CVY vs. GMMF
CVY (Invesco Zacks Multi-Asset Income ETF) and GMMF (iShares Government Money Market ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while GMMF is a Money Market fund actively managed by iShares. CVY is passively managed, while GMMF is actively managed. Over the past year, CVY returned 17.25% vs 3.87% for GMMF. At a correlation of -0.06, they often move in opposite directions. CVY charges 1.21%/yr vs 0.20%/yr for GMMF.
Performance
CVY vs. GMMF - Performance Comparison
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Returns By Period
In the year-to-date period, CVY achieves a 7.59% return, which is significantly higher than GMMF's 1.47% return.
CVY
- 1D
- -1.25%
- 1M
- 0.78%
- YTD
- 7.59%
- 6M
- 8.13%
- 1Y
- 17.25%
- 3Y*
- 15.33%
- 5Y*
- 7.04%
- 10Y*
- 8.41%
GMMF
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.47%
- 6M
- 1.75%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVY vs. GMMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 7.59% | 6.31% |
GMMF iShares Government Money Market ETF | 1.47% | 3.70% |
Correlation
The correlation between CVY and GMMF is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025 | -0.06 |
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Return for Risk
CVY vs. GMMF — Risk / Return Rank
CVY
GMMF
CVY vs. GMMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and iShares Government Money Market ETF (GMMF). 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.
| CVY | GMMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.94 | ||
| Sortino ratioReturn per unit of downside risk | -84.26 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 24.81 | -23.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 129.87 | -127.54 |
| Martin ratioReturn relative to average drawdown | 7.82 | 1,318.32 | -1,310.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVY | GMMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 17.52 | -15.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.43 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 16.34 | -16.07 |
Drawdowns
CVY vs. GMMF - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than GMMF's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CVY and GMMF.
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Drawdown Indicators
| CVY | GMMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -0.03% | -66.83% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -0.03% | -7.40% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | — | — |
Current DrawdownCurrent decline from peak | -1.28% | 0.00% | -1.28% |
Average DrawdownAverage peak-to-trough decline | -10.41% | -0.00% | -10.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.00% | +2.21% |
Volatility
CVY vs. GMMF - Volatility Comparison
Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 2.87% compared to iShares Government Money Market ETF (GMMF) at 0.06%. This indicates that CVY's price experiences larger fluctuations and is considered to be riskier than GMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | GMMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 0.06% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 0.14% | +7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 0.22% | +10.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 0.24% | +15.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.56% | 0.24% | +19.32% |
CVY vs. GMMF - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than GMMF's 0.20% expense ratio.
Dividends
CVY vs. GMMF - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 3.75%, more than GMMF's 3.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 3.75% | 3.99% | 4.07% | 4.41% | 5.18% | 2.37% | 3.40% | 3.22% | 4.44% | 3.94% | 4.50% | 5.89% |
GMMF iShares Government Money Market ETF | 3.67% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CVY and GMMF have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVY has higher volatility (2.87%) compared to GMMF (0.06%). In terms of maximum drawdown, CVY dropped -66.86% vs GMMF's -0.03%.
On 1-year performance, CVY leads with 17.25% vs 3.87% for GMMF. On fees, GMMF is cheaper at 0.20% per year. On volatility, GMMF has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CVY has performed better with a 17.25% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMMF is cheaper with a 0.20% expense ratio, compared with 1.21% for CVY.
CVY has the higher dividend yield at 3.75%, compared with 3.67% for GMMF.
CVY is categorized as Diversified Portfolio, while GMMF is Money Market. They also come from different issuers: Invesco and iShares. Their fees differ too: 1.21% for CVY and 0.20% for GMMF.
GMMF currently has the higher Sharpe Ratio (17.52 vs 1.58), 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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