PEY vs. HDV

Last updated Jun 3, 2026

PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index, while HDV is a Large Cap Value Equities fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, PEY returned 8.66%/yr vs 9.22%/yr for HDV. Their correlation of 0.82 suggests significant overlap in exposure. PEY charges 0.54%/yr vs 0.08%/yr for HDV.

Performance

PEY vs. HDV - Performance Comparison

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

Returns By Period

In the year-to-date period, PEY achieves a 13.54% return, which is significantly higher than HDV's 12.28% return. Over the past 10 years, PEY has underperformed HDV with an annualized return of 8.66%, while HDV has yielded a comparatively higher 9.22% annualized return.

PEY

• 1D: -0.11%
• 1M: 2.61%
• YTD: 13.54%
• 6M: 14.20%
• 1Y: 18.05%
• 3Y*: 11.50%
• 5Y*: 5.91%
• 10Y*: 8.66%

HDV

• 1D: 0.85%
• 1M: -0.73%
• YTD: 12.28%
• 6M: 12.66%
• 1Y: 19.90%
• 3Y*: 14.80%
• 5Y*: 10.35%
• 10Y*: 9.22%

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

PEY vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEY Invesco High Yield Equity Dividend Achievers™ ETF	13.54%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%
HDV iShares Core High Dividend ETF	12.28%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between PEY and HDV is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 1, 2011	0.82

Over the past year, the correlation between PEY and HDV has dropped to 0.57 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

PEY vs. HDV - Sectors Allocation Comparison

Sectors	PEY	HDV
Financial Services	21.7%	11.1%
Consumer Defensive	16.9%	24.1%
Industrials	15.0%	1.4%
Utilities	12.0%	9.2%
Consumer Cyclical	7.5%	6.1%
Healthcare	6.8%	16.5%
Technology	6.5%	8.2%
Basic Materials	6.4%	1.2%
Communication Services	5.7%	0.1%
Energy	1.5%	22.3%
Real Estate	-	-

Return for Risk

PEY vs. HDV — Risk / Return Rank

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

PEY

PEY Risk / Return Rank: 37
PEY Sharpe Ratio Rank: 36
PEY Sortino Ratio Rank: 39
PEY Omega Ratio Rank: 33
PEY Calmar Ratio Rank: 40
PEY Martin Ratio Rank: 35

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 65
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 77
HDV Martin Ratio Rank: 61

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.

PEY vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and iShares Core High Dividend ETF (HDV). 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.

	PEY	HDV	Difference
Sharpe ratio Return per unit of total volatility	1.30	2.06	-0.76
Sortino ratio Return per unit of downside risk	2.00	3.05	-1.05
Omega ratio Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio Return relative to maximum drawdown	1.99	3.96	-1.97
Martin ratio Return relative to average drawdown	5.57	11.09	-5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEY vs. HDV - Sharpe Ratio Comparison

The current PEY Sharpe Ratio is 1.30, which is lower than the HDV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PEY and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PEY	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.06	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.81	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.59	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.72	-0.44

Drawdowns

PEY vs. HDV - Drawdown Comparison

The maximum PEY drawdown since its inception was -72.81%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for PEY and HDV.

Drawdown Indicators

	PEY	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-72.81%	-37.04%	-35.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-5.18%	-3.70%
Max Drawdown (3Y) Largest decline over 3 years	-17.90%	-10.49%	-7.41%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-15.42%	-2.48%
Max Drawdown (10Y) Largest decline over 10 years	-41.55%	-37.04%	-4.51%
Current Drawdown Current decline from peak	-0.11%	-2.90%	+2.79%
Average Drawdown Average peak-to-trough decline	-12.88%	-3.09%	-9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	1.85%	+1.32%

Volatility

PEY vs. HDV - Volatility Comparison

Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a higher volatility of 3.76% compared to iShares Core High Dividend ETF (HDV) at 3.23%. This indicates that PEY's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEY	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.23%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	7.59%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.00%	9.73%	+4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	12.82%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	15.73%	+3.17%

PEY vs. HDV - Expense Ratio Comparison

PEY has a 0.54% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

PEY vs. HDV - Dividend Comparison

PEY's dividend yield for the trailing twelve months is around 4.45%, more than HDV's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.92%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.45%	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 PEY and HDV in my portfolio?

PEY and HDV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEY or HDV?

PEY has higher volatility (3.76%) compared to HDV (3.23%). In terms of maximum drawdown, PEY dropped -72.81% vs HDV's -37.04%.

Which ETF is better, PEY or HDV?

On 10-year performance, HDV leads with 9.22% vs 8.66% for PEY. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEY or HDV?

Over the 10-year period, HDV has performed better with a 9.22% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEY or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.45%, compared with 2.92% for HDV.

What is the main difference between PEY and HDV?

PEY is categorized as Mid Cap Value Equities, while HDV is Large Cap Value Equities. PEY tracks NASDAQ US Dividend Achievers 50 Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.54% for PEY and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.06 vs 1.30), 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.