VRP vs. PEY

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Variable Rate Preferred ETF (VRP) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY).

VRP and PEY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VRP is a passively managed fund by Invesco that tracks the performance of the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. It was launched on May 1, 2014. PEY is a passively managed fund by Invesco that tracks the performance of the NASDAQ US Dividend Achievers 50 Index. It was launched on Dec 9, 2004. Both VRP and PEY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VRP vs. PEY - Performance Comparison

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

VRP vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRP Invesco Variable Rate Preferred ETF	-0.19%	7.34%	11.10%	10.35%	-9.00%	4.20%	5.11%	18.84%	-6.62%	9.26%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	6.22%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Returns By Period

In the year-to-date period, VRP achieves a -0.19% return, which is significantly lower than PEY's 6.22% return. Over the past 10 years, VRP has underperformed PEY with an annualized return of 5.43%, while PEY has yielded a comparatively higher 8.66% annualized return.

VRP

• 1D: 0.67%
• 1M: -1.55%
• YTD: -0.19%
• 6M: 0.77%
• 1Y: 5.49%
• 3Y*: 9.37%
• 5Y*: 4.27%
• 10Y*: 5.43%

PEY

• 1D: 0.84%
• 1M: -1.27%
• YTD: 6.22%
• 6M: 4.11%
• 1Y: 4.68%
• 3Y*: 7.44%
• 5Y*: 5.66%
• 10Y*: 8.66%

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

VRP vs. PEY - Expense Ratio Comparison

VRP has a 0.50% expense ratio, which is lower than PEY's 0.54% expense ratio.

PEY

Invesco High Yield Equity Dividend Achievers™ ETF

VRP

Invesco Variable Rate Preferred ETF

Return for Risk

VRP vs. PEY — Risk / Return Rank

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

VRP

VRP Risk / Return Rank: 72
VRP Sharpe Ratio Rank: 76
VRP Sortino Ratio Rank: 73
VRP Omega Ratio Rank: 84
VRP Calmar Ratio Rank: 57
VRP Martin Ratio Rank: 71

PEY

PEY Risk / Return Rank: 21
PEY Sharpe Ratio Rank: 20
PEY Sortino Ratio Rank: 20
PEY Omega Ratio Rank: 20
PEY Calmar Ratio Rank: 23
PEY Martin Ratio Rank: 22

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.

VRP vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) 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.

	VRP	PEY	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.26	+1.06
Sortino ratio Return per unit of downside risk	1.79	0.50	+1.29
Omega ratio Gain probability vs. loss probability	1.32	1.06	+0.26
Calmar ratio Return relative to maximum drawdown	1.37	0.42	+0.95
Martin ratio Return relative to average drawdown	6.80	1.25	+5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRP vs. PEY - Sharpe Ratio Comparison

The current VRP Sharpe Ratio is 1.33, which is higher than the PEY Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of VRP and PEY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VRP	PEY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.26	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.35	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.46	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.27	+0.10

Correlation

The correlation between VRP and PEY is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VRP vs. PEY - Dividend Comparison

VRP's dividend yield for the trailing twelve months is around 6.53%, more than PEY's 4.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VRP Invesco Variable Rate Preferred ETF	6.53%	6.53%	5.78%	6.61%	5.38%	4.25%	4.17%	4.71%	5.28%	4.69%	5.10%	5.02%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.66%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%

Drawdowns

VRP vs. PEY - Drawdown Comparison

The maximum VRP drawdown since its inception was -46.04%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for VRP and PEY.

Drawdown Indicators

	VRP	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-46.04%	-72.81%	+26.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	-13.28%	+9.33%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-17.90%	+4.14%
Max Drawdown (10Y) Largest decline over 10 years	-46.04%	-41.55%	-4.49%
Current Drawdown Current decline from peak	-1.87%	-3.40%	+1.53%
Average Drawdown Average peak-to-trough decline	-2.34%	-12.97%	+10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	4.44%	-3.65%

Volatility

VRP vs. PEY - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 1.75%, while Invesco High Yield Equity Dividend Achievers™ ETF (PEY) has a volatility of 3.26%. This indicates that VRP 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

	VRP	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	3.26%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	9.87%	-7.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	17.86%	-13.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	16.38%	-9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.53%	18.90%	-4.37%