CZA vs. T
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 10.75%/yr vs 2.52%/yr for T. Their 0.40 correlation means their historical movements had little consistent relationship.
Performance
CZA vs. T - Performance Comparison
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Returns By Period
In the year-to-date period, CZA achieves a 13.62% return, which is significantly higher than T's -3.04% return. Over the past 10 years, CZA has outperformed T with an annualized return of 10.75%, while T has yielded a comparatively lower 2.52% annualized return.
CZA
- 1D
- 0.04%
- 1M
- 1.88%
- 6M
- 10.39%
- YTD
- 13.62%
- 1Y
- 21.77%
- 3Y*
- 13.10%
- 5Y*
- 7.84%
- 10Y*
- 10.75%
- ALL TIME*
- 9.79%
T
- 1D
- 0.17%
- 1M
- 14.48%
- 6M
- -9.17%
- YTD
- -3.04%
- 1Y
- -12.27%
- 3Y*
- 23.94%
- 5Y*
- 7.92%
- 10Y*
- 2.52%
- ALL TIME*
- 9.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $196.72K | $224.48K | $282.82K | |
| $2.13B | $1.85B | $1.42B |
CZA vs. T - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 13.62% | 8.31% | 12.14% | 7.00% | -5.91% | 27.42% | 0.35% | 32.27% | -8.89% | 21.90% |
T AT&T Inc. | -3.04% | 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 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
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 0.09 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
CZA vs. T — Risk / Return Rank
CZA
T
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 ratioReturn per unit of total volatility | +2.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.92 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.94 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | -0.39 | +2.60 |
| Martin ratioReturn relative to average drawdown | 8.75 | -0.84 | +9.59 |
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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.
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Drawdown Indicators
| CZA | T | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.87% | -18.19% | +17.32% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -15.74% | +8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 13.37% | -11.04% |
Volatility
CZA vs. T - Volatility Comparison
The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 3.14%, while AT&T Inc. (T) has a volatility of 8.75%. 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.
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Volatility by Period
| CZA | T | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 8.75% | -5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 9.20% | 20.28% | -11.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 24.78% | -12.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 24.61% | -8.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 24.02% | -4.82% |
Dividends
CZA vs. T - Dividend Comparison
CZA's dividend yield for the trailing twelve months is around 1.37%, less than T's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 1.37% | 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. | 4.77% | 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
CZA and T have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
T has higher volatility (8.75%) compared to CZA (3.14%). In terms of maximum drawdown, CZA dropped -53.20% vs T's -64.15%.
CZA currently has the higher Sharpe Ratio (1.62 vs -0.45), 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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