CVY vs SPY
Invesco Zacks Multi-Asset Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVY or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CVY is less concentrated, with 11.8% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CVY | SPY |
|---|---|---|
| Expense Ratio | 1.21% | 0.09%Best |
| AUM | $125M | $804.7B |
| Dividend Yield | 4.08% | 0.98% |
| Holdings | 151 | 505 |
| YTD Return | +15.49%Best | +12.47% |
| 1Y Return | +16.41% | +17.51%Best |
| 3Y Return (annualized) | +14.86% | +21.18%Best |
| 5Y Return (annualized) | +9.13% | +12.88%Best |
| Volatility (annualized) | 18.5% | 15.3%Best |
| Max Drawdown | -70.5% | -56.5%Best |
| $10,000 over 5 years | $15,478 | $18,327Best |
| Top 10 Weight | 11.8%Best | 38.0% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Sep 21, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 21, 2006 to Sep 11, 2026 (20 years).
CVY vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20 years both funds cover.
CVY vs SPY Performance
Invesco Zacks Multi-Asset Income ETF (CVY) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CVY returned +16.41% while SPY returned +17.51%. Year to date, CVY is up 15.49% versus a gain of 12.47% for SPY.
Over three years, CVY compounded at +14.86% per year against +21.18% for SPY; over five years the annualized figures are +9.13% and +12.88% respectively. Across the full 20-year window we track, SPY has the edge at +9.60% annualized vs +2.12%.
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 what each fund did in the worst stretch of the window measured above.
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 4.08% against 0.98% for SPY.
Holdings Overlap
19.1% of CVY's money is in holdings SPY also owns. 4.4% of SPY's money is in holdings CVY also owns.
CVY and SPY share little of their money.
27 positions in common, counted across the 150 positions we hold weights for in CVY and 504 in SPY, against full books of 151 and 505.
What only one of them owns
Our book lists 468 positions for SPY that do not appear in our book for CVY (95.2% of the fund), and 108 for CVY that do not appear in SPY (70.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CVY | Weight in SPY | Difference |
|---|---|---|---|
| JPMJpmorgan Chase & Co. | 0.76% | 1.44% | 0.68% |
| BACBank Of America Corp. | 1.12% | 0.62% | 0.50% |
| WFCWells Fargo & Co. | 1.04% | 0.41% | 0.63% |
| BABoeing Co | 1.08% | 0.28% | 0.80% |
| COFCapital One Financial Corp. | 1.13% | 0.21% | 0.92% |
| ALLAllstate Corp. | 1.17% | 0.10% | 1.07% |
| ARESAres Management Corp Preferred Stock 10/27 6.75 | 1.12% | 0.05% | 1.07% |
| SYFSynchrony Financial | 1.04% | 0.04% | 1.00% |
| PLDPrologis Inc | 0.89% | 0.19% | 0.70% |
| HSTHost Hotels & Resorts Inc | 1.05% | 0.02% | 1.03% |
You are not choosing between two funds in isolation.
Whichever of CVY and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $112 a year on a $10,000 investment.
Which performed better, CVY or SPY?
Over the past year CVY returned +16.41% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), CVY annualized +2.12% vs +9.60% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CVY and SPY?
19.1% of CVY's money is in holdings SPY also owns. 4.4% of SPY's is in holdings CVY also owns. They hold 27 positions in common, counted across the 150 positions we hold weights for in CVY and 504 in SPY.
Which pays a higher dividend, CVY or SPY?
CVY yields 4.08% while SPY yields 0.98%, so CVY currently pays the higher dividend yield.
Is SPY better than CVY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. CVY is less concentrated, with 11.8% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.