GTSAX vs. NESIX

Last updated Aug 6, 2026

GTSAX (Invesco Small Cap Growth Fund) and NESIX (Needham Small Cap Growth Fund Institutional) are both Small Cap Growth Equities funds. Over the past 5 years, GTSAX returned 0.21%/yr vs 8.05%/yr for NESIX. Their correlation of 0.84 means they have usually moved in the same direction. GTSAX charges 1.14%/yr vs 1.18%/yr for NESIX.

Performance

GTSAX vs. NESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Growth Fund (GTSAX) and Needham Small Cap Growth Fund Institutional (NESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTSAX achieves a 17.05% return, which is significantly lower than NESIX's 66.68% return.

GTSAX

• 1D: 2.86%
• 1M: -4.91%
• 6M: 12.82%
• YTD: 17.05%
• 1Y: 24.60%
• 3Y*: 14.21%
• 5Y*: 0.21%
• 10Y*: 9.80%
• ALL TIME*: 11.20%

NESIX

• 1D: 4.16%
• 1M: -3.00%
• 6M: 51.22%
• YTD: 66.68%
• 1Y: 86.80%
• 3Y*: 30.01%
• 5Y*: 8.05%
• 10Y*: —
• ALL TIME*: 18.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GTSAX Invesco Small Cap Growth Fund	$0.00	$0.00	$0.00
NESIX Needham Small Cap Growth Fund Institutional	$0.00	$0.00	$0.00

GTSAX vs. NESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSAX Invesco Small Cap Growth Fund	17.05%	5.80%	16.19%	12.66%	-35.61%	5.71%	57.23%	24.30%	-9.16%	24.94%
NESIX Needham Small Cap Growth Fund Institutional	66.68%	11.16%	13.47%	5.85%	-29.71%	11.36%	73.06%	55.28%	-4.87%	12.63%

Correlation

The correlation between GTSAX and NESIX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.84

The correlation between GTSAX and NESIX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

GTSAX vs. NESIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GTSAX

GTSAX Risk / Return Rank: 25
GTSAX Sharpe Ratio Rank: 22
GTSAX Sortino Ratio Rank: 22
GTSAX Omega Ratio Rank: 21
GTSAX Calmar Ratio Rank: 30
GTSAX Martin Ratio Rank: 32

NESIX

NESIX Risk / Return Rank: 87
NESIX Sharpe Ratio Rank: 93
NESIX Sortino Ratio Rank: 82
NESIX Omega Ratio Rank: 77
NESIX Calmar Ratio Rank: 91
NESIX Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GTSAX vs. NESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Growth Fund (GTSAX) and Needham Small Cap Growth Fund Institutional (NESIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GTSAX	NESIX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.51	-1.57
Sortino ratio: Return per unit of downside risk	1.42	3.00	-1.58
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	1.55	3.91	-2.36
Martin ratio: Return relative to average drawdown	5.32	14.80	-9.48

GTSAX vs. NESIX - Sharpe Ratio Comparison

The current GTSAX Sharpe Ratio is 0.95, which is lower than the NESIX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of GTSAX and NESIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GTSAX vs. NESIX - Drawdown Comparison

The maximum GTSAX drawdown since its inception was -63.62%, which is greater than NESIX's maximum drawdown of -49.61%. Use the drawdown chart below to compare losses from any high point for GTSAX and NESIX.

Drawdown Indicators

	GTSAX	NESIX	Difference
Max Drawdown Largest peak-to-trough decline	-63.62%	-49.61%	-14.01%
Max Drawdown (1Y) Largest decline over 1 year	-16.21%	-22.10%	+5.89%
Max Drawdown (3Y) Largest decline over 3 years	-29.24%	-35.21%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-47.85%	-49.61%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-47.85%	—	—
Current Drawdown Current decline from peak	-9.54%	-10.93%	+1.39%
Average Drawdown Average peak-to-trough decline	-18.87%	-14.87%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	5.83%	-1.13%

Volatility

GTSAX vs. NESIX - Volatility Comparison

The current volatility for Invesco Small Cap Growth Fund (GTSAX) is 9.47%, while Needham Small Cap Growth Fund Institutional (NESIX) has a volatility of 13.33%. This indicates that GTSAX experiences smaller price fluctuations and is considered to be less risky than NESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTSAX	NESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	13.33%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	21.86%	26.44%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	26.52%	34.45%	-7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.19%	30.25%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.49%	26.89%	-2.40%

GTSAX vs. NESIX - Expense Ratio Comparison

GTSAX has a 1.14% expense ratio, which is lower than NESIX's 1.18% expense ratio.

Dividends

GTSAX vs. NESIX - Dividend Comparison

GTSAX's dividend yield for the trailing twelve months is around 8.92%, while NESIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTSAX Invesco Small Cap Growth Fund	8.92%	10.45%	0.00%	0.00%	3.60%	38.91%	13.85%	8.96%	9.76%	9.23%	9.35%	10.11%
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GTSAX and NESIX in my portfolio?

GTSAX and NESIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTSAX or NESIX?

NESIX has higher volatility (13.33%) compared to GTSAX (9.47%). In terms of maximum drawdown, GTSAX dropped -63.62% vs NESIX's -49.61%.

Which has better risk-adjusted returns?

NESIX currently has the higher Sharpe Ratio (2.51 vs 0.95), 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.