EUGDX vs. ESMAX

Last updated Jun 4, 2026

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

Performance

EUGDX vs. ESMAX - Performance Comparison

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

Returns By Period

EUGDX

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

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%

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

EUGDX vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

EUGDX vs. ESMAX — 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.

EUGDX vs. ESMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Europe Opportunity Fund Inc. (EUGDX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	EUGDX	ESMAX	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

	EUGDX	ESMAX	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

	EUGDX	ESMAX	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%	—

EUGDX vs. ESMAX - Expense Ratio Comparison

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

Dividends

EUGDX vs. ESMAX - Dividend Comparison

EUGDX's dividend yield for the trailing twelve months is around 0.66%, less than ESMAX's 29.87% 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 EUGDX and ESMAX in my portfolio?

EUGDX and ESMAX 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.