SMMIX vs. VHCAX

Last updated Jun 24, 2026

SMMIX (Invesco Summit Fund) and VHCAX (Vanguard Capital Opportunity Fund Admiral Shares) are both Large Cap Growth Equities funds. Over the past 10 years, SMMIX returned 16.18%/yr vs 18.16%/yr for VHCAX. Their correlation of 0.90 suggests significant overlap in exposure. SMMIX charges 0.84%/yr vs 0.36%/yr for VHCAX.

Performance

SMMIX vs. VHCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Summit Fund (SMMIX) and Vanguard Capital Opportunity Fund Admiral Shares (VHCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMMIX achieves a 9.39% return, which is significantly lower than VHCAX's 28.29% return. Over the past 10 years, SMMIX has underperformed VHCAX with an annualized return of 16.18%, while VHCAX has yielded a comparatively higher 18.16% annualized return.

SMMIX

• 1D: -0.03%
• 1M: 3.52%
• YTD: 9.39%
• 6M: 7.16%
• 1Y: 22.54%
• 3Y*: 21.50%
• 5Y*: 7.95%
• 10Y*: 16.18%

VHCAX

• 1D: 1.13%
• 1M: 8.35%
• YTD: 28.29%
• 6M: 26.78%
• 1Y: 57.13%
• 3Y*: 27.20%
• 5Y*: 14.60%
• 10Y*: 18.16%

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

SMMIX vs. VHCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMIX Invesco Summit Fund	9.39%	11.08%	34.36%	36.82%	-33.12%	10.71%	42.22%	38.69%	-3.04%	29.88%
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	28.29%	25.83%	14.07%	25.63%	-17.56%	20.92%	22.83%	27.30%	-3.71%	28.37%

Correlation

The correlation between SMMIX and VHCAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.90

The correlation between SMMIX and VHCAX shifts across timeframes, from 0.77 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMMIX vs. VHCAX — Risk / Return Rank

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

SMMIX

SMMIX Risk / Return Rank: 16
SMMIX Sharpe Ratio Rank: 18
SMMIX Sortino Ratio Rank: 16
SMMIX Omega Ratio Rank: 18
SMMIX Calmar Ratio Rank: 14
SMMIX Martin Ratio Rank: 13

VHCAX

VHCAX Risk / Return Rank: 92
VHCAX Sharpe Ratio Rank: 96
VHCAX Sortino Ratio Rank: 90
VHCAX Omega Ratio Rank: 87
VHCAX Calmar Ratio Rank: 92
VHCAX Martin Ratio Rank: 95

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.

SMMIX vs. VHCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Summit Fund (SMMIX) and Vanguard Capital Opportunity Fund Admiral Shares (VHCAX). 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	VHCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	3.17	-2.05
Sortino ratio: Return per unit of downside risk	1.57	4.15	-2.58
Omega ratio: Gain probability vs. loss probability	1.20	1.56	-0.36
Calmar ratio: Return relative to maximum drawdown	1.21	4.71	-3.51
Martin ratio: Return relative to average drawdown	3.53	20.79	-17.26

SMMIX vs. VHCAX - Sharpe Ratio Comparison

The current SMMIX Sharpe Ratio is 1.12, which is lower than the VHCAX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of SMMIX and VHCAX, 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

SMMIX vs. VHCAX - Drawdown Comparison

The maximum SMMIX drawdown since its inception was -69.64%, which is greater than VHCAX's maximum drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for SMMIX and VHCAX.

Drawdown Indicators

	SMMIX	VHCAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.64%	-54.27%	-15.37%
Max Drawdown (1Y) Largest decline over 1 year	-19.95%	-12.42%	-7.53%
Max Drawdown (3Y) Largest decline over 3 years	-28.51%	-23.92%	-4.59%
Max Drawdown (5Y) Largest decline over 5 years	-40.62%	-27.55%	-13.07%
Max Drawdown (10Y) Largest decline over 10 years	-40.62%	-33.78%	-6.84%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-19.24%	-8.39%	-10.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.80%	2.81%	+3.99%

Volatility

SMMIX vs. VHCAX - Volatility Comparison

Invesco Summit Fund (SMMIX) and Vanguard Capital Opportunity Fund Admiral Shares (VHCAX) have volatilities of 8.60% and 8.40%, 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.

Volatility by Period

	SMMIX	VHCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.60%	8.40%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	15.51%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	18.49%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.28%	20.09%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.03%	20.45%	+2.58%

SMMIX vs. VHCAX - Expense Ratio Comparison

SMMIX has a 0.84% expense ratio, which is higher than VHCAX's 0.36% expense ratio.

Dividends

SMMIX vs. VHCAX - Dividend Comparison

SMMIX's dividend yield for the trailing twelve months is around 13.51%, more than VHCAX's 7.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMMIX Invesco Summit Fund	13.51%	14.78%	2.01%	0.00%	10.02%	20.10%	6.46%	8.44%	12.16%	3.77%	6.28%	6.88%
VHCAX Vanguard Capital Opportunity Fund Admiral Shares	7.57%	9.71%	8.24%	2.40%	9.35%	10.55%	9.19%	6.48%	12.23%	3.87%	5.74%	5.39%

Frequently Asked Questions

Can I hold both SMMIX and VHCAX in my portfolio?

SMMIX and VHCAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMMIX or VHCAX?

SMMIX has higher volatility (8.60%) compared to VHCAX (8.40%). In terms of maximum drawdown, SMMIX dropped -69.64% vs VHCAX's -54.27%.

Which has better risk-adjusted returns?

VHCAX currently has the higher Sharpe Ratio (3.17 vs 1.12), 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.