GABOX vs. VLT

Last updated Jun 3, 2026

GABOX (Gabelli International Small Cap Fund) is Foreign Small & Mid Cap Equities fund managed by Gabelli, while VLT (Invesco High Income Trust II) is a stock. Over the past 10 years, GABOX returned 5.52%/yr vs 6.50%/yr for VLT. At a 0.25 correlation, their price movements are largely independent.

Performance

GABOX vs. VLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli International Small Cap Fund (GABOX) and Invesco High Income Trust II (VLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GABOX achieves a 5.38% return, which is significantly higher than VLT's -1.93% return. Over the past 10 years, GABOX has underperformed VLT with an annualized return of 5.52%, while VLT has yielded a comparatively higher 6.50% annualized return.

GABOX

• 1D: -1.62%
• 1M: -0.06%
• YTD: 5.38%
• 6M: 9.70%
• 1Y: 22.81%
• 3Y*: 10.91%
• 5Y*: 0.84%
• 10Y*: 5.52%

VLT

• 1D: 0.14%
• 1M: 1.27%
• YTD: -1.93%
• 6M: -0.91%
• 1Y: 9.31%
• 3Y*: 12.02%
• 5Y*: 4.03%
• 10Y*: 6.50%

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

GABOX vs. VLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GABOX Gabelli International Small Cap Fund	5.38%	39.55%	-6.72%	6.34%	-25.51%	4.16%	19.18%	25.99%	-20.81%	28.27%
VLT Invesco High Income Trust II	-1.93%	13.22%	17.38%	13.12%	-20.82%	14.53%	4.46%	23.60%	-7.97%	10.68%

Correlation

The correlation between GABOX and VLT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 12, 1998	0.25

The correlation between GABOX and VLT shifts across timeframes, from 0.25 (all time) to 0.43 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GABOX vs. VLT — Risk / Return Rank

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

GABOX

GABOX Risk / Return Rank: 21
GABOX Sharpe Ratio Rank: 24
GABOX Sortino Ratio Rank: 22
GABOX Omega Ratio Rank: 24
GABOX Calmar Ratio Rank: 17
GABOX Martin Ratio Rank: 17

VLT

VLT Risk / Return Rank: 68
VLT Sharpe Ratio Rank: 75
VLT Sortino Ratio Rank: 70
VLT Omega Ratio Rank: 70
VLT Calmar Ratio Rank: 60
VLT Martin Ratio Rank: 68

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.

GABOX vs. VLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli International Small Cap Fund (GABOX) and Invesco High Income Trust II (VLT). 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.

	GABOX	VLT	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.16	+0.24
Sortino ratio Return per unit of downside risk	1.97	1.75	+0.23
Omega ratio Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio Return relative to maximum drawdown	1.54	0.93	+0.60
Martin ratio Return relative to average drawdown	4.84	3.34	+1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GABOX vs. VLT - Sharpe Ratio Comparison

The current GABOX Sharpe Ratio is 1.41, which is comparable to the VLT Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of GABOX and VLT, 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

	GABOX	VLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.16	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.35	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.47	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.14	+0.19

Drawdowns

GABOX vs. VLT - Drawdown Comparison

The maximum GABOX drawdown since its inception was -59.28%, smaller than the maximum VLT drawdown of -75.78%. Use the drawdown chart below to compare losses from any high point for GABOX and VLT.

Drawdown Indicators

	GABOX	VLT	Difference
Max Drawdown Largest peak-to-trough decline	-59.28%	-75.78%	+16.50%
Max Drawdown (1Y) Largest decline over 1 year	-16.04%	-10.55%	-5.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-13.41%	-4.68%
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	-30.46%	-12.51%
Max Drawdown (10Y) Largest decline over 10 years	-42.97%	-42.02%	-0.95%
Current Drawdown Current decline from peak	-9.37%	-3.14%	-6.23%
Average Drawdown Average peak-to-trough decline	-17.30%	-16.95%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.09%	2.94%	+2.15%

Volatility

GABOX vs. VLT - Volatility Comparison

Gabelli International Small Cap Fund (GABOX) has a higher volatility of 5.22% compared to Invesco High Income Trust II (VLT) at 3.41%. This indicates that GABOX's price experiences larger fluctuations and is considered to be riskier than VLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GABOX	VLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	3.41%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	6.58%	+8.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	8.05%	+8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	11.72%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	13.93%	+2.00%

Dividends

GABOX vs. VLT - Dividend Comparison

GABOX's dividend yield for the trailing twelve months is around 1.81%, less than VLT's 10.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABOX Gabelli International Small Cap Fund	1.81%	1.91%	0.00%	1.72%	0.45%	2.10%	0.79%	6.91%	31.69%	54.42%	5.79%	0.87%
VLT Invesco High Income Trust II	10.75%	10.27%	10.55%	11.13%	11.27%	8.06%	8.51%	8.10%	8.44%	7.00%	8.06%	9.71%

Frequently Asked Questions

Can I hold both GABOX and VLT in my portfolio?

GABOX and VLT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GABOX or VLT?

GABOX has higher volatility (5.22%) compared to VLT (3.41%). In terms of maximum drawdown, GABOX dropped -59.28% vs VLT's -75.78%.

Which has better risk-adjusted returns?

GABOX currently has the higher Sharpe Ratio (1.41 vs 1.16), 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.