ONEY vs. PEY

Last updated Jul 14, 2026

ONEY (SPDR Russell 1000 Yield Focus ETF) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds - ONEY tracks the Russell 1000 Yield Focused Factor Index while PEY tracks the NASDAQ US Dividend Achievers 50 Index. Both are passively managed. Over the past 10 years, ONEY returned 11.79%/yr vs 8.62%/yr for PEY. Their correlation of 0.80 suggests significant overlap in exposure. ONEY charges 0.20%/yr vs 0.54%/yr for PEY.

Performance

ONEY vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Yield Focus ETF (ONEY) 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, ONEY achieves a 17.05% return, which is significantly lower than PEY's 19.77% return. Over the past 10 years, ONEY has outperformed PEY with an annualized return of 11.79%, while PEY has yielded a comparatively lower 8.62% annualized return.

ONEY

• 1D: 0.64%
• 1M: 0.30%
• 6M: 12.54%
• YTD: 17.05%
• 1Y: 20.95%
• 3Y*: 14.03%
• 5Y*: 10.12%
• 10Y*: 11.79%

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)

ONEY vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEY SPDR Russell 1000 Yield Focus ETF	17.05%	7.74%	11.63%	11.12%	-3.60%	37.11%	2.17%	27.45%	-8.71%	15.46%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	19.77%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Correlation

The correlation between ONEY and PEY is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.80

The correlation between ONEY and PEY has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

ONEY vs. PEY - Sectors Allocation Comparison

Sectors	ONEY	PEY
Industrials	13.6%	17.6%
Consumer Cyclical	12.5%	8.3%
Energy	12.2%	1.3%
Consumer Defensive	12.0%	16.2%
Utilities	10.2%	11.6%
Financial Services	9.9%	22.3%
Real Estate	9.7%	-
Basic Materials	8.2%	5.4%
Technology	6.1%	5.1%
Healthcare	4.2%	6.1%
Communication Services	1.6%	5.6%

Return for Risk

ONEY vs. PEY — Risk / Return Rank

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

ONEY

ONEY Risk / Return Rank: 67
ONEY Sharpe Ratio Rank: 65
ONEY Sortino Ratio Rank: 70
ONEY Omega Ratio Rank: 62
ONEY Calmar Ratio Rank: 69
ONEY Martin Ratio Rank: 69

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.

ONEY vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Yield Focus ETF (ONEY) 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.

	ONEY	PEY	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.25	+0.44
Sortino ratio: Return per unit of downside risk	2.53	1.92	+0.61
Omega ratio: Gain probability vs. loss probability	1.30	1.21	+0.09
Calmar ratio: Return relative to maximum drawdown	2.77	1.98	+0.78
Martin ratio: Return relative to average drawdown	9.89	5.55	+4.33

ONEY vs. PEY - Sharpe Ratio Comparison

The current ONEY Sharpe Ratio is 1.69, which is higher than the PEY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of ONEY 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

ONEY vs. PEY - Drawdown Comparison

The maximum ONEY drawdown since its inception was -46.80%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for ONEY and PEY.

Drawdown Indicators

	ONEY	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-46.80%	-72.81%	+26.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-8.88%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.50%	-17.90%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-17.90%	-1.03%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-41.55%	-5.25%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-4.95%	-12.82%	+7.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.17%	-1.04%

Volatility

ONEY vs. PEY - Volatility Comparison

The current volatility for SPDR Russell 1000 Yield Focus ETF (ONEY) is 4.03%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 4.61%. This indicates that ONEY 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

	ONEY	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	4.61%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	9.65%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	14.06%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	16.38%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	18.87%	+0.92%

ONEY vs. PEY - Expense Ratio Comparison

ONEY has a 0.20% expense ratio, which is lower than PEY's 0.54% expense ratio.

Dividends

ONEY vs. PEY - Dividend Comparison

ONEY's dividend yield for the trailing twelve months is around 2.80%, less than PEY's 4.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEY SPDR Russell 1000 Yield Focus ETF	2.80%	3.15%	3.18%	3.14%	3.17%	2.46%	2.74%	3.17%	3.72%	10.73%	6.31%	0.29%
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 ONEY and PEY in my portfolio?

ONEY and PEY have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEY or PEY?

PEY has higher volatility (4.61%) compared to ONEY (4.03%). In terms of maximum drawdown, ONEY dropped -46.80% vs PEY's -72.81%.

Which ETF is better, ONEY or PEY?

On 10-year performance, ONEY leads with 11.79% vs 8.62% for PEY. On fees, ONEY is cheaper at 0.20% per year. On volatility, ONEY has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEY or PEY?

Over the 10-year period, ONEY has performed better with a 11.79% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEY or PEY?

ONEY is cheaper with a 0.20% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.27%, compared with 2.80% for ONEY.

What is the main difference between ONEY and PEY?

ONEY tracks Russell 1000 Yield Focused Factor Index, while PEY tracks NASDAQ US Dividend Achievers 50 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for ONEY and 0.54% for PEY.

Which has better risk-adjusted returns?

ONEY currently has the higher Sharpe Ratio (1.69 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.