PMJAX vs. SMVSX

Last updated Jun 3, 2026

PMJAX (PIMCO RAE US Small Fund Class A) and SMVSX (Invesco Small Cap Value Fund Class R6) are both Small Cap Value Equities funds. PMJAX is actively managed, while SMVSX is passively managed. Over the past 5 years, PMJAX returned 10.10%/yr vs 20.03%/yr for SMVSX. Their correlation of 0.90 suggests significant overlap in exposure. PMJAX charges 0.90%/yr vs 0.72%/yr for SMVSX.

Performance

PMJAX vs. SMVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE US Small Fund Class A (PMJAX) and Invesco Small Cap Value Fund Class R6 (SMVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMJAX achieves a 17.31% return, which is significantly lower than SMVSX's 31.54% return.

PMJAX

• 1D: 1.17%
• 1M: 4.75%
• YTD: 17.31%
• 6M: 16.94%
• 1Y: 35.74%
• 3Y*: 21.21%
• 5Y*: 10.10%
• 10Y*: 13.16%

SMVSX

• 1D: 3.57%
• 1M: 7.78%
• YTD: 31.54%
• 6M: 33.35%
• 1Y: 62.71%
• 3Y*: 33.20%
• 5Y*: 20.03%
• 10Y*: —

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

PMJAX vs. SMVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMJAX PIMCO RAE US Small Fund Class A	17.31%	4.89%	20.53%	19.76%	-5.07%	38.48%	6.52%	19.76%	-12.02%	8.27%
SMVSX Invesco Small Cap Value Fund Class R6	31.54%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%

Correlation

The correlation between PMJAX and SMVSX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.90

The correlation between PMJAX and SMVSX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

PMJAX vs. SMVSX — Risk / Return Rank

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

PMJAX

PMJAX Risk / Return Rank: 60
PMJAX Sharpe Ratio Rank: 49
PMJAX Sortino Ratio Rank: 48
PMJAX Omega Ratio Rank: 42
PMJAX Calmar Ratio Rank: 89
PMJAX Martin Ratio Rank: 69

SMVSX

SMVSX Risk / Return Rank: 89
SMVSX Sharpe Ratio Rank: 93
SMVSX Sortino Ratio Rank: 84
SMVSX Omega Ratio Rank: 80
SMVSX Calmar Ratio Rank: 95
SMVSX Martin Ratio Rank: 93

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.

PMJAX vs. SMVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE US Small Fund Class A (PMJAX) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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.

	PMJAX	SMVSX	Difference
Sharpe ratio Return per unit of total volatility	2.07	3.22	-1.15
Sortino ratio Return per unit of downside risk	2.94	4.00	-1.06
Omega ratio Gain probability vs. loss probability	1.35	1.53	-0.18
Calmar ratio Return relative to maximum drawdown	4.45	5.83	-1.38
Martin ratio Return relative to average drawdown	13.27	20.70	-7.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMJAX vs. SMVSX - Sharpe Ratio Comparison

The current PMJAX Sharpe Ratio is 2.07, which is lower than the SMVSX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of PMJAX and SMVSX, 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

	PMJAX	SMVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	3.22	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.87	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.62	-0.22

Drawdowns

PMJAX vs. SMVSX - Drawdown Comparison

The maximum PMJAX drawdown since its inception was -50.53%, smaller than the maximum SMVSX drawdown of -57.41%. Use the drawdown chart below to compare losses from any high point for PMJAX and SMVSX.

Drawdown Indicators

	PMJAX	SMVSX	Difference
Max Drawdown Largest peak-to-trough decline	-50.53%	-57.41%	+6.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.66%	-11.39%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-26.72%	-25.23%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	-50.53%	-25.23%	-25.30%
Max Drawdown (10Y) Largest decline over 10 years	-50.53%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.04%	-8.58%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.20%	-0.63%

Volatility

PMJAX vs. SMVSX - Volatility Comparison

The current volatility for PIMCO RAE US Small Fund Class A (PMJAX) is 4.98%, while Invesco Small Cap Value Fund Class R6 (SMVSX) has a volatility of 6.33%. This indicates that PMJAX experiences smaller price fluctuations and is considered to be less risky than SMVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMJAX	SMVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	6.33%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	15.83%	-4.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	20.63%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.27%	23.18%	+17.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.57%	27.05%	+6.52%

PMJAX vs. SMVSX - Expense Ratio Comparison

PMJAX has a 0.90% expense ratio, which is higher than SMVSX's 0.72% expense ratio.

Dividends

PMJAX vs. SMVSX - Dividend Comparison

PMJAX's dividend yield for the trailing twelve months is around 2.82%, less than SMVSX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PMJAX PIMCO RAE US Small Fund Class A	2.82%	3.31%	2.48%	1.40%	10.08%	67.74%	9.44%	1.37%	7.72%	4.51%	1.16%
SMVSX Invesco Small Cap Value Fund Class R6	6.50%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%	0.00%

Frequently Asked Questions

Can I hold both PMJAX and SMVSX in my portfolio?

PMJAX and SMVSX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMJAX or SMVSX?

SMVSX has higher volatility (6.33%) compared to PMJAX (4.98%). In terms of maximum drawdown, PMJAX dropped -50.53% vs SMVSX's -57.41%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.22 vs 2.07), 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.