CVY vs. VYM
CVY (Invesco Zacks Multi-Asset Income ETF) and VYM (Vanguard High Dividend Yield ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while VYM is a Dividend fund tracking the FTSE High Dividend Yield Index. Both are passively managed. Over the past 10 years, CVY returned 8.84%/yr vs 11.98%/yr for VYM. Their correlation of 0.86 suggests significant overlap in exposure. CVY charges 1.21%/yr vs 0.04%/yr for VYM.
Performance
CVY vs. VYM - Performance Comparison
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Returns By Period
In the year-to-date period, CVY achieves a 9.65% return, which is significantly lower than VYM's 11.51% return. Over the past 10 years, CVY has underperformed VYM with an annualized return of 8.84%, while VYM has yielded a comparatively higher 11.98% 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%
VYM
- 1D
- -0.16%
- 1M
- 0.26%
- YTD
- 11.51%
- 6M
- 10.83%
- 1Y
- 24.08%
- 3Y*
- 18.41%
- 5Y*
- 11.88%
- 10Y*
- 11.98%
CVY vs. VYM - 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% |
VYM Vanguard High Dividend Yield ETF | 11.51% | 15.42% | 17.60% | 6.57% | -0.43% | 26.20% | 1.15% | 24.06% | -5.92% | 16.42% |
Correlation
The correlation between CVY and VYM is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2006 | 0.86 |
The correlation between CVY and VYM has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
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Return for Risk
CVY vs. VYM — Risk / Return Rank
CVY
VYM
CVY vs. VYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and Vanguard High Dividend Yield ETF (VYM). 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 | VYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.42 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 3.61 | -1.21 |
| Martin ratioReturn relative to average drawdown | 8.02 | 13.43 | -5.41 |
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Drawdowns
CVY vs. VYM - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than VYM's maximum drawdown of -56.98%. Use the drawdown chart below to compare losses from any high point for CVY and VYM.
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Drawdown Indicators
| CVY | VYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -56.98% | -9.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -6.69% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -14.46% | -2.33% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -15.84% | -5.74% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | -35.21% | -15.26% |
Current DrawdownCurrent decline from peak | -0.72% | -1.28% | +0.56% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -7.18% | -3.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.80% | +0.42% |
Volatility
CVY vs. VYM - Volatility Comparison
Invesco Zacks Multi-Asset Income ETF (CVY) and Vanguard High Dividend Yield ETF (VYM) have volatilities of 2.99% and 3.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | VYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 3.02% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 7.94% | 7.64% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 10.39% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 13.93% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 16.32% | +3.20% |
CVY vs. VYM - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than VYM's 0.04% expense ratio.
Dividends
CVY vs. VYM - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 4.33%, more than VYM's 2.30% 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% |
VYM Vanguard High Dividend Yield ETF | 2.30% | 2.44% | 2.74% | 3.12% | 3.01% | 2.76% | 3.18% | 3.03% | 3.40% | 2.80% | 2.91% | 3.22% |
Frequently Asked Questions
CVY and VYM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VYM has higher volatility (3.02%) compared to CVY (2.99%). In terms of maximum drawdown, CVY dropped -66.86% vs VYM's -56.98%.
On 10-year performance, VYM leads with 11.98% vs 8.84% for CVY. On fees, VYM is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VYM has performed better with a 11.98% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VYM is cheaper with a 0.04% expense ratio, compared with 1.21% for CVY.
CVY has the higher dividend yield at 4.33%, compared with 2.30% for VYM.
CVY is categorized as Diversified Portfolio, while VYM is Dividend. CVY tracks Zacks Multi-Asset Income Index, while VYM tracks FTSE High Dividend Yield Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 1.21% for CVY and 0.04% for VYM.
VYM currently has the higher Sharpe Ratio (2.33 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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