VAFAX vs. AFVLX

Last updated Jun 5, 2026

VAFAX (Invesco American Franchise Fund Class A) and AFVLX (Applied Finance Select Fund) are both mutual funds - VAFAX is a Large Cap Growth Equities fund managed by Invesco, while AFVLX is a Large Cap Value Equities fund managed by Applied Finance. Over the past 5 years, VAFAX returned 10.51%/yr vs 9.14%/yr for AFVLX. A 0.74 correlation means they provide meaningful diversification when combined. VAFAX charges 0.95%/yr vs 1.48%/yr for AFVLX.

Performance

VAFAX vs. AFVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco American Franchise Fund Class A (VAFAX) and Applied Finance Select Fund (AFVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAFAX achieves a 8.97% return, which is significantly lower than AFVLX's 10.96% return.

VAFAX

• 1D: -0.60%
• 1M: 4.77%
• YTD: 8.97%
• 6M: 7.79%
• 1Y: 21.60%
• 3Y*: 23.04%
• 5Y*: 10.51%
• 10Y*: 15.86%

AFVLX

• 1D: -0.50%
• 1M: 5.15%
• YTD: 10.96%
• 6M: 10.19%
• 1Y: 24.54%
• 3Y*: 15.38%
• 5Y*: 9.14%
• 10Y*: —

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

VAFAX vs. AFVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VAFAX Invesco American Franchise Fund Class A	8.97%	11.86%	34.78%	40.91%	-31.20%	11.13%	42.15%	11.73%
AFVLX Applied Finance Select Fund	10.96%	13.12%	7.06%	19.43%	-10.88%	27.73%	15.33%	12.42%

Correlation

The correlation between VAFAX and AFVLX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.74

The correlation between VAFAX and AFVLX shifts across timeframes, from 0.63 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VAFAX vs. AFVLX — Risk / Return Rank

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

VAFAX

VAFAX Risk / Return Rank: 15
VAFAX Sharpe Ratio Rank: 17
VAFAX Sortino Ratio Rank: 15
VAFAX Omega Ratio Rank: 16
VAFAX Calmar Ratio Rank: 13
VAFAX Martin Ratio Rank: 12

AFVLX

AFVLX Risk / Return Rank: 50
AFVLX Sharpe Ratio Rank: 47
AFVLX Sortino Ratio Rank: 46
AFVLX Omega Ratio Rank: 42
AFVLX Calmar Ratio Rank: 59
AFVLX Martin Ratio Rank: 55

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.

VAFAX vs. AFVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco American Franchise Fund Class A (VAFAX) and Applied Finance Select Fund (AFVLX). 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.

	VAFAX	AFVLX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.99	-0.82
Sortino ratio: Return per unit of downside risk	1.64	2.81	-1.17
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.17	2.92	-1.76
Martin ratio: Return relative to average drawdown	3.52	10.99	-7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAFAX vs. AFVLX - Sharpe Ratio Comparison

The current VAFAX Sharpe Ratio is 1.17, which is lower than the AFVLX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of VAFAX and AFVLX, 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

	VAFAX	AFVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.99	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.58	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.68	-0.10

Drawdowns

VAFAX vs. AFVLX - Drawdown Comparison

The maximum VAFAX drawdown since its inception was -48.48%, which is greater than AFVLX's maximum drawdown of -36.29%. Use the drawdown chart below to compare losses from any high point for VAFAX and AFVLX.

Drawdown Indicators

	VAFAX	AFVLX	Difference
Max Drawdown Largest peak-to-trough decline	-48.48%	-36.29%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-8.42%	-10.85%
Max Drawdown (3Y) Largest decline over 3 years	-27.24%	-17.74%	-9.50%
Max Drawdown (5Y) Largest decline over 5 years	-38.86%	-20.12%	-18.74%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.50%	-0.10%
Average Drawdown Average peak-to-trough decline	-8.13%	-4.74%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.35%	2.23%	+4.12%

Volatility

VAFAX vs. AFVLX - Volatility Comparison

Invesco American Franchise Fund Class A (VAFAX) has a higher volatility of 5.02% compared to Applied Finance Select Fund (AFVLX) at 3.07%. This indicates that VAFAX's price experiences larger fluctuations and is considered to be riskier than AFVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAFAX	AFVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	3.07%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	9.10%	+5.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.21%	12.36%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.05%	15.95%	+7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	20.26%	+2.05%

VAFAX vs. AFVLX - Expense Ratio Comparison

VAFAX has a 0.95% expense ratio, which is lower than AFVLX's 1.48% expense ratio.

Dividends

VAFAX vs. AFVLX - Dividend Comparison

VAFAX's dividend yield for the trailing twelve months is around 12.93%, more than AFVLX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFVLX Applied Finance Select Fund	3.37%	3.74%	3.80%	1.18%	1.02%	2.11%	1.09%	0.68%	0.00%	0.00%	0.00%	0.00%
VAFAX Invesco American Franchise Fund Class A	12.93%	14.09%	3.74%	0.00%	8.32%	26.50%	8.78%	6.85%	10.42%	5.37%	4.08%	4.90%

Frequently Asked Questions

Can I hold both VAFAX and AFVLX in my portfolio?

VAFAX and AFVLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAFAX or AFVLX?

VAFAX has higher volatility (5.02%) compared to AFVLX (3.07%). In terms of maximum drawdown, VAFAX dropped -48.48% vs AFVLX's -36.29%.

Which has better risk-adjusted returns?

AFVLX currently has the higher Sharpe Ratio (1.99 vs 1.17), 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.