Principal Value ETF (PY) Performance
PY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.7% since Dec 31, 2025
- 1 year
- +14.7% total return
- 5 years
- +8.7% a year
- 10 years
- +11.5% a year
- Since first price
- +11.2% a year since 2016
PY trailing returns vs SPY, QQQ, AGG
| Period | PY total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.0% | +3.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +6.9% | +6.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +11.2% | +10.2% | +7.8% | +8.4% | −1.5% |
| YTD | +13.7% | +12.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +14.7% | +12.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +65.8%+18.4%/yr | +55.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +51.7%+8.7%/yr | +33.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +196.6%+11.5%/yr | +130.1% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionMar 22, 2016 | +206.9%+11.2%/yr | +135.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PY vs SPY
From Mar 22, 2016: PY grew to $30,690, SPY to $43,950.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PY returns by calendar year
7 of 9 full years positive. Best 2021 (+34.8%), worst 2018 (−13.3%). 2026 is year to date.
PY annual returns table
| Year | PY | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.7% | −6.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.7% | −16.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +16.8% | −6.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +9.1% | −12.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −5.1% | −17.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +34.8% | −6.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +2.7% | −45.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +26.9% | −10.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.3% | −20.7% | −4.6% | −0.1% | +0.1% |
| 2017 | +18.9% | −4.6% | +21.7% | +32.7% | +3.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PY largest drawdowns
Now 0.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 21, 2020 | −45.4% | Mar 23, 2020 | Dec 4, 2020 | 2 months | 10 months |
| Jan 31, 2018 | −20.7% | Dec 27, 2018 | Nov 4, 2019 | 11 months | 1.8 years |
| Nov 29, 2024 | −17.8% | Apr 8, 2025 | Aug 22, 2025 | 4 months | 9 months |
| Jan 14, 2022 | −17.7% | Sep 30, 2022 | Dec 14, 2023 | 9 months | 1.9 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PY risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2016 |
|---|---|---|---|---|
| Annualized return | +15.0% | +8.6% | +10.8% | +10.7% |
| Volatility (annualized) | 12.5% | 15.5% | 19.5% | 19.0% |
| Sharpe ratio | 0.84 | 0.38 | 0.51 | 0.52 |
| Sortino ratio | 1.39 | 0.58 | 0.75 | 0.76 |
| Best month | +8.7% | +12.1% | +19.9% | +19.9% |
| Worst month | −5.3% | −10.8% | −27.9% | −27.9% |
| Best 12 months | +33.2% | +33.2% | +84.1% | +84.1% |
| Worst 12 months | +1.3% | −10.0% | −24.4% | −24.4% |
| Positive months | 69% | 60% | 62% | 62% |
| Beta vs S&P 500 | 0.78 | 0.84 | 1.08 | — |
| Correlation with S&P 500 | 0.78 | 0.85 | 0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 116 | −24.4% | +9.7% | +84.1% | 78% |
| 3-year (a year) | 92 | −5.2% | +10.9% | +25.0% | 97% |
| 5-year (a year) | 68 | +6.2% | +11.1% | +20.1% | 100% |
| 10-year (a year) | 8 | +10.2% | +10.9% | +11.6% | 100% |
Every holding period starting at a month-end since 2016. Returns for 3 years and longer are annualized.
PY performance overview
Principal Value ETF (PY) returned +14.7% over the past year and +11.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2016 it has returned +11.2% a year, turning $10,000 into about $30,690. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −45.4%, from Jan 21, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. PY finished 7 of its 9 full calendar years with a gain; the best year was 2021 (+34.8%) and the worst 2018 (−13.3%). Volatility has been 19.0% a year.
Related: PY chart, PY holdings, PY dividends, PY valuation. See the PY overview for the latest quote and fund facts.
PY performance FAQ
What is the PY return over the past year?
PY returned +14.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 12.6%.
What is the average annual return of PY?
PY has returned +8.7% a year over 5 years, +11.5% a year over 10 years, +11.2% a year since March 22, 2016 (total return, distributions reinvested).
How much would $10,000 invested in PY be worth?
$10,000 invested in PY at its first recorded close on March 22, 2016 would be worth about $30,690 on October 23, 2026 with distributions reinvested.
What was the worst year for PY?
The worst calendar year was 2018, with a total return of −13.3%. The best was 2021 at +34.8%.
What is the biggest drawdown of PY?
The largest peak-to-trough decline was −45.4% between January 21, 2020 and March 23, 2020. It recovered to the old high on December 4, 2020, 8 months after the bottom.
How volatile is PY?
Over the past 3 years PY had an annualized volatility of 12.5% and a Sharpe ratio of 0.84 (excess return over 1–3 month T-bills per unit of risk).