OPTFX vs. VVOAX

Last updated Jun 26, 2026

OPTFX (Invesco Capital Appreciation Fund) and VVOAX (Invesco Value Opportunities Fund) are both mutual funds - OPTFX is a Large Cap Growth Equities fund managed by Invesco, while VVOAX is a Mid Cap Value Equities fund managed by Invesco. Over the past 10 years, OPTFX returned 15.88%/yr vs 17.02%/yr for VVOAX. A 0.77 correlation means they provide meaningful diversification when combined. OPTFX charges 0.95%/yr vs 1.22%/yr for VVOAX.

Performance

OPTFX vs. VVOAX - Performance Comparison

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

Returns By Period

In the year-to-date period, OPTFX achieves a 7.77% return, which is significantly lower than VVOAX's 21.14% return. Over the past 10 years, OPTFX has underperformed VVOAX with an annualized return of 15.88%, while VVOAX has yielded a comparatively higher 17.02% annualized return.

OPTFX

• 1D: -0.23%
• 1M: -1.69%
• YTD: 7.77%
• 6M: 5.92%
• 1Y: 18.51%
• 3Y*: 21.90%
• 5Y*: 10.55%
• 10Y*: 15.88%

VVOAX

• 1D: 0.46%
• 1M: 1.39%
• YTD: 21.14%
• 6M: 19.21%
• 1Y: 43.32%
• 3Y*: 30.50%
• 5Y*: 18.35%
• 10Y*: 17.02%

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

OPTFX vs. VVOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPTFX Invesco Capital Appreciation Fund	7.77%	12.84%	34.05%	35.51%	-31.10%	21.42%	36.33%	36.22%	-5.96%	26.50%
VVOAX Invesco Value Opportunities Fund	21.14%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%

Correlation

The correlation between OPTFX and VVOAX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 27, 2001	0.77

The correlation between OPTFX and VVOAX shifts across timeframes, from 0.58 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OPTFX vs. VVOAX — Risk / Return Rank

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

OPTFX

OPTFX Risk / Return Rank: 19
OPTFX Sharpe Ratio Rank: 19
OPTFX Sortino Ratio Rank: 19
OPTFX Omega Ratio Rank: 19
OPTFX Calmar Ratio Rank: 18
OPTFX Martin Ratio Rank: 19

VVOAX

VVOAX Risk / Return Rank: 81
VVOAX Sharpe Ratio Rank: 79
VVOAX Sortino Ratio Rank: 69
VVOAX Omega Ratio Rank: 70
VVOAX Calmar Ratio Rank: 94
VVOAX Martin Ratio Rank: 91

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. VVOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Capital Appreciation Fund (OPTFX) and Invesco Value Opportunities Fund (VVOAX). 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.

	OPTFX	VVOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.23	-1.22
Sortino ratio: Return per unit of downside risk	1.49	2.87	-1.38
Omega ratio: Gain probability vs. loss probability	1.19	1.38	-0.20
Calmar ratio: Return relative to maximum drawdown	1.24	4.67	-3.43
Martin ratio: Return relative to average drawdown	3.94	16.03	-12.09

OPTFX vs. VVOAX - Sharpe Ratio Comparison

The current OPTFX Sharpe Ratio is 1.01, which is lower than the VVOAX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of OPTFX and VVOAX, 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

OPTFX vs. VVOAX - Drawdown Comparison

The maximum OPTFX drawdown since its inception was -57.95%, smaller than the maximum VVOAX drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for OPTFX and VVOAX.

Drawdown Indicators

	OPTFX	VVOAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-62.08%	+4.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-9.21%	-7.64%
Max Drawdown (3Y) Largest decline over 3 years	-26.46%	-24.05%	-2.41%
Max Drawdown (5Y) Largest decline over 5 years	-35.89%	-24.05%	-11.84%
Max Drawdown (10Y) Largest decline over 10 years	-35.89%	-51.80%	+15.91%
Current Drawdown Current decline from peak	-3.60%	-3.04%	-0.56%
Average Drawdown Average peak-to-trough decline	-13.98%	-11.70%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	2.67%	+2.38%

Volatility

OPTFX vs. VVOAX - Volatility Comparison

Invesco Capital Appreciation Fund (OPTFX) and Invesco Value Opportunities Fund (VVOAX) have volatilities of 8.81% and 9.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPTFX	VVOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.81%	9.20%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	16.42%	15.42%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	20.74%	19.32%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.57%	21.35%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	24.17%	-2.59%

OPTFX vs. VVOAX - Expense Ratio Comparison

OPTFX has a 0.95% expense ratio, which is lower than VVOAX's 1.22% expense ratio.

Dividends

OPTFX vs. VVOAX - Dividend Comparison

OPTFX's dividend yield for the trailing twelve months is around 10.14%, more than VVOAX's 8.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPTFX Invesco Capital Appreciation Fund	10.14%	10.93%	2.92%	0.00%	0.88%	28.43%	3.20%	23.53%	9.18%	9.34%	4.29%	13.78%
VVOAX Invesco Value Opportunities Fund	8.61%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both OPTFX and VVOAX in my portfolio?

OPTFX and VVOAX have a correlation of 0.58, 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 VVOAX?

VVOAX has higher volatility (9.20%) compared to OPTFX (8.81%). In terms of maximum drawdown, OPTFX dropped -57.95% vs VVOAX's -62.08%.

Which has better risk-adjusted returns?

VVOAX currently has the higher Sharpe Ratio (2.23 vs 1.01), 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.