CZA vs. T
CZA (Invesco Zacks Mid-Cap ETF) is Mid Cap Blend Equities fund tracking the Zacks Mid-Cap Core Index, while T (AT&T Inc.) is a stock. Over the past 10 years, CZA returned 10.77%/yr vs 2.50%/yr for T. At a 0.40 correlation, their price movements are largely independent.
Performance
CZA vs. T - Performance Comparison
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Returns By Period
In the year-to-date period, CZA achieves a 9.13% return, which is significantly higher than T's -7.94% return. Over the past 10 years, CZA has outperformed T with an annualized return of 10.77%, while T has yielded a comparatively lower 2.50% annualized return.
CZA
- 1D
- 0.70%
- 1M
- 3.51%
- YTD
- 9.13%
- 6M
- 7.73%
- 1Y
- 15.79%
- 3Y*
- 13.41%
- 5Y*
- 7.45%
- 10Y*
- 10.77%
T
- 1D
- -1.93%
- 1M
- -11.44%
- YTD
- -7.94%
- 6M
- -7.27%
- 1Y
- -17.45%
- 3Y*
- 19.42%
- 5Y*
- 6.57%
- 10Y*
- 2.50%
CZA vs. T - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 9.13% | 8.31% | 12.14% | 7.00% | -5.91% | 27.42% | 0.35% | 32.27% | -8.89% | 21.90% |
T AT&T Inc. | -7.94% | 13.97% | 44.08% | -2.74% | 5.76% | -8.09% | -21.37% | 45.55% | -22.25% | -4.01% |
Correlation
The correlation between CZA and T is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007 | 0.40 |
Over the past year, the correlation between CZA and T has dropped to 0.05 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
CZA vs. T — Risk / Return Rank
CZA
T
CZA vs. T - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Mid-Cap ETF (CZA) and AT&T Inc. (T). 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.
| CZA | T | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.88 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.74 | +2.46 |
| Martin ratioReturn relative to average drawdown | 6.60 | -1.56 | +8.16 |
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Drawdowns
CZA vs. T - Drawdown Comparison
The maximum CZA drawdown since its inception was -53.20%, smaller than the maximum T drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for CZA and T.
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Drawdown Indicators
| CZA | T | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -64.15% | +10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -9.21% | -23.57% | +14.36% |
Max Drawdown (3Y)Largest decline over 3 years | -18.92% | -23.57% | +4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -18.92% | -32.01% | +13.09% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -42.35% | -3.83% |
Current DrawdownCurrent decline from peak | 0.00% | -22.32% | +22.32% |
Average DrawdownAverage peak-to-trough decline | -6.86% | -15.72% | +8.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 11.23% | -8.83% |
Volatility
CZA vs. T - Volatility Comparison
The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 2.95%, while AT&T Inc. (T) has a volatility of 8.61%. This indicates that CZA experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CZA | T | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 8.61% | -5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 18.46% | -9.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 22.68% | -9.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 24.14% | -8.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.25% | 23.79% | -4.54% |
Dividends
CZA vs. T - Dividend Comparison
CZA's dividend yield for the trailing twelve months is around 1.43%, less than T's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 1.43% | 1.56% | 1.27% | 1.36% | 1.71% | 0.89% | 1.42% | 1.40% | 1.27% | 1.10% | 1.87% | 1.37% |
T AT&T Inc. | 4.96% | 4.47% | 4.87% | 6.62% | 6.66% | 8.46% | 7.23% | 5.22% | 7.01% | 5.04% | 4.51% | 5.46% |
Frequently Asked Questions
CZA and T have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
T has higher volatility (8.61%) compared to CZA (2.95%). In terms of maximum drawdown, CZA dropped -53.20% vs T's -64.15%.
CZA currently has the higher Sharpe Ratio (1.24 vs -0.77), 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.
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