GTSAX vs. VVOAX

Last updated Jun 5, 2026

GTSAX (Invesco Small Cap Growth Fund) and VVOAX (Invesco Value Opportunities Fund) are both mutual funds - GTSAX is a Small Cap Growth Equities fund managed by Invesco, while VVOAX is a Mid Cap Value Equities fund managed by Invesco. Over the past 10 years, GTSAX returned 10.78%/yr vs 16.34%/yr for VVOAX. Their correlation of 0.81 suggests significant overlap in exposure. GTSAX charges 1.14%/yr vs 1.22%/yr for VVOAX.

Performance

GTSAX vs. VVOAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GTSAX having a 23.28% return and VVOAX slightly higher at 23.71%. Over the past 10 years, GTSAX has underperformed VVOAX with an annualized return of 10.78%, while VVOAX has yielded a comparatively higher 16.34% annualized return.

GTSAX

• 1D: 0.64%
• 1M: 4.94%
• YTD: 23.28%
• 6M: 19.48%
• 1Y: 41.59%
• 3Y*: 17.64%
• 5Y*: 2.43%
• 10Y*: 10.78%

VVOAX

• 1D: -0.21%
• 1M: 5.46%
• YTD: 23.71%
• 6M: 23.38%
• 1Y: 49.58%
• 3Y*: 31.96%
• 5Y*: 18.32%
• 10Y*: 16.34%

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

GTSAX vs. VVOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSAX Invesco Small Cap Growth Fund	23.28%	5.80%	16.19%	12.66%	-35.61%	5.71%	57.23%	24.30%	-9.16%	24.94%
VVOAX Invesco Value Opportunities Fund	23.71%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%

Correlation

The correlation between GTSAX and VVOAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 28, 2001	0.81

The correlation between GTSAX and VVOAX shifts across timeframes, from 0.77 (10 years) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GTSAX vs. VVOAX — Risk / Return Rank

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

GTSAX

GTSAX Risk / Return Rank: 48
GTSAX Sharpe Ratio Rank: 41
GTSAX Sortino Ratio Rank: 36
GTSAX Omega Ratio Rank: 36
GTSAX Calmar Ratio Rank: 69
GTSAX Martin Ratio Rank: 59

VVOAX

VVOAX Risk / Return Rank: 84
VVOAX Sharpe Ratio Rank: 86
VVOAX Sortino Ratio Rank: 75
VVOAX Omega Ratio Rank: 73
VVOAX Calmar Ratio Rank: 94
VVOAX Martin Ratio Rank: 92

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.

GTSAX vs. VVOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Growth Fund (GTSAX) and Invesco Value Opportunities Fund (VVOAX). 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.

	GTSAX	VVOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.81	-0.99
Sortino ratio: Return per unit of downside risk	2.45	3.64	-1.19
Omega ratio: Gain probability vs. loss probability	1.31	1.48	-0.17
Calmar ratio: Return relative to maximum drawdown	3.15	5.45	-2.29
Martin ratio: Return relative to average drawdown	11.53	19.47	-7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTSAX vs. VVOAX - Sharpe Ratio Comparison

The current GTSAX Sharpe Ratio is 1.82, which is lower than the VVOAX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of GTSAX and VVOAX, 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

	GTSAX	VVOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.81	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.87	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.68	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.41	+0.06

Drawdowns

GTSAX vs. VVOAX - Drawdown Comparison

The maximum GTSAX drawdown since its inception was -63.62%, roughly equal to the maximum VVOAX drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for GTSAX and VVOAX.

Drawdown Indicators

	GTSAX	VVOAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.62%	-62.08%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-9.21%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-29.24%	-24.05%	-5.19%
Max Drawdown (5Y) Largest decline over 5 years	-47.85%	-24.05%	-23.80%
Max Drawdown (10Y) Largest decline over 10 years	-47.85%	-51.80%	+3.95%
Current Drawdown Current decline from peak	-2.76%	-0.21%	-2.55%
Average Drawdown Average peak-to-trough decline	-18.94%	-11.73%	-7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.56%	+1.10%

Volatility

GTSAX vs. VVOAX - Volatility Comparison

Invesco Small Cap Growth Fund (GTSAX) has a higher volatility of 7.83% compared to Invesco Value Opportunities Fund (VVOAX) at 6.15%. This indicates that GTSAX's price experiences larger fluctuations and is considered to be riskier than VVOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTSAX	VVOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	6.15%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	18.84%	13.85%	+4.99%
Volatility (1Y) Calculated over the trailing 1-year period	23.28%	17.90%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.57%	21.16%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.21%	24.20%	+0.01%

GTSAX vs. VVOAX - Expense Ratio Comparison

GTSAX has a 1.14% expense ratio, which is lower than VVOAX's 1.22% expense ratio.

Dividends

GTSAX vs. VVOAX - Dividend Comparison

GTSAX's dividend yield for the trailing twelve months is around 8.47%, which matches VVOAX's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTSAX Invesco Small Cap Growth Fund	8.47%	10.45%	0.00%	0.00%	3.60%	38.91%	13.85%	8.96%	9.76%	9.23%	9.35%	10.11%
VVOAX Invesco Value Opportunities Fund	8.43%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both GTSAX and VVOAX in my portfolio?

GTSAX and VVOAX have a correlation of 0.86, 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 VVOAX?

GTSAX has higher volatility (7.83%) compared to VVOAX (6.15%). In terms of maximum drawdown, GTSAX dropped -63.62% vs VVOAX's -62.08%.

Which has better risk-adjusted returns?

VVOAX currently has the higher Sharpe Ratio (2.81 vs 1.82), 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.