SMEAX vs. VVOAX

Last updated Jun 24, 2026

SMEAX (Invesco Small Cap Equity Fund Class A) and VVOAX (Invesco Value Opportunities Fund) are both mutual funds - SMEAX is a Small Cap Blend Equities fund managed by Invesco, while VVOAX is a Mid Cap Value Equities fund managed by Invesco. Over the past 10 years, SMEAX returned 11.60%/yr vs 17.31%/yr for VVOAX. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 1.22% expense ratio.

Performance

SMEAX vs. VVOAX - 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 Value Opportunities Fund (VVOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMEAX having a 23.19% return and VVOAX slightly higher at 24.13%. Over the past 10 years, SMEAX has underperformed VVOAX with an annualized return of 11.60%, while VVOAX has yielded a comparatively higher 17.31% 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%

VVOAX

• 1D: 1.32%
• 1M: 5.02%
• YTD: 24.13%
• 6M: 22.31%
• 1Y: 48.22%
• 3Y*: 31.57%
• 5Y*: 19.46%
• 10Y*: 17.31%

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

SMEAX vs. VVOAX - 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%
VVOAX Invesco Value Opportunities Fund	24.13%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%

Correlation

The correlation between SMEAX and VVOAX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 27, 2001	0.87

The correlation between SMEAX and VVOAX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SMEAX vs. VVOAX — 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

VVOAX

VVOAX Risk / Return Rank: 85
VVOAX Sharpe Ratio Rank: 86
VVOAX Sortino Ratio Rank: 74
VVOAX Omega Ratio Rank: 74
VVOAX Calmar Ratio Rank: 95
VVOAX 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.

SMEAX vs. VVOAX - 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 Value Opportunities Fund (VVOAX). 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	VVOAX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.58	-0.96
Sortino ratio: Return per unit of downside risk	2.28	3.28	-1.00
Omega ratio: Gain probability vs. loss probability	1.29	1.44	-0.15
Calmar ratio: Return relative to maximum drawdown	2.55	5.36	-2.81
Martin ratio: Return relative to average drawdown	9.39	18.49	-9.11

SMEAX vs. VVOAX - Sharpe Ratio Comparison

The current SMEAX Sharpe Ratio is 1.63, which is lower than the VVOAX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SMEAX and VVOAX, 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. VVOAX - Drawdown Comparison

The maximum SMEAX drawdown since its inception was -56.69%, smaller than the maximum VVOAX drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for SMEAX and VVOAX.

Drawdown Indicators

	SMEAX	VVOAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-62.08%	+5.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-9.21%	-4.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-24.05%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-31.42%	-24.05%	-7.37%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-51.80%	+6.79%
Current Drawdown Current decline from peak	0.00%	-0.65%	+0.65%
Average Drawdown Average peak-to-trough decline	-10.39%	-11.71%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	2.66%	+0.98%

Volatility

SMEAX vs. VVOAX - Volatility Comparison

The current volatility for Invesco Small Cap Equity Fund Class A (SMEAX) is 7.60%, while Invesco Value Opportunities Fund (VVOAX) has a volatility of 8.67%. This indicates that SMEAX experiences smaller price fluctuations and is considered to be less risky than VVOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEAX	VVOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	8.67%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	15.14%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	19.12%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.76%	21.31%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.21%	24.27%	-1.06%

SMEAX vs. VVOAX - Expense Ratio Comparison

Both SMEAX and VVOAX have an expense ratio of 1.22%.

Dividends

SMEAX vs. VVOAX - Dividend Comparison

SMEAX's dividend yield for the trailing twelve months is around 7.58%, less than VVOAX's 8.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VVOAX Invesco Value Opportunities Fund	8.40%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both SMEAX and VVOAX in my portfolio?

SMEAX and VVOAX have a correlation of 0.88, 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 VVOAX?

VVOAX has higher volatility (8.67%) compared to SMEAX (7.60%). In terms of maximum drawdown, SMEAX dropped -56.69% vs VVOAX's -62.08%.

Which has better risk-adjusted returns?

VVOAX currently has the higher Sharpe Ratio (2.58 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.