ESMAX vs. OPGSX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco EQV European Small Company Fund (ESMAX) and Invesco Gold & Special Minerals Fund (OPGSX).

ESMAX is managed by Invesco. It was launched on Aug 30, 2000. OPGSX is managed by Invesco. It was launched on Jul 18, 1983.

Performance

ESMAX vs. OPGSX - Performance Comparison

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

ESMAX vs. OPGSX - 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%
OPGSX Invesco Gold & Special Minerals Fund	0.44%	131.03%	13.05%	6.35%	-16.86%	-2.75%	36.15%	46.37%	-13.15%	17.17%

Returns By Period

In the year-to-date period, ESMAX achieves a -4.07% return, which is significantly lower than OPGSX's 0.44% return. Over the past 10 years, ESMAX has underperformed OPGSX with an annualized return of 7.59%, while OPGSX has yielded a comparatively higher 17.37% 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%

OPGSX

• 1D: -0.37%
• 1M: -23.68%
• YTD: 0.44%
• 6M: 13.72%
• 1Y: 82.38%
• 3Y*: 36.20%
• 5Y*: 20.12%
• 10Y*: 17.37%

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

ESMAX vs. OPGSX - Expense Ratio Comparison

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

ESMAX

Invesco EQV European Small Company Fund

OPGSX

Invesco Gold & Special Minerals Fund

Return for Risk

ESMAX vs. OPGSX — 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

OPGSX

OPGSX Risk / Return Rank: 92
OPGSX Sharpe Ratio Rank: 95
OPGSX Sortino Ratio Rank: 90
OPGSX Omega Ratio Rank: 87
OPGSX Calmar Ratio Rank: 95
OPGSX Martin Ratio Rank: 95

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. OPGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV European Small Company Fund (ESMAX) and Invesco Gold & Special Minerals Fund (OPGSX). 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	OPGSX	Difference
Sharpe ratio Return per unit of total volatility	0.56	2.20	-1.64
Sortino ratio Return per unit of downside risk	0.83	2.54	-1.70
Omega ratio Gain probability vs. loss probability	1.11	1.36	-0.25
Calmar ratio Return relative to maximum drawdown	0.73	3.22	-2.49
Martin ratio Return relative to average drawdown	2.21	12.84	-10.63
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. OPGSX - Sharpe Ratio Comparison

The current ESMAX Sharpe Ratio is 0.56, which is lower than the OPGSX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ESMAX and OPGSX, 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	OPGSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	2.20	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.63	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.53	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.25	+0.33

Correlation

The correlation between ESMAX and OPGSX is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ESMAX vs. OPGSX - Dividend Comparison

ESMAX's dividend yield for the trailing twelve months is around 36.55%, more than OPGSX's 0.43% 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%
OPGSX Invesco Gold & Special Minerals Fund	0.43%	0.43%	0.86%	0.81%	0.45%	3.56%	1.55%	0.29%	0.00%	2.78%	7.21%	0.00%

Drawdowns

ESMAX vs. OPGSX - Drawdown Comparison

The maximum ESMAX drawdown since its inception was -65.90%, smaller than the maximum OPGSX drawdown of -80.04%. Use the drawdown chart below to compare losses from any high point for ESMAX and OPGSX.

Drawdown Indicators

	ESMAX	OPGSX	Difference
Max Drawdown Largest peak-to-trough decline	-65.90%	-80.04%	+14.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-29.01%	+16.56%
Max Drawdown (5Y) Largest decline over 5 years	-32.92%	-47.09%	+14.17%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	-47.09%	+7.26%
Current Drawdown Current decline from peak	-12.45%	-24.65%	+12.20%
Average Drawdown Average peak-to-trough decline	-14.01%	-29.33%	+15.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	7.27%	-3.16%

Volatility

ESMAX vs. OPGSX - Volatility Comparison

The current volatility for Invesco EQV European Small Company Fund (ESMAX) is 7.30%, while Invesco Gold & Special Minerals Fund (OPGSX) has a volatility of 15.32%. This indicates that ESMAX experiences smaller price fluctuations and is considered to be less risky than OPGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESMAX	OPGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	15.32%	-8.02%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	35.01%	-22.53%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	43.01%	-26.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	32.97%	-18.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	32.93%	-18.53%