ODMAX vs. VWO

Last updated Jun 26, 2026

ODMAX (Invesco Developing Markets Fund) and VWO (Vanguard FTSE Emerging Markets ETF) are both funds - ODMAX is a Emerging Markets Diversified fund managed by Invesco, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Over the past 10 years, ODMAX returned 7.49%/yr vs 8.98%/yr for VWO. Their correlation of 0.89 suggests significant overlap in exposure. ODMAX charges 1.24%/yr vs 0.08%/yr for VWO.

Performance

ODMAX vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Developing Markets Fund (ODMAX) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ODMAX achieves a 14.79% return, which is significantly higher than VWO's 9.50% return. Over the past 10 years, ODMAX has underperformed VWO with an annualized return of 7.49%, while VWO has yielded a comparatively higher 8.98% annualized return.

ODMAX

• 1D: -0.02%
• 1M: -2.57%
• YTD: 14.79%
• 6M: 15.28%
• 1Y: 33.02%
• 3Y*: 13.59%
• 5Y*: 0.87%
• 10Y*: 7.49%

VWO

• 1D: -0.29%
• 1M: -2.26%
• YTD: 9.50%
• 6M: 9.67%
• 1Y: 22.86%
• 3Y*: 16.92%
• 5Y*: 4.72%
• 10Y*: 8.98%

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

ODMAX vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ODMAX Invesco Developing Markets Fund	14.79%	28.34%	-1.39%	11.17%	-25.16%	-7.54%	17.22%	24.02%	-12.14%	34.77%
VWO Vanguard FTSE Emerging Markets ETF	9.50%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between ODMAX and VWO is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005	0.89

The correlation between ODMAX and VWO has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

ODMAX vs. VWO — Risk / Return Rank

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

ODMAX

ODMAX Risk / Return Rank: 58
ODMAX Sharpe Ratio Rank: 55
ODMAX Sortino Ratio Rank: 47
ODMAX Omega Ratio Rank: 59
ODMAX Calmar Ratio Rank: 69
ODMAX Martin Ratio Rank: 59

VWO

VWO Risk / Return Rank: 46
VWO Sharpe Ratio Rank: 44
VWO Sortino Ratio Rank: 42
VWO Omega Ratio Rank: 45
VWO Calmar Ratio Rank: 47
VWO Martin Ratio Rank: 49

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.

ODMAX vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Developing Markets Fund (ODMAX) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	ODMAX	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.37	+0.44
Sortino ratio: Return per unit of downside risk	2.38	1.92	+0.46
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	2.77	2.06	+0.71
Martin ratio: Return relative to average drawdown	10.05	7.20	+2.86

ODMAX vs. VWO - Sharpe Ratio Comparison

The current ODMAX Sharpe Ratio is 1.81, which is higher than the VWO Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ODMAX and VWO, 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

ODMAX vs. VWO - Drawdown Comparison

The maximum ODMAX drawdown since its inception was -61.63%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for ODMAX and VWO.

Drawdown Indicators

	ODMAX	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-61.63%	-67.68%	+6.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-11.17%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.26%	-17.37%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-44.52%	-32.60%	-11.92%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-36.39%	-9.84%
Current Drawdown Current decline from peak	-7.26%	-3.98%	-3.28%
Average Drawdown Average peak-to-trough decline	-14.57%	-15.78%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.18%	+0.13%

Volatility

ODMAX vs. VWO - Volatility Comparison

Invesco Developing Markets Fund (ODMAX) has a higher volatility of 9.85% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 7.06%. This indicates that ODMAX's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODMAX	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.85%	7.06%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	14.60%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	16.82%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	17.58%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	19.17%	-1.17%

ODMAX vs. VWO - Expense Ratio Comparison

ODMAX has a 1.24% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

ODMAX vs. VWO - Dividend Comparison

ODMAX's dividend yield for the trailing twelve months is around 36.20%, more than VWO's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ODMAX Invesco Developing Markets Fund	36.20%	41.55%	0.01%	0.53%	0.57%	5.01%	0.00%	2.12%	0.28%	0.30%	0.23%	0.43%
VWO Vanguard FTSE Emerging Markets ETF	2.35%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both ODMAX and VWO in my portfolio?

ODMAX and VWO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODMAX or VWO?

ODMAX has higher volatility (9.85%) compared to VWO (7.06%). In terms of maximum drawdown, ODMAX dropped -61.63% vs VWO's -67.68%.

Which has better risk-adjusted returns?

ODMAX currently has the higher Sharpe Ratio (1.81 vs 1.37), 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.