SMVSX vs. PMJIX

Last updated Jul 18, 2026

SMVSX (Invesco Small Cap Value Fund Class R6) and PMJIX (PIMCO RAE US Small Fund) are both Small Cap Value Equities funds. Over the past 5 years, SMVSX returned 21.23%/yr vs 13.71%/yr for PMJIX. Their correlation of 0.90 suggests significant overlap in exposure. SMVSX charges 0.72%/yr vs 0.50%/yr for PMJIX.

Performance

SMVSX vs. PMJIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund Class R6 (SMVSX) and PIMCO RAE US Small Fund (PMJIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMVSX achieves a 25.53% return, which is significantly higher than PMJIX's 21.58% return.

SMVSX

• 1D: -0.81%
• 1M: -2.49%
• 6M: 15.68%
• YTD: 25.53%
• 1Y: 43.82%
• 3Y*: 27.46%
• 5Y*: 21.23%
• 10Y*: —

PMJIX

• 1D: 0.71%
• 1M: 2.99%
• 6M: 14.40%
• YTD: 21.58%
• 1Y: 32.81%
• 3Y*: 20.05%
• 5Y*: 13.71%
• 10Y*: 13.49%

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

SMVSX vs. PMJIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVSX Invesco Small Cap Value Fund Class R6	25.53%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%
PMJIX PIMCO RAE US Small Fund	21.58%	5.11%	22.05%	19.77%	-4.62%	39.15%	6.95%	20.22%	-11.69%	10.31%

Correlation

The correlation between SMVSX and PMJIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.90

The correlation between SMVSX and PMJIX shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMVSX vs. PMJIX — Risk / Return Rank

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

SMVSX

SMVSX Risk / Return Rank: 77
SMVSX Sharpe Ratio Rank: 76
SMVSX Sortino Ratio Rank: 65
SMVSX Omega Ratio Rank: 64
SMVSX Calmar Ratio Rank: 92
SMVSX Martin Ratio Rank: 88

PMJIX

PMJIX Risk / Return Rank: 80
PMJIX Sharpe Ratio Rank: 76
PMJIX Sortino Ratio Rank: 76
PMJIX Omega Ratio Rank: 65
PMJIX Calmar Ratio Rank: 95
PMJIX Martin Ratio Rank: 88

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. PMJIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund Class R6 (SMVSX) and PIMCO RAE US Small Fund (PMJIX). 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	PMJIX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.04	0.00
Sortino ratio: Return per unit of downside risk	2.63	2.93	-0.30
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	4.06	4.54	-0.48
Martin ratio: Return relative to average drawdown	13.26	13.43	-0.17

SMVSX vs. PMJIX - Sharpe Ratio Comparison

The current SMVSX Sharpe Ratio is 2.04, which is comparable to the PMJIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SMVSX and PMJIX, 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. PMJIX - Drawdown Comparison

The maximum SMVSX drawdown since its inception was -57.41%, which is greater than PMJIX's maximum drawdown of -49.75%. Use the drawdown chart below to compare losses from any high point for SMVSX and PMJIX.

Drawdown Indicators

	SMVSX	PMJIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.41%	-49.75%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-7.62%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-26.04%	+0.81%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	-49.75%	+24.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.75%	—
Current Drawdown Current decline from peak	-6.98%	0.00%	-6.98%
Average Drawdown Average peak-to-trough decline	-8.51%	-16.06%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.57%	+0.91%

Volatility

SMVSX vs. PMJIX - Volatility Comparison

Invesco Small Cap Value Fund Class R6 (SMVSX) has a higher volatility of 8.00% compared to PIMCO RAE US Small Fund (PMJIX) at 3.33%. This indicates that SMVSX's price experiences larger fluctuations and is considered to be riskier than PMJIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVSX	PMJIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	3.33%	+4.67%
Volatility (6M) Calculated over the trailing 6-month period	18.00%	11.66%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.66%	16.96%	+5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.40%	39.36%	-15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.09%	33.02%	-5.93%

SMVSX vs. PMJIX - Expense Ratio Comparison

SMVSX has a 0.72% expense ratio, which is higher than PMJIX's 0.50% expense ratio.

Dividends

SMVSX vs. PMJIX - Dividend Comparison

SMVSX's dividend yield for the trailing twelve months is around 6.81%, more than PMJIX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMJIX PIMCO RAE US Small Fund	2.59%	3.15%	3.26%	1.25%	9.91%	65.79%	9.46%	1.55%	7.65%	4.69%	1.24%	1.67%
SMVSX Invesco Small Cap Value Fund Class R6	6.81%	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 PMJIX in my portfolio?

SMVSX and PMJIX have a correlation of 0.78, 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 PMJIX?

SMVSX has higher volatility (8.00%) compared to PMJIX (3.33%). In terms of maximum drawdown, SMVSX dropped -57.41% vs PMJIX's -49.75%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (2.04 vs 2.04), 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.