ESMAX vs. EUGDX

Last updated Jun 4, 2026

ESMAX (Invesco EQV European Small Company Fund) and EUGDX (Morgan Stanley Europe Opportunity Fund Inc.) are both Europe Equities funds. A 0.73 correlation means they provide meaningful diversification when combined. ESMAX charges 1.48%/yr vs 1.05%/yr for EUGDX.

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.

Returns By Period

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%

EUGDX

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

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

ESMAX vs. EUGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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 ESMAX and EUGDX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 1, 2000	0.73

The correlation between ESMAX and EUGDX shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

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: 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.

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	1.03	—	—
Sortino ratio: Return per unit of downside risk	1.55	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.43	—	—
Martin ratio: Return relative to average drawdown	4.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ESMAX	EUGDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	—	—

Drawdowns

Drawdown Indicators

	ESMAX	EUGDX	Difference
Max Drawdown Largest peak-to-trough decline	-65.90%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	—	—
Current Drawdown Current decline from peak	-0.94%	—	—
Average Drawdown Average peak-to-trough decline	-13.93%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	—	—

Volatility

Volatility by Period

	ESMAX	EUGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.11%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	—	—

ESMAX vs. EUGDX - Expense Ratio Comparison

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

Dividends

ESMAX vs. EUGDX - Dividend Comparison

ESMAX's dividend yield for the trailing twelve months is around 29.87%, more than EUGDX's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 ESMAX and EUGDX in my portfolio?

ESMAX and EUGDX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.