IEGAX vs. GSY

Last updated Jun 23, 2026

IEGAX (Invesco EQV International Small Company Fund) and GSY (Invesco Ultra Short Duration ETF) are both funds - IEGAX is a Foreign Small & Mid Cap Equities fund managed by Invesco, while GSY is a Ultrashort Bond fund actively managed by Invesco. Over the past 10 years, IEGAX returned 8.72%/yr vs 2.86%/yr for GSY. At a 0.05 correlation, their price movements are largely independent. IEGAX charges 1.49%/yr vs 0.22%/yr for GSY.

Performance

IEGAX vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco EQV International Small Company Fund (IEGAX) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEGAX achieves a 10.07% return, which is significantly higher than GSY's 1.79% return. Over the past 10 years, IEGAX has outperformed GSY with an annualized return of 8.72%, while GSY has yielded a comparatively lower 2.86% annualized return.

IEGAX

• 1D: 0.30%
• 1M: -0.51%
• YTD: 10.07%
• 6M: 10.69%
• 1Y: 15.31%
• 3Y*: 12.97%
• 5Y*: 7.14%
• 10Y*: 8.72%

GSY

• 1D: 0.03%
• 1M: 0.35%
• YTD: 1.79%
• 6M: 1.87%
• 1Y: 4.45%
• 3Y*: 5.42%
• 5Y*: 3.69%
• 10Y*: 2.86%

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

IEGAX vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEGAX Invesco EQV International Small Company Fund	10.07%	25.92%	-2.63%	14.10%	-11.28%	18.40%	10.18%	18.54%	-18.70%	33.43%
GSY Invesco Ultra Short Duration ETF	1.79%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between IEGAX and GSY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	0.05

The correlation between IEGAX and GSY shifts across timeframes, from 0.05 (all time) to 0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IEGAX vs. GSY — Risk / Return Rank

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

IEGAX

IEGAX Risk / Return Rank: 14
IEGAX Sharpe Ratio Rank: 13
IEGAX Sortino Ratio Rank: 13
IEGAX Omega Ratio Rank: 14
IEGAX Calmar Ratio Rank: 13
IEGAX Martin Ratio Rank: 17

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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.

IEGAX vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EQV International Small Company Fund (IEGAX) and Invesco Ultra Short Duration ETF (GSY). 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.

	IEGAX	GSY	Difference
Sharpe ratio: Return per unit of total volatility	0.93	10.83	-9.90
Sortino ratio: Return per unit of downside risk	1.41	25.27	-23.87
Omega ratio: Gain probability vs. loss probability	1.18	6.07	-4.89
Calmar ratio: Return relative to maximum drawdown	1.16	74.56	-73.40
Martin ratio: Return relative to average drawdown	4.27	349.93	-345.66

IEGAX vs. GSY - Sharpe Ratio Comparison

The current IEGAX Sharpe Ratio is 0.93, which is lower than the GSY Sharpe Ratio of 10.83. The chart below compares the historical Sharpe Ratios of IEGAX and GSY, 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

IEGAX vs. GSY - Drawdown Comparison

The maximum IEGAX drawdown since its inception was -65.36%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for IEGAX and GSY.

Drawdown Indicators

	IEGAX	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-65.36%	-12.14%	-53.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-0.06%	-12.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-0.18%	-12.23%
Max Drawdown (5Y) Largest decline over 5 years	-23.64%	-1.48%	-22.16%
Max Drawdown (10Y) Largest decline over 10 years	-43.09%	-5.25%	-37.84%
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-13.22%	-2.38%	-10.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	0.01%	+3.33%

Volatility

IEGAX vs. GSY - Volatility Comparison

Invesco EQV International Small Company Fund (IEGAX) has a higher volatility of 6.05% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that IEGAX's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEGAX	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	0.15%	+5.90%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	0.31%	+12.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.49%	0.41%	+15.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	0.58%	+12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	1.22%	+12.95%

IEGAX vs. GSY - Expense Ratio Comparison

IEGAX has a 1.49% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

IEGAX vs. GSY - Dividend Comparison

IEGAX's dividend yield for the trailing twelve months is around 12.67%, more than GSY's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.70%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
IEGAX Invesco EQV International Small Company Fund	12.67%	13.95%	3.17%	2.26%	2.98%	4.22%	1.11%	4.55%	3.87%	6.32%	6.29%	8.20%

Frequently Asked Questions

Can I hold both IEGAX and GSY in my portfolio?

IEGAX and GSY have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEGAX or GSY?

IEGAX has higher volatility (6.05%) compared to GSY (0.15%). In terms of maximum drawdown, IEGAX dropped -65.36% vs GSY's -12.14%.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (10.83 vs 0.93), 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.