PEY vs. SPHD
PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, PEY returned 8.61%/yr vs 7.38%/yr for SPHD. Their correlation of 0.89 suggests significant overlap in exposure. PEY charges 0.54%/yr vs 0.30%/yr for SPHD.
Performance
PEY vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PEY achieves a 12.79% return, which is significantly higher than SPHD's 6.47% return. Over the past 10 years, PEY has outperformed SPHD with an annualized return of 8.61%, while SPHD has yielded a comparatively lower 7.38% annualized return.
PEY
- 1D
- -1.17%
- 1M
- 0.55%
- YTD
- 12.79%
- 6M
- 11.78%
- 1Y
- 17.56%
- 3Y*
- 11.61%
- 5Y*
- 6.56%
- 10Y*
- 8.61%
SPHD
- 1D
- 0.20%
- 1M
- -0.79%
- YTD
- 6.47%
- 6M
- 6.49%
- 1Y
- 11.21%
- 3Y*
- 12.10%
- 5Y*
- 6.82%
- 10Y*
- 7.38%
PEY vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEY Invesco High Yield Equity Dividend Achievers™ ETF | 12.79% | 0.56% | 5.25% | 7.29% | 2.45% | 26.15% | -3.85% | 24.76% | -7.49% | 8.78% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 6.47% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PEY and SPHD is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.89 |
The correlation between PEY and SPHD shifts across timeframes, from 0.77 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PEY vs. SPHD — Risk / Return Rank
PEY
SPHD
PEY vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 1.54 | +0.45 |
| Martin ratioReturn relative to average drawdown | 5.55 | 3.77 | +1.78 |
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Drawdowns
PEY vs. SPHD - Drawdown Comparison
The maximum PEY drawdown since its inception was -72.81%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PEY and SPHD.
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Drawdown Indicators
| PEY | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.81% | -41.39% | -31.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -7.33% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -17.90% | -13.29% | -4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | -19.50% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -41.55% | -41.39% | -0.16% |
Current DrawdownCurrent decline from peak | -3.57% | -3.48% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -12.85% | -4.69% | -8.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 2.98% | +0.19% |
Volatility
PEY vs. SPHD - Volatility Comparison
Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 3.93% 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.
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Volatility by Period
| PEY | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 3.95% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 9.49% | 7.99% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.15% | 11.39% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.36% | 14.14% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.91% | 17.67% | +1.24% |
PEY vs. SPHD - Expense Ratio Comparison
PEY has a 0.54% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PEY vs. SPHD - Dividend Comparison
PEY's dividend yield for the trailing twelve months is around 4.92%, less than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PEY Invesco High Yield Equity Dividend Achievers™ ETF | 4.92% | 4.85% | 4.44% | 4.58% | 4.22% | 3.83% | 4.30% | 3.78% | 4.33% | 3.21% | 3.12% | 3.44% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.97% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
PEY and SPHD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.95%) compared to PEY (3.93%). In terms of maximum drawdown, PEY dropped -72.81% vs SPHD's -41.39%.
On 10-year performance, PEY leads with 8.61% vs 7.38% for SPHD. On fees, SPHD is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PEY has performed better with a 8.61% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.54% for PEY.
SPHD has the higher dividend yield at 4.97%, compared with 4.92% for PEY.
PEY is categorized as Mid Cap Value Equities, while SPHD is Dividend. PEY tracks NASDAQ US Dividend Achievers 50 Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.54% for PEY and 0.30% for SPHD.
PEY currently has the higher Sharpe Ratio (1.25 vs 0.99), 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.
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