MSMR vs. CVY

Last updated Aug 2, 2026

MSMR (McElhenny Sheffield Managed Risk ETF) and CVY (Invesco Zacks Multi-Asset Income ETF) are both Diversified Portfolio funds. MSMR is actively managed, while CVY is passively managed. Over the past 3 years, MSMR returned 12.53%/yr vs 14.62%/yr for CVY. Their 0.40 correlation means their historical movements had little consistent relationship. MSMR charges 0.97%/yr vs 1.21%/yr for CVY.

Performance

MSMR vs. CVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in McElhenny Sheffield Managed Risk ETF (MSMR) and Invesco Zacks Multi-Asset Income ETF (CVY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSMR achieves a 0.14% return, which is significantly lower than CVY's 15.51% return.

MSMR

• 1D: -1.57%
• 1M: -2.13%
• 6M: -1.62%
• YTD: 0.14%
• 1Y: 11.18%
• 3Y*: 12.53%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.59%

CVY

• 1D: -0.27%
• 1M: 3.22%
• 6M: 10.58%
• YTD: 15.51%
• 1Y: 22.82%
• 3Y*: 14.62%
• 5Y*: 9.27%
• 10Y*: 8.99%
• ALL TIME*: 6.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CVY Invesco Zacks Multi-Asset Income ETF	$104.32K	$103.88K	$109.40K
MSMR McElhenny Sheffield Managed Risk ETF	$432.07K	$432.95K	$679.96K

MSMR vs. CVY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSMR McElhenny Sheffield Managed Risk ETF	0.14%	17.06%	21.58%	18.77%	-11.88%	-1.25%
CVY Invesco Zacks Multi-Asset Income ETF	15.51%	11.00%	10.28%	17.87%	-9.27%	-1.21%

Correlation

The correlation between MSMR and CVY is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.40

Return for Risk

MSMR vs. CVY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSMR

MSMR Risk / Return Rank: 31
MSMR Sharpe Ratio Rank: 30
MSMR Sortino Ratio Rank: 29
MSMR Omega Ratio Rank: 29
MSMR Calmar Ratio Rank: 33
MSMR Martin Ratio Rank: 33

CVY

CVY Risk / Return Rank: 83
CVY Sharpe Ratio Rank: 85
CVY Sortino Ratio Rank: 86
CVY Omega Ratio Rank: 83
CVY Calmar Ratio Rank: 80
CVY Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSMR vs. CVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McElhenny Sheffield Managed Risk ETF (MSMR) and Invesco Zacks Multi-Asset Income ETF (CVY). 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.

	MSMR	CVY	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.01	-1.26
Sortino ratio: Return per unit of downside risk	1.11	2.88	-1.78
Omega ratio: Gain probability vs. loss probability	1.14	1.35	-0.21
Calmar ratio: Return relative to maximum drawdown	1.13	2.92	-1.78
Martin ratio: Return relative to average drawdown	3.14	10.01	-6.87

MSMR vs. CVY - Sharpe Ratio Comparison

The current MSMR Sharpe Ratio is 0.74, which is lower than the CVY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of MSMR and CVY, 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

MSMR vs. CVY - Drawdown Comparison

The maximum MSMR drawdown since its inception was -14.86%, smaller than the maximum CVY drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for MSMR and CVY.

Drawdown Indicators

	MSMR	CVY	Difference
Max Drawdown Largest peak-to-trough decline	-14.86%	-66.86%	+52.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-7.43%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-8.84%	-16.79%	+7.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.58%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.47%	—
Current Drawdown Current decline from peak	-7.76%	-0.97%	-6.79%
Average Drawdown Average peak-to-trough decline	-5.15%	-10.33%	+5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.16%	+0.88%

Volatility

MSMR vs. CVY - Volatility Comparison

McElhenny Sheffield Managed Risk ETF (MSMR) has a higher volatility of 3.91% compared to Invesco Zacks Multi-Asset Income ETF (CVY) at 3.00%. This indicates that MSMR's price experiences larger fluctuations and is considered to be riskier than CVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSMR	CVY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.00%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	7.79%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	10.82%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	16.06%	-5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	19.46%	-9.10%

MSMR vs. CVY - Expense Ratio Comparison

MSMR has a 0.97% expense ratio, which is lower than CVY's 1.21% expense ratio.

Dividends

MSMR vs. CVY - Dividend Comparison

MSMR's dividend yield for the trailing twelve months is around 1.86%, less than CVY's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVY Invesco Zacks Multi-Asset Income ETF	4.11%	3.99%	4.07%	4.41%	5.18%	2.37%	3.40%	3.22%	4.44%	3.94%	4.50%	5.89%
MSMR McElhenny Sheffield Managed Risk ETF	1.86%	1.51%	2.26%	0.81%	0.65%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSMR and CVY in my portfolio?

MSMR and CVY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSMR or CVY?

MSMR has higher volatility (3.91%) compared to CVY (3.00%). In terms of maximum drawdown, MSMR dropped -14.86% vs CVY's -66.86%.

Which ETF is better, MSMR or CVY?

On 3-year performance, CVY leads with 14.62% vs 12.53% for MSMR. On fees, MSMR is cheaper at 0.97% per year. On volatility, CVY has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSMR or CVY?

Over the 3-year period, CVY has performed better with a 14.62% return vs 12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSMR or CVY?

MSMR is cheaper with a 0.97% expense ratio, compared with 1.21% for CVY.

Which ETF pays a higher dividend yield, MSMR or CVY?

CVY has the higher dividend yield at 4.11%, compared with 1.86% for MSMR.

What is the main difference between MSMR and CVY?

They also come from different issuers: McElhenny Sheffield and Invesco. Their fees differ too: 0.97% for MSMR and 1.21% for CVY.

Which has better risk-adjusted returns?

CVY currently has the higher Sharpe Ratio (2.01 vs 0.74), 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.