IWS vs. PEY

Last updated Jul 17, 2026

IWS (iShares Russell Mid-Cap Value ETF) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds - IWS tracks the Russell Midcap Value Index while PEY tracks the NASDAQ US Dividend Achievers 50 Index. Both are passively managed. Over the past 10 years, IWS returned 10.22%/yr vs 8.98%/yr for PEY. Their correlation of 0.86 suggests significant overlap in exposure. IWS charges 0.23%/yr vs 0.54%/yr for PEY.

Performance

IWS vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Mid-Cap Value ETF (IWS) 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, IWS achieves a 19.27% return, which is significantly lower than PEY's 23.74% return. Over the past 10 years, IWS has outperformed PEY with an annualized return of 10.22%, while PEY has yielded a comparatively lower 8.98% annualized return.

IWS

• 1D: 1.13%
• 1M: 2.13%
• 6M: 13.10%
• YTD: 19.27%
• 1Y: 26.94%
• 3Y*: 15.91%
• 5Y*: 10.00%
• 10Y*: 10.22%

PEY

• 1D: 3.10%
• 1M: 7.16%
• 6M: 16.75%
• YTD: 23.74%
• 1Y: 23.22%
• 3Y*: 13.75%
• 5Y*: 8.88%
• 10Y*: 8.98%

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

IWS vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWS iShares Russell Mid-Cap Value ETF	19.27%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	23.74%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Correlation

The correlation between IWS and PEY is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 9, 2004	0.86

The correlation between IWS and PEY shifts across timeframes, from 0.66 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

IWS vs. PEY - Sectors Allocation Comparison

Sectors	IWS	PEY
Technology	18.7%	5.1%
Industrials	16.2%	17.6%
Financial Services	13.7%	22.3%
Consumer Cyclical	8.5%	8.3%
Real Estate	8.3%	-
Healthcare	7.6%	6.1%
Energy	7.4%	1.3%
Utilities	6.6%	11.6%
Basic Materials	5.3%	5.4%
Consumer Defensive	4.7%	16.2%
Communication Services	3.1%	5.6%

Return for Risk

IWS vs. PEY — Risk / Return Rank

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

IWS

IWS Risk / Return Rank: 81
IWS Sharpe Ratio Rank: 79
IWS Sortino Ratio Rank: 81
IWS Omega Ratio Rank: 75
IWS Calmar Ratio Rank: 83
IWS Martin Ratio Rank: 85

PEY

PEY Risk / Return Rank: 61
PEY Sharpe Ratio Rank: 61
PEY Sortino Ratio Rank: 68
PEY Omega Ratio Rank: 55
PEY Calmar Ratio Rank: 65
PEY Martin Ratio Rank: 53

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.

IWS vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Mid-Cap Value ETF (IWS) 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.

	IWS	PEY	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.63	+0.37
Sortino ratio: Return per unit of downside risk	2.89	2.49	+0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	3.59	2.63	+0.97
Martin ratio: Return relative to average drawdown	13.50	7.37	+6.14

IWS vs. PEY - Sharpe Ratio Comparison

The current IWS Sharpe Ratio is 2.01, which is comparable to the PEY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of IWS 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

IWS vs. PEY - Drawdown Comparison

The maximum IWS drawdown since its inception was -62.40%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for IWS and PEY.

Drawdown Indicators

	IWS	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-62.40%	-72.81%	+10.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-8.88%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-20.57%	-17.90%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-17.90%	-3.33%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-41.55%	-2.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.98%	-12.81%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.16%	-1.16%

Volatility

IWS vs. PEY - Volatility Comparison

The current volatility for iShares Russell Mid-Cap Value ETF (IWS) is 3.57%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 5.28%. This indicates that IWS 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

	IWS	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	5.28%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	10.09%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	14.28%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	16.44%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	18.89%	+0.41%

IWS vs. PEY - Expense Ratio Comparison

IWS has a 0.23% expense ratio, which is lower than PEY's 0.54% expense ratio.

Dividends

IWS vs. PEY - Dividend Comparison

IWS's dividend yield for the trailing twelve months is around 1.30%, less than PEY's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.30%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.14%	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 IWS and PEY in my portfolio?

IWS and PEY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWS or PEY?

PEY has higher volatility (5.28%) compared to IWS (3.57%). In terms of maximum drawdown, IWS dropped -62.40% vs PEY's -72.81%.

Which ETF is better, IWS or PEY?

On 10-year performance, IWS leads with 10.22% vs 8.98% for PEY. On fees, IWS is cheaper at 0.23% per year. On volatility, IWS has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWS or PEY?

Over the 10-year period, IWS has performed better with a 10.22% return vs 8.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWS or PEY?

IWS is cheaper with a 0.23% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.14%, compared with 1.30% for IWS.

What is the main difference between IWS and PEY?

IWS tracks Russell Midcap Value Index, while PEY tracks NASDAQ US Dividend Achievers 50 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.23% for IWS and 0.54% for PEY.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (2.01 vs 1.63), 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.