CVY vs SPY
Invesco Zacks Multi-Asset Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CVY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.21% | 0.09% | |
| AUM | $125M | $821.1B | |
| Dividend Yield | 4.10% | 1.01% | |
| Holdings | 151 | 505 | |
| YTD Return | +15.13% | +13.17% | |
| 1Y Return | +20.23% | +21.53% | |
| 3Y Return (annualized) | +15.27% | +22.06% | |
| 5Y Return (annualized) | +9.60% | +13.35% | |
| Volatility (annualized) | 18.5% | 15.3% | |
| Max Drawdown | -70.5% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Sep 21, 2006 | Jan 22, 1993 |
CVY vs SPY Performance
Invesco Zacks Multi-Asset Income ETF (CVY) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CVY returned +20.23% while SPY returned +21.53%. Year to date, CVY is up 15.13% versus a gain of 13.17% for SPY.
Over three years, CVY compounded at +15.27% per year against +22.06% for SPY; over five years the annualized figures are +9.60% and +13.35% respectively. Across the full 20-year window we track, SPY has the edge at +8.82% annualized vs +2.11%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CVY has been the more volatile fund, with annualized monthly volatility of 18.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -70.5% for CVY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CVY charges 1.21% per year while SPY charges 0.09%. On a $10,000 position that is $121 vs $9 annually, a gap of $112 per year that compounds over a long holding period. On income, CVY currently yields 4.10% against 1.01% for SPY.
Holdings Overlap
CVY and SPY share 26 holdings out of 627 unique holdings combined, representing a 3.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CVY or SPY?
CVY has an expense ratio of 1.21% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $112 per year of difference.
Which performed better, CVY or SPY?
Over the past year CVY returned +20.23% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), CVY annualized +2.11% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CVY or SPY?
CVY has been the more volatile fund at 18.5% annualized versus 15.3% for SPY. Worst drawdown: CVY -70.5% vs SPY -56.5%.
Should I hold both CVY and SPY?
CVY and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CVY and SPY?
CVY and SPY share 26 common holdings with a 3.1% weight overlap. Combined, they hold 627 unique securities.
Which pays a higher dividend, CVY or SPY?
CVY yields 4.10% while SPY yields 1.01%, so CVY currently pays the higher dividend yield.
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