CVY vs. TYLD

Last updated Aug 6, 2026

CVY (Invesco Zacks Multi-Asset Income ETF) and TYLD (Cambria Tactical Yield ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while TYLD is a Tactical Allocation fund actively managed by Cambria. CVY is passively managed, while TYLD is actively managed. Over the past year, CVY returned 22.03% vs 3.76% for TYLD. Their -0.06 correlation means they have often moved in opposite directions in the past. CVY charges 1.21%/yr vs 0.59%/yr for TYLD.

Performance

CVY vs. TYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Zacks Multi-Asset Income ETF (CVY) and Cambria Tactical Yield ETF (TYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVY achieves a 16.32% return, which is significantly higher than TYLD's 1.96% return.

CVY

• 1D: -0.16%
• 1M: 3.34%
• 6M: 9.40%
• YTD: 16.32%
• 1Y: 22.03%
• 3Y*: 15.04%
• 5Y*: 9.34%
• 10Y*: 8.88%
• ALL TIME*: 6.05%

TYLD

• 1D: -0.02%
• 1M: 0.12%
• 6M: 1.62%
• YTD: 1.96%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVY Invesco Zacks Multi-Asset Income ETF	$90.97K	$91.55K	$113.66K
TYLD Cambria Tactical Yield ETF	$17.33K	$121.77K	$74.62K

CVY vs. TYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVY Invesco Zacks Multi-Asset Income ETF	16.32%	11.00%	10.86%
TYLD Cambria Tactical Yield ETF	1.96%	4.05%	5.09%

Correlation

The correlation between CVY and TYLD is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	-0.06

Return for Risk

CVY vs. TYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CVY

CVY Risk / Return Rank: 77
CVY Sharpe Ratio Rank: 80
CVY Sortino Ratio Rank: 82
CVY Omega Ratio Rank: 78
CVY Calmar Ratio Rank: 75
CVY Martin Ratio Rank: 72

TYLD

TYLD Risk / Return Rank: 99
TYLD Sharpe Ratio Rank: 99
TYLD Sortino Ratio Rank: 99
TYLD Omega Ratio Rank: 99
TYLD Calmar Ratio Rank: 99
TYLD Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CVY vs. TYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and Cambria Tactical Yield ETF (TYLD). 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	TYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.06	5.17	-3.10
Sortino ratio: Return per unit of downside risk	2.96	9.80	-6.84
Omega ratio: Gain probability vs. loss probability	1.37	2.52	-1.16
Calmar ratio: Return relative to maximum drawdown	2.98	21.20	-18.23
Martin ratio: Return relative to average drawdown	10.22	112.10	-101.88

CVY vs. TYLD - Sharpe Ratio Comparison

The current CVY Sharpe Ratio is 2.06, which is lower than the TYLD Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of CVY and TYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVY vs. TYLD - Drawdown Comparison

The maximum CVY drawdown since its inception was -66.86%, which is greater than TYLD's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for CVY and TYLD.

Drawdown Indicators

	CVY	TYLD	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-1.06%	-65.80%
Max Drawdown (1Y) Largest decline over 1 year	-7.43%	-0.18%	-7.25%
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 Drawdown Current decline from peak	-0.28%	-0.02%	-0.26%
Average Drawdown Average peak-to-trough decline	-10.32%	-0.10%	-10.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.03%	+2.13%

Volatility

CVY vs. TYLD - Volatility Comparison

Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 2.85% compared to Cambria Tactical Yield ETF (TYLD) at 0.25%. This indicates that CVY's price experiences larger fluctuations and is considered to be riskier than TYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVY	TYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	0.25%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	0.57%	+7.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	0.73%	+10.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	1.72%	+14.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.46%	1.72%	+17.74%

CVY vs. TYLD - Expense Ratio Comparison

CVY has a 1.21% expense ratio, which is higher than TYLD's 0.59% expense ratio.

Dividends

CVY vs. TYLD - Dividend Comparison

CVY's dividend yield for the trailing twelve months is around 4.09%, more than TYLD's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVY Invesco Zacks Multi-Asset Income ETF	4.09%	3.99%	4.07%	4.41%	5.18%	2.37%	3.40%	3.22%	4.44%	3.94%	4.50%	5.89%
TYLD Cambria Tactical Yield ETF	3.72%	4.38%	4.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVY and TYLD in my portfolio?

CVY and TYLD have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVY or TYLD?

CVY has higher volatility (2.85%) compared to TYLD (0.25%). In terms of maximum drawdown, CVY dropped -66.86% vs TYLD's -1.06%.

Which ETF is better, CVY or TYLD?

On 1-year performance, CVY leads with 22.03% vs 3.76% for TYLD. On fees, TYLD is cheaper at 0.59% per year. On volatility, TYLD has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVY or TYLD?

Over the 1-year period, CVY has performed better with a 22.03% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVY or TYLD?

TYLD is cheaper with a 0.59% expense ratio, compared with 1.21% for CVY.

Which ETF pays a higher dividend yield, CVY or TYLD?

CVY has the higher dividend yield at 4.09%, compared with 3.72% for TYLD.

What is the main difference between CVY and TYLD?

CVY is categorized as Diversified Portfolio, while TYLD is Tactical Allocation. They also come from different issuers: Invesco and Cambria. Their fees differ too: 1.21% for CVY and 0.59% for TYLD.

Which has better risk-adjusted returns?

TYLD currently has the higher Sharpe Ratio (5.17 vs 2.06), 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.