VAFAX vs. SMMIX

Last updated Jun 5, 2026

VAFAX (Invesco American Franchise Fund Class A) and SMMIX (Invesco Summit Fund) are both Large Cap Growth Equities funds from Invesco. Over the past 10 years, VAFAX returned 15.86%/yr vs 15.53%/yr for SMMIX. With a 0.95 correlation, they move nearly in lockstep. VAFAX charges 0.95%/yr vs 0.84%/yr for SMMIX.

Performance

VAFAX vs. SMMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco American Franchise Fund Class A (VAFAX) and Invesco Summit Fund (SMMIX). 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 higher than SMMIX's 8.49% return. Both investments have delivered pretty close results over the past 10 years, with VAFAX having a 15.86% annualized return and SMMIX not far behind at 15.53%.

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%

SMMIX

• 1D: -0.64%
• 1M: 4.21%
• YTD: 8.49%
• 6M: 6.42%
• 1Y: 21.40%
• 3Y*: 21.80%
• 5Y*: 8.62%
• 10Y*: 15.53%

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

VAFAX vs. SMMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAFAX Invesco American Franchise Fund Class A	8.97%	11.86%	34.78%	40.91%	-31.20%	11.13%	42.15%	36.55%	-3.99%	27.11%
SMMIX Invesco Summit Fund	8.49%	11.08%	34.36%	36.82%	-33.12%	10.71%	42.22%	38.69%	-3.04%	29.88%

Correlation

The correlation between VAFAX and SMMIX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 27, 2005	0.95

The correlation between VAFAX and SMMIX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

Return for Risk

VAFAX vs. SMMIX — 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

SMMIX

SMMIX Risk / Return Rank: 14
SMMIX Sharpe Ratio Rank: 16
SMMIX Sortino Ratio Rank: 15
SMMIX Omega Ratio Rank: 15
SMMIX Calmar Ratio Rank: 12
SMMIX Martin Ratio Rank: 12

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. SMMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco American Franchise Fund Class A (VAFAX) and Invesco Summit Fund (SMMIX). 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	SMMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.12	+0.05
Sortino ratio: Return per unit of downside risk	1.64	1.58	+0.06
Omega ratio: Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.17	1.13	+0.04
Martin ratio: Return relative to average drawdown	3.52	3.33	+0.20
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. SMMIX - Sharpe Ratio Comparison

The current VAFAX Sharpe Ratio is 1.17, which is comparable to the SMMIX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of VAFAX and SMMIX, 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	SMMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.12	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.36	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.68	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.50	+0.07

Drawdowns

VAFAX vs. SMMIX - Drawdown Comparison

The maximum VAFAX drawdown since its inception was -48.48%, smaller than the maximum SMMIX drawdown of -69.64%. Use the drawdown chart below to compare losses from any high point for VAFAX and SMMIX.

Drawdown Indicators

	VAFAX	SMMIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.48%	-69.64%	+21.16%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-19.95%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-27.24%	-28.51%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-38.86%	-40.62%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	-40.62%	+1.76%
Current Drawdown Current decline from peak	-0.60%	-0.64%	+0.04%
Average Drawdown Average peak-to-trough decline	-8.13%	-19.26%	+11.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.35%	6.75%	-0.40%

Volatility

VAFAX vs. SMMIX - Volatility Comparison

The current volatility for Invesco American Franchise Fund Class A (VAFAX) is 5.02%, while Invesco Summit Fund (SMMIX) has a volatility of 5.31%. This indicates that VAFAX experiences smaller price fluctuations and is considered to be less risky than SMMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAFAX	SMMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.31%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	15.25%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.21%	20.11%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.05%	24.02%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	22.90%	-0.59%

VAFAX vs. SMMIX - Expense Ratio Comparison

VAFAX has a 0.95% expense ratio, which is higher than SMMIX's 0.84% expense ratio.

Dividends

VAFAX vs. SMMIX - Dividend Comparison

VAFAX's dividend yield for the trailing twelve months is around 12.93%, less than SMMIX's 13.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMMIX Invesco Summit Fund	13.62%	14.78%	2.01%	0.00%	10.02%	20.10%	6.46%	8.44%	12.16%	3.77%	6.28%	6.88%
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 SMMIX in my portfolio?

With a correlation of 0.99, VAFAX and SMMIX 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, VAFAX or SMMIX?

SMMIX has higher volatility (5.31%) compared to VAFAX (5.02%). In terms of maximum drawdown, VAFAX dropped -48.48% vs SMMIX's -69.64%.

Which has better risk-adjusted returns?

VAFAX currently has the higher Sharpe Ratio (1.17 vs 1.12), 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.