VEGI vs. PEY

Last updated Jul 17, 2026

VEGI (iShares MSCI Agriculture Producers ETF) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds - VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index while PEY tracks the NASDAQ US Dividend Achievers 50 Index. Both are passively managed. Over the past 10 years, VEGI returned 8.66%/yr vs 8.98%/yr for PEY. A 0.64 correlation means they provide meaningful diversification when combined. VEGI charges 0.39%/yr vs 0.54%/yr for PEY.

Performance

VEGI vs. PEY - Performance Comparison

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

Returns By Period

In the year-to-date period, VEGI achieves a 17.48% return, which is significantly lower than PEY's 23.74% return. Both investments have delivered pretty close results over the past 10 years, with VEGI having a 8.66% annualized return and PEY not far ahead at 8.98%.

VEGI

• 1D: 1.03%
• 1M: 3.31%
• 6M: 8.84%
• YTD: 17.48%
• 1Y: 14.46%
• 3Y*: 5.90%
• 5Y*: 5.42%
• 10Y*: 8.66%

PEY

• 1D: 3.10%
• 1M: 7.16%
• 6M: 16.75%
• YTD: 23.74%
• 1Y: 23.22%
• 3Y*: 13.75%
• 5Y*: 8.88%
• 10Y*: 8.98%

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

VEGI vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEGI iShares MSCI Agriculture Producers ETF	17.48%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	23.74%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Correlation

The correlation between VEGI and PEY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012	0.64

Over the past year, the correlation between VEGI and PEY has dropped to 0.44 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

VEGI vs. PEY - Sectors Allocation Comparison

Sectors	VEGI	PEY
Industrials	38.4%	17.6%
Consumer Defensive	30.6%	16.2%
Basic Materials	30.4%	5.4%
Communication Services	-	5.6%
Consumer Cyclical	-	8.3%
Energy	-	1.3%
Financial Services	-	22.3%
Healthcare	-	6.1%
Real Estate	-	-
Technology	-	5.1%
Utilities	-	11.6%

Return for Risk

VEGI vs. PEY — Risk / Return Rank

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

VEGI

VEGI Risk / Return Rank: 33
VEGI Sharpe Ratio Rank: 32
VEGI Sortino Ratio Rank: 33
VEGI Omega Ratio Rank: 30
VEGI Calmar Ratio Rank: 40
VEGI Martin Ratio Rank: 29

PEY

PEY Risk / Return Rank: 61
PEY Sharpe Ratio Rank: 61
PEY Sortino Ratio Rank: 68
PEY Omega Ratio Rank: 55
PEY Calmar Ratio Rank: 65
PEY Martin Ratio Rank: 53

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.

VEGI vs. PEY - Risk-Adjusted Trends Comparison

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

	VEGI	PEY	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.63	-0.67
Sortino ratio: Return per unit of downside risk	1.48	2.49	-1.01
Omega ratio: Gain probability vs. loss probability	1.17	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.69	2.63	-0.94
Martin ratio: Return relative to average drawdown	3.26	7.37	-4.11

VEGI vs. PEY - Sharpe Ratio Comparison

The current VEGI Sharpe Ratio is 0.96, which is lower than the PEY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of VEGI and PEY, 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

VEGI vs. PEY - Drawdown Comparison

The maximum VEGI drawdown since its inception was -37.37%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for VEGI and PEY.

Drawdown Indicators

	VEGI	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-37.37%	-72.81%	+35.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.88%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.71%	-17.90%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.86%	-17.90%	-10.96%
Max Drawdown (10Y) Largest decline over 10 years	-37.37%	-41.55%	+4.18%
Current Drawdown Current decline from peak	-3.92%	0.00%	-3.92%
Average Drawdown Average peak-to-trough decline	-9.79%	-12.81%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	3.16%	+1.28%

Volatility

VEGI vs. PEY - Volatility Comparison

The current volatility for iShares MSCI Agriculture Producers ETF (VEGI) is 4.01%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 5.28%. This indicates that VEGI experiences smaller price fluctuations and is considered to be less risky than PEY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEGI	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	5.28%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	10.09%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	14.28%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	16.44%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	18.89%	-0.06%

VEGI vs. PEY - Expense Ratio Comparison

VEGI has a 0.39% expense ratio, which is lower than PEY's 0.54% expense ratio.

Dividends

VEGI vs. PEY - Dividend Comparison

VEGI's dividend yield for the trailing twelve months is around 1.91%, less than PEY's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.14%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%
VEGI iShares MSCI Agriculture Producers ETF	1.91%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%

Frequently Asked Questions

Can I hold both VEGI and PEY in my portfolio?

VEGI and PEY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEGI or PEY?

PEY has higher volatility (5.28%) compared to VEGI (4.01%). In terms of maximum drawdown, VEGI dropped -37.37% vs PEY's -72.81%.

Which ETF is better, VEGI or PEY?

On 10-year performance, PEY leads with 8.98% vs 8.66% for VEGI. On fees, VEGI is cheaper at 0.39% per year. On volatility, VEGI has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEGI or PEY?

Over the 10-year period, PEY has performed better with a 8.98% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEGI or PEY?

VEGI is cheaper with a 0.39% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.14%, compared with 1.91% for VEGI.

What is the main difference between VEGI and PEY?

VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index, while PEY tracks NASDAQ US Dividend Achievers 50 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.39% for VEGI and 0.54% for PEY.

Which has better risk-adjusted returns?

PEY currently has the higher Sharpe Ratio (1.63 vs 0.96), 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.