CVY vs. IWY
CVY (Invesco Zacks Multi-Asset Income ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, CVY returned 8.84%/yr vs 19.34%/yr for IWY. A 0.62 correlation means they provide meaningful diversification when combined. CVY charges 1.21%/yr vs 0.20%/yr for IWY.
Performance
CVY vs. IWY - 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 IWY's 1.47% return. Over the past 10 years, CVY has underperformed IWY with an annualized return of 8.84%, while IWY has yielded a comparatively higher 19.34% annualized return.
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%
IWY
- 1D
- -1.59%
- 1M
- -4.29%
- YTD
- 1.47%
- 6M
- 0.28%
- 1Y
- 19.00%
- 3Y*
- 22.32%
- 5Y*
- 14.18%
- 10Y*
- 19.34%
CVY vs. IWY - 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% |
IWY iShares Russell Top 200 Growth ETF | 1.47% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -0.72% | 31.69% |
Correlation
The correlation between CVY and IWY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.62 |
Over the past year, the correlation between CVY and IWY has dropped to 0.33 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
CVY vs. IWY — Risk / Return Rank
CVY
IWY
CVY vs. IWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and iShares Russell Top 200 Growth ETF (IWY). 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 | IWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.15 | +1.25 |
| Martin ratioReturn relative to average drawdown | 8.02 | 3.65 | +4.37 |
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Drawdowns
CVY vs. IWY - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for CVY and IWY.
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Drawdown Indicators
| CVY | IWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -32.68% | -34.18% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -16.63% | +9.20% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -23.22% | +6.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -32.68% | +11.10% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | -32.68% | -17.79% |
Current DrawdownCurrent decline from peak | -0.72% | -7.07% | +6.35% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -4.75% | -5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 5.22% | -3.00% |
Volatility
CVY vs. IWY - Volatility Comparison
The current volatility for Invesco Zacks Multi-Asset Income ETF (CVY) is 2.99%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 6.08%. This indicates that CVY experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | IWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 6.08% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.94% | 12.61% | -4.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 16.30% | -5.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 21.60% | -5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 21.03% | -1.51% |
CVY vs. IWY - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than IWY's 0.20% expense ratio.
Dividends
CVY vs. IWY - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 4.33%, more than IWY's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWY iShares Russell Top 200 Growth ETF | 0.36% | 0.36% | 0.42% | 0.68% | 0.88% | 0.50% | 0.71% | 1.06% | 1.32% | 1.26% | 1.51% | 1.58% |
Frequently Asked Questions
CVY and IWY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWY has higher volatility (6.08%) compared to CVY (2.99%). In terms of maximum drawdown, CVY dropped -66.86% vs IWY's -32.68%.
On 10-year performance, IWY leads with 19.34% vs 8.84% for CVY. On fees, IWY is cheaper at 0.20% 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, IWY has performed better with a 19.34% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWY is cheaper with a 0.20% expense ratio, compared with 1.21% for CVY.
CVY has the higher dividend yield at 4.33%, compared with 0.36% for IWY.
CVY is categorized as Diversified Portfolio, while IWY is Large Cap Growth Equities. CVY tracks Zacks Multi-Asset Income Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 1.21% for CVY and 0.20% for IWY.
CVY currently has the higher Sharpe Ratio (1.61 vs 1.17), 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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