ODIIX vs. FXAIX

Last updated Aug 1, 2026

ODIIX (Invesco Discovery Fund Class R6) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - ODIIX is a Small Cap Growth Equities fund actively managed by Invesco, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. ODIIX is actively managed, while FXAIX is passively managed. Over the past 10 years, ODIIX returned 15.49%/yr vs 15.00%/yr for FXAIX. Their correlation of 0.81 means they have usually moved in the same direction. ODIIX charges 0.65%/yr vs 0.02%/yr for FXAIX.

Performance

ODIIX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Discovery Fund Class R6 (ODIIX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ODIIX achieves a 21.59% return, which is significantly higher than FXAIX's 9.35% return. Both investments have delivered pretty close results over the past 10 years, with ODIIX having a 15.49% annualized return and FXAIX not far behind at 15.00%.

ODIIX

• 1D: 4.83%
• 1M: -7.27%
• 6M: 10.85%
• YTD: 21.59%
• 1Y: 39.02%
• 3Y*: 21.26%
• 5Y*: 8.28%
• 10Y*: 15.49%
• ALL TIME*: 14.61%

FXAIX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.79%
• YTD: 9.35%
• 1Y: 20.63%
• 3Y*: 19.03%
• 5Y*: 12.68%
• 10Y*: 15.00%
• ALL TIME*: 13.89%

*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)
FXAIX Fidelity 500 Index Fund	$0.00	$0.00	$0.00
ODIIX Invesco Discovery Fund Class R6	$0.00	$0.00	$0.00

ODIIX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ODIIX Invesco Discovery Fund Class R6	21.59%	17.14%	23.04%	17.46%	-31.00%	15.37%	50.87%	37.36%	-3.68%	29.58%
FXAIX Fidelity 500 Index Fund	9.35%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between ODIIX and FXAIX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.81

The correlation between ODIIX and FXAIX shifts across timeframes, from 0.67 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ODIIX vs. FXAIX — Risk / Return Rank

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

ODIIX

ODIIX Risk / Return Rank: 64
ODIIX Sharpe Ratio Rank: 56
ODIIX Sortino Ratio Rank: 56
ODIIX Omega Ratio Rank: 51
ODIIX Calmar Ratio Rank: 75
ODIIX Martin Ratio Rank: 82

FXAIX

FXAIX Risk / Return Rank: 64
FXAIX Sharpe Ratio Rank: 61
FXAIX Sortino Ratio Rank: 58
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 65
FXAIX Martin Ratio Rank: 76

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.

ODIIX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Discovery Fund Class R6 (ODIIX) and Fidelity 500 Index Fund (FXAIX). 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.

	ODIIX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.43	-0.04
Sortino ratio: Return per unit of downside risk	2.01	2.00	+0.01
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	2.39	2.06	+0.33
Martin ratio: Return relative to average drawdown	9.93	8.86	+1.07

ODIIX vs. FXAIX - Sharpe Ratio Comparison

The current ODIIX Sharpe Ratio is 1.39, which is comparable to the FXAIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of ODIIX and FXAIX, 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

ODIIX vs. FXAIX - Drawdown Comparison

The maximum ODIIX drawdown since its inception was -43.06%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for ODIIX and FXAIX.

Drawdown Indicators

	ODIIX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.06%	-33.79%	-9.27%
Max Drawdown (1Y) Largest decline over 1 year	-16.66%	-8.89%	-7.77%
Max Drawdown (3Y) Largest decline over 3 years	-28.52%	-18.76%	-9.76%
Max Drawdown (5Y) Largest decline over 5 years	-43.06%	-24.50%	-18.56%
Max Drawdown (10Y) Largest decline over 10 years	-43.06%	-33.79%	-9.27%
Current Drawdown Current decline from peak	-12.64%	-2.11%	-10.53%
Average Drawdown Average peak-to-trough decline	-10.11%	-3.77%	-6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	2.07%	+1.75%

Volatility

ODIIX vs. FXAIX - Volatility Comparison

Invesco Discovery Fund Class R6 (ODIIX) has a higher volatility of 10.43% compared to Fidelity 500 Index Fund (FXAIX) at 3.44%. This indicates that ODIIX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODIIX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	3.44%	+6.99%
Volatility (6M) Calculated over the trailing 6-month period	22.76%	10.09%	+12.67%
Volatility (1Y) Calculated over the trailing 1-year period	28.71%	12.86%	+15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.14%	17.03%	+9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.20%	18.07%	+7.13%

ODIIX vs. FXAIX - Expense Ratio Comparison

ODIIX has a 0.65% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

ODIIX vs. FXAIX - Dividend Comparison

ODIIX's dividend yield for the trailing twelve months is around 8.17%, more than FXAIX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
ODIIX Invesco Discovery Fund Class R6	8.17%	9.94%	5.27%	0.00%	0.00%	16.15%	9.22%	5.40%	16.05%	10.90%	3.86%	6.15%

Frequently Asked Questions

Can I hold both ODIIX and FXAIX in my portfolio?

ODIIX and FXAIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODIIX or FXAIX?

ODIIX has higher volatility (10.43%) compared to FXAIX (3.44%). In terms of maximum drawdown, ODIIX dropped -43.06% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.43 vs 1.39), 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.