Rank: 84
COWS Martin Ratio Rank: 75

PEY

PEY Risk / Return Rank: 45
PEY Sharpe Ratio Rank: 44
PEY Sortino Ratio Rank: 47
PEY Omega Ratio Rank: 40
PEY Calmar Ratio Rank: 50
PEY Martin Ratio Rank: 43

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.

COWS vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow Dividend Leaders ETF (COWS) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). 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.

	COWS	PEY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.25	+0.20
Sortino ratio: Return per unit of downside risk	2.16	1.92	+0.24
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	3.61	1.98	+1.63
Martin ratio: Return relative to average drawdown	10.98	5.55	+5.42

COWS vs. PEY - Sharpe Ratio Comparison

The current COWS Sharpe Ratio is 1.46, which is comparable to the PEY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of COWS and PEY, 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

COWS vs. PEY - Drawdown Comparison

The maximum COWS drawdown since its inception was -24.76%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for COWS and PEY.

Drawdown Indicators

	COWS	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-24.76%	-72.81%	+48.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-8.88%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.55%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.83%	-12.82%	+8.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	3.17%	-1.05%

Volatility

COWS vs. PEY - Volatility Comparison

The current volatility for Amplify Cash Flow Dividend Leaders ETF (COWS) is 3.55%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 4.61%. This indicates that COWS experiences smaller price fluctuations and is considered to be less risky than PEY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COWS	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.61%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	9.65%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	14.06%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	16.38%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	18.87%	-0.19%

COWS vs. PEY - Expense Ratio Comparison

COWS has a 0.00% expense ratio, which is lower than PEY's 0.54% expense ratio.

Dividends

COWS vs. PEY - Dividend Comparison

COWS's dividend yield for the trailing twelve months is around 1.48%, less than PEY's 4.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COWS Amplify Cash Flow Dividend Leaders ETF	1.48%	2.04%	2.08%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.27%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%

Frequently Asked Questions

Can I hold both COWS and PEY in my portfolio?

COWS and PEY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COWS or PEY?

PEY has higher volatility (4.61%) compared to COWS (3.55%). In terms of maximum drawdown, COWS dropped -24.76% vs PEY's -72.81%.

Which ETF is better, COWS or PEY?

On 1-year performance, COWS leads with 23.16% vs 17.53% for PEY. On fees, COWS is cheaper at 0.00% per year. On volatility, COWS has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COWS or PEY?

Over the 1-year period, COWS has performed better with a 23.16% return vs 17.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COWS or PEY?

COWS is cheaper with a 0.00% expense ratio, compared with 0.54% for PEY.

Which ETF pays a higher dividend yield, COWS or PEY?

PEY has the higher dividend yield at 4.27%, compared with 1.48% for COWS.

What is the main difference between COWS and PEY?

COWS tracks Kelly US Cash Flow Dividend Leaders Index, while PEY tracks NASDAQ US Dividend Achievers 50 Index. They also come from different issuers: Amplify and Invesco. Their fees differ too: 0.00% for COWS and 0.54% for PEY.

Which has better risk-adjusted returns?

COWS currently has the higher Sharpe Ratio (1.46 vs 1.25), 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.