OAAYX vs. ACEIX

Last updated Jun 4, 2026

OAAYX (Invesco Active Allocation Fund) and ACEIX (Invesco Equity and Income Fund) are both Diversified Portfolio funds from Invesco. Over the past 10 years, OAAYX returned 8.86%/yr vs 8.87%/yr for ACEIX. Their correlation of 0.90 suggests significant overlap in exposure. OAAYX charges 0.23%/yr vs 0.78%/yr for ACEIX.

Performance

OAAYX vs. ACEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Active Allocation Fund (OAAYX) and Invesco Equity and Income Fund (ACEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OAAYX achieves a 11.63% return, which is significantly higher than ACEIX's 6.02% return. Both investments have delivered pretty close results over the past 10 years, with OAAYX having a 8.86% annualized return and ACEIX not far ahead at 8.87%.

OAAYX

• 1D: 0.41%
• 1M: 5.01%
• YTD: 11.63%
• 6M: 11.62%
• 1Y: 23.56%
• 3Y*: 15.14%
• 5Y*: 6.63%
• 10Y*: 8.86%

ACEIX

• 1D: 0.61%
• 1M: 1.13%
• YTD: 6.02%
• 6M: 7.12%
• 1Y: 17.83%
• 3Y*: 13.49%
• 5Y*: 7.05%
• 10Y*: 8.87%

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

OAAYX vs. ACEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAAYX Invesco Active Allocation Fund	11.63%	15.81%	9.98%	13.83%	-19.11%	14.38%	13.12%	23.65%	-9.42%	19.58%
ACEIX Invesco Equity and Income Fund	6.02%	12.85%	11.77%	10.08%	-7.75%	18.02%	9.96%	19.17%	-9.74%	10.86%

Correlation

The correlation between OAAYX and ACEIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 6, 2005	0.90

The correlation between OAAYX and ACEIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

OAAYX vs. ACEIX — Risk / Return Rank

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

OAAYX

OAAYX Risk / Return Rank: 61
OAAYX Sharpe Ratio Rank: 59
OAAYX Sortino Ratio Rank: 56
OAAYX Omega Ratio Rank: 55
OAAYX Calmar Ratio Rank: 63
OAAYX Martin Ratio Rank: 70

ACEIX

ACEIX Risk / Return Rank: 67
ACEIX Sharpe Ratio Rank: 64
ACEIX Sortino Ratio Rank: 64
ACEIX Omega Ratio Rank: 59
ACEIX Calmar Ratio Rank: 75
ACEIX Martin Ratio Rank: 75

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.

OAAYX vs. ACEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Active Allocation Fund (OAAYX) and Invesco Equity and Income Fund (ACEIX). 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.

	OAAYX	ACEIX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.34	-0.08
Sortino ratio: Return per unit of downside risk	3.17	3.35	-0.17
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	3.06	3.42	-0.35
Martin ratio: Return relative to average drawdown	13.40	14.15	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OAAYX vs. ACEIX - Sharpe Ratio Comparison

The current OAAYX Sharpe Ratio is 2.26, which is comparable to the ACEIX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of OAAYX and ACEIX, 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

	OAAYX	ACEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.34	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.64	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.69	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.72	-0.30

Drawdowns

OAAYX vs. ACEIX - Drawdown Comparison

The maximum OAAYX drawdown since its inception was -54.70%, which is greater than ACEIX's maximum drawdown of -40.08%. Use the drawdown chart below to compare losses from any high point for OAAYX and ACEIX.

Drawdown Indicators

	OAAYX	ACEIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.70%	-40.08%	-14.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.87%	-5.50%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-12.40%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-26.60%	-16.73%	-9.87%
Max Drawdown (10Y) Largest decline over 10 years	-31.18%	-30.80%	-0.38%
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-9.39%	-4.61%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.32%	+0.47%

Volatility

OAAYX vs. ACEIX - Volatility Comparison

Invesco Active Allocation Fund (OAAYX) has a higher volatility of 3.06% compared to Invesco Equity and Income Fund (ACEIX) at 2.05%. This indicates that OAAYX's price experiences larger fluctuations and is considered to be riskier than ACEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAAYX	ACEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	2.05%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	6.13%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.68%	8.03%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.77%	11.11%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	12.83%	+0.43%

OAAYX vs. ACEIX - Expense Ratio Comparison

OAAYX has a 0.23% expense ratio, which is lower than ACEIX's 0.78% expense ratio.

Dividends

OAAYX vs. ACEIX - Dividend Comparison

OAAYX's dividend yield for the trailing twelve months is around 4.76%, less than ACEIX's 6.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACEIX Invesco Equity and Income Fund	6.51%	6.87%	8.28%	6.91%	6.65%	13.74%	2.94%	5.53%	8.91%	6.73%	3.94%	5.17%
OAAYX Invesco Active Allocation Fund	4.76%	5.31%	5.94%	3.31%	4.85%	8.53%	12.58%	8.88%	1.84%	1.32%	1.26%	1.81%

Frequently Asked Questions

Can I hold both OAAYX and ACEIX in my portfolio?

OAAYX and ACEIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAAYX or ACEIX?

OAAYX has higher volatility (3.06%) compared to ACEIX (2.05%). In terms of maximum drawdown, OAAYX dropped -54.70% vs ACEIX's -40.08%.

Which has better risk-adjusted returns?

ACEIX currently has the higher Sharpe Ratio (2.34 vs 2.26), 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.