CVY vs. MDIV
CVY (Invesco Zacks Multi-Asset Income ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - CVY tracks the Zacks Multi-Asset Income Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, CVY returned 8.84%/yr vs 4.86%/yr for MDIV. Their correlation of 0.82 suggests significant overlap in exposure. CVY charges 1.21%/yr vs 0.73%/yr for MDIV.
Performance
CVY vs. MDIV - 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 MDIV's 8.23% return. Over the past 10 years, CVY has outperformed MDIV with an annualized return of 8.84%, while MDIV has yielded a comparatively lower 4.86% 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%
MDIV
- 1D
- 0.70%
- 1M
- -0.63%
- YTD
- 8.23%
- 6M
- 8.54%
- 1Y
- 11.46%
- 3Y*
- 12.22%
- 5Y*
- 5.93%
- 10Y*
- 4.86%
CVY vs. MDIV - 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 8.23% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between CVY and MDIV is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | 0.82 |
The correlation between CVY and MDIV has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
CVY vs. MDIV — Risk / Return Rank
CVY
MDIV
CVY vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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 | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 3.39 | -0.99 |
| Martin ratioReturn relative to average drawdown | 8.02 | 9.38 | -1.36 |
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Drawdowns
CVY vs. MDIV - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than MDIV's maximum drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for CVY and MDIV.
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Drawdown Indicators
| CVY | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -48.50% | -18.36% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -3.39% | -4.04% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -9.62% | -7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -13.02% | -8.56% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | -48.50% | -1.97% |
Current DrawdownCurrent decline from peak | -0.72% | -1.05% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -4.57% | -5.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.22% | +1.00% |
Volatility
CVY vs. MDIV - Volatility Comparison
Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 2.99% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.17%. This indicates that CVY's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 2.17% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 7.94% | 4.51% | +3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 6.81% | +4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 10.94% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 15.22% | +4.30% |
CVY vs. MDIV - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Dividends
CVY vs. MDIV - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 4.33%, less than MDIV's 6.35% 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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.35% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
CVY and MDIV have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVY has higher volatility (2.99%) compared to MDIV (2.17%). In terms of maximum drawdown, CVY dropped -66.86% vs MDIV's -48.50%.
On 10-year performance, CVY leads with 8.84% vs 4.86% for MDIV. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 2.17%. 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 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDIV is cheaper with a 0.73% expense ratio, compared with 1.21% for CVY.
MDIV has the higher dividend yield at 6.35%, compared with 4.33% for CVY.
CVY tracks Zacks Multi-Asset Income Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 1.21% for CVY and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (1.69 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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