CVY vs. VBIL

Last updated Jun 24, 2026

CVY (Invesco Zacks Multi-Asset Income ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. Both are passively managed. Over the past year, CVY returned 17.75% vs 3.91% for VBIL. At a correlation of -0.03, they often move in opposite directions. CVY charges 1.21%/yr vs 0.07%/yr for VBIL.

Performance

CVY vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Zacks Multi-Asset Income ETF (CVY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVY achieves a 9.65% return, which is significantly higher than VBIL's 1.71% 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%

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.71%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVY vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
CVY Invesco Zacks Multi-Asset Income ETF	9.65%	6.61%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between CVY and VBIL is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.03

Return for Risk

CVY vs. VBIL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVY

CVY Risk / Return Rank: 50
CVY Sharpe Ratio Rank: 50
CVY Sortino Ratio Rank: 52
CVY Omega Ratio Rank: 47
CVY Calmar Ratio Rank: 52
CVY Martin Ratio Rank: 51

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 100
VBIL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVY vs. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.61	18.07	-16.47
Sortino ratio: Return per unit of downside risk	2.35	111.81	-109.46
Omega ratio: Gain probability vs. loss probability	1.28	39.66	-38.37
Calmar ratio: Return relative to maximum drawdown	2.40	296.41	-294.01
Martin ratio: Return relative to average drawdown	8.02	1,960.46	-1,952.44

CVY vs. VBIL - Sharpe Ratio Comparison

The current CVY Sharpe Ratio is 1.61, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of CVY and VBIL, 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. VBIL - Drawdown Comparison

The maximum CVY drawdown since its inception was -66.86%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for CVY and VBIL.

Drawdown Indicators

	CVY	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-0.09%	-66.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.43%	-0.01%	-7.42%
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	-0.72%	0.00%	-0.72%
Average Drawdown Average peak-to-trough decline	-10.38%	-0.00%	-10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.00%	+2.22%

Volatility

CVY vs. VBIL - Volatility Comparison

Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 2.99% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that CVY's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVY	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	0.05%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	0.16%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	0.22%	+10.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	0.30%	+15.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	0.30%	+19.22%

CVY vs. VBIL - Expense Ratio Comparison

CVY has a 1.21% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

CVY vs. VBIL - Dividend Comparison

CVY's dividend yield for the trailing twelve months is around 4.33%, more than VBIL's 3.65% 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%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	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 VBIL in my portfolio?

CVY and VBIL 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 VBIL?

CVY has higher volatility (2.99%) compared to VBIL (0.05%). In terms of maximum drawdown, CVY dropped -66.86% vs VBIL's -0.09%.

Which ETF is better, CVY or VBIL?

On 1-year performance, CVY leads with 17.75% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVY or VBIL?

Over the 1-year period, CVY has performed better with a 17.75% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVY or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 1.21% for CVY.

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

CVY has the higher dividend yield at 4.33%, compared with 3.65% for VBIL.

What is the main difference between CVY and VBIL?

CVY is categorized as Diversified Portfolio, while VBIL is Ultrashort Bond. CVY tracks Zacks Multi-Asset Income Index, while VBIL tracks Bloomberg US Treasury Bills 0-3 Months Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 1.21% for CVY and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 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.