PEY vs. VOO

Last updated Jun 4, 2026

PEY (Invesco High Yield Equity Dividend Achievers™ ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PEY is a Mid Cap Value Equities fund tracking the NASDAQ US Dividend Achievers 50 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PEY returned 8.50%/yr vs 15.56%/yr for VOO. A 0.72 correlation means they provide meaningful diversification when combined. PEY charges 0.54%/yr vs 0.03%/yr for VOO.

Performance

PEY vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEY achieves a 11.81% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, PEY has underperformed VOO with an annualized return of 8.50%, while VOO has yielded a comparatively higher 15.56% annualized return.

PEY

• 1D: -1.52%
• 1M: 2.48%
• YTD: 11.81%
• 6M: 11.63%
• 1Y: 15.51%
• 3Y*: 10.93%
• 5Y*: 5.57%
• 10Y*: 8.50%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

PEY vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEY Invesco High Yield Equity Dividend Achievers™ ETF	11.81%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PEY and VOO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.72

Over the past year, the correlation between PEY and VOO has dropped to 0.42 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

PEY vs. VOO - Sectors Allocation Comparison

Sectors	PEY	VOO
Financial Services	21.7%	11.6%
Consumer Defensive	16.9%	4.9%
Industrials	15.0%	8.3%
Utilities	12.0%	2.4%
Consumer Cyclical	7.5%	10.2%
Healthcare	6.8%	8.5%
Technology	6.5%	35.7%
Basic Materials	6.4%	1.8%
Communication Services	5.7%	11.3%
Energy	1.5%	3.5%
Real Estate	-	1.9%

Return for Risk

PEY vs. VOO — Risk / Return Rank

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

PEY

PEY Risk / Return Rank: 31
PEY Sharpe Ratio Rank: 29
PEY Sortino Ratio Rank: 31
PEY Omega Ratio Rank: 28
PEY Calmar Ratio Rank: 35
PEY Martin Ratio Rank: 32

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Equity Dividend Achievers™ ETF (PEY) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.39	-1.28
Sortino ratio: Return per unit of downside risk	1.72	3.25	-1.53
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	1.75	3.16	-1.41
Martin ratio: Return relative to average drawdown	4.90	14.73	-9.82
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. VOO - Sharpe Ratio Comparison

The current PEY Sharpe Ratio is 1.11, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PEY and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	2.39	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.83	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.87	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.89	-0.61

Drawdowns

PEY vs. VOO - Drawdown Comparison

The maximum PEY drawdown since its inception was -72.81%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PEY and VOO.

Drawdown Indicators

	PEY	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-72.81%	-33.99%	-38.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.90%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.90%	-18.69%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-24.52%	+6.62%
Max Drawdown (10Y) Largest decline over 10 years	-41.55%	-33.99%	-7.56%
Current Drawdown Current decline from peak	-1.64%	-0.70%	-0.94%
Average Drawdown Average peak-to-trough decline	-12.88%	-3.69%	-9.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	1.91%	+1.26%

Volatility

PEY vs. VOO - Volatility Comparison

Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a higher volatility of 3.82% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that PEY's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEY	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	2.84%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	8.90%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	11.80%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	16.81%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	18.01%	+0.89%

PEY vs. VOO - Expense Ratio Comparison

PEY has a 0.54% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PEY vs. VOO - Dividend Comparison

PEY's dividend yield for the trailing twelve months is around 4.52%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.52%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PEY and VOO in my portfolio?

PEY and VOO have a correlation of 0.42, 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 VOO?

PEY has higher volatility (3.82%) compared to VOO (2.84%). In terms of maximum drawdown, PEY dropped -72.81% vs VOO's -33.99%.

Which ETF is better, PEY or VOO?

On 10-year performance, VOO leads with 15.56% vs 8.50% for PEY. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEY or VOO?

Over the 10-year period, VOO has performed better with a 15.56% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEY or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.52%, compared with 1.03% for VOO.

What is the main difference between PEY and VOO?

PEY is categorized as Mid Cap Value Equities, while VOO is S&P 500. PEY tracks NASDAQ US Dividend Achievers 50 Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.54% for PEY and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.11), 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.