SMVSX vs. VESMX

Last updated Jun 5, 2026

SMVSX (Invesco Small Cap Value Fund Class R6) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, SMVSX returned 19.81%/yr vs 6.04%/yr for VESMX. Their correlation of 0.90 suggests significant overlap in exposure. SMVSX charges 0.72%/yr vs 1.20%/yr for VESMX.

Performance

SMVSX vs. VESMX - Performance Comparison

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

Returns By Period

In the year-to-date period, SMVSX achieves a 30.94% return, which is significantly higher than VESMX's 2.88% return.

SMVSX

• 1D: -0.45%
• 1M: 5.50%
• YTD: 30.94%
• 6M: 31.75%
• 1Y: 61.97%
• 3Y*: 33.00%
• 5Y*: 19.81%
• 10Y*: —

VESMX

• 1D: -0.75%
• 1M: -1.40%
• YTD: 2.88%
• 6M: 3.05%
• 1Y: 14.97%
• 3Y*: 10.63%
• 5Y*: 6.04%
• 10Y*: —

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

SMVSX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMVSX Invesco Small Cap Value Fund Class R6	30.94%	18.12%	25.01%	23.40%	4.70%	36.84%	28.28%
VESMX VELA Small Cap Fund	2.88%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between SMVSX and VESMX is 0.73, 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	0.73
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 Nov 3, 2020	0.90

The correlation between SMVSX and VESMX shifts across timeframes, from 0.73 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMVSX vs. VESMX — Risk / Return Rank

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

SMVSX

SMVSX Risk / Return Rank: 87
SMVSX Sharpe Ratio Rank: 91
SMVSX Sortino Ratio Rank: 80
SMVSX Omega Ratio Rank: 77
SMVSX Calmar Ratio Rank: 94
SMVSX Martin Ratio Rank: 93

VESMX

VESMX Risk / Return Rank: 16
VESMX Sharpe Ratio Rank: 15
VESMX Sortino Ratio Rank: 15
VESMX Omega Ratio Rank: 14
VESMX Calmar Ratio Rank: 19
VESMX Martin Ratio Rank: 18

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. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund Class R6 (SMVSX) and VELA Small Cap Fund (VESMX). 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.

	SMVSX	VESMX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.02	+2.02
Sortino ratio: Return per unit of downside risk	3.82	1.56	+2.26
Omega ratio: Gain probability vs. loss probability	1.50	1.18	+0.32
Calmar ratio: Return relative to maximum drawdown	5.49	1.55	+3.95
Martin ratio: Return relative to average drawdown	19.50	4.65	+14.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMVSX vs. VESMX - Sharpe Ratio Comparison

The current SMVSX Sharpe Ratio is 3.04, which is higher than the VESMX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of SMVSX and VESMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMVSX	VESMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.02	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.35	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.77	-0.15

Drawdowns

SMVSX vs. VESMX - Drawdown Comparison

The maximum SMVSX drawdown since its inception was -57.41%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for SMVSX and VESMX.

Drawdown Indicators

	SMVSX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-57.41%	-20.35%	-37.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-9.48%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-20.35%	-4.88%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	-20.35%	-4.88%
Current Drawdown Current decline from peak	-0.45%	-4.05%	+3.60%
Average Drawdown Average peak-to-trough decline	-8.57%	-4.57%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.15%	+0.05%

Volatility

SMVSX vs. VESMX - Volatility Comparison

Invesco Small Cap Value Fund Class R6 (SMVSX) has a higher volatility of 6.34% compared to VELA Small Cap Fund (VESMX) at 3.68%. This indicates that SMVSX's price experiences larger fluctuations and is considered to be riskier than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVSX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	3.68%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	9.84%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	20.64%	14.40%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	17.42%	+5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.05%	18.22%	+8.83%

SMVSX vs. VESMX - Expense Ratio Comparison

SMVSX has a 0.72% expense ratio, which is lower than VESMX's 1.20% expense ratio.

Dividends

SMVSX vs. VESMX - Dividend Comparison

SMVSX's dividend yield for the trailing twelve months is around 6.52%, more than VESMX's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVSX Invesco Small Cap Value Fund Class R6	6.52%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%
VESMX VELA Small Cap Fund	0.98%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMVSX and VESMX in my portfolio?

SMVSX and VESMX have a correlation of 0.73, 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 VESMX?

SMVSX has higher volatility (6.34%) compared to VESMX (3.68%). In terms of maximum drawdown, SMVSX dropped -57.41% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.04 vs 1.02), 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.