UMCVX vs. VSCAX

Last updated Jun 4, 2026

UMCVX (Invesco V.I. American Value Fund) and VSCAX (Invesco Small Cap Value Fund) are both mutual funds - UMCVX is a Mid Cap Value Equities fund managed by Invesco, while VSCAX is a Small Cap Value Equities fund managed by Invesco. Over the past 10 years, UMCVX returned 14.19%/yr vs 17.79%/yr for VSCAX. Their correlation of 0.90 suggests significant overlap in exposure. UMCVX charges 0.89%/yr vs 1.12%/yr for VSCAX.

Performance

UMCVX vs. VSCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco V.I. American Value Fund (UMCVX) and Invesco Small Cap Value Fund (VSCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMCVX achieves a 24.24% return, which is significantly lower than VSCAX's 31.33% return. Over the past 10 years, UMCVX has underperformed VSCAX with an annualized return of 14.19%, while VSCAX has yielded a comparatively higher 17.79% annualized return.

UMCVX

• 1D: 4.35%
• 1M: 7.23%
• YTD: 24.24%
• 6M: 24.38%
• 1Y: 51.41%
• 3Y*: 32.68%
• 5Y*: 17.91%
• 10Y*: 14.19%

VSCAX

• 1D: 3.55%
• 1M: 7.75%
• YTD: 31.33%
• 6M: 33.12%
• 1Y: 62.09%
• 3Y*: 32.70%
• 5Y*: 19.56%
• 10Y*: 17.79%

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

UMCVX vs. VSCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMCVX Invesco V.I. American Value Fund	24.24%	21.17%	30.42%	15.70%	-2.53%	27.96%	1.15%	24.95%	-12.56%	9.97%
VSCAX Invesco Small Cap Value Fund	31.33%	17.70%	24.54%	22.84%	4.31%	36.34%	10.81%	32.02%	-25.64%	18.17%

Correlation

The correlation between UMCVX and VSCAX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 22, 1999	0.90

The correlation between UMCVX and VSCAX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

UMCVX vs. VSCAX — Risk / Return Rank

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

UMCVX

UMCVX Risk / Return Rank: 87
UMCVX Sharpe Ratio Rank: 89
UMCVX Sortino Ratio Rank: 80
UMCVX Omega Ratio Rank: 77
UMCVX Calmar Ratio Rank: 94
UMCVX Martin Ratio Rank: 93

VSCAX

VSCAX Risk / Return Rank: 89
VSCAX Sharpe Ratio Rank: 93
VSCAX Sortino Ratio Rank: 84
VSCAX Omega Ratio Rank: 80
VSCAX Calmar Ratio Rank: 95
VSCAX Martin Ratio Rank: 93

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.

UMCVX vs. VSCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco V.I. American Value Fund (UMCVX) and Invesco Small Cap Value Fund (VSCAX). 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.

	UMCVX	VSCAX	Difference
Sharpe ratio: Return per unit of total volatility	2.95	3.19	-0.24
Sortino ratio: Return per unit of downside risk	3.79	3.96	-0.17
Omega ratio: Gain probability vs. loss probability	1.51	1.52	-0.02
Calmar ratio: Return relative to maximum drawdown	5.54	5.76	-0.22
Martin ratio: Return relative to average drawdown	20.15	20.42	-0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMCVX vs. VSCAX - Sharpe Ratio Comparison

The current UMCVX Sharpe Ratio is 2.95, which is comparable to the VSCAX Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of UMCVX and VSCAX, 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

	UMCVX	VSCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.19	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.85	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.67	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.54	-0.11

Drawdowns

UMCVX vs. VSCAX - Drawdown Comparison

The maximum UMCVX drawdown since its inception was -59.30%, roughly equal to the maximum VSCAX drawdown of -57.77%. Use the drawdown chart below to compare losses from any high point for UMCVX and VSCAX.

Drawdown Indicators

	UMCVX	VSCAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.30%	-57.77%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-11.43%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-25.10%	-25.29%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.10%	-25.29%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-45.77%	-57.77%	+12.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.06%	-8.90%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	3.21%	-0.55%

Volatility

UMCVX vs. VSCAX - Volatility Comparison

Invesco V.I. American Value Fund (UMCVX) and Invesco Small Cap Value Fund (VSCAX) have volatilities of 6.26% and 6.31%, 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

	UMCVX	VSCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	6.31%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	15.82%	-1.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.18%	20.63%	-2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.26%	23.17%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.16%	26.73%	-1.57%

UMCVX vs. VSCAX - Expense Ratio Comparison

UMCVX has a 0.89% expense ratio, which is lower than VSCAX's 1.12% expense ratio.

Dividends

UMCVX vs. VSCAX - Dividend Comparison

UMCVX's dividend yield for the trailing twelve months is around 13.49%, more than VSCAX's 7.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UMCVX Invesco V.I. American Value Fund	13.49%	16.76%	3.11%	25.58%	23.66%	0.42%	1.65%	8.19%	19.87%	1.91%	5.79%	15.77%
VSCAX Invesco Small Cap Value Fund	7.02%	9.22%	7.90%	4.93%	10.12%	16.90%	0.30%	2.53%	28.45%	16.65%	1.71%	11.08%

Frequently Asked Questions

Can I hold both UMCVX and VSCAX in my portfolio?

With a correlation of 0.95, UMCVX and VSCAX 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.

Which is riskier, UMCVX or VSCAX?

VSCAX has higher volatility (6.31%) compared to UMCVX (6.26%). In terms of maximum drawdown, UMCVX dropped -59.30% vs VSCAX's -57.77%.

Which has better risk-adjusted returns?

VSCAX currently has the higher Sharpe Ratio (3.19 vs 2.95), 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.