ESMAX vs. VESIX

Last updated Jun 4, 2026

ESMAX (Invesco EQV European Small Company Fund) and VESIX (Vanguard European Stock Index Fund Institutional Shares) are both Europe Equities funds. Over the past 10 years, ESMAX returned 9.49%/yr vs 9.40%/yr for VESIX. A 0.77 correlation means they provide meaningful diversification when combined. ESMAX charges 1.48%/yr vs 0.08%/yr for VESIX.

Performance

ESMAX vs. VESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV European Small Company Fund (ESMAX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESMAX achieves a 17.38% return, which is significantly higher than VESIX's 7.10% return. Both investments have delivered pretty close results over the past 10 years, with ESMAX having a 9.49% annualized return and VESIX not far behind at 9.40%.

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%

VESIX

• 1D: 0.42%
• 1M: 3.96%
• YTD: 7.10%
• 6M: 10.14%
• 1Y: 19.63%
• 3Y*: 16.89%
• 5Y*: 8.71%
• 10Y*: 9.40%

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

ESMAX vs. VESIX - 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%
VESIX Vanguard European Stock Index Fund Institutional Shares	7.10%	35.43%	2.02%	20.03%	-16.07%	16.31%	6.46%	24.24%	-14.78%	27.05%

Correlation

The correlation between ESMAX and VESIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 1, 2000	0.77

The correlation between ESMAX and VESIX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

ESMAX vs. VESIX — 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

VESIX

VESIX Risk / Return Rank: 19
VESIX Sharpe Ratio Rank: 19
VESIX Sortino Ratio Rank: 19
VESIX Omega Ratio Rank: 18
VESIX Calmar Ratio Rank: 19
VESIX Martin Ratio Rank: 23

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. VESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV European Small Company Fund (ESMAX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). 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	VESIX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.24	-0.20
Sortino ratio: Return per unit of downside risk	1.55	1.80	-0.25
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.43	1.57	-0.14
Martin ratio: Return relative to average drawdown	4.25	5.80	-1.56
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. VESIX - Sharpe Ratio Comparison

The current ESMAX Sharpe Ratio is 1.03, which is comparable to the VESIX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of ESMAX and VESIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ESMAX	VESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	1.24	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.50	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.52	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.26	+0.37

Drawdowns

ESMAX vs. VESIX - Drawdown Comparison

The maximum ESMAX drawdown since its inception was -65.90%, roughly equal to the maximum VESIX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for ESMAX and VESIX.

Drawdown Indicators

	ESMAX	VESIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.90%	-63.25%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-11.96%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-13.94%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-32.92%	-32.68%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-39.83%	-36.85%	-2.98%
Current Drawdown Current decline from peak	-0.94%	-1.14%	+0.20%
Average Drawdown Average peak-to-trough decline	-13.93%	-15.22%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.23%	+0.94%

Volatility

ESMAX vs. VESIX - Volatility Comparison

The current volatility for Invesco EQV European Small Company Fund (ESMAX) is 5.18%, while Vanguard European Stock Index Fund Institutional Shares (VESIX) has a volatility of 5.48%. This indicates that ESMAX experiences smaller price fluctuations and is considered to be less risky than VESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESMAX	VESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.48%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	12.52%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	15.20%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.11%	17.38%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	18.24%	-3.55%

ESMAX vs. VESIX - Expense Ratio Comparison

ESMAX has a 1.48% expense ratio, which is higher than VESIX's 0.08% expense ratio.

Dividends

ESMAX vs. VESIX - Dividend Comparison

ESMAX's dividend yield for the trailing twelve months is around 29.87%, more than VESIX's 2.78% 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%
VESIX Vanguard European Stock Index Fund Institutional Shares	2.78%	2.86%	3.60%	3.15%	3.25%	3.04%	2.10%	3.28%	3.95%	2.72%	3.54%	3.27%

Frequently Asked Questions

Can I hold both ESMAX and VESIX in my portfolio?

ESMAX and VESIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESMAX or VESIX?

VESIX has higher volatility (5.48%) compared to ESMAX (5.18%). In terms of maximum drawdown, ESMAX dropped -65.90% vs VESIX's -63.25%.

Which has better risk-adjusted returns?

VESIX currently has the higher Sharpe Ratio (1.24 vs 1.03), 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.