SMEAX vs. BOSOX

Last updated Jun 4, 2026

SMEAX (Invesco Small Cap Equity Fund Class A) and BOSOX (Boston Trust Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, SMEAX returned 10.54%/yr vs 10.23%/yr for BOSOX. Their correlation of 0.94 suggests significant overlap in exposure. SMEAX charges 1.22%/yr vs 1.00%/yr for BOSOX.

Performance

SMEAX vs. BOSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Equity Fund Class A (SMEAX) and Boston Trust Small Cap Fund (BOSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMEAX achieves a 17.71% return, which is significantly higher than BOSOX's 6.63% return. Both investments have delivered pretty close results over the past 10 years, with SMEAX having a 10.54% annualized return and BOSOX not far behind at 10.23%.

SMEAX

• 1D: 1.99%
• 1M: 5.02%
• YTD: 17.71%
• 6M: 16.13%
• 1Y: 28.43%
• 3Y*: 18.16%
• 5Y*: 7.14%
• 10Y*: 10.54%

BOSOX

• 1D: 0.80%
• 1M: 2.85%
• YTD: 6.63%
• 6M: 4.71%
• 1Y: 6.71%
• 3Y*: 7.74%
• 5Y*: 4.92%
• 10Y*: 10.23%

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

SMEAX vs. BOSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMEAX Invesco Small Cap Equity Fund Class A	17.71%	7.84%	17.80%	15.95%	-20.62%	19.62%	27.25%	26.05%	-15.42%	13.59%
BOSOX Boston Trust Small Cap Fund	6.63%	-4.04%	12.52%	10.09%	-9.05%	28.10%	8.27%	38.35%	-6.01%	12.24%

Correlation

The correlation between SMEAX and BOSOX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 20, 2005	0.94

The correlation between SMEAX and BOSOX shifts across timeframes, from 0.78 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMEAX vs. BOSOX — Risk / Return Rank

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

SMEAX

SMEAX Risk / Return Rank: 30
SMEAX Sharpe Ratio Rank: 27
SMEAX Sortino Ratio Rank: 26
SMEAX Omega Ratio Rank: 26
SMEAX Calmar Ratio Rank: 35
SMEAX Martin Ratio Rank: 38

BOSOX

BOSOX Risk / Return Rank: 7
BOSOX Sharpe Ratio Rank: 6
BOSOX Sortino Ratio Rank: 7
BOSOX Omega Ratio Rank: 6
BOSOX Calmar Ratio Rank: 7
BOSOX Martin Ratio Rank: 7

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.

SMEAX vs. BOSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Equity Fund Class A (SMEAX) and Boston Trust Small Cap Fund (BOSOX). 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.

	SMEAX	BOSOX	Difference
Sharpe ratio Return per unit of total volatility	1.49	0.53	+0.96
Sortino ratio Return per unit of downside risk	2.12	0.89	+1.23
Omega ratio Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio Return relative to maximum drawdown	2.23	0.74	+1.49
Martin ratio Return relative to average drawdown	8.25	2.22	+6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMEAX vs. BOSOX - Sharpe Ratio Comparison

The current SMEAX Sharpe Ratio is 1.49, which is higher than the BOSOX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of SMEAX and BOSOX, 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

	SMEAX	BOSOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	0.53	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.28	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.53	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.43	-0.07

Drawdowns

SMEAX vs. BOSOX - Drawdown Comparison

The maximum SMEAX drawdown since its inception was -56.69%, which is greater than BOSOX's maximum drawdown of -51.32%. Use the drawdown chart below to compare losses from any high point for SMEAX and BOSOX.

Drawdown Indicators

	SMEAX	BOSOX	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-51.32%	-5.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-10.69%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-22.36%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-31.42%	-22.36%	-9.06%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-36.79%	-8.22%
Current Drawdown Current decline from peak	0.00%	-6.67%	+6.67%
Average Drawdown Average peak-to-trough decline	-10.41%	-7.27%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.57%	+0.05%

Volatility

SMEAX vs. BOSOX - Volatility Comparison

Invesco Small Cap Equity Fund Class A (SMEAX) has a higher volatility of 5.76% compared to Boston Trust Small Cap Fund (BOSOX) at 3.90%. This indicates that SMEAX's price experiences larger fluctuations and is considered to be riskier than BOSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEAX	BOSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	3.90%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	16.30%	10.08%	+6.22%
Volatility (1Y) Calculated over the trailing 1-year period	20.14%	15.10%	+5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.61%	17.82%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	19.56%	+3.57%

SMEAX vs. BOSOX - Expense Ratio Comparison

SMEAX has a 1.22% expense ratio, which is higher than BOSOX's 1.00% expense ratio.

Dividends

SMEAX vs. BOSOX - Dividend Comparison

SMEAX's dividend yield for the trailing twelve months is around 7.94%, more than BOSOX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOSOX Boston Trust Small Cap Fund	4.14%	4.41%	6.52%	0.78%	5.09%	8.93%	2.56%	12.46%	16.19%	9.13%	3.14%	18.92%
SMEAX Invesco Small Cap Equity Fund Class A	7.94%	9.34%	8.09%	0.40%	2.95%	19.02%	6.03%	11.18%	18.53%	5.38%	5.38%	6.51%

Frequently Asked Questions

Can I hold both SMEAX and BOSOX in my portfolio?

SMEAX and BOSOX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMEAX or BOSOX?

SMEAX has higher volatility (5.76%) compared to BOSOX (3.90%). In terms of maximum drawdown, SMEAX dropped -56.69% vs BOSOX's -51.32%.

Which has better risk-adjusted returns?

SMEAX currently has the higher Sharpe Ratio (1.49 vs 0.53), 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.