CZA vs. T

Last updated Jun 4, 2026

CZA (Invesco Zacks Mid-Cap ETF) is Mid Cap Blend Equities fund tracking the Zacks Mid-Cap Core Index, while T (AT&T Inc.) is a stock. Over the past 10 years, CZA returned 10.10%/yr vs 3.62%/yr for T. At a 0.40 correlation, their price movements are largely independent.

Performance

CZA vs. T - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Zacks Mid-Cap ETF (CZA) and AT&T Inc. (T). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZA achieves a 5.97% return, which is significantly higher than T's -3.08% return. Over the past 10 years, CZA has outperformed T with an annualized return of 10.10%, while T has yielded a comparatively lower 3.62% annualized return.

CZA

• 1D: -0.24%
• 1M: 1.90%
• YTD: 5.97%
• 6M: 6.65%
• 1Y: 13.18%
• 3Y*: 12.55%
• 5Y*: 6.64%
• 10Y*: 10.10%

T

• 1D: -4.42%
• 1M: -9.77%
• YTD: -3.08%
• 6M: -4.92%
• 1Y: -12.10%
• 3Y*: 22.12%
• 5Y*: 7.39%
• 10Y*: 3.62%

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

CZA vs. T - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZA Invesco Zacks Mid-Cap ETF	5.97%	8.31%	12.14%	7.00%	-5.91%	27.42%	0.35%	32.27%	-8.89%	21.90%
T AT&T Inc.	-3.08%	13.97%	44.08%	-2.74%	5.76%	-8.09%	-21.37%	45.55%	-22.25%	-4.01%

Correlation

The correlation between CZA and T is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 4, 2007	0.40

Over the past year, the correlation between CZA and T has dropped to 0.07 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

CZA vs. T — Risk / Return Rank

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

CZA

CZA Risk / Return Rank: 30
CZA Sharpe Ratio Rank: 29
CZA Sortino Ratio Rank: 29
CZA Omega Ratio Rank: 27
CZA Calmar Ratio Rank: 29
CZA Martin Ratio Rank: 36

T

T Risk / Return Rank: 17
T Sharpe Ratio Rank: 17
T Sortino Ratio Rank: 16
T Omega Ratio Rank: 17
T Calmar Ratio Rank: 19
T Martin Ratio Rank: 14

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.

CZA vs. T - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Mid-Cap ETF (CZA) and AT&T Inc. (T). 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.

	CZA	T	Difference
Sharpe ratio: Return per unit of total volatility	1.04	-0.56	+1.59
Sortino ratio: Return per unit of downside risk	1.59	-0.67	+2.26
Omega ratio: Gain probability vs. loss probability	1.18	0.92	+0.26
Calmar ratio: Return relative to maximum drawdown	1.44	-0.59	+2.03
Martin ratio: Return relative to average drawdown	5.48	-1.20	+6.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZA vs. T - Sharpe Ratio Comparison

The current CZA Sharpe Ratio is 1.04, which is higher than the T Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of CZA and T, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CZA	T	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	-0.56	+1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.31	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.15	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.38	+0.09

Drawdowns

CZA vs. T - Drawdown Comparison

The maximum CZA drawdown since its inception was -53.20%, smaller than the maximum T drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for CZA and T.

Drawdown Indicators

	CZA	T	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-64.15%	+10.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-20.60%	+11.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-20.60%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-18.92%	-32.01%	+13.09%
Max Drawdown (10Y) Largest decline over 10 years	-46.18%	-42.35%	-3.83%
Current Drawdown Current decline from peak	-0.78%	-18.23%	+17.45%
Average Drawdown Average peak-to-trough decline	-6.88%	-15.72%	+8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	10.08%	-7.67%

Volatility

CZA vs. T - Volatility Comparison

The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 3.13%, while AT&T Inc. (T) has a volatility of 6.96%. This indicates that CZA experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZA	T	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	6.96%	-3.83%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	17.27%	-7.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	21.86%	-9.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	23.92%	-7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	23.69%	-4.41%

Dividends

CZA vs. T - Dividend Comparison

CZA's dividend yield for the trailing twelve months is around 1.47%, less than T's 4.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZA Invesco Zacks Mid-Cap ETF	1.47%	1.56%	1.27%	1.36%	1.71%	0.89%	1.42%	1.40%	1.27%	1.10%	1.87%	1.37%
T AT&T Inc.	4.71%	4.47%	4.87%	6.62%	6.66%	8.46%	7.23%	5.22%	7.01%	5.04%	4.51%	5.46%

Frequently Asked Questions

Can I hold both CZA and T in my portfolio?

CZA and T have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZA or T?

T has higher volatility (6.96%) compared to CZA (3.13%). In terms of maximum drawdown, CZA dropped -53.20% vs T's -64.15%.

Which has better risk-adjusted returns?

CZA currently has the higher Sharpe Ratio (1.04 vs -0.56), 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.