CVY vs IYLD: Grades, Fees and Holdings Compared

Invesco Zacks Multi-Asset Income ETF

CVYCNYSE Arca

iShares Morningstar Multi-Asset Income ETF

IYLDACboe

Overlap

1.5%by weight

Expense ratio

IYLD −0.65pt a year

CVY1.15%IYLD0.50%

Avg volume · 30D

IYLD 4.6×the volume

CVY4.07KIYLD18.7K

10Y return · a year

CVY +4.9pt

CVY+8.5%IYLD+3.6%

CVY vs IYLD Performance

Oct 29, 2021 – Oct 30, 2026

+47.8%CVY+16.0%IYLD

Expense ratio: CVY 1.15%; IYLD 0.50%, better
Fund size: CVY $120M; IYLD $129M
1Y total return: CVY +15.8%, better; IYLD +6.5%
Yield (12M): CVY 3.99%; IYLD 4.79%, better
Holdings: CVY 152; IYLD 19355
Avg volume (30D): CVY 4.07K sh; IYLD 18.7K sh, better
NAV per share: CVY $29.18; IYLD $21.64
52W range

ETF.net Grade

Pillar letters and Scores for CVY, IYLD, with each pillar’s weight
Pillar	CVY	IYLD
Cost30% weight	F14	A79Higher
Mission25% weight	A100	A100
Risk15% weight	D34	B69Higher
Tradability15% weight	D39	C53Higher
Holdings10% weight	A83	A88Higher
Durability5% weight	A83	A85Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. CVY and IYLD are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

IYLD ranks 2nd and CVY 8th of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 3AINKMState Street Income Allocation ETFScore 72
Rank 7BLOTILiberty One Tactical Income ETFScore 55
Rank 8CCVYInvesco Zacks Multi-Asset Income ETFScore 52
Rank 9CJFLIJPMorgan Flexible Income ETFScore 50

Our read on each fund

ETF.net Research

CVYCInvesco Zacks Multi-Asset Income ETF

IYLDAiShares Morningstar Multi-Asset Income ETF

In short

CVY One of the original multi-asset income ETFs, listed back in 2006: a single ticker that pulls income from dividend stocks, ADRs, REITs, MLPs, closed-end funds and preferreds, assembled by a Zacks model.

IYLD One ticker, one income engine. IYLD is a fund of iShares funds, bundling equity, bond and other income funds into a single monthly-paying package that has run on the same playbook since 2012.

Stated mandate

CVY The Fund is based on the Zacks Multi-Asset Income Index and invests at least 90% of its assets in securities and depositary receipts included in that Index.

IYLD The Fund seeks to track an index of underlying equity, fixed-income, and other income funds designed to provide high current income while offering an opportunity for capital appreciation.

Why people hold it

CVY Six income sleeves in one ticker: US dividend payers, dividend-paying ADRs, REITs, MLPs, closed-end funds and traditional preferreds, spread across roughly 150 positions.invesco.com
Listed in September 2006, which makes it one of the longest-running funds in a small multi-asset income category that most issuers only got around to later.
Sticks to its label: at least 90% of assets sit in securities and depositary receipts from the Zacks Multi-Asset Income Index, with no quiet drift into something else.invesco.com
Pays income quarterly, and the portfolio build is one of the stronger ones in its peer group: income spread across many names, not stacked on a handful.

IYLD A single trade buys a whole income lineup: the index it follows is built from underlying equity, fixed-income and other income funds, so the mixing and rebalancing happen inside the wrapper.ishares.com
0.50% a year, comfortably below the typical fee in its allocation peer group. Cheap for a multi-asset income build.
Pays monthly, which lines the cash flow up with how most people actually pay bills.ishares.com
Hews closely to the Morningstar Multi-Asset High Income Index it targets, one of the tighter index implementations in its peer group. No manager guesswork bolted on top.

Worth knowing

CVY At 1.15% a year, with no fee waiver in place, it sits above the category median and well above the cheapest peers here (INCM at 0.38%, IYLD at 0.50%).
Thinly traded and modest in assets, so wider spreads are more likely than with household-name income funds. Order type and timing matter more.
Multi-asset does not mean mellow: REITs, MLPs and closed-end funds carry rate and leverage sensitivity, and the mix has moved more like equities than like a bond fund.invesco.com

IYLD Small and thinly traded. Expect wider bid-ask spreads than the mega-funds, which matters most on larger orders.
Income comes first here: capital appreciation is the secondary goal in its own objective, so it is built differently from a growth-tilted allocation fund.
Broad allocation rivals cost far less (IRTR at 0.08%, AOA at 0.19%), though neither is built around high current income.

Full CVY profile⁠

Full IYLD profile⁠

CVY vs IYLD Holdings

How CVY and IYLD differ

Overlap by weight

1.5%

Shared holdings make up 18.5% of CVY and 1.5% of IYLD.

Level by level

Holdings27 in both1.5%
Sector11 Sectors69.4%
Countryby domicile70.2%

Sector

Sector weights in CVY and IYLD, widest gap first
Sector	More in CVYMore in IYLD	CVY	IYLD
Energy	CVY +17.2 points	21.8%	4.6%
Financials	CVY +9.7 points	37.8%	28.1%
Real Estate	IYLD +7.3 points	13.6%	20.9%
Utilities	IYLD +5.6 points	0.4%	6.0%
Industrials	IYLD +4.5 points	5.3%	9.8%
Consumer Staples	IYLD +4.2 points	1.9%	6.1%
Communication	IYLD +3.7 points	0.0%	3.7%
Materials	CVY +3.6 points	8.7%	5.1%
Consumer Discretionary	IYLD +2.6 points	2.7%	5.3%
Health Care	IYLD +2.4 points	3.4%	5.8%
Technology	IYLD +0.5 points	4.3%	4.8%

Country, concentration and asset class

Country by domicile

Country weights in CVY and IYLD, widest gap first
Country	More in CVYMore in IYLD	CVY	IYLD
United States	CVY +21.0 points	85.4%	64.4%
Japan	IYLD +9.2 points	1.0%	10.2%
United Kingdom	IYLD +4.8 points	0.5%	5.3%
Australia	IYLD +4.2 points	0.0%	4.2%
Supranational	IYLD +3.4 points	0.0%	3.4%
Brazil	CVY +2.8 points	2.8%	0.0%
France	IYLD +2.7 points	0.0%	2.7%
Switzerland	IYLD +1.9 points	0.0%	1.9%
Other countries (12)	CVY +2.0 points	10.1%	8.1%

Outside the US: IYLD 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

CVY11.5%
IYLD4.6%

Securities held

CVY151
IYLD19,284

Asset class

CVY: Equity
IYLD: Multi-Asset

Holdings

Only in CVY124
In both27
Only in IYLD19,257

Only in CVY

124 securities, 81.3% of CVY by weight

Scorpio Tankers Inc1.32%
Tenaris SA1.18%
SM Energy Co1.16%
Concentrix Corp1.13%
FS Credit Opportunities Corp1.13%
Royalty Pharma PLC1.11%
Maximus Inc1.11%
Dorchester Minerals LP1.10%
Everest Group Ltd1.09%
Hanover Insurance Group Inc/The1.07%
Axis Capital Holdings Ltd1.07%
Alliance Resource Partners LP1.07%
Tortoise Energy Infrastructure Corp1.06%
Jackson Financial Inc1.06%
KBR Inc1.05%
Kennametal Inc1.04%
Ares Management Corp 6.75% 10/01/20271.04%
Black Stone Minerals LP1.04%
CVR Partners LP1.04%
Allstate Corp/The1.01%
Western Alliance Bancorp1.01%
Synchrony Financial1.00%
Nuveen Floating Rate Income Fund/Closed-end Fund0.98%
Hartford Insurance Group Inc/The0.98%
CF Industries Holdings Inc0.97%
Equinor ASA0.97%
Grupo Cibest SA0.97%
Assured Guaranty Ltd0.97%
Columbia Financial Inc0.96%
Boeing Co/The 6.00% 10/15/20270.95%
PennyMac Financial Services Inc0.92%
Plains All American Pipeline LP0.91%
Mplx Lp0.91%
B2Gold Corp0.90%
Western Midstream Partners LP0.89%
Banco Bilbao Vizcaya Argentaria SA0.87%
APA Corp0.87%
Virtu Financial Inc0.86%
Plains GP Holdings LP0.82%
Ultrapar Participacoes SA0.82%
HF Sinclair Corp0.80%
Outfront Media Inc0.80%
Viatris Inc0.79%
Inter & Co Inc0.78%
Ovintiv Inc0.77%
Corebridge Financial Inc0.75%
Newmark Group Inc0.75%
Selective Insurance Group Inc0.74%
Cigna Group/The0.73%
Genpact Ltd0.73%

Only in IYLD

19,257 securities, 97.6% of IYLD by weight

Strategy Inc0.52%
Boeing Co0.48%
Welltower0.46%
Mitsubishi Ufj Financial Group0.45%
Shell0.43%
Hsbc Holdings PLC0.41%
Nestle SA0.37%
Toyota Motor0.36%
Prologis Reit0.33%
Super Micro Computer Inc0.32%
Hewlett Packard Enterprise Conv Pr0.32%
Oracle Corporation0.32%
Alphabet Inc0.31%
Roche Ps Par AG0.31%
Alphabet Inc0.31%
Bhp Group Ltd0.30%
Sumitomo Mitsui Financial Group0.29%
Equinix Reit0.27%
Novartis AG0.27%
Nextera Energy Units0.26%
Allianz0.26%
Totalenergies0.26%
Nextera Energy Inc0.26%
Mizuho Financial Group0.22%
Iberdrola0.21%
Unilever PLC0.20%
Siemens N AG0.19%
Simon Property Group Reit Inc0.19%
Digital Realty Trust Reit0.18%
Bp PLC0.18%
Banco Bilbao Vizcaya Argentaria0.18%
Mitsubishi0.18%
Citigroup Capital Xiii0.18%
National Australia Bank0.18%
Public Storage Reit0.17%
Westpac Banking Corporation0.17%
British American Tobacco0.17%
European Bank For Reconstruction A Mtn 4.27% 02/20/2028 (Ebrd)0.17%
Anz Group Holdings Ltd0.17%
Kkr & Co Inc0.16%
Zurich Insurance Group AG0.16%
Softbank Group Corp0.15%
Unicredit0.15%
Microchip Technology Incorporated0.15%
Southern Company (The)0.15%
International Bank For Reconstruct Mtn 4.37% 08/19/2027 (Ibrd)0.15%
Mitsui0.15%
European Bank For Reconstruction A Mtn 4.14% 02/16/2029 (Ebrd)0.15%
Oversea-Chinese Banking0.15%
Realty Income Reit0.15%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in CVY and IYLD, widest gap first
Holding	More in CVYMore in IYLD	CVY	IYLD
Host Hotels & Resorts IncHST	CVY +1.14 points	1.19%	0.05%
Ryman Hospitality Properties IncRHP	CVY +1.05 points	1.07%	0.02%
Macerich Co/TheMAC	CVY +1.02 points	1.04%	0.02%
Omega Healthcare Investors IncOHI	CVY +0.99 points	1.03%	0.04%
Kite Realty Group TrustKRG	CVY +0.87 points	0.88%	0.01%
Bank of America Corp 7.25% 12/31/2079	CVY +0.83 points	1.04%	0.21%
Terreno Realty CorpTRNO	CVY +0.82 points	0.84%	0.02%
JPMorgan Chase & Co 4.63% 12/31/2079	CVY +0.78 points	0.88%	0.10%
Wells Fargo & Co 4.75% 12/31/2079	CVY +0.75 points	0.85%	0.10%
JPMorgan Chase & Co 4.20% 12/31/2079	CVY +0.74 points	0.84%	0.10%
Apple Hospitality REIT IncAPLE	CVY +0.72 points	0.73%	0.01%
Wells Fargo & Co 7.50% 12/31/2079	CVY +0.71 points	1.03%	0.32%
JPMorgan Chase & Co 4.55% 12/31/2079	CVY +0.66 points	0.74%	0.08%
Pinnacle Financial Partners IncPNFP	CVY +0.63 points	0.69%	0.06%
Phillips Edison & Co IncPECO	CVY +0.54 points	0.55%	0.01%
AT&T Inc 5.00% 12/31/2079	CVY +0.52 points	0.58%	0.06%
Curbline Properties CorpCURB	CVY +0.49 points	0.50%	<0.01%
EPR PropertiesEPR	CVY +0.49 points	0.50%	0.01%
Bank of America Corp 4.25% 12/31/2079	CVY +0.48 points	0.52%	0.04%
MetLife Inc 4.75% 12/31/2079	CVY +0.45 points	0.50%	0.05%
Morgan Stanley 4.25% 12/31/2079	CVY +0.44 points	0.50%	0.06%
Broadstone Net Lease IncBNL	CVY +0.43 points	0.44%	<0.01%
DiamondRock Hospitality CoDRH	CVY +0.43 points	0.44%	<0.01%
Bank of New York Mellon Corp/TheBNY	CVY +0.28 points	0.32%	0.04%
Citigroup IncC	CVY +0.27 points	0.33%	0.06%
Urban Edge PropertiesUE	CVY +0.25 points	0.26%	<0.01%
Getty Realty CorpGTY	CVY +0.19 points	0.19%	<0.01%

All 150 CVY holdings⁠All IYLD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CVY vs IYLD Cost

Overpaying CVY vs IYLD

$11,098

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CVY 1.15%
$21,077
IYLD 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

CVY 1.15%
IYLD 0.50%
Overpaying

Year by year

Year	CVY	IYLD	Overpaying
10	$2,015	$900	$1,115
20	$7,521	$3,460	$4,061
30	$21,077	$9,979	$11,098

Expense ratio

1.15%CVY
0.50%IYLD, cheaper

IYLD0.50%CVY1.15%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

IYLD 3rd cheapest of 15 funds

CVY 13th cheapest of 15 funds

CVY vs IYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVY 3.99%; IYLD 4.79%, better
Payout (12M): CVY $1.16; IYLD $1.04
Last payment: CVY $0.23; IYLD $0.08
Ex-dividend: CVY Sep 21, 2026; IYLD Oct 2, 2026
Paid on: CVY Sep 25, 2026; IYLD Oct 7, 2026
Frequency: CVY Quarterly; IYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CVYQuarterly · 15 paymentsAll CVY payments⁠

IYLDMonthly · 45 paymentsAll IYLD payments⁠

CVY vs IYLD Risk

Fall from peak · 5 years

CVY
IYLD

Risk facts

VolatilityStd dev, 3 years: CVY 12.4%IYLD 6.3%, better
Return per unit of riskSharpe ratio, 3 years: CVY 0.90IYLD 0.95, better
Worst fallMax drawdown, 5 years: CVY −21.6%, betterIYLD −22.4%
Market sensitivityBeta, 5 years: CVY 1.04IYLD 0.60; Market = 1

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