OPTFX vs. IOLZX

Last updated Jun 5, 2026

OPTFX (Invesco Capital Appreciation Fund) and IOLZX (ICON Equity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, OPTFX returned 15.73%/yr vs 14.40%/yr for IOLZX. Their correlation of 0.80 suggests significant overlap in exposure. OPTFX charges 0.95%/yr vs 1.04%/yr for IOLZX.

Performance

OPTFX vs. IOLZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Capital Appreciation Fund (OPTFX) and ICON Equity Fund (IOLZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPTFX achieves a 10.57% return, which is significantly lower than IOLZX's 26.98% return. Over the past 10 years, OPTFX has outperformed IOLZX with an annualized return of 15.73%, while IOLZX has yielded a comparatively lower 14.40% annualized return.

OPTFX

• 1D: -0.58%
• 1M: 4.30%
• YTD: 10.57%
• 6M: 9.78%
• 1Y: 23.89%
• 3Y*: 23.72%
• 5Y*: 12.07%
• 10Y*: 15.73%

IOLZX

• 1D: -0.91%
• 1M: 4.78%
• YTD: 26.98%
• 6M: 29.25%
• 1Y: 49.32%
• 3Y*: 24.51%
• 5Y*: 10.77%
• 10Y*: 14.40%

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

OPTFX vs. IOLZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPTFX Invesco Capital Appreciation Fund	10.57%	12.84%	34.05%	35.51%	-31.10%	21.42%	36.33%	36.22%	-5.96%	26.50%
IOLZX ICON Equity Fund	26.98%	15.81%	16.87%	12.13%	-17.78%	26.72%	16.00%	38.22%	-16.69%	26.78%

Correlation

The correlation between OPTFX and IOLZX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 4, 2004	0.80

Over the past year, the correlation between OPTFX and IOLZX has dropped to 0.51 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

OPTFX vs. IOLZX — Risk / Return Rank

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

OPTFX

OPTFX Risk / Return Rank: 23
OPTFX Sharpe Ratio Rank: 26
OPTFX Sortino Ratio Rank: 24
OPTFX Omega Ratio Rank: 24
OPTFX Calmar Ratio Rank: 20
OPTFX Martin Ratio Rank: 21

IOLZX

IOLZX Risk / Return Rank: 71
IOLZX Sharpe Ratio Rank: 79
IOLZX Sortino Ratio Rank: 72
IOLZX Omega Ratio Rank: 63
IOLZX Calmar Ratio Rank: 77
IOLZX Martin Ratio Rank: 62

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.

OPTFX vs. IOLZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Capital Appreciation Fund (OPTFX) and ICON Equity Fund (IOLZX). 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.

	OPTFX	IOLZX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.60	-1.15
Sortino ratio: Return per unit of downside risk	2.06	3.52	-1.45
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	1.64	3.41	-1.78
Martin ratio: Return relative to average drawdown	5.26	12.10	-6.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPTFX vs. IOLZX - Sharpe Ratio Comparison

The current OPTFX Sharpe Ratio is 1.45, which is lower than the IOLZX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of OPTFX and IOLZX, 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

	OPTFX	IOLZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.60	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.51	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.65	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.41	+0.11

Drawdowns

OPTFX vs. IOLZX - Drawdown Comparison

The maximum OPTFX drawdown since its inception was -57.95%, roughly equal to the maximum IOLZX drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for OPTFX and IOLZX.

Drawdown Indicators

	OPTFX	IOLZX	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-56.03%	-1.92%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-14.35%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.46%	-24.71%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.89%	-27.77%	-8.12%
Max Drawdown (10Y) Largest decline over 10 years	-35.89%	-41.04%	+5.15%
Current Drawdown Current decline from peak	-0.58%	-0.91%	+0.33%
Average Drawdown Average peak-to-trough decline	-13.99%	-12.63%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	4.04%	+0.95%

Volatility

OPTFX vs. IOLZX - Volatility Comparison

The current volatility for Invesco Capital Appreciation Fund (OPTFX) is 5.28%, while ICON Equity Fund (IOLZX) has a volatility of 6.33%. This indicates that OPTFX experiences smaller price fluctuations and is considered to be less risky than IOLZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPTFX	IOLZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	6.33%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	15.00%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	18.89%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	21.43%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	22.36%	-0.90%

OPTFX vs. IOLZX - Expense Ratio Comparison

OPTFX has a 0.95% expense ratio, which is lower than IOLZX's 1.04% expense ratio.

Dividends

OPTFX vs. IOLZX - Dividend Comparison

OPTFX's dividend yield for the trailing twelve months is around 9.88%, more than IOLZX's 8.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOLZX ICON Equity Fund	8.42%	10.69%	22.21%	4.75%	18.57%	14.12%	0.00%	3.46%	1.60%	0.00%	0.00%	0.00%
OPTFX Invesco Capital Appreciation Fund	9.88%	10.93%	2.92%	0.00%	0.88%	28.43%	3.20%	23.53%	9.18%	9.34%	4.29%	13.78%

Frequently Asked Questions

Can I hold both OPTFX and IOLZX in my portfolio?

OPTFX and IOLZX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPTFX or IOLZX?

IOLZX has higher volatility (6.33%) compared to OPTFX (5.28%). In terms of maximum drawdown, OPTFX dropped -57.95% vs IOLZX's -56.03%.

Which has better risk-adjusted returns?

IOLZX currently has the higher Sharpe Ratio (2.60 vs 1.45), 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.