IALAX vs. IIVAX

Last updated Jun 4, 2026

IALAX (Transamerica Capital Growth Fund) and IIVAX (Transamerica Small/Mid Cap Value Fund) are both mutual funds - IALAX is a Large Cap Growth Equities fund managed by Transamerica, while IIVAX is a Mid Cap Value Equities fund managed by Transamerica. Over the past 10 years, IALAX returned 15.05%/yr vs 10.02%/yr for IIVAX. A 0.67 correlation means they provide meaningful diversification when combined. IALAX charges 1.01%/yr vs 1.23%/yr for IIVAX.

Performance

IALAX vs. IIVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Capital Growth Fund (IALAX) and Transamerica Small/Mid Cap Value Fund (IIVAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IALAX achieves a 0.98% return, which is significantly lower than IIVAX's 10.90% return. Over the past 10 years, IALAX has outperformed IIVAX with an annualized return of 15.05%, while IIVAX has yielded a comparatively lower 10.02% annualized return.

IALAX

• 1D: -1.66%
• 1M: 5.55%
• YTD: 0.98%
• 6M: -1.92%
• 1Y: 7.85%
• 3Y*: 27.12%
• 5Y*: 1.00%
• 10Y*: 15.05%

IIVAX

• 1D: 0.21%
• 1M: 2.25%
• YTD: 10.90%
• 6M: 11.33%
• 1Y: 23.71%
• 3Y*: 13.74%
• 5Y*: 6.96%
• 10Y*: 10.02%

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

IALAX vs. IIVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IALAX Transamerica Capital Growth Fund	0.98%	20.54%	43.92%	47.30%	-60.39%	0.10%	111.63%	21.63%	6.59%	43.81%
IIVAX Transamerica Small/Mid Cap Value Fund	10.90%	9.49%	8.57%	12.02%	-8.35%	27.49%	3.25%	24.62%	-11.87%	15.16%

Correlation

The correlation between IALAX and IIVAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 2, 2001	0.67

Over the past year, the correlation between IALAX and IIVAX has dropped to 0.40 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

IALAX vs. IIVAX — Risk / Return Rank

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

IALAX

IALAX Risk / Return Rank: 4
IALAX Sharpe Ratio Rank: 4
IALAX Sortino Ratio Rank: 5
IALAX Omega Ratio Rank: 5
IALAX Calmar Ratio Rank: 4
IALAX Martin Ratio Rank: 4

IIVAX

IIVAX Risk / Return Rank: 45
IIVAX Sharpe Ratio Rank: 41
IIVAX Sortino Ratio Rank: 43
IIVAX Omega Ratio Rank: 37
IIVAX Calmar Ratio Rank: 55
IIVAX Martin Ratio Rank: 48

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.

IALAX vs. IIVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Capital Growth Fund (IALAX) and Transamerica Small/Mid Cap Value Fund (IIVAX). 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.

	IALAX	IIVAX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.86	-1.56
Sortino ratio: Return per unit of downside risk	0.61	2.76	-2.15
Omega ratio: Gain probability vs. loss probability	1.07	1.33	-0.25
Calmar ratio: Return relative to maximum drawdown	0.29	2.85	-2.56
Martin ratio: Return relative to average drawdown	0.62	9.86	-9.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IALAX vs. IIVAX - Sharpe Ratio Comparison

The current IALAX Sharpe Ratio is 0.30, which is lower than the IIVAX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IALAX and IIVAX, 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

	IALAX	IIVAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	1.86	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.38	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.49	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.49	-0.10

Drawdowns

IALAX vs. IIVAX - Drawdown Comparison

The maximum IALAX drawdown since its inception was -69.30%, which is greater than IIVAX's maximum drawdown of -57.38%. Use the drawdown chart below to compare losses from any high point for IALAX and IIVAX.

Drawdown Indicators

	IALAX	IIVAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.30%	-57.38%	-11.92%
Max Drawdown (1Y) Largest decline over 1 year	-29.07%	-8.87%	-20.20%
Max Drawdown (3Y) Largest decline over 3 years	-32.33%	-19.76%	-12.57%
Max Drawdown (5Y) Largest decline over 5 years	-69.30%	-23.12%	-46.18%
Max Drawdown (10Y) Largest decline over 10 years	-69.30%	-44.13%	-25.17%
Current Drawdown Current decline from peak	-17.50%	0.00%	-17.50%
Average Drawdown Average peak-to-trough decline	-14.84%	-8.34%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.72%	2.56%	+11.16%

Volatility

IALAX vs. IIVAX - Volatility Comparison

Transamerica Capital Growth Fund (IALAX) has a higher volatility of 8.54% compared to Transamerica Small/Mid Cap Value Fund (IIVAX) at 3.06%. This indicates that IALAX's price experiences larger fluctuations and is considered to be riskier than IIVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IALAX	IIVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	3.06%	+5.48%
Volatility (6M) Calculated over the trailing 6-month period	22.27%	8.91%	+13.36%
Volatility (1Y) Calculated over the trailing 1-year period	28.60%	13.60%	+15.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.73%	18.58%	+23.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.71%	20.48%	+14.23%

IALAX vs. IIVAX - Expense Ratio Comparison

IALAX has a 1.01% expense ratio, which is lower than IIVAX's 1.23% expense ratio.

Dividends

IALAX vs. IIVAX - Dividend Comparison

IALAX has not paid dividends to shareholders, while IIVAX's dividend yield for the trailing twelve months is around 9.54%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IALAX Transamerica Capital Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	20.49%	5.37%	10.49%	4.92%	23.22%	22.63%	3.34%
IIVAX Transamerica Small/Mid Cap Value Fund	9.54%	10.58%	12.75%	4.83%	9.72%	10.94%	0.48%	3.17%	12.58%	13.20%	5.91%	9.34%

Frequently Asked Questions

Can I hold both IALAX and IIVAX in my portfolio?

IALAX and IIVAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IALAX or IIVAX?

IALAX has higher volatility (8.54%) compared to IIVAX (3.06%). In terms of maximum drawdown, IALAX dropped -69.30% vs IIVAX's -57.38%.

Which has better risk-adjusted returns?

IIVAX currently has the higher Sharpe Ratio (1.86 vs 0.30), 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.