VADDX vs. ISHYX

Last updated Jun 23, 2026

VADDX (Invesco Equally-Weighted S&P 500 Fund) and ISHYX (Invesco Short Duration High Yield Municipal Fund) are both mutual funds - VADDX is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while ISHYX is a High Yield Muni fund managed by Invesco. Over the past 10 years, VADDX returned 11.71%/yr vs 2.79%/yr for ISHYX. At a 0.03 correlation, their price movements are largely independent. VADDX charges 0.27%/yr vs 0.59%/yr for ISHYX.

Performance

VADDX vs. ISHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Equally-Weighted S&P 500 Fund (VADDX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VADDX achieves a 10.12% return, which is significantly higher than ISHYX's 2.50% return. Over the past 10 years, VADDX has outperformed ISHYX with an annualized return of 11.71%, while ISHYX has yielded a comparatively lower 2.79% annualized return.

VADDX

• 1D: 0.55%
• 1M: 1.70%
• YTD: 10.12%
• 6M: 8.95%
• 1Y: 20.14%
• 3Y*: 13.97%
• 5Y*: 9.11%
• 10Y*: 11.71%

ISHYX

• 1D: 0.11%
• 1M: 1.35%
• YTD: 2.50%
• 6M: 3.01%
• 1Y: 6.83%
• 3Y*: 4.92%
• 5Y*: 1.69%
• 10Y*: 2.79%

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

VADDX vs. ISHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VADDX Invesco Equally-Weighted S&P 500 Fund	10.12%	11.16%	12.68%	13.58%	-11.86%	29.27%	12.56%	28.92%	-7.96%	18.55%
ISHYX Invesco Short Duration High Yield Municipal Fund	2.50%	3.92%	6.43%	3.58%	-8.99%	5.96%	-0.31%	7.84%	2.27%	8.04%

Correlation

The correlation between VADDX and ISHYX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.03

The correlation between VADDX and ISHYX shifts across timeframes, from 0.03 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VADDX vs. ISHYX — Risk / Return Rank

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

VADDX

VADDX Risk / Return Rank: 44
VADDX Sharpe Ratio Rank: 41
VADDX Sortino Ratio Rank: 41
VADDX Omega Ratio Rank: 37
VADDX Calmar Ratio Rank: 51
VADDX Martin Ratio Rank: 51

ISHYX

ISHYX Risk / Return Rank: 90
ISHYX Sharpe Ratio Rank: 94
ISHYX Sortino Ratio Rank: 97
ISHYX Omega Ratio Rank: 96
ISHYX Calmar Ratio Rank: 83
ISHYX Martin Ratio Rank: 79

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.

VADDX vs. ISHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Equally-Weighted S&P 500 Fund (VADDX) and Invesco Short Duration High Yield Municipal Fund (ISHYX). 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.

	VADDX	ISHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.00	-1.28
Sortino ratio: Return per unit of downside risk	2.49	5.50	-3.01
Omega ratio: Gain probability vs. loss probability	1.30	1.83	-0.53
Calmar ratio: Return relative to maximum drawdown	2.61	3.64	-1.04
Martin ratio: Return relative to average drawdown	9.84	13.71	-3.87

VADDX vs. ISHYX - Sharpe Ratio Comparison

The current VADDX Sharpe Ratio is 1.73, which is lower than the ISHYX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of VADDX and ISHYX, 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

VADDX vs. ISHYX - Drawdown Comparison

The maximum VADDX drawdown since its inception was -60.12%, which is greater than ISHYX's maximum drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for VADDX and ISHYX.

Drawdown Indicators

	VADDX	ISHYX	Difference
Max Drawdown Largest peak-to-trough decline	-60.12%	-13.64%	-46.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-1.89%	-5.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.86%	-4.03%	-13.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.58%	-12.03%	-9.55%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	-13.64%	-25.75%
Current Drawdown Current decline from peak	-1.29%	0.00%	-1.29%
Average Drawdown Average peak-to-trough decline	-6.99%	-2.63%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.50%	+1.58%

Volatility

VADDX vs. ISHYX - Volatility Comparison

Invesco Equally-Weighted S&P 500 Fund (VADDX) has a higher volatility of 3.79% compared to Invesco Short Duration High Yield Municipal Fund (ISHYX) at 0.65%. This indicates that VADDX's price experiences larger fluctuations and is considered to be riskier than ISHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VADDX	ISHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	0.65%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	1.71%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	2.29%	+9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	3.10%	+13.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	3.33%	+15.22%

VADDX vs. ISHYX - Expense Ratio Comparison

VADDX has a 0.27% expense ratio, which is lower than ISHYX's 0.59% expense ratio.

Dividends

VADDX vs. ISHYX - Dividend Comparison

VADDX's dividend yield for the trailing twelve months is around 9.16%, more than ISHYX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISHYX Invesco Short Duration High Yield Municipal Fund	4.63%	4.65%	4.40%	3.38%	3.99%	3.58%	3.58%	3.45%	3.59%	3.51%	3.60%	0.00%
VADDX Invesco Equally-Weighted S&P 500 Fund	9.16%	10.09%	8.88%	4.86%	8.45%	9.92%	6.38%	4.68%	7.13%	2.97%	0.30%	2.98%

Frequently Asked Questions

Can I hold both VADDX and ISHYX in my portfolio?

VADDX and ISHYX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VADDX or ISHYX?

VADDX has higher volatility (3.79%) compared to ISHYX (0.65%). In terms of maximum drawdown, VADDX dropped -60.12% vs ISHYX's -13.64%.

Which has better risk-adjusted returns?

ISHYX currently has the higher Sharpe Ratio (3.00 vs 1.73), 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.