YLD vs. CVY
YLD (Principal Active High Yield ETF) and CVY (Invesco Zacks Multi-Asset Income ETF) are both exchange-traded funds - YLD is a High Yield Bonds fund actively managed by Principal, while CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index. YLD is actively managed, while CVY is passively managed. Over the past 10 years, YLD returned 5.85%/yr vs 8.96%/yr for CVY. At a 0.47 correlation, their price movements are largely independent. YLD charges 0.39%/yr vs 1.21%/yr for CVY.
Performance
YLD vs. CVY - Performance Comparison
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Returns By Period
In the year-to-date period, YLD achieves a 3.11% return, which is significantly lower than CVY's 10.45% return. Over the past 10 years, YLD has underperformed CVY with an annualized return of 5.85%, while CVY has yielded a comparatively higher 8.96% annualized return.
YLD
- 1D
- 0.48%
- 1M
- 1.27%
- YTD
- 3.11%
- 6M
- 3.78%
- 1Y
- 7.53%
- 3Y*
- 8.77%
- 5Y*
- 4.83%
- 10Y*
- 5.85%
CVY
- 1D
- 0.94%
- 1M
- 3.26%
- YTD
- 10.45%
- 6M
- 9.84%
- 1Y
- 18.64%
- 3Y*
- 15.39%
- 5Y*
- 7.49%
- 10Y*
- 8.96%
YLD vs. CVY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YLD Principal Active High Yield ETF | 3.11% | 6.55% | 9.19% | 12.93% | -8.78% | 9.17% | 1.50% | 13.58% | -3.30% | 9.12% |
CVY Invesco Zacks Multi-Asset Income ETF | 10.45% | 11.00% | 10.28% | 17.87% | -9.27% | 25.31% | -10.56% | 25.97% | -10.77% | 15.91% |
Correlation
The correlation between YLD and CVY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015 | 0.47 |
The correlation between YLD and CVY has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
YLD vs. CVY — Risk / Return Rank
YLD
CVY
YLD vs. CVY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Active High Yield ETF (YLD) 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.
| YLD | CVY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 2.46 | +1.24 |
| Martin ratioReturn relative to average drawdown | 12.68 | 8.22 | +4.46 |
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Drawdowns
YLD vs. CVY - Drawdown Comparison
The maximum YLD drawdown since its inception was -28.34%, smaller than the maximum CVY drawdown of -66.86%. Use the drawdown chart below to compare losses from any high point for YLD and CVY.
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Drawdown Indicators
| YLD | CVY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.34% | -66.86% | +38.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -7.43% | +5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.62% | -16.79% | +11.17% |
Max Drawdown (5Y)Largest decline over 5 years | -13.89% | -21.58% | +7.69% |
Max Drawdown (10Y)Largest decline over 10 years | -28.34% | -50.47% | +22.13% |
Current DrawdownCurrent decline from peak | -0.11% | 0.00% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -10.40% | +7.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 2.21% | -1.63% |
Volatility
YLD vs. CVY - Volatility Comparison
The current volatility for Principal Active High Yield ETF (YLD) is 1.34%, while Invesco Zacks Multi-Asset Income ETF (CVY) has a volatility of 3.13%. This indicates that YLD experiences smaller price fluctuations and is considered to be less risky than CVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| YLD | CVY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 3.13% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 7.89% | -4.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 11.04% | -6.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 16.22% | -9.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.20% | 19.55% | -11.35% |
YLD vs. CVY - Expense Ratio Comparison
YLD has a 0.39% expense ratio, which is lower than CVY's 1.21% expense ratio.
Dividends
YLD vs. CVY - Dividend Comparison
YLD's dividend yield for the trailing twelve months is around 7.25%, more than CVY's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 3.65% | 3.99% | 4.07% | 4.41% | 5.18% | 2.37% | 3.40% | 3.22% | 4.44% | 3.94% | 4.50% | 5.89% |
YLD Principal Active High Yield ETF | 7.25% | 7.33% | 7.12% | 6.46% | 6.51% | 3.92% | 4.40% | 4.81% | 5.42% | 6.28% | 4.47% | 2.56% |
Frequently Asked Questions
YLD and CVY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVY has higher volatility (3.13%) compared to YLD (1.34%). In terms of maximum drawdown, YLD dropped -28.34% vs CVY's -66.86%.
On 10-year performance, CVY leads with 8.96% vs 5.85% for YLD. On fees, YLD is cheaper at 0.39% per year. On volatility, YLD has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CVY has performed better with a 8.96% return vs 5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YLD is cheaper with a 0.39% expense ratio, compared with 1.21% for CVY.
YLD has the higher dividend yield at 7.25%, compared with 3.65% for CVY.
YLD is categorized as High Yield Bonds, while CVY is Diversified Portfolio. They also come from different issuers: Principal and Invesco. Their fees differ too: 0.39% for YLD and 1.21% for CVY.
YLD currently has the higher Sharpe Ratio (1.68 vs 1.65), 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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