SMVSX vs. DFSVX

Last updated Jun 24, 2026

SMVSX (Invesco Small Cap Value Fund Class R6) and DFSVX (DFA U.S. Small Cap Value Portfolio I) are both Small Cap Value Equities funds. SMVSX is passively managed, while DFSVX is actively managed. Over the past 5 years, SMVSX returned 21.20%/yr vs 11.12%/yr for DFSVX. Their correlation of 0.92 suggests significant overlap in exposure. SMVSX charges 0.72%/yr vs 0.30%/yr for DFSVX.

Performance

SMVSX vs. DFSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund Class R6 (SMVSX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMVSX achieves a 33.19% return, which is significantly higher than DFSVX's 16.82% return.

SMVSX

• 1D: 1.20%
• 1M: 6.14%
• YTD: 33.19%
• 6M: 30.76%
• 1Y: 61.84%
• 3Y*: 33.29%
• 5Y*: 21.20%
• 10Y*: —

DFSVX

• 1D: 0.22%
• 1M: 2.14%
• YTD: 16.82%
• 6M: 15.24%
• 1Y: 33.31%
• 3Y*: 18.13%
• 5Y*: 11.12%
• 10Y*: 11.91%

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

SMVSX vs. DFSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVSX Invesco Small Cap Value Fund Class R6	33.19%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%
DFSVX DFA U.S. Small Cap Value Portfolio I	16.82%	8.37%	9.58%	19.02%	-3.57%	39.97%	2.24%	18.15%	-15.13%	8.15%

Correlation

The correlation between SMVSX and DFSVX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.92

The correlation between SMVSX and DFSVX shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMVSX vs. DFSVX — Risk / Return Rank

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

SMVSX

SMVSX Risk / Return Rank: 89
SMVSX Sharpe Ratio Rank: 93
SMVSX Sortino Ratio Rank: 82
SMVSX Omega Ratio Rank: 80
SMVSX Calmar Ratio Rank: 95
SMVSX Martin Ratio Rank: 94

DFSVX

DFSVX Risk / Return Rank: 61
DFSVX Sharpe Ratio Rank: 53
DFSVX Sortino Ratio Rank: 57
DFSVX Omega Ratio Rank: 49
DFSVX Calmar Ratio Rank: 83
DFSVX Martin Ratio Rank: 63

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.

SMVSX vs. DFSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund Class R6 (SMVSX) and DFA U.S. Small Cap Value Portfolio I (DFSVX). 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.

	SMVSX	DFSVX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	1.99	+0.92
Sortino ratio: Return per unit of downside risk	3.58	2.90	+0.68
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	5.54	3.65	+1.90
Martin ratio: Return relative to average drawdown	19.34	11.64	+7.70

SMVSX vs. DFSVX - Sharpe Ratio Comparison

The current SMVSX Sharpe Ratio is 2.91, which is higher than the DFSVX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SMVSX and DFSVX, 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

SMVSX vs. DFSVX - Drawdown Comparison

The maximum SMVSX drawdown since its inception was -57.41%, smaller than the maximum DFSVX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for SMVSX and DFSVX.

Drawdown Indicators

	SMVSX	DFSVX	Difference
Max Drawdown Largest peak-to-trough decline	-57.41%	-66.70%	+9.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-9.59%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-27.69%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	-27.69%	+2.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-52.12%	—
Current Drawdown Current decline from peak	0.00%	-1.86%	+1.86%
Average Drawdown Average peak-to-trough decline	-8.54%	-9.46%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.99%	+0.26%

Volatility

SMVSX vs. DFSVX - Volatility Comparison

Invesco Small Cap Value Fund Class R6 (SMVSX) has a higher volatility of 8.80% compared to DFA U.S. Small Cap Value Portfolio I (DFSVX) at 4.09%. This indicates that SMVSX's price experiences larger fluctuations and is considered to be riskier than DFSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVSX	DFSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	4.09%	+4.71%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	11.40%	+5.60%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	17.58%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.31%	21.41%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	23.90%	+3.18%

SMVSX vs. DFSVX - Expense Ratio Comparison

SMVSX has a 0.72% expense ratio, which is higher than DFSVX's 0.30% expense ratio.

Dividends

SMVSX vs. DFSVX - Dividend Comparison

SMVSX's dividend yield for the trailing twelve months is around 6.41%, more than DFSVX's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSVX DFA U.S. Small Cap Value Portfolio I	1.49%	1.69%	1.47%	3.67%	6.77%	10.40%	1.96%	2.83%	7.54%	5.18%	4.18%	5.29%
SMVSX Invesco Small Cap Value Fund Class R6	6.41%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMVSX and DFSVX in my portfolio?

SMVSX and DFSVX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMVSX or DFSVX?

SMVSX has higher volatility (8.80%) compared to DFSVX (4.09%). In terms of maximum drawdown, SMVSX dropped -57.41% vs DFSVX's -66.70%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (2.91 vs 1.99), 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.