CEE vs. ESMAX

Last updated Jun 23, 2026

CEE (The Central and Eastern Europe Fund) and ESMAX (Invesco EQV European Small Company Fund) are both Europe Equities funds. Over the past 10 years, CEE returned 5.28%/yr vs 9.87%/yr for ESMAX. At a 0.46 correlation, their price movements are largely independent. CEE charges 1.26%/yr vs 1.48%/yr for ESMAX.

Performance

CEE vs. ESMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, CEE achieves a 22.49% return, which is significantly higher than ESMAX's 19.22% return. Over the past 10 years, CEE has underperformed ESMAX with an annualized return of 5.28%, while ESMAX has yielded a comparatively higher 9.87% annualized return.

CEE

• 1D: 0.51%
• 1M: 3.44%
• YTD: 22.49%
• 6M: 29.00%
• 1Y: 45.33%
• 3Y*: 36.25%
• 5Y*: -1.97%
• 10Y*: 5.28%

ESMAX

• 1D: 1.70%
• 1M: 3.17%
• YTD: 19.22%
• 6M: 18.18%
• 1Y: 18.06%
• 3Y*: 15.90%
• 5Y*: 8.83%
• 10Y*: 9.87%

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

CEE vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEE The Central and Eastern Europe Fund	22.49%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%
ESMAX Invesco EQV European Small Company Fund	19.22%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	15.37%	-15.29%	28.30%

Correlation

The correlation between CEE and ESMAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 31, 2000	0.46

The correlation between CEE and ESMAX shifts across timeframes, from 0.32 (5 years) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CEE vs. ESMAX — Risk / Return Rank

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

CEE

CEE Risk / Return Rank: 45
CEE Sharpe Ratio Rank: 41
CEE Sortino Ratio Rank: 42
CEE Omega Ratio Rank: 37
CEE Calmar Ratio Rank: 72
CEE Martin Ratio Rank: 33

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: 18
ESMAX Martin Ratio Rank: 17

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.

CEE vs. ESMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Central and Eastern Europe Fund (CEE) 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.

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.

	CEE	ESMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.97	+0.77
Sortino ratio: Return per unit of downside risk	2.52	1.47	+1.06
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	3.14	1.42	+1.72
Martin ratio: Return relative to average drawdown	7.02	4.19	+2.83

CEE vs. ESMAX - Sharpe Ratio Comparison

The current CEE Sharpe Ratio is 1.74, which is higher than the ESMAX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of CEE 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.

Drawdowns

CEE vs. ESMAX - Drawdown Comparison

The maximum CEE drawdown since its inception was -82.98%, which is greater than ESMAX's maximum drawdown of -65.90%. Use the drawdown chart below to compare losses from any high point for CEE and ESMAX.

Drawdown Indicators

	CEE	ESMAX	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-65.90%	-17.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-12.45%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	-15.80%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	-79.89%	-32.92%	-46.97%
Max Drawdown (10Y) Largest decline over 10 years	-79.89%	-39.83%	-40.06%
Current Drawdown Current decline from peak	-31.86%	-0.07%	-31.79%
Average Drawdown Average peak-to-trough decline	-37.35%	-13.91%	-23.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	4.20%	+2.29%

Volatility

CEE vs. ESMAX - Volatility Comparison

The current volatility for The Central and Eastern Europe Fund (CEE) is 5.83%, while Invesco EQV European Small Company Fund (ESMAX) has a volatility of 7.44%. This indicates that CEE 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

	CEE	ESMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	7.44%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	18.70%	15.14%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	26.26%	18.18%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.12%	15.36%	+23.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.55%	14.79%	+17.76%

CEE vs. ESMAX - Expense Ratio Comparison

CEE has a 1.26% expense ratio, which is lower than ESMAX's 1.48% expense ratio.

Dividends

CEE vs. ESMAX - Dividend Comparison

CEE's dividend yield for the trailing twelve months is around 1.79%, less than ESMAX's 29.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.79%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
ESMAX Invesco EQV European Small Company Fund	29.41%	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 CEE and ESMAX in my portfolio?

CEE and ESMAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEE or ESMAX?

ESMAX has higher volatility (7.44%) compared to CEE (5.83%). In terms of maximum drawdown, CEE dropped -82.98% vs ESMAX's -65.90%.

Which has better risk-adjusted returns?

CEE currently has the higher Sharpe Ratio (1.74 vs 0.97), 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.