FGROX vs. ODIIX

Last updated Jun 4, 2026

FGROX (Emerald Growth Fund Institutional Class) and ODIIX (Invesco Discovery Fund Class R6) are both Small Cap Growth Equities funds. FGROX is passively managed, while ODIIX is actively managed. Over the past 10 years, FGROX returned 15.70%/yr vs 16.99%/yr for ODIIX. Their correlation of 0.93 suggests significant overlap in exposure. FGROX charges 0.78%/yr vs 0.65%/yr for ODIIX.

Performance

FGROX vs. ODIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerald Growth Fund Institutional Class (FGROX) and Invesco Discovery Fund Class R6 (ODIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGROX achieves a 26.22% return, which is significantly lower than ODIIX's 31.17% return. Over the past 10 years, FGROX has underperformed ODIIX with an annualized return of 15.70%, while ODIIX has yielded a comparatively higher 16.99% annualized return.

FGROX

• 1D: 1.61%
• 1M: 7.35%
• YTD: 26.22%
• 6M: 24.64%
• 1Y: 68.45%
• 3Y*: 29.82%
• 5Y*: 12.60%
• 10Y*: 15.70%

ODIIX

• 1D: 2.40%
• 1M: 5.95%
• YTD: 31.17%
• 6M: 31.62%
• 1Y: 56.74%
• 3Y*: 27.32%
• 5Y*: 11.28%
• 10Y*: 16.99%

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

FGROX vs. ODIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGROX Emerald Growth Fund Institutional Class	26.22%	31.85%	20.04%	19.04%	-24.42%	3.91%	38.92%	28.71%	-11.85%	28.11%
ODIIX Invesco Discovery Fund Class R6	31.17%	17.14%	23.04%	17.46%	-31.00%	15.37%	50.87%	37.36%	-3.68%	29.58%

Correlation

The correlation between FGROX and ODIIX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 30, 2012	0.93

The correlation between FGROX and ODIIX shifts across timeframes, from 0.82 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGROX vs. ODIIX — Risk / Return Rank

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

FGROX

FGROX Risk / Return Rank: 83
FGROX Sharpe Ratio Rank: 88
FGROX Sortino Ratio Rank: 73
FGROX Omega Ratio Rank: 66
FGROX Calmar Ratio Rank: 93
FGROX Martin Ratio Rank: 94

ODIIX

ODIIX Risk / Return Rank: 80
ODIIX Sharpe Ratio Rank: 81
ODIIX Sortino Ratio Rank: 69
ODIIX Omega Ratio Rank: 62
ODIIX Calmar Ratio Rank: 95
ODIIX 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.

FGROX vs. ODIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Growth Fund Institutional Class (FGROX) and Invesco Discovery Fund Class R6 (ODIIX). 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.

	FGROX	ODIIX	Difference
Sharpe ratio Return per unit of total volatility	2.90	2.63	+0.27
Sortino ratio Return per unit of downside risk	3.57	3.46	+0.11
Omega ratio Gain probability vs. loss probability	1.45	1.44	+0.02
Calmar ratio Return relative to maximum drawdown	5.11	5.84	-0.73
Martin ratio Return relative to average drawdown	21.59	23.17	-1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGROX vs. ODIIX - Sharpe Ratio Comparison

The current FGROX Sharpe Ratio is 2.90, which is comparable to the ODIIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FGROX and ODIIX, 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

	FGROX	ODIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.63	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.45	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.69	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.67	-0.16

Drawdowns

FGROX vs. ODIIX - Drawdown Comparison

The maximum FGROX drawdown since its inception was -41.48%, roughly equal to the maximum ODIIX drawdown of -43.06%. Use the drawdown chart below to compare losses from any high point for FGROX and ODIIX.

Drawdown Indicators

	FGROX	ODIIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.48%	-43.06%	+1.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.36%	-11.36%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-28.61%	-28.52%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-38.52%	-43.06%	+4.54%
Max Drawdown (10Y) Largest decline over 10 years	-41.48%	-43.06%	+1.58%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-10.25%	-10.16%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.74%	+0.64%

Volatility

FGROX vs. ODIIX - Volatility Comparison

Emerald Growth Fund Institutional Class (FGROX) and Invesco Discovery Fund Class R6 (ODIIX) have volatilities of 7.62% and 7.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGROX	ODIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	7.84%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	19.27%	21.48%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	25.23%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.58%	25.54%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.18%	24.92%	+0.26%

FGROX vs. ODIIX - Expense Ratio Comparison

FGROX has a 0.78% expense ratio, which is higher than ODIIX's 0.65% expense ratio.

Dividends

FGROX vs. ODIIX - Dividend Comparison

FGROX's dividend yield for the trailing twelve months is around 9.02%, more than ODIIX's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGROX Emerald Growth Fund Institutional Class	9.02%	11.39%	13.92%	5.91%	8.13%	17.87%	8.04%	1.38%	11.36%	0.00%	0.00%	0.00%
ODIIX Invesco Discovery Fund Class R6	7.58%	9.94%	5.27%	0.00%	0.00%	16.15%	9.22%	5.40%	16.05%	10.90%	3.86%	6.15%

Frequently Asked Questions

Can I hold both FGROX and ODIIX in my portfolio?

FGROX and ODIIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGROX or ODIIX?

ODIIX has higher volatility (7.84%) compared to FGROX (7.62%). In terms of maximum drawdown, FGROX dropped -41.48% vs ODIIX's -43.06%.

Which has better risk-adjusted returns?

FGROX currently has the higher Sharpe Ratio (2.90 vs 2.63), 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.