SMEAX vs. MOPIX

Last updated Jun 24, 2026

SMEAX (Invesco Small Cap Equity Fund Class A) and MOPIX (MainStay WMC Small Companies Fund) are both Small Cap Blend Equities funds. Over the past 10 years, SMEAX returned 11.60%/yr vs 9.91%/yr for MOPIX. Their correlation of 0.94 suggests significant overlap in exposure. SMEAX charges 1.22%/yr vs 0.97%/yr for MOPIX.

Performance

SMEAX vs. MOPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMEAX achieves a 23.19% return, which is significantly lower than MOPIX's 30.52% return. Over the past 10 years, SMEAX has outperformed MOPIX with an annualized return of 11.60%, while MOPIX has yielded a comparatively lower 9.91% annualized return.

SMEAX

• 1D: 0.97%
• 1M: 7.38%
• YTD: 23.19%
• 6M: 20.43%
• 1Y: 32.04%
• 3Y*: 19.74%
• 5Y*: 8.11%
• 10Y*: 11.60%

MOPIX

• 1D: 0.87%
• 1M: 5.28%
• YTD: 30.52%
• 6M: 27.56%
• 1Y: 57.69%
• 3Y*: 23.88%
• 5Y*: 9.60%
• 10Y*: 9.91%

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

SMEAX vs. MOPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMEAX Invesco Small Cap Equity Fund Class A	23.19%	7.84%	17.80%	15.95%	-20.62%	19.62%	27.25%	26.05%	-15.42%	13.59%
MOPIX MainStay WMC Small Companies Fund	30.52%	12.69%	16.07%	10.97%	-19.00%	17.55%	10.04%	17.70%	-16.42%	15.68%

Correlation

The correlation between SMEAX and MOPIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.94

The correlation between SMEAX and MOPIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

SMEAX vs. MOPIX — Risk / Return Rank

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

SMEAX

SMEAX Risk / Return Rank: 40
SMEAX Sharpe Ratio Rank: 36
SMEAX Sortino Ratio Rank: 35
SMEAX Omega Ratio Rank: 34
SMEAX Calmar Ratio Rank: 49
SMEAX Martin Ratio Rank: 48

MOPIX

MOPIX Risk / Return Rank: 93
MOPIX Sharpe Ratio Rank: 95
MOPIX Sortino Ratio Rank: 92
MOPIX Omega Ratio Rank: 84
MOPIX Calmar Ratio Rank: 96
MOPIX Martin Ratio Rank: 96

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. MOPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Equity Fund Class A (SMEAX) and MainStay WMC Small Companies Fund (MOPIX). 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.

	SMEAX	MOPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	3.13	-1.51
Sortino ratio: Return per unit of downside risk	2.28	4.23	-1.95
Omega ratio: Gain probability vs. loss probability	1.29	1.52	-0.23
Calmar ratio: Return relative to maximum drawdown	2.55	6.12	-3.57
Martin ratio: Return relative to average drawdown	9.39	23.01	-13.62

SMEAX vs. MOPIX - Sharpe Ratio Comparison

The current SMEAX Sharpe Ratio is 1.63, which is lower than the MOPIX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of SMEAX and MOPIX, 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

SMEAX vs. MOPIX - Drawdown Comparison

The maximum SMEAX drawdown since its inception was -56.69%, smaller than the maximum MOPIX drawdown of -68.08%. Use the drawdown chart below to compare losses from any high point for SMEAX and MOPIX.

Drawdown Indicators

	SMEAX	MOPIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-68.08%	+11.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-9.84%	-3.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-26.99%	+2.38%
Max Drawdown (5Y) Largest decline over 5 years	-31.42%	-32.60%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-48.01%	+3.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.39%	-9.10%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	2.61%	+1.03%

Volatility

SMEAX vs. MOPIX - Volatility Comparison

Invesco Small Cap Equity Fund Class A (SMEAX) has a higher volatility of 7.60% compared to MainStay WMC Small Companies Fund (MOPIX) at 6.60%. This indicates that SMEAX's price experiences larger fluctuations and is considered to be riskier than MOPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEAX	MOPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	6.60%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	14.60%	+2.65%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	19.25%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.76%	22.89%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.21%	23.44%	-0.23%

SMEAX vs. MOPIX - Expense Ratio Comparison

SMEAX has a 1.22% expense ratio, which is higher than MOPIX's 0.97% expense ratio.

Dividends

SMEAX vs. MOPIX - Dividend Comparison

SMEAX's dividend yield for the trailing twelve months is around 7.58%, more than MOPIX's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOPIX MainStay WMC Small Companies Fund	0.12%	0.15%	0.39%	0.33%	2.34%	29.42%	0.00%	0.50%	18.09%	8.32%	0.59%	0.37%
SMEAX Invesco Small Cap Equity Fund Class A	7.58%	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 MOPIX in my portfolio?

SMEAX and MOPIX have a correlation of 0.89, 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 MOPIX?

SMEAX has higher volatility (7.60%) compared to MOPIX (6.60%). In terms of maximum drawdown, SMEAX dropped -56.69% vs MOPIX's -68.08%.

Which has better risk-adjusted returns?

MOPIX currently has the higher Sharpe Ratio (3.13 vs 1.63), 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.