SMEAX vs. OPPAX

Last updated Aug 1, 2026

SMEAX (Invesco Small Cap Equity Fund Class A) and OPPAX (Invesco Global Fund) are both mutual funds - SMEAX is a Small Cap Blend Equities fund managed by Invesco, while OPPAX is a Global Equities fund managed by Invesco. Over the past 10 years, SMEAX returned 10.20%/yr vs 11.25%/yr for OPPAX. Their correlation of 0.81 means they have usually moved in the same direction. SMEAX charges 1.22%/yr vs 1.04%/yr for OPPAX.

Performance

SMEAX vs. OPPAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMEAX achieves a 14.24% return, which is significantly higher than OPPAX's 1.82% return. Over the past 10 years, SMEAX has underperformed OPPAX with an annualized return of 10.20%, while OPPAX has yielded a comparatively higher 11.25% annualized return.

SMEAX

• 1D: 2.75%
• 1M: -4.69%
• 6M: 9.45%
• YTD: 14.24%
• 1Y: 20.55%
• 3Y*: 14.00%
• 5Y*: 6.35%
• 10Y*: 10.20%
• ALL TIME*: 8.08%

OPPAX

• 1D: 2.24%
• 1M: -4.50%
• 6M: -0.05%
• YTD: 1.82%
• 1Y: 11.05%
• 3Y*: 12.68%
• 5Y*: 4.44%
• 10Y*: 11.25%
• ALL TIME*: 9.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OPPAX Invesco Global Fund	$0.00	$0.00	$0.00
SMEAX Invesco Small Cap Equity Fund Class A	$0.00	$0.00	$0.00

SMEAX vs. OPPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMEAX Invesco Small Cap Equity Fund Class A	14.24%	7.84%	17.80%	15.95%	-20.62%	19.62%	27.25%	26.05%	-15.42%	13.59%
OPPAX Invesco Global Fund	1.82%	15.20%	16.16%	34.18%	-32.18%	15.23%	27.64%	31.58%	-13.65%	36.25%

Correlation

The correlation between SMEAX and OPPAX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.81

The correlation between SMEAX and OPPAX shifts across timeframes, from 0.68 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMEAX vs. OPPAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMEAX

SMEAX Risk / Return Rank: 26
SMEAX Sharpe Ratio Rank: 22
SMEAX Sortino Ratio Rank: 24
SMEAX Omega Ratio Rank: 23
SMEAX Calmar Ratio Rank: 29
SMEAX Martin Ratio Rank: 30

OPPAX

OPPAX Risk / Return Rank: 14
OPPAX Sharpe Ratio Rank: 14
OPPAX Sortino Ratio Rank: 14
OPPAX Omega Ratio Rank: 14
OPPAX Calmar Ratio Rank: 13
OPPAX Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMEAX vs. OPPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Equity Fund Class A (SMEAX) and Invesco Global Fund (OPPAX). 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	OPPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.51	+0.28
Sortino ratio: Return per unit of downside risk	1.25	0.84	+0.41
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	1.32	0.62	+0.70
Martin ratio: Return relative to average drawdown	4.33	2.09	+2.24

SMEAX vs. OPPAX - Sharpe Ratio Comparison

The current SMEAX Sharpe Ratio is 0.79, which is higher than the OPPAX Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of SMEAX and OPPAX, 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. OPPAX - Drawdown Comparison

The maximum SMEAX drawdown since its inception was -56.69%, smaller than the maximum OPPAX drawdown of -60.39%. Use the drawdown chart below to compare losses from any high point for SMEAX and OPPAX.

Drawdown Indicators

	SMEAX	OPPAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-60.39%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-16.26%	+2.83%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-21.69%	-2.92%
Max Drawdown (5Y) Largest decline over 5 years	-31.42%	-41.90%	+10.48%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-41.90%	-3.11%
Current Drawdown Current decline from peak	-9.02%	-8.04%	-0.98%
Average Drawdown Average peak-to-trough decline	-10.37%	-15.42%	+5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	4.56%	-0.48%

Volatility

SMEAX vs. OPPAX - Volatility Comparison

Invesco Small Cap Equity Fund Class A (SMEAX) has a higher volatility of 7.22% compared to Invesco Global Fund (OPPAX) at 5.87%. This indicates that SMEAX's price experiences larger fluctuations and is considered to be riskier than OPPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEAX	OPPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	5.87%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	18.17%	16.35%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	19.66%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.92%	21.71%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.21%	20.73%	+2.48%

SMEAX vs. OPPAX - Expense Ratio Comparison

SMEAX has a 1.22% expense ratio, which is higher than OPPAX's 1.04% expense ratio.

Dividends

SMEAX vs. OPPAX - Dividend Comparison

SMEAX's dividend yield for the trailing twelve months is around 8.18%, less than OPPAX's 24.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPPAX Invesco Global Fund	24.35%	24.79%	11.93%	10.72%	14.18%	7.18%	5.72%	1.35%	12.92%	5.92%	0.69%	5.17%
SMEAX Invesco Small Cap Equity Fund Class A	8.18%	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 OPPAX in my portfolio?

SMEAX and OPPAX have a correlation of 0.68, 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 OPPAX?

SMEAX has higher volatility (7.22%) compared to OPPAX (5.87%). In terms of maximum drawdown, SMEAX dropped -56.69% vs OPPAX's -60.39%.

Which has better risk-adjusted returns?

SMEAX currently has the higher Sharpe Ratio (0.79 vs 0.51), 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.