CVY vs VYM
Invesco Zacks Multi-Asset Income ETF vs Vanguard High Dividend Yield ETF
Quick Verdict
VYM has a lower expense ratio. VYM delivered stronger 1-year returns. VYM offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | CVY | VYM | Winner |
|---|---|---|---|
| Expense Ratio | 1.21% | 0.04% | |
| AUM | $125M | $81.6B | |
| Dividend Yield | 4.10% | 2.24% | |
| Holdings | 151 | 616 | |
| YTD Return | +15.57% | +16.42% | |
| 1Y Return | +19.83% | +24.22% | |
| 3Y Return (annualized) | +15.25% | +19.03% | |
| 5Y Return (annualized) | +9.09% | +12.21% | |
| Volatility (annualized) | 18.5% | 14.6% | |
| Max Drawdown | -70.5% | -58.8% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Allocation/Balanced | Equity | |
| Inception | Sep 21, 2006 | Nov 10, 2006 |
CVY vs VYM Performance
Invesco Zacks Multi-Asset Income ETF (CVY) is a ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is a ETF from Vanguard (US). Over the past year CVY returned +19.83% while VYM returned +24.22%. Year to date, CVY is up 15.57% versus a gain of 16.42% for VYM.
Over three years, CVY compounded at +15.25% per year against +19.03% for VYM; over five years the annualized figures are +9.09% and +12.21% respectively. Across the full 20-year window we track, VYM has the edge at +7.10% annualized vs +2.13%. 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 14.6% for VYM. 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 -58.8% for VYM. 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CVY charges 1.21% per year while VYM charges 0.04%. On a $10,000 position that is $121 vs $4 annually, a gap of $117 per year that compounds over a long holding period. On income, CVY currently yields 4.10% against 2.24% for VYM.
Holdings Overlap
CVY and VYM share 63 holdings out of 689 unique holdings combined, representing a 6.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CVY or VYM?
CVY has an expense ratio of 1.21% while VYM charges 0.04%. VYM is the cheaper option. On a $10,000 investment, that is $117 per year of difference.
Which performed better, CVY or VYM?
Over the past year CVY returned +19.83% vs +24.22% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), CVY annualized +2.13% vs +7.10% for VYM. Past performance does not guarantee future results.
Which is riskier, CVY or VYM?
CVY has been the more volatile fund at 18.5% annualized versus 14.6% for VYM. Worst drawdown: CVY -70.5% vs VYM -58.8%.
Should I hold both CVY and VYM?
CVY and VYM have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between CVY and VYM?
CVY and VYM share 63 common holdings with a 6.4% weight overlap. Combined, they hold 689 unique securities.
Which pays a higher dividend, CVY or VYM?
CVY yields 4.10% while VYM yields 2.24%, so CVY currently pays the higher dividend yield.
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