ACEIX vs. AGOVX

Last updated Jun 4, 2026

ACEIX (Invesco Equity and Income Fund) and AGOVX (Invesco Income Fund) are both mutual funds - ACEIX is a Diversified Portfolio fund managed by Invesco, while AGOVX is a Nontraditional Bonds fund managed by Invesco. Over the past 10 years, ACEIX returned 8.87%/yr vs 1.13%/yr for AGOVX. At a 0.00 correlation, their price movements are largely independent. ACEIX charges 0.78%/yr vs 0.96%/yr for AGOVX.

Performance

ACEIX vs. AGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equity and Income Fund (ACEIX) and Invesco Income Fund (AGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACEIX achieves a 6.02% return, which is significantly higher than AGOVX's 0.62% return. Over the past 10 years, ACEIX has outperformed AGOVX with an annualized return of 8.87%, while AGOVX has yielded a comparatively lower 1.13% annualized return.

ACEIX

• 1D: 0.61%
• 1M: 1.13%
• YTD: 6.02%
• 6M: 7.12%
• 1Y: 17.83%
• 3Y*: 13.49%
• 5Y*: 7.05%
• 10Y*: 8.87%

AGOVX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 0.62%
• 6M: 0.75%
• 1Y: 4.40%
• 3Y*: 5.45%
• 5Y*: 1.60%
• 10Y*: 1.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACEIX vs. AGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACEIX Invesco Equity and Income Fund	6.02%	12.85%	11.77%	10.08%	-7.75%	18.02%	9.96%	19.17%	-9.74%	10.86%
AGOVX Invesco Income Fund	0.62%	6.61%	7.01%	4.57%	-10.05%	3.90%	-6.66%	10.04%	-2.86%	1.68%

Correlation

The correlation between ACEIX and AGOVX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 3, 1990	0.00

Over the past year, ACEIX and AGOVX have become more correlated (0.23) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

ACEIX vs. AGOVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACEIX

ACEIX Risk / Return Rank: 67
ACEIX Sharpe Ratio Rank: 64
ACEIX Sortino Ratio Rank: 64
ACEIX Omega Ratio Rank: 59
ACEIX Calmar Ratio Rank: 75
ACEIX Martin Ratio Rank: 75

AGOVX

AGOVX Risk / Return Rank: 25
AGOVX Sharpe Ratio Rank: 25
AGOVX Sortino Ratio Rank: 30
AGOVX Omega Ratio Rank: 34
AGOVX Calmar Ratio Rank: 19
AGOVX Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACEIX vs. AGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equity and Income Fund (ACEIX) and Invesco Income Fund (AGOVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ACEIX	AGOVX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.44	+0.90
Sortino ratio: Return per unit of downside risk	3.35	2.29	+1.06
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	3.42	1.61	+1.81
Martin ratio: Return relative to average drawdown	14.15	5.09	+9.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACEIX vs. AGOVX - Sharpe Ratio Comparison

The current ACEIX Sharpe Ratio is 2.34, which is higher than the AGOVX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ACEIX and AGOVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACEIX	AGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	1.44	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.47	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.21	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.78	-0.06

Drawdowns

ACEIX vs. AGOVX - Drawdown Comparison

The maximum ACEIX drawdown since its inception was -40.08%, which is greater than AGOVX's maximum drawdown of -33.41%. Use the drawdown chart below to compare losses from any high point for ACEIX and AGOVX.

Drawdown Indicators

	ACEIX	AGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-40.08%	-33.41%	-6.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-2.67%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-12.40%	-3.60%	-8.80%
Max Drawdown (5Y) Largest decline over 5 years	-16.73%	-11.79%	-4.94%
Max Drawdown (10Y) Largest decline over 10 years	-30.80%	-33.41%	+2.61%
Current Drawdown Current decline from peak	-0.17%	-1.19%	+1.02%
Average Drawdown Average peak-to-trough decline	-4.61%	-2.39%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.84%	+0.48%

Volatility

ACEIX vs. AGOVX - Volatility Comparison

Invesco Equity and Income Fund (ACEIX) has a higher volatility of 2.05% compared to Invesco Income Fund (AGOVX) at 1.23%. This indicates that ACEIX's price experiences larger fluctuations and is considered to be riskier than AGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACEIX	AGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	1.23%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	2.51%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	2.98%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	3.42%	+7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.83%	5.33%	+7.50%

ACEIX vs. AGOVX - Expense Ratio Comparison

ACEIX has a 0.78% expense ratio, which is lower than AGOVX's 0.96% expense ratio.

Dividends

ACEIX vs. AGOVX - Dividend Comparison

ACEIX's dividend yield for the trailing twelve months is around 6.51%, more than AGOVX's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACEIX Invesco Equity and Income Fund	6.51%	6.87%	8.28%	6.91%	6.65%	13.74%	2.94%	5.53%	8.91%	6.73%	3.94%	5.17%
AGOVX Invesco Income Fund	5.07%	5.09%	5.12%	4.61%	3.45%	2.96%	4.14%	4.69%	2.76%	1.89%	1.72%	1.55%

Frequently Asked Questions

Can I hold both ACEIX and AGOVX in my portfolio?

ACEIX and AGOVX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACEIX or AGOVX?

ACEIX has higher volatility (2.05%) compared to AGOVX (1.23%). In terms of maximum drawdown, ACEIX dropped -40.08% vs AGOVX's -33.41%.

Which has better risk-adjusted returns?

ACEIX currently has the higher Sharpe Ratio (2.34 vs 1.44), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.