ESMAX vs. EUGDX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco EQV European Small Company Fund (ESMAX) and Morgan Stanley Europe Opportunity Fund Inc. (EUGDX).

ESMAX is managed by Invesco. It was launched on Aug 30, 2000. EUGDX is managed by Morgan Stanley. It was launched on Jul 27, 1997.

Performance

ESMAX vs. EUGDX - Performance Comparison

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

ESMAX vs. EUGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESMAX Invesco EQV European Small Company Fund	-4.07%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	15.37%	-15.29%	28.30%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	-15.38%	11.93%	12.41%	25.16%	-44.49%	15.80%	55.57%	27.34%	-13.02%	23.11%

Returns By Period

In the year-to-date period, ESMAX achieves a -4.07% return, which is significantly higher than EUGDX's -15.38% return. Over the past 10 years, ESMAX has outperformed EUGDX with an annualized return of 7.59%, while EUGDX has yielded a comparatively lower 6.22% annualized return.

ESMAX

• 1D: -1.64%
• 1M: -12.06%
• YTD: -4.07%
• 6M: -4.00%
• 1Y: 10.96%
• 3Y*: 9.71%
• 5Y*: 5.68%
• 10Y*: 7.59%

EUGDX

• 1D: 0.17%
• 1M: -14.60%
• YTD: -15.38%
• 6M: -14.94%
• 1Y: -7.55%
• 3Y*: 2.90%
• 5Y*: -3.14%
• 10Y*: 6.22%

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

ESMAX vs. EUGDX - Expense Ratio Comparison

ESMAX has a 1.48% expense ratio, which is higher than EUGDX's 1.05% expense ratio.

ESMAX

Invesco EQV European Small Company Fund

EUGDX

Morgan Stanley Europe Opportunity Fund Inc.

Return for Risk

ESMAX vs. EUGDX — Risk / Return Rank

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

ESMAX

ESMAX Risk / Return Rank: 21
ESMAX Sharpe Ratio Rank: 22
ESMAX Sortino Ratio Rank: 20
ESMAX Omega Ratio Rank: 18
ESMAX Calmar Ratio Rank: 25
ESMAX Martin Ratio Rank: 21

EUGDX

EUGDX Risk / Return Rank: 2
EUGDX Sharpe Ratio Rank: 2
EUGDX Sortino Ratio Rank: 2
EUGDX Omega Ratio Rank: 2
EUGDX Calmar Ratio Rank: 2
EUGDX Martin Ratio Rank: 1

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.

ESMAX vs. EUGDX - Risk-Adjusted Trends Comparison

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

	ESMAX	EUGDX	Difference
Sharpe ratio Return per unit of total volatility	0.56	-0.44	+1.00
Sortino ratio Return per unit of downside risk	0.83	-0.50	+1.33
Omega ratio Gain probability vs. loss probability	1.11	0.94	+0.17
Calmar ratio Return relative to maximum drawdown	0.73	-0.46	+1.19
Martin ratio Return relative to average drawdown	2.21	-1.41	+3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESMAX vs. EUGDX - Sharpe Ratio Comparison

The current ESMAX Sharpe Ratio is 0.56, which is higher than the EUGDX Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of ESMAX and EUGDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ESMAX	EUGDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	-0.44	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	-0.13	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.29	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.21	+0.37

Correlation

The correlation between ESMAX and EUGDX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ESMAX vs. EUGDX - Dividend Comparison

ESMAX's dividend yield for the trailing twelve months is around 36.55%, more than EUGDX's 0.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESMAX Invesco EQV European Small Company Fund	36.55%	35.06%	9.96%	4.94%	11.28%	3.24%	2.75%	7.01%	6.27%	3.21%	2.07%	5.41%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	0.74%	0.62%	0.00%	0.00%	0.00%	5.45%	7.53%	3.27%	1.02%	0.90%	2.75%	2.30%

Drawdowns

ESMAX vs. EUGDX - Drawdown Comparison

The maximum ESMAX drawdown since its inception was -65.90%, which is greater than EUGDX's maximum drawdown of -59.74%. Use the drawdown chart below to compare losses from any high point for ESMAX and EUGDX.

Drawdown Indicators

	ESMAX	EUGDX	Difference
Max Drawdown Largest peak-to-trough decline	-65.90%	-59.74%	-6.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-20.36%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-32.92%	-56.02%	+23.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	-56.02%	+16.19%
Current Drawdown Current decline from peak	-12.45%	-31.06%	+18.61%
Average Drawdown Average peak-to-trough decline	-14.01%	-18.06%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	6.62%	-2.51%

Volatility

ESMAX vs. EUGDX - Volatility Comparison

Invesco EQV European Small Company Fund (ESMAX) has a higher volatility of 7.30% compared to Morgan Stanley Europe Opportunity Fund Inc. (EUGDX) at 6.45%. This indicates that ESMAX's price experiences larger fluctuations and is considered to be riskier than EUGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESMAX	EUGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	6.45%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	12.48%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	19.36%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	24.11%	-9.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	21.27%	-6.87%