CZA vs. T

Last updated Jun 23, 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 10.64%/yr vs 2.37%/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 7.88% return, which is significantly higher than T's -9.05% return. Over the past 10 years, CZA has outperformed T with an annualized return of 10.64%, while T has yielded a comparatively lower 2.37% annualized return.

CZA

• 1D: 0.52%
• 1M: 2.32%
• YTD: 7.88%
• 6M: 6.71%
• 1Y: 16.67%
• 3Y*: 12.98%
• 5Y*: 7.42%
• 10Y*: 10.64%

T

• 1D: 0.41%
• 1M: -12.51%
• YTD: -9.05%
• 6M: -7.03%
• 1Y: -16.95%
• 3Y*: 18.94%
• 5Y*: 6.49%
• 10Y*: 2.37%

*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	7.88%	8.31%	12.14%	7.00%	-5.91%	27.42%	0.35%	32.27%	-8.89%	21.90%
T AT&T Inc.	-9.05%	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	0.35
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: 39
CZA Sharpe Ratio Rank: 38
CZA Sortino Ratio Rank: 39
CZA Omega Ratio Rank: 35
CZA Calmar Ratio Rank: 37
CZA Martin Ratio Rank: 44

T

T Risk / Return Rank: 11
T Sharpe Ratio Rank: 10
T Sortino Ratio Rank: 12
T Omega Ratio Rank: 13
T Calmar Ratio Rank: 15
T Martin Ratio Rank: 5

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	1.31	-0.76	+2.07
Sortino ratio: Return per unit of downside risk	1.97	-0.99	+2.96
Omega ratio: Gain probability vs. loss probability	1.23	0.89	+0.34
Calmar ratio: Return relative to maximum drawdown	1.82	-0.72	+2.54
Martin ratio: Return relative to average drawdown	6.96	-1.54	+8.50

CZA vs. T - Sharpe Ratio Comparison

The current CZA Sharpe Ratio is 1.31, which is higher than the T Sharpe Ratio of -0.76. 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%	-23.57%	+14.36%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-23.57%	+4.65%
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	-0.80%	-23.26%	+22.46%
Average Drawdown Average peak-to-trough decline	-6.87%	-15.72%	+8.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	11.06%	-8.66%

Volatility

CZA vs. T - Volatility Comparison

The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 2.90%, while AT&T Inc. (T) has a volatility of 7.92%. 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	2.90%	7.92%	-5.02%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	18.08%	-8.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	22.46%	-9.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	24.08%	-7.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	23.77%	-4.48%

Dividends

CZA vs. T - Dividend Comparison

CZA's dividend yield for the trailing twelve months is around 1.44%, less than T's 5.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZA Invesco Zacks Mid-Cap ETF	1.44%	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.	5.02%	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 (7.92%) compared to CZA (2.90%). 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 (1.31 vs -0.76), 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.