CZA vs. T

Last updated Jul 17, 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 10.59%/yr vs 2.02%/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 12.49% return, which is significantly higher than T's -8.33% return. Over the past 10 years, CZA has outperformed T with an annualized return of 10.59%, while T has yielded a comparatively lower 2.02% annualized return.

CZA

• 1D: 1.47%
• 1M: 3.55%
• 6M: 8.28%
• YTD: 12.49%
• 1Y: 18.19%
• 3Y*: 12.63%
• 5Y*: 8.03%
• 10Y*: 10.59%

T

• 1D: 2.57%
• 1M: -3.83%
• 6M: -5.16%
• YTD: -8.33%
• 1Y: -14.60%
• 3Y*: 23.91%
• 5Y*: 6.50%
• 10Y*: 2.02%

*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	12.49%	8.31%	12.14%	7.00%	-5.91%	27.42%	0.35%	32.27%	-8.89%	21.90%
T AT&T Inc.	-8.33%	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 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 3, 2007	0.40

Over the past year, the correlation between CZA and T has dropped to 0.06 - 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: 52
CZA Sharpe Ratio Rank: 52
CZA Sortino Ratio Rank: 56
CZA Omega Ratio Rank: 49
CZA Calmar Ratio Rank: 48
CZA Martin Ratio Rank: 56

T

T Risk / Return Rank: 19
T Sharpe Ratio Rank: 16
T Sortino Ratio Rank: 17
T Omega Ratio Rank: 18
T Calmar Ratio Rank: 26
T Martin Ratio Rank: 18

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.

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.

	CZA	T	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-0.62	+2.06
Sortino ratio: Return per unit of downside risk	2.17	-0.75	+2.92
Omega ratio: Gain probability vs. loss probability	1.25	0.91	+0.34
Calmar ratio: Return relative to maximum drawdown	1.98	-0.51	+2.49
Martin ratio: Return relative to average drawdown	7.62	-1.14	+8.76

CZA vs. T - Sharpe Ratio Comparison

The current CZA Sharpe Ratio is 1.44, which is higher than the T Sharpe Ratio of -0.62. 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.

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%	-28.89%	+19.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-28.89%	+9.97%
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	0.00%	-22.66%	+22.66%
Average Drawdown Average peak-to-trough decline	-6.84%	-15.74%	+8.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	12.80%	-10.41%

Volatility

CZA vs. T - Volatility Comparison

The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 2.89%, while AT&T Inc. (T) has a volatility of 10.04%. 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	2.89%	10.04%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	19.94%	-10.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	23.65%	-10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	24.40%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	23.91%	-4.72%

Dividends

CZA vs. T - Dividend Comparison

CZA's dividend yield for the trailing twelve months is around 1.38%, less than T's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZA Invesco Zacks Mid-Cap ETF	1.38%	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.	5.05%	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 0.06, 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 (10.04%) compared to CZA (2.89%). 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 (1.44 vs -0.62), 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.