OSMAX vs. ALOIX

Last updated Jun 4, 2026

OSMAX (Invesco International Small-Mid Company Fund) and ALOIX (Virtus International Small-Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, OSMAX returned 5.77%/yr vs 7.84%/yr for ALOIX. A 0.78 correlation means they provide meaningful diversification when combined. OSMAX charges 1.33%/yr vs 1.04%/yr for ALOIX.

Performance

OSMAX vs. ALOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Small-Mid Company Fund (OSMAX) and Virtus International Small-Cap Fund (ALOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OSMAX achieves a 1.58% return, which is significantly lower than ALOIX's 15.15% return. Over the past 10 years, OSMAX has underperformed ALOIX with an annualized return of 5.77%, while ALOIX has yielded a comparatively higher 7.84% annualized return.

OSMAX

• 1D: -0.08%
• 1M: 2.10%
• YTD: 1.58%
• 6M: 2.12%
• 1Y: 4.71%
• 3Y*: 4.63%
• 5Y*: -1.13%
• 10Y*: 5.77%

ALOIX

• 1D: -0.04%
• 1M: 2.16%
• YTD: 15.15%
• 6M: 18.70%
• 1Y: 36.38%
• 3Y*: 21.31%
• 5Y*: 6.72%
• 10Y*: 7.84%

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

OSMAX vs. ALOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSMAX Invesco International Small-Mid Company Fund	1.58%	16.81%	-6.57%	12.33%	-31.19%	13.64%	24.76%	19.33%	-9.47%	37.92%
ALOIX Virtus International Small-Cap Fund	15.15%	36.22%	2.65%	19.43%	-26.96%	6.02%	15.92%	24.57%	-22.78%	37.59%

Correlation

The correlation between OSMAX and ALOIX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.78

The correlation between OSMAX and ALOIX shifts across timeframes, from 0.70 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

OSMAX vs. ALOIX — Risk / Return Rank

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

OSMAX

OSMAX Risk / Return Rank: 4
OSMAX Sharpe Ratio Rank: 4
OSMAX Sortino Ratio Rank: 4
OSMAX Omega Ratio Rank: 4
OSMAX Calmar Ratio Rank: 4
OSMAX Martin Ratio Rank: 5

ALOIX

ALOIX Risk / Return Rank: 79
ALOIX Sharpe Ratio Rank: 87
ALOIX Sortino Ratio Rank: 81
ALOIX Omega Ratio Rank: 80
ALOIX Calmar Ratio Rank: 79
ALOIX Martin Ratio Rank: 69

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.

OSMAX vs. ALOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Small-Mid Company Fund (OSMAX) and Virtus International Small-Cap Fund (ALOIX). 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.

	OSMAX	ALOIX	Difference
Sharpe ratio: Return per unit of total volatility	0.31	2.85	-2.54
Sortino ratio: Return per unit of downside risk	0.55	3.83	-3.28
Omega ratio: Gain probability vs. loss probability	1.06	1.52	-0.46
Calmar ratio: Return relative to maximum drawdown	0.37	3.56	-3.19
Martin ratio: Return relative to average drawdown	1.14	13.40	-12.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OSMAX vs. ALOIX - Sharpe Ratio Comparison

The current OSMAX Sharpe Ratio is 0.31, which is lower than the ALOIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of OSMAX and ALOIX, 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

	OSMAX	ALOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	2.85	-2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.45	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.47	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.31	+0.22

Drawdowns

OSMAX vs. ALOIX - Drawdown Comparison

The maximum OSMAX drawdown since its inception was -78.32%, roughly equal to the maximum ALOIX drawdown of -79.29%. Use the drawdown chart below to compare losses from any high point for OSMAX and ALOIX.

Drawdown Indicators

	OSMAX	ALOIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.32%	-79.29%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-10.07%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-14.03%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-44.11%	-39.41%	-4.70%
Max Drawdown (10Y) Largest decline over 10 years	-44.11%	-42.79%	-1.32%
Current Drawdown Current decline from peak	-17.76%	-0.49%	-17.27%
Average Drawdown Average peak-to-trough decline	-19.07%	-34.87%	+15.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.67%	+1.05%

Volatility

OSMAX vs. ALOIX - Volatility Comparison

The current volatility for Invesco International Small-Mid Company Fund (OSMAX) is 3.57%, while Virtus International Small-Cap Fund (ALOIX) has a volatility of 3.96%. This indicates that OSMAX experiences smaller price fluctuations and is considered to be less risky than ALOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OSMAX	ALOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.96%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	10.25%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	12.59%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	14.96%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	16.65%	+0.51%

OSMAX vs. ALOIX - Expense Ratio Comparison

OSMAX has a 1.33% expense ratio, which is higher than ALOIX's 1.04% expense ratio.

Dividends

OSMAX vs. ALOIX - Dividend Comparison

OSMAX's dividend yield for the trailing twelve months is around 19.81%, more than ALOIX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALOIX Virtus International Small-Cap Fund	3.94%	4.54%	3.50%	4.93%	1.25%	19.08%	1.38%	1.62%	18.17%	1.52%	1.04%	0.54%
OSMAX Invesco International Small-Mid Company Fund	19.81%	20.13%	10.49%	2.36%	0.28%	10.00%	8.13%	0.37%	10.95%	2.95%	0.15%	0.07%

Frequently Asked Questions

Can I hold both OSMAX and ALOIX in my portfolio?

OSMAX and ALOIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSMAX or ALOIX?

ALOIX has higher volatility (3.96%) compared to OSMAX (3.57%). In terms of maximum drawdown, OSMAX dropped -78.32% vs ALOIX's -79.29%.

Which has better risk-adjusted returns?

ALOIX currently has the higher Sharpe Ratio (2.85 vs 0.31), 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.