OSMAX vs. QVGIX

Last updated Jun 24, 2026

OSMAX (Invesco International Small-Mid Company Fund) and QVGIX (Invesco Global Allocation Fund) are both mutual funds - OSMAX is a Foreign Small & Mid Cap Equities fund managed by Invesco, while QVGIX is a Global Allocation fund managed by Invesco. Over the past 10 years, OSMAX returned 6.32%/yr vs 6.90%/yr for QVGIX. A 0.80 correlation means they provide meaningful diversification when combined. OSMAX charges 1.33%/yr vs 1.15%/yr for QVGIX.

Performance

OSMAX vs. QVGIX - Performance Comparison

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

Returns By Period

In the year-to-date period, OSMAX achieves a -0.39% return, which is significantly lower than QVGIX's 8.31% return. Over the past 10 years, OSMAX has underperformed QVGIX with an annualized return of 6.32%, while QVGIX has yielded a comparatively higher 6.90% annualized return.

OSMAX

• 1D: -0.67%
• 1M: -1.34%
• YTD: -0.39%
• 6M: -1.09%
• 1Y: 2.09%
• 3Y*: 4.82%
• 5Y*: -1.96%
• 10Y*: 6.32%

QVGIX

• 1D: 0.73%
• 1M: 0.45%
• YTD: 8.31%
• 6M: 8.31%
• 1Y: 17.27%
• 3Y*: 10.98%
• 5Y*: 5.11%
• 10Y*: 6.90%

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

OSMAX vs. QVGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSMAX Invesco International Small-Mid Company Fund	-0.39%	16.81%	-6.57%	12.33%	-31.19%	13.64%	24.76%	19.33%	-9.47%	37.92%
QVGIX Invesco Global Allocation Fund	8.31%	13.68%	5.63%	15.63%	-17.60%	10.45%	14.42%	16.35%	-9.74%	14.83%

Correlation

The correlation between OSMAX and QVGIX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.80

The correlation between OSMAX and QVGIX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

OSMAX vs. QVGIX — 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

QVGIX

QVGIX Risk / Return Rank: 58
QVGIX Sharpe Ratio Rank: 55
QVGIX Sortino Ratio Rank: 60
QVGIX Omega Ratio Rank: 57
QVGIX Calmar Ratio Rank: 56
QVGIX 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.

OSMAX vs. QVGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Small-Mid Company Fund (OSMAX) and Invesco Global Allocation Fund (QVGIX). 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.

	OSMAX	QVGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	2.02	-1.80
Sortino ratio: Return per unit of downside risk	0.43	2.96	-2.53
Omega ratio: Gain probability vs. loss probability	1.05	1.38	-0.33
Calmar ratio: Return relative to maximum drawdown	0.26	2.75	-2.48
Martin ratio: Return relative to average drawdown	0.78	11.52	-10.74

OSMAX vs. QVGIX - Sharpe Ratio Comparison

The current OSMAX Sharpe Ratio is 0.22, which is lower than the QVGIX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of OSMAX and QVGIX, 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

OSMAX vs. QVGIX - Drawdown Comparison

The maximum OSMAX drawdown since its inception was -78.32%, which is greater than QVGIX's maximum drawdown of -22.91%. Use the drawdown chart below to compare losses from any high point for OSMAX and QVGIX.

Drawdown Indicators

	OSMAX	QVGIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.32%	-22.91%	-55.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-6.94%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-10.00%	-8.53%
Max Drawdown (5Y) Largest decline over 5 years	-44.11%	-22.91%	-21.20%
Max Drawdown (10Y) Largest decline over 10 years	-44.11%	-22.91%	-21.20%
Current Drawdown Current decline from peak	-19.36%	-0.67%	-18.69%
Average Drawdown Average peak-to-trough decline	-19.07%	-4.24%	-14.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	1.58%	+2.31%

Volatility

OSMAX vs. QVGIX - Volatility Comparison

Invesco International Small-Mid Company Fund (OSMAX) has a higher volatility of 3.77% compared to Invesco Global Allocation Fund (QVGIX) at 3.25%. This indicates that OSMAX's price experiences larger fluctuations and is considered to be riskier than QVGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OSMAX	QVGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.25%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	11.27%	7.85%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	9.42%	+4.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	10.86%	+7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	10.97%	+6.18%

OSMAX vs. QVGIX - Expense Ratio Comparison

OSMAX has a 1.33% expense ratio, which is higher than QVGIX's 1.15% expense ratio.

Dividends

OSMAX vs. QVGIX - Dividend Comparison

OSMAX's dividend yield for the trailing twelve months is around 20.21%, more than QVGIX's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OSMAX Invesco International Small-Mid Company Fund	20.21%	20.13%	10.49%	2.36%	0.28%	10.00%	8.13%	0.37%	10.95%	2.95%	0.15%	0.07%
QVGIX Invesco Global Allocation Fund	6.27%	6.79%	0.93%	2.27%	6.10%	14.15%	0.00%	0.00%	9.56%	0.13%	3.34%	1.77%

Frequently Asked Questions

Can I hold both OSMAX and QVGIX in my portfolio?

OSMAX and QVGIX have a correlation of 0.85, 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 QVGIX?

OSMAX has higher volatility (3.77%) compared to QVGIX (3.25%). In terms of maximum drawdown, OSMAX dropped -78.32% vs QVGIX's -22.91%.

Which has better risk-adjusted returns?

QVGIX currently has the higher Sharpe Ratio (2.02 vs 0.22), 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.