PPVIX vs. VESMX

Last updated Jun 3, 2026

PPVIX (Principal SmallCap Value Fund II) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, PPVIX returned 9.09%/yr vs 6.19%/yr for VESMX. Their correlation of 0.93 suggests significant overlap in exposure. PPVIX charges 0.96%/yr vs 1.20%/yr for VESMX.

Performance

PPVIX vs. VESMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal SmallCap Value Fund II (PPVIX) and VELA Small Cap Fund (VESMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPVIX achieves a 10.50% return, which is significantly higher than VESMX's 3.76% return.

PPVIX

• 1D: -0.39%
• 1M: -1.56%
• YTD: 10.50%
• 6M: 11.48%
• 1Y: 30.31%
• 3Y*: 17.13%
• 5Y*: 9.09%
• 10Y*: 10.71%

VESMX

• 1D: 0.47%
• 1M: -1.12%
• YTD: 3.76%
• 6M: 4.95%
• 1Y: 17.03%
• 3Y*: 10.94%
• 5Y*: 6.19%
• 10Y*: —

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

PPVIX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PPVIX Principal SmallCap Value Fund II	10.50%	8.18%	16.09%	20.00%	-9.20%	32.00%	24.04%
VESMX VELA Small Cap Fund	3.76%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between PPVIX and VESMX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020	0.93

The correlation between PPVIX and VESMX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

PPVIX vs. VESMX — Risk / Return Rank

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

PPVIX

PPVIX Risk / Return Rank: 46
PPVIX Sharpe Ratio Rank: 38
PPVIX Sortino Ratio Rank: 40
PPVIX Omega Ratio Rank: 36
PPVIX Calmar Ratio Rank: 66
PPVIX Martin Ratio Rank: 53

VESMX

VESMX Risk / Return Rank: 19
VESMX Sharpe Ratio Rank: 17
VESMX Sortino Ratio Rank: 18
VESMX Omega Ratio Rank: 16
VESMX Calmar Ratio Rank: 22
VESMX Martin Ratio Rank: 20

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.

PPVIX vs. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal SmallCap Value Fund II (PPVIX) and VELA Small Cap Fund (VESMX). 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.

	PPVIX	VESMX	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.19	+0.60
Sortino ratio Return per unit of downside risk	2.66	1.79	+0.87
Omega ratio Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio Return relative to maximum drawdown	3.13	1.76	+1.37
Martin ratio Return relative to average drawdown	10.79	5.34	+5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPVIX vs. VESMX - Sharpe Ratio Comparison

The current PPVIX Sharpe Ratio is 1.80, which is higher than the VESMX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of PPVIX and VESMX, 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

	PPVIX	VESMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.19	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.36	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.78	-0.39

Drawdowns

PPVIX vs. VESMX - Drawdown Comparison

The maximum PPVIX drawdown since its inception was -64.79%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for PPVIX and VESMX.

Drawdown Indicators

	PPVIX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-64.79%	-20.35%	-44.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-9.48%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.89%	-20.35%	-2.54%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-20.35%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-45.87%	—	—
Current Drawdown Current decline from peak	-1.94%	-3.23%	+1.29%
Average Drawdown Average peak-to-trough decline	-9.69%	-4.57%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.13%	-0.46%

Volatility

PPVIX vs. VESMX - Volatility Comparison

Principal SmallCap Value Fund II (PPVIX) and VELA Small Cap Fund (VESMX) have volatilities of 3.70% and 3.89%, 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

	PPVIX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.89%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	9.82%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	14.41%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	17.42%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.64%	18.23%	+4.41%

PPVIX vs. VESMX - Expense Ratio Comparison

PPVIX has a 0.96% expense ratio, which is lower than VESMX's 1.20% expense ratio.

Dividends

PPVIX vs. VESMX - Dividend Comparison

PPVIX's dividend yield for the trailing twelve months is around 8.04%, more than VESMX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPVIX Principal SmallCap Value Fund II	8.04%	8.88%	20.81%	3.11%	11.81%	15.05%	0.76%	0.88%	26.50%	6.37%	5.98%	11.97%
VESMX VELA Small Cap Fund	0.97%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPVIX and VESMX in my portfolio?

PPVIX and VESMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPVIX or VESMX?

VESMX has higher volatility (3.89%) compared to PPVIX (3.70%). In terms of maximum drawdown, PPVIX dropped -64.79% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

PPVIX currently has the higher Sharpe Ratio (1.80 vs 1.19), 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.