SMMIX vs. VAFAX
SMMIX (Invesco Summit Fund) and VAFAX (Invesco American Franchise Fund Class A) are both Large Cap Growth Equities funds from Invesco. Over the past 10 years, SMMIX returned 15.72%/yr vs 16.05%/yr for VAFAX. With a 0.95 correlation, they move nearly in lockstep. SMMIX charges 0.84%/yr vs 0.95%/yr for VAFAX.
Performance
SMMIX vs. VAFAX - Performance Comparison
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Returns By Period
In the year-to-date period, SMMIX achieves a 5.11% return, which is significantly lower than VAFAX's 5.51% return. Both investments have delivered pretty close results over the past 10 years, with SMMIX having a 15.72% annualized return and VAFAX not far ahead at 16.05%.
SMMIX
- 1D
- -0.33%
- 1M
- -1.82%
- YTD
- 5.11%
- 6M
- 2.93%
- 1Y
- 15.18%
- 3Y*
- 19.89%
- 5Y*
- 6.93%
- 10Y*
- 15.72%
VAFAX
- 1D
- -0.26%
- 1M
- -1.91%
- YTD
- 5.51%
- 6M
- 3.56%
- 1Y
- 14.78%
- 3Y*
- 21.00%
- 5Y*
- 8.96%
- 10Y*
- 16.05%
SMMIX vs. VAFAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMIX Invesco Summit Fund | 5.11% | 11.08% | 34.36% | 36.82% | -33.12% | 10.71% | 42.22% | 38.69% | -3.04% | 29.88% |
VAFAX Invesco American Franchise Fund Class A | 5.51% | 11.86% | 34.78% | 40.91% | -31.20% | 11.13% | 42.15% | 36.55% | -3.99% | 27.11% |
Correlation
The correlation between SMMIX and VAFAX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005 | 0.95 |
The correlation between SMMIX and VAFAX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
SMMIX vs. VAFAX — Risk / Return Rank
SMMIX
VAFAX
SMMIX vs. VAFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Summit Fund (SMMIX) and Invesco American Franchise Fund Class A (VAFAX). 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.
| SMMIX | VAFAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.14 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.79 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.30 | 2.37 | -0.08 |
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Drawdowns
SMMIX vs. VAFAX - Drawdown Comparison
The maximum SMMIX drawdown since its inception was -69.64%, which is greater than VAFAX's maximum drawdown of -48.48%. Use the drawdown chart below to compare losses from any high point for SMMIX and VAFAX.
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Drawdown Indicators
| SMMIX | VAFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.64% | -48.48% | -21.16% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -19.27% | -0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -28.51% | -27.24% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -40.62% | -38.86% | -1.76% |
Max Drawdown (10Y)Largest decline over 10 years | -40.62% | -38.86% | -1.76% |
Current DrawdownCurrent decline from peak | -3.94% | -3.97% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -19.24% | -8.11% | -11.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.81% | 6.40% | +0.41% |
Volatility
SMMIX vs. VAFAX - Volatility Comparison
Invesco Summit Fund (SMMIX) and Invesco American Franchise Fund Class A (VAFAX) have volatilities of 9.41% and 8.99%, 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.
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Volatility by Period
| SMMIX | VAFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 8.99% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 17.11% | 16.39% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.81% | 20.84% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.33% | 23.34% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.02% | 22.42% | +0.60% |
SMMIX vs. VAFAX - Expense Ratio Comparison
SMMIX has a 0.84% expense ratio, which is lower than VAFAX's 0.95% expense ratio.
Dividends
SMMIX vs. VAFAX - Dividend Comparison
SMMIX's dividend yield for the trailing twelve months is around 14.06%, more than VAFAX's 13.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMIX Invesco Summit Fund | 14.06% | 14.78% | 2.01% | 0.00% | 10.02% | 20.10% | 6.46% | 8.44% | 12.16% | 3.77% | 6.28% | 6.88% |
VAFAX Invesco American Franchise Fund Class A | 13.36% | 14.09% | 3.74% | 0.00% | 8.32% | 26.50% | 8.78% | 6.85% | 10.42% | 5.37% | 4.08% | 4.90% |
Frequently Asked Questions
With a correlation of 0.99, SMMIX and VAFAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SMMIX has higher volatility (9.41%) compared to VAFAX (8.99%). In terms of maximum drawdown, SMMIX dropped -69.64% vs VAFAX's -48.48%.
VAFAX currently has the higher Sharpe Ratio (0.73 vs 0.72), 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.
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