CVY vs MDIV: Grades, Fees and Holdings Compared

Invesco Zacks Multi-Asset Income ETF

CVYCNYSE Arca

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

11.1%by weight

Expense ratio

MDIV −0.44pt a year

CVY1.15%MDIV0.71%

Avg volume · 30D

MDIV 14.3×the volume

CVY4.07KMDIV58.4K

10Y return · a year

CVY +3.3pt

CVY+8.5%MDIV+5.2%

CVY vs MDIV Performance

Oct 29, 2021 – Oct 30, 2026

+47.8%CVY+34.8%MDIV

Expense ratio: CVY 1.15%; MDIV 0.71%, better
Fund size: CVY $120M; MDIV $418M
1Y total return: CVY +15.8%, better; MDIV +11.5%
Yield (12M): CVY 3.99%; MDIV 7.48%, better
Holdings: CVY 152; MDIV 124
Avg volume (30D): CVY 4.07K sh; MDIV 58.4K sh, better
NAV per share: CVY $29.18; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for CVY, MDIV, with each pillar’s weight
Pillar	CVY	MDIV
Cost30% weight	F14	C50Higher
Mission25% weight	A100Higher	A86
Risk15% weight	D34	B55Higher
Tradability15% weight	D39	A74Higher
Holdings10% weight	A83Higher	B67
Durability5% weight	A83	A83

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. CVY and MDIV 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 ›

MDIV ranks 4th 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 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 5BALTYGlobal X Alternative Income ETFScore 57
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

MDIVBMulti-Asset Diversified Income Index Fund

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.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

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.

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

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.

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

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

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full CVY profile⁠

Full MDIV profile⁠

CVY vs MDIV Holdings

How CVY and MDIV differ

Overlap by weight

11.1%

Shared holdings make up 12.4% of MDIV and 11.8% of CVY.

Level by level

Holdings15 in both11.1%
Sector11 Sectors54.8%
Countryby domicile86.2%

Sector

Sector weights in CVY and MDIV, widest gap first
Sector	More in CVYMore in MDIV	CVY	MDIV
Financials	CVY +23.8 points	37.8%	13.9%
Real Estate	MDIV +19.1 points	13.6%	32.7%
Energy	MDIV +13.1 points	21.8%	34.9%
Materials	CVY +8.7 points	8.7%	0.0%
Utilities	MDIV +8.5 points	0.4%	8.9%
Industrials	CVY +4.6 points	5.3%	0.7%
Technology	CVY +4.3 points	4.3%	0.0%
Consumer Staples	MDIV +2.9 points	1.9%	4.8%
Consumer Discretionary	CVY +2.1 points	2.7%	0.6%
Communication	MDIV +1.7 points	0.0%	1.7%
Health Care	CVY +1.6 points	3.4%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in CVY and MDIV, widest gap first
Country	More in CVYMore in MDIV	CVY	MDIV
United States	MDIV +13.8 points	85.4%	99.2%
Brazil	CVY +2.8 points	2.8%	0.0%
Canada	CVY +1.5 points	2.3%	0.8%
Spain	CVY +1.5 points	1.5%	0.0%
Norway	CVY +1.2 points	1.2%	0.0%
Colombia	CVY +1.2 points	1.2%	0.0%
Japan	CVY +1.0 points	1.0%	0.0%
India	CVY +0.9 points	0.9%	0.0%
Other countries (9)	CVY +3.6 points	3.6%	0.0%

Concentration

Weight in the 10 largest Holdings

CVY11.5%
MDIV32.1%

Securities held

CVY151
MDIV123

Asset class

CVY: Equity
MDIV: Multi-Asset

Holdings

Only in CVY136
In both15
Only in MDIV108

Only in CVY

136 securities, 88.0% of CVY by weight

Scorpio Tankers Inc1.32%
Host Hotels & Resorts Inc1.19%
Tenaris SA1.18%
SM Energy Co1.16%
Concentrix Corp1.13%
FS Credit Opportunities Corp1.13%
Royalty Pharma PLC1.11%
Maximus Inc1.11%
Everest Group Ltd1.09%
Ryman Hospitality Properties Inc1.07%
Hanover Insurance Group Inc/The1.07%
Axis Capital Holdings Ltd1.07%
Tortoise Energy Infrastructure Corp1.06%
Jackson Financial Inc1.06%
KBR Inc1.05%
Kennametal Inc1.04%
Macerich Co/The1.04%
Ares Management Corp 6.75% 10/01/20271.04%
Bank of America Corp 7.25% 12/31/20791.04%
CVR Partners LP1.04%
Wells Fargo & Co 7.50% 12/31/20791.03%
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%
B2Gold Corp0.90%
Kite Realty Group Trust0.88%
JPMorgan Chase & Co 4.63% 12/31/20790.88%
Banco Bilbao Vizcaya Argentaria SA0.87%
APA Corp0.87%
Virtu Financial Inc0.86%
Wells Fargo & Co 4.75% 12/31/20790.85%
Terreno Realty Corp0.84%
JPMorgan Chase & Co 4.20% 12/31/20790.84%
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%

Only in MDIV

108 securities, 87.3% of MDIV by weight

First Trust Tactical High Yield ETF20.34%
Kimbell Royalty Partners LP1.38%
Mach Natural Resources LP1.37%
AGNC Investment Corp.1.34%
Annaly Capital Management, Inc.1.32%
Rithm Capital Corp.1.32%
ARMOUR Residential REIT, Inc.1.28%
TXO Partners, L.P.1.27%
Icahn Enterprises, L.P.1.27%
Rithm Capital Corp., Series B, Variable Rate1.23%
CrossAmerica Partners LP1.10%
Citigroup Capital XIII, Variable Rate, due 10/30/20400.99%
Gaming and Leisure Properties, Inc.0.92%
VICI Properties Inc.0.91%
AGNC Investment Corp., Series C, 7.000%, Variable Rate0.90%
Delek Logistics Partners LP0.90%
AGNC Investment Corp., Series E, 6.500% Variable Rate0.89%
USA Compression Partners LP0.89%
Rithm Capital Corp., Series D, Variable Rate0.88%
Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate0.88%
AGNC Investment Corp., Series F, 6.125% Variable Rate0.87%
Lincoln National Corporation, Series D, 9.000%0.85%
Annaly Capital Management, Inc., Series G, 6.500% Variable Rate0.82%
Synchrony Financial, Series B Variable Rate0.80%
Fifth Third Bancorp, Series I, 6.625%, Variable Rate0.79%
Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/20790.79%
Four Corners Property Trust, Inc.0.78%
Jackson Financial Inc., 8.000%, Variable Rate0.78%
Banc of California, Inc., Series F, 7.75% Variable Rate0.78%
CubeSmart0.77%
Energy Transfer LP0.76%
CHS Inc., Series 1, 7.875%0.75%
American National Group Inc., Series D, 7.375%0.74%
Apollo Global Management, Inc., 7.625%, Variable Rate, Due 09/15/20530.73%
The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/20530.73%
Pfizer Inc.0.72%
Hess Midstream LP (Class A)0.72%
CHS Inc., Series 4, 7.500%0.71%
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/20520.70%
Morgan Stanley, Series E, 7.125%, Variable Rate0.70%
Altria Group, Inc.0.69%
Athene Holding Ltd., 7.250% Variable Rate, Due 03/30/20640.69%
Rexford Industrial Realty, Inc.0.66%
Viper Energy, Inc. (Class A)0.66%
Extra Space Storage Inc.0.66%
Morgan Stanley, Series F, 6.875%, Variable Rate0.66%
CHS Inc., Series 2, 7.100%, Variable Rate0.65%
NNN REIT Inc.0.65%
W.P. Carey Inc.0.64%
National Health Investors, Inc.0.63%

Weight gaps

All 15 Holdings in both funds, largest gap first.

Holding weights in CVY and MDIV, widest gap first
Holding	More in CVYMore in MDIV	CVY	MDIV
Getty Realty CorpGTY	MDIV +0.49 points	0.19%	0.68%
EPR PropertiesEPR	MDIV +0.31 points	0.50%	0.81%
Omega Healthcare Investors IncOHI	CVY +0.26 points	1.03%	0.77%
Western Midstream Partners LPWES	MDIV +0.23 points	0.89%	1.12%
Apple Hospitality REIT IncAPLE	MDIV +0.22 points	0.73%	0.95%
Plains All American Pipeline LPPAA	CVY +0.10 points	0.91%	0.81%
Plains GP Holdings LPPAGP	CVY +0.09 points	0.82%	0.73%
Sunoco LPSUN	CVY +0.08 points	0.62%	0.54%
Black Stone Minerals LPBSM	CVY +0.08 points	1.04%	0.96%
Dorchester Minerals LPDMLP	MDIV +0.07 points	1.10%	1.17%
Alliance Resource Partners LPARLP	MDIV +0.05 points	1.07%	1.12%
Global Partners LP/MAGLP	CVY +0.06 points	0.73%	0.67%
Enterprise Products Partners LPEPD	CVY +0.04 points	0.71%	0.67%
Mplx LpMPLX	CVY +0.04 points	0.91%	0.87%
Cheniere Energy Partners LPCQP	MDIV +0.01 points	0.55%	0.56%

All 150 CVY holdings⁠All 123 MDIV 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 MDIV Cost

Overpaying CVY vs MDIV

$7,295

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

CVY 1.15%
$21,077
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

CVY 1.15%
MDIV 0.71%
Overpaying

Year by year

Year	CVY	MDIV	Overpaying
10	$2,015	$1,267	$748
20	$7,521	$4,824	$2,697
30	$21,077	$13,782	$7,295

Expense ratio

1.15%CVY
0.71%MDIV, cheaper

MDIV0.71%CVY1.15%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

MDIV 8th cheapest of 15 funds

CVY 13th cheapest of 15 funds

CVY vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVY 3.99%; MDIV 7.48%, better
Payout (12M): CVY $1.16; MDIV $1.21
Last payment: CVY $0.23; MDIV $0.08
Ex-dividend: CVY Sep 21, 2026; MDIV Oct 21, 2026
Paid on: CVY Sep 25, 2026; MDIV Oct 30, 2026
Frequency: CVY Quarterly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CVYQuarterly · 15 paymentsAll CVY payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

CVY vs MDIV Risk

Fall from peak · 5 years

CVY
MDIV

Risk facts

VolatilityStd dev, 3 years: CVY 12.4%MDIV 8.5%, better
Return per unit of riskSharpe ratio, 3 years: CVY 0.90, betterMDIV 0.82
Worst fallMax drawdown, 5 years: CVY −21.6%MDIV −13.1%, better
Market sensitivityBeta, 5 years: CVY 1.04MDIV 0.69; Market = 1

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