PEY vs. QVAL

Last updated Jun 24, 2026

PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and QVAL (Alpha Architect U.S. Quantitative Value ETF) are both Mid Cap Value Equities funds. PEY is passively managed, while QVAL is actively managed. Over the past 10 years, PEY returned 8.73%/yr vs 11.91%/yr for QVAL. A 0.73 correlation means they provide meaningful diversification when combined. PEY charges 0.54%/yr vs 0.28%/yr for QVAL.

Performance

PEY vs. QVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Alpha Architect U.S. Quantitative Value ETF (QVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PEY having a 14.10% return and QVAL slightly lower at 14.09%. Over the past 10 years, PEY has underperformed QVAL with an annualized return of 8.73%, while QVAL has yielded a comparatively higher 11.91% 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%

QVAL

• 1D: 0.01%
• 1M: 0.88%
• YTD: 14.09%
• 6M: 12.60%
• 1Y: 28.74%
• 3Y*: 20.50%
• 5Y*: 12.15%
• 10Y*: 11.91%

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

PEY vs. QVAL - 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%
QVAL Alpha Architect U.S. Quantitative Value ETF	14.09%	10.98%	12.21%	28.40%	-11.80%	34.40%	-5.93%	24.06%	-17.28%	25.59%

Correlation

The correlation between PEY and QVAL is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.73

The correlation between PEY and QVAL has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

PEY vs. QVAL - Sectors Allocation Comparison

Sectors	PEY	QVAL
Financial Services	22.8%	-
Industrials	17.6%	14.1%
Consumer Defensive	16.2%	9.8%
Utilities	11.6%	2.0%
Consumer Cyclical	8.3%	23.8%
Healthcare	6.1%	13.9%
Communication Services	5.6%	6.0%
Basic Materials	5.4%	6.0%
Technology	5.1%	8.3%
Energy	1.3%	16.1%
Real Estate	-	2.0%

Return for Risk

PEY vs. QVAL — 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

QVAL

QVAL Risk / Return Rank: 70
QVAL Sharpe Ratio Rank: 62
QVAL Sortino Ratio Rank: 71
QVAL Omega Ratio Rank: 56
QVAL Calmar Ratio Rank: 87
QVAL Martin Ratio Rank: 74

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. QVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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	QVAL	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.96	-0.71
Sortino ratio: Return per unit of downside risk	1.94	3.03	-1.09
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	2.00	4.78	-2.78
Martin ratio: Return relative to average drawdown	5.59	13.37	-7.78

PEY vs. QVAL - Sharpe Ratio Comparison

The current PEY Sharpe Ratio is 1.26, which is lower than the QVAL Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PEY and QVAL, 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. QVAL - Drawdown Comparison

The maximum PEY drawdown since its inception was -72.81%, which is greater than QVAL's maximum drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for PEY and QVAL.

Drawdown Indicators

	PEY	QVAL	Difference
Max Drawdown Largest peak-to-trough decline	-72.81%	-51.49%	-21.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-6.04%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.90%	-21.41%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-27.17%	+9.27%
Max Drawdown (10Y) Largest decline over 10 years	-41.55%	-51.49%	+9.94%
Current Drawdown Current decline from peak	-2.46%	-2.47%	+0.01%
Average Drawdown Average peak-to-trough decline	-12.85%	-7.76%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.15%	+1.02%

Volatility

PEY vs. QVAL - Volatility Comparison

Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Alpha Architect U.S. Quantitative Value ETF (QVAL) have volatilities of 4.05% and 3.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEY	QVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	3.95%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	10.21%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	14.71%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	21.64%	-5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	22.78%	-3.90%

PEY vs. QVAL - Expense Ratio Comparison

PEY has a 0.54% expense ratio, which is higher than QVAL's 0.28% expense ratio.

Dividends

PEY vs. QVAL - Dividend Comparison

PEY's dividend yield for the trailing twelve months is around 4.49%, more than QVAL's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QVAL Alpha Architect U.S. Quantitative Value ETF	1.16%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%	0.00%

Frequently Asked Questions

Can I hold both PEY and QVAL in my portfolio?

PEY and QVAL have a correlation of 0.74, 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 QVAL?

PEY has higher volatility (4.05%) compared to QVAL (3.95%). In terms of maximum drawdown, PEY dropped -72.81% vs QVAL's -51.49%.

Which ETF is better, PEY or QVAL?

On 10-year performance, QVAL leads with 11.91% vs 8.73% for PEY. On fees, QVAL is cheaper at 0.28% per year. On volatility, QVAL has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEY or QVAL?

Over the 10-year period, QVAL has performed better with a 11.91% 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 QVAL?

QVAL is cheaper with a 0.28% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.49%, compared with 1.16% for QVAL.

What is the main difference between PEY and QVAL?

They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.54% for PEY and 0.28% for QVAL.

Which has better risk-adjusted returns?

QVAL currently has the higher Sharpe Ratio (1.96 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.