AEDAX vs. ESMAX

Last updated Jun 4, 2026

AEDAX (Invesco EQV European Equity Fund) and ESMAX (Invesco EQV European Small Company Fund) are both Europe Equities funds from Invesco. Over the past 10 years, AEDAX returned 6.74%/yr vs 9.49%/yr for ESMAX. Their correlation of 0.86 suggests significant overlap in exposure. AEDAX charges 1.37%/yr vs 1.48%/yr for ESMAX.

Performance

AEDAX vs. ESMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV European Equity Fund (AEDAX) and Invesco EQV European Small Company Fund (ESMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AEDAX having a 18.02% return and ESMAX slightly lower at 17.38%. Over the past 10 years, AEDAX has underperformed ESMAX with an annualized return of 6.74%, while ESMAX has yielded a comparatively higher 9.49% annualized return.

AEDAX

• 1D: 1.27%
• 1M: 8.53%
• YTD: 18.02%
• 6M: 21.99%
• 1Y: 28.94%
• 3Y*: 16.44%
• 5Y*: 6.48%
• 10Y*: 6.74%

ESMAX

• 1D: 1.10%
• 1M: 3.52%
• YTD: 17.38%
• 6M: 17.06%
• 1Y: 18.87%
• 3Y*: 16.43%
• 5Y*: 8.23%
• 10Y*: 9.49%

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

AEDAX vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEDAX Invesco EQV European Equity Fund	18.02%	23.92%	-0.79%	19.64%	-21.77%	14.22%	-0.06%	24.54%	-18.86%	26.90%
ESMAX Invesco EQV European Small Company Fund	17.38%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	15.37%	-15.29%	28.30%

Correlation

The correlation between AEDAX and ESMAX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 1, 2000	0.86

The correlation between AEDAX and ESMAX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

AEDAX vs. ESMAX — Risk / Return Rank

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

AEDAX

AEDAX Risk / Return Rank: 43
AEDAX Sharpe Ratio Rank: 42
AEDAX Sortino Ratio Rank: 40
AEDAX Omega Ratio Rank: 41
AEDAX Calmar Ratio Rank: 48
AEDAX Martin Ratio Rank: 44

ESMAX

ESMAX Risk / Return Rank: 15
ESMAX Sharpe Ratio Rank: 14
ESMAX Sortino Ratio Rank: 14
ESMAX Omega Ratio Rank: 14
ESMAX Calmar Ratio Rank: 16
ESMAX Martin Ratio Rank: 15

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.

AEDAX vs. ESMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV European Equity Fund (AEDAX) and Invesco EQV European Small Company Fund (ESMAX). 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.

	AEDAX	ESMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.03	+0.86
Sortino ratio: Return per unit of downside risk	2.64	1.55	+1.08
Omega ratio: Gain probability vs. loss probability	1.34	1.19	+0.15
Calmar ratio: Return relative to maximum drawdown	2.65	1.43	+1.22
Martin ratio: Return relative to average drawdown	9.28	4.25	+5.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEDAX vs. ESMAX - Sharpe Ratio Comparison

The current AEDAX Sharpe Ratio is 1.89, which is higher than the ESMAX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of AEDAX and ESMAX, 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

	AEDAX	ESMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.03	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.55	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.65	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.63	-0.16

Drawdowns

AEDAX vs. ESMAX - Drawdown Comparison

The maximum AEDAX drawdown since its inception was -60.46%, smaller than the maximum ESMAX drawdown of -65.90%. Use the drawdown chart below to compare losses from any high point for AEDAX and ESMAX.

Drawdown Indicators

	AEDAX	ESMAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.46%	-65.90%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-12.45%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-15.80%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-38.81%	-32.92%	-5.89%
Max Drawdown (10Y) Largest decline over 10 years	-40.03%	-39.83%	-0.20%
Current Drawdown Current decline from peak	0.00%	-0.94%	+0.94%
Average Drawdown Average peak-to-trough decline	-16.90%	-13.93%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.17%	-1.16%

Volatility

AEDAX vs. ESMAX - Volatility Comparison

The current volatility for Invesco EQV European Equity Fund (AEDAX) is 4.81%, while Invesco EQV European Small Company Fund (ESMAX) has a volatility of 5.18%. This indicates that AEDAX experiences smaller price fluctuations and is considered to be less risky than ESMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEDAX	ESMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	5.18%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	14.05%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	17.23%	-2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	15.11%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	14.69%	+2.78%

AEDAX vs. ESMAX - Expense Ratio Comparison

AEDAX has a 1.37% expense ratio, which is lower than ESMAX's 1.48% expense ratio.

Dividends

AEDAX vs. ESMAX - Dividend Comparison

AEDAX's dividend yield for the trailing twelve months is around 14.33%, less than ESMAX's 29.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDAX Invesco EQV European Equity Fund	14.33%	16.92%	10.53%	2.58%	7.48%	9.40%	1.30%	2.53%	1.43%	1.86%	1.59%	4.78%
ESMAX Invesco EQV European Small Company Fund	29.87%	35.06%	9.96%	4.94%	11.28%	3.24%	2.75%	7.01%	6.27%	3.21%	2.07%	5.41%

Frequently Asked Questions

Can I hold both AEDAX and ESMAX in my portfolio?

AEDAX and ESMAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEDAX or ESMAX?

ESMAX has higher volatility (5.18%) compared to AEDAX (4.81%). In terms of maximum drawdown, AEDAX dropped -60.46% vs ESMAX's -65.90%.

Which has better risk-adjusted returns?

AEDAX currently has the higher Sharpe Ratio (1.89 vs 1.03), 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.