VFVA vs. PEY

Last updated Jul 14, 2026

VFVA (Vanguard U.S. Value Factor ETF) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds. VFVA is actively managed, while PEY is passively managed. Over the past 5 years, VFVA returned 11.95%/yr vs 8.01%/yr for PEY. Their correlation of 0.86 suggests significant overlap in exposure. VFVA charges 0.13%/yr vs 0.54%/yr for PEY.

Performance

VFVA vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Value Factor ETF (VFVA) 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, VFVA achieves a 16.13% return, which is significantly lower than PEY's 19.77% return.

VFVA

• 1D: 0.74%
• 1M: 2.85%
• 6M: 12.23%
• YTD: 16.13%
• 1Y: 27.35%
• 3Y*: 17.24%
• 5Y*: 11.95%
• 10Y*: —

PEY

• 1D: 0.64%
• 1M: 2.39%
• 6M: 15.42%
• YTD: 19.77%
• 1Y: 17.53%
• 3Y*: 12.29%
• 5Y*: 8.01%
• 10Y*: 8.62%

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

VFVA vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFVA Vanguard U.S. Value Factor ETF	16.13%	14.77%	7.67%	17.37%	-3.96%	36.94%	2.28%	25.42%	-18.90%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	19.77%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-5.70%

Correlation

The correlation between VFVA and PEY is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.86

The correlation between VFVA and PEY has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

VFVA vs. PEY - Sectors Allocation Comparison

Sectors	VFVA	PEY
Financial Services	25.7%	22.3%
Healthcare	14.9%	6.1%
Technology	14.5%	5.1%
Consumer Cyclical	13.1%	8.3%
Industrials	7.6%	17.6%
Energy	7.3%	1.3%
Consumer Defensive	7.1%	16.2%
Communication Services	6.2%	5.6%
Basic Materials	3.3%	5.4%
Real Estate	0.4%	-
Utilities	-	11.6%

Return for Risk

VFVA vs. PEY — Risk / Return Rank

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

VFVA

VFVA Risk / Return Rank: 73
VFVA Sharpe Ratio Rank: 72
VFVA Sortino Ratio Rank: 75
VFVA Omega Ratio Rank: 69
VFVA Calmar Ratio Rank: 78
VFVA Martin Ratio Rank: 71

PEY

PEY Risk / Return Rank: 45
PEY Sharpe Ratio Rank: 44
PEY Sortino Ratio Rank: 47
PEY Omega Ratio Rank: 40
PEY Calmar Ratio Rank: 50
PEY Martin Ratio Rank: 43

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.

VFVA vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Value Factor ETF (VFVA) 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.

	VFVA	PEY	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.25	+0.57
Sortino ratio: Return per unit of downside risk	2.67	1.92	+0.75
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	3.21	1.98	+1.23
Martin ratio: Return relative to average drawdown	10.27	5.55	+4.71

VFVA vs. PEY - Sharpe Ratio Comparison

The current VFVA Sharpe Ratio is 1.83, which is higher than the PEY Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of VFVA 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

VFVA vs. PEY - Drawdown Comparison

The maximum VFVA drawdown since its inception was -48.58%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for VFVA and PEY.

Drawdown Indicators

	VFVA	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-48.58%	-72.81%	+24.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-8.88%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.07%	-17.90%	-6.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-17.90%	-6.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.55%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.28%	-12.82%	+5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.17%	-0.50%

Volatility

VFVA vs. PEY - Volatility Comparison

The current volatility for Vanguard U.S. Value Factor ETF (VFVA) is 4.10%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 4.61%. This indicates that VFVA 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

	VFVA	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.61%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	9.65%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	14.06%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	16.38%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.25%	18.87%	+5.38%

VFVA vs. PEY - Expense Ratio Comparison

VFVA has a 0.13% expense ratio, which is lower than PEY's 0.54% expense ratio.

Dividends

VFVA vs. PEY - Dividend Comparison

VFVA's dividend yield for the trailing twelve months is around 1.82%, less than PEY's 4.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.27%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%
VFVA Vanguard U.S. Value Factor ETF	1.82%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFVA and PEY in my portfolio?

VFVA and PEY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFVA or PEY?

PEY has higher volatility (4.61%) compared to VFVA (4.10%). In terms of maximum drawdown, VFVA dropped -48.58% vs PEY's -72.81%.

Which ETF is better, VFVA or PEY?

On 5-year performance, VFVA leads with 11.95% vs 8.01% for PEY. On fees, VFVA is cheaper at 0.13% per year. On volatility, VFVA has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFVA or PEY?

Over the 5-year period, VFVA has performed better with a 11.95% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFVA or PEY?

VFVA is cheaper with a 0.13% expense ratio, compared with 0.54% for PEY.

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

PEY has the higher dividend yield at 4.27%, compared with 1.82% for VFVA.

What is the main difference between VFVA and PEY?

They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.13% for VFVA and 0.54% for PEY.

Which has better risk-adjusted returns?

VFVA currently has the higher Sharpe Ratio (1.83 vs 1.25), 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.