PEY vs. IWS

Last updated Jun 24, 2026

PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - PEY tracks the NASDAQ US Dividend Achievers 50 Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, PEY returned 8.73%/yr vs 10.56%/yr for IWS. Their correlation of 0.86 suggests significant overlap in exposure. PEY charges 0.54%/yr vs 0.23%/yr for IWS.

Performance

PEY vs. IWS - 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 Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEY achieves a 14.10% return, which is significantly lower than IWS's 15.78% return. Over the past 10 years, PEY has underperformed IWS with an annualized return of 8.73%, while IWS has yielded a comparatively higher 10.56% annualized return.

PEY

• 1D: 1.16%
• 1M: 1.72%
• YTD: 14.10%
• 6M: 13.85%
• 1Y: 17.71%
• 3Y*: 12.04%
• 5Y*: 6.66%
• 10Y*: 8.73%

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

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

PEY vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEY Invesco High Yield Equity Dividend Achievers™ ETF	14.10%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between PEY and IWS is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
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 PEY and IWS shifts across timeframes, from 0.69 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

PEY vs. IWS - Sectors Allocation Comparison

Sectors	PEY	IWS
Financial Services	22.8%	13.7%
Industrials	17.6%	16.2%
Consumer Defensive	16.2%	4.7%
Utilities	11.6%	6.6%
Consumer Cyclical	8.3%	8.5%
Healthcare	6.1%	7.6%
Communication Services	5.6%	3.1%
Basic Materials	5.4%	5.3%
Technology	5.1%	18.7%
Energy	1.3%	7.4%
Real Estate	-	8.3%

Return for Risk

PEY vs. IWS — 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: 42
PEY Martin Ratio Rank: 37

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS Martin Ratio Rank: 75

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. IWS - 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 Russell Mid-Cap Value ETF (IWS). 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.

	PEY	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.98	-0.73
Sortino ratio: Return per unit of downside risk	1.94	2.83	-0.89
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	2.00	3.57	-1.57
Martin ratio: Return relative to average drawdown	5.59	13.39	-7.79

PEY vs. IWS - Sharpe Ratio Comparison

The current PEY Sharpe Ratio is 1.26, which is lower than the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of PEY and IWS, 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

PEY vs. IWS - Drawdown Comparison

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

Drawdown Indicators

	PEY	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-72.81%	-62.40%	-10.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-7.53%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.90%	-20.57%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-21.23%	+3.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.55%	-43.83%	+2.28%
Current Drawdown Current decline from peak	-2.46%	-1.24%	-1.22%
Average Drawdown Average peak-to-trough decline	-12.85%	-8.00%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.00%	+1.17%

Volatility

PEY vs. IWS - Volatility Comparison

The current volatility for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) is 4.05%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.37%. This indicates that PEY experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEY	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.37%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	10.12%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	13.57%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	17.33%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	19.35%	-0.47%

PEY vs. IWS - Expense Ratio Comparison

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

Dividends

PEY vs. IWS - Dividend Comparison

PEY's dividend yield for the trailing twelve months is around 4.49%, more than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.34%	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	4.49%	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 IWS in my portfolio?

PEY and IWS have a correlation of 0.69, 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 IWS?

IWS has higher volatility (4.37%) compared to PEY (4.05%). In terms of maximum drawdown, PEY dropped -72.81% vs IWS's -62.40%.

Which ETF is better, PEY or IWS?

On 10-year performance, IWS leads with 10.56% vs 8.73% for PEY. On fees, IWS is cheaper at 0.23% per year. On volatility, PEY has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEY or IWS?

Over the 10-year period, IWS has performed better with a 10.56% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEY or IWS?

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

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

PEY has the higher dividend yield at 4.49%, compared with 1.34% for IWS.

What is the main difference between PEY and IWS?

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

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.98 vs 1.26), 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.