CVY vs. AOR
CVY (Invesco Zacks Multi-Asset Income ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both Diversified Portfolio funds - CVY tracks the Zacks Multi-Asset Income Index while AOR tracks the S&P Target Risk Growth Index. Both are passively managed. Over the past 10 years, CVY returned 8.84%/yr vs 8.54%/yr for AOR. A 0.77 correlation means they provide meaningful diversification when combined. CVY charges 1.21%/yr vs 0.15%/yr for AOR.
Performance
CVY vs. AOR - Performance Comparison
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Returns By Period
In the year-to-date period, CVY achieves a 9.65% return, which is significantly higher than AOR's 6.31% return. Both investments have delivered pretty close results over the past 10 years, with CVY having a 8.84% annualized return and AOR not far behind at 8.54%.
CVY
- 1D
- 0.21%
- 1M
- 0.96%
- YTD
- 9.65%
- 6M
- 9.33%
- 1Y
- 17.75%
- 3Y*
- 16.08%
- 5Y*
- 7.84%
- 10Y*
- 8.84%
AOR
- 1D
- -1.18%
- 1M
- -0.01%
- YTD
- 6.31%
- 6M
- 5.96%
- 1Y
- 17.17%
- 3Y*
- 13.59%
- 5Y*
- 6.73%
- 10Y*
- 8.54%
CVY vs. AOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 9.65% | 11.00% | 10.28% | 17.87% | -9.27% | 25.31% | -10.56% | 25.97% | -10.77% | 15.91% |
AOR iShares Core 60/40 Balanced Allocation ETF | 6.31% | 16.44% | 10.68% | 15.75% | -15.64% | 11.19% | 11.42% | 18.91% | -5.82% | 15.80% |
Correlation
The correlation between CVY and AOR is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2008 | 0.77 |
The correlation between CVY and AOR shifts across timeframes, from 0.59 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CVY vs. AOR — Risk / Return Rank
CVY
AOR
CVY vs. AOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and iShares Core 60/40 Balanced Allocation ETF (AOR). 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.
| CVY | AOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.36 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.60 | -0.20 |
| Martin ratioReturn relative to average drawdown | 8.02 | 11.13 | -3.11 |
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Drawdowns
CVY vs. AOR - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for CVY and AOR.
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Drawdown Indicators
| CVY | AOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -24.44% | -42.42% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -6.64% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -9.77% | -7.02% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -21.72% | +0.14% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | -22.95% | -27.52% |
Current DrawdownCurrent decline from peak | -0.72% | -1.53% | +0.81% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -3.47% | -6.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.55% | +0.67% |
Volatility
CVY vs. AOR - Volatility Comparison
The current volatility for Invesco Zacks Multi-Asset Income ETF (CVY) is 2.99%, while iShares Core 60/40 Balanced Allocation ETF (AOR) has a volatility of 3.61%. This indicates that CVY experiences smaller price fluctuations and is considered to be less risky than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | AOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 3.61% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 7.94% | 7.49% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 8.96% | +2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 10.64% | +5.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 10.66% | +8.86% |
CVY vs. AOR - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than AOR's 0.15% expense ratio.
Dividends
CVY vs. AOR - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 4.33%, more than AOR's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AOR iShares Core 60/40 Balanced Allocation ETF | 2.49% | 2.55% | 2.66% | 2.50% | 2.12% | 1.64% | 1.89% | 2.56% | 2.49% | 4.51% | 2.16% | 2.12% |
CVY Invesco Zacks Multi-Asset Income ETF | 4.33% | 3.99% | 4.07% | 4.41% | 5.18% | 2.37% | 3.40% | 3.22% | 4.44% | 3.94% | 4.50% | 5.89% |
Frequently Asked Questions
CVY and AOR have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOR has higher volatility (3.61%) compared to CVY (2.99%). In terms of maximum drawdown, CVY dropped -66.86% vs AOR's -24.44%.
On 10-year performance, CVY leads with 8.84% vs 8.54% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, CVY has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CVY has performed better with a 8.84% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AOR is cheaper with a 0.15% expense ratio, compared with 1.21% for CVY.
CVY has the higher dividend yield at 4.33%, compared with 2.49% for AOR.
CVY tracks Zacks Multi-Asset Income Index, while AOR tracks S&P Target Risk Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 1.21% for CVY and 0.15% for AOR.
AOR currently has the higher Sharpe Ratio (1.93 vs 1.61), 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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