AEDAX vs. EUGDX

Last updated Jun 25, 2026

AEDAX (Invesco EQV European Equity Fund) and EUGDX (Morgan Stanley Europe Opportunity Fund Inc.) are both Europe Equities funds. Their correlation of 0.87 suggests significant overlap in exposure. AEDAX charges 1.37%/yr vs 1.05%/yr for EUGDX.

Performance

AEDAX vs. EUGDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV European Equity Fund (AEDAX) and Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AEDAX

• 1D: -2.13%
• 1M: 0.76%
• YTD: 15.13%
• 6M: 15.23%
• 1Y: 25.08%
• 3Y*: 15.74%
• 5Y*: 6.00%
• 10Y*: 7.30%

EUGDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AEDAX vs. EUGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEDAX Invesco EQV European Equity Fund	15.13%	23.92%	-0.79%	19.64%	-21.77%	14.22%	-0.06%	24.54%	-18.86%	26.90%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	-4.82%	11.93%	12.41%	25.16%	-44.49%	15.80%	55.57%	27.34%	-13.02%	23.11%

Correlation

The correlation between AEDAX and EUGDX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 31, 1997	0.87

Over the past year, the correlation between AEDAX and EUGDX has dropped to 0.65 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

AEDAX vs. EUGDX — Risk / Return Rank

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

AEDAX

AEDAX Risk / Return Rank: 44
AEDAX Sharpe Ratio Rank: 42
AEDAX Sortino Ratio Rank: 40
AEDAX Omega Ratio Rank: 42
AEDAX Calmar Ratio Rank: 49
AEDAX Martin Ratio Rank: 45

EUGDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. EUGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV European Equity Fund (AEDAX) and Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AEDAX	EUGDX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	—	—
Sortino ratio: Return per unit of downside risk	2.38	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	8.68	—	—

Drawdowns

Drawdown Indicators

	AEDAX	EUGDX	Difference
Max Drawdown Largest peak-to-trough decline	-60.46%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.03%	—	—
Current Drawdown Current decline from peak	-2.45%	—	—
Average Drawdown Average peak-to-trough decline	-16.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	—	—

Volatility

Volatility by Period

	AEDAX	EUGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	—	—

AEDAX vs. EUGDX - Expense Ratio Comparison

AEDAX has a 1.37% expense ratio, which is higher than EUGDX's 1.05% expense ratio.

Dividends

AEDAX vs. EUGDX - Dividend Comparison

AEDAX's dividend yield for the trailing twelve months is around 14.69%, more than EUGDX's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDAX Invesco EQV European Equity Fund	14.69%	16.92%	10.53%	2.58%	7.48%	9.40%	1.30%	2.53%	1.43%	1.86%	1.59%	4.78%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	0.66%	0.62%	0.00%	0.00%	0.00%	5.45%	7.53%	3.27%	1.02%	0.90%	2.75%	2.30%

Frequently Asked Questions

Can I hold both AEDAX and EUGDX in my portfolio?

AEDAX and EUGDX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.