CVY vs. YLD
CVY (Invesco Zacks Multi-Asset Income ETF) and YLD (Principal Active High Yield ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while YLD is a High Yield Bonds fund actively managed by Principal. CVY is passively managed, while YLD is actively managed. Over the past 10 years, CVY returned 8.96%/yr vs 5.85%/yr for YLD. At a 0.47 correlation, their price movements are largely independent. CVY charges 1.21%/yr vs 0.39%/yr for YLD.
Performance
CVY vs. YLD - Performance Comparison
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Returns By Period
In the year-to-date period, CVY achieves a 10.45% return, which is significantly higher than YLD's 3.11% return. Over the past 10 years, CVY has outperformed YLD with an annualized return of 8.96%, while YLD has yielded a comparatively lower 5.85% annualized return.
CVY
- 1D
- 0.94%
- 1M
- 3.26%
- YTD
- 10.45%
- 6M
- 9.84%
- 1Y
- 18.64%
- 3Y*
- 15.39%
- 5Y*
- 7.49%
- 10Y*
- 8.96%
YLD
- 1D
- 0.48%
- 1M
- 1.27%
- YTD
- 3.11%
- 6M
- 3.78%
- 1Y
- 7.53%
- 3Y*
- 8.77%
- 5Y*
- 4.83%
- 10Y*
- 5.85%
CVY vs. YLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 10.45% | 11.00% | 10.28% | 17.87% | -9.27% | 25.31% | -10.56% | 25.97% | -10.77% | 15.91% |
YLD Principal Active High Yield ETF | 3.11% | 6.55% | 9.19% | 12.93% | -8.78% | 9.17% | 1.50% | 13.58% | -3.30% | 9.12% |
Correlation
The correlation between CVY and YLD is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015 | 0.47 |
The correlation between CVY and YLD has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
CVY vs. YLD — Risk / Return Rank
CVY
YLD
CVY vs. YLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) and Principal Active High Yield ETF (YLD). 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 | YLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.70 | -1.24 |
| Martin ratioReturn relative to average drawdown | 8.22 | 12.68 | -4.46 |
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Drawdowns
CVY vs. YLD - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than YLD's maximum drawdown of -28.34%. Use the drawdown chart below to compare losses from any high point for CVY and YLD.
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Drawdown Indicators
| CVY | YLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -28.34% | -38.52% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -1.98% | -5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -5.62% | -11.17% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -13.89% | -7.69% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | -28.34% | -22.13% |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -10.40% | -2.70% | -7.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 0.58% | +1.63% |
Volatility
CVY vs. YLD - Volatility Comparison
Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 3.13% compared to Principal Active High Yield ETF (YLD) at 1.34%. This indicates that CVY's price experiences larger fluctuations and is considered to be riskier than YLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVY | YLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 1.34% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 3.50% | +4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 4.36% | +6.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 6.39% | +9.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.55% | 8.20% | +11.35% |
CVY vs. YLD - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than YLD's 0.39% expense ratio.
Dividends
CVY vs. YLD - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 3.65%, less than YLD's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 3.65% | 3.99% | 4.07% | 4.41% | 5.18% | 2.37% | 3.40% | 3.22% | 4.44% | 3.94% | 4.50% | 5.89% |
YLD Principal Active High Yield ETF | 7.25% | 7.33% | 7.12% | 6.46% | 6.51% | 3.92% | 4.40% | 4.81% | 5.42% | 6.28% | 4.47% | 2.56% |
Frequently Asked Questions
CVY and YLD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVY has higher volatility (3.13%) compared to YLD (1.34%). In terms of maximum drawdown, CVY dropped -66.86% vs YLD's -28.34%.
On 10-year performance, CVY leads with 8.96% vs 5.85% for YLD. On fees, YLD is cheaper at 0.39% per year. On volatility, YLD has been the lower-risk option at 1.34%. 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 8.96% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YLD is cheaper with a 0.39% expense ratio, compared with 1.21% for CVY.
YLD has the higher dividend yield at 7.25%, compared with 3.65% for CVY.
CVY is categorized as Diversified Portfolio, while YLD is High Yield Bonds. They also come from different issuers: Invesco and Principal. Their fees differ too: 1.21% for CVY and 0.39% for YLD.
YLD currently has the higher Sharpe Ratio (1.68 vs 1.65), 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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