VAFIX vs. DNVYX

Last updated Jun 25, 2026

VAFIX (Invesco American Franchise Fund Class Y) and DNVYX (Davis New York Venture Fund Class Y) are both Large Cap Growth Equities funds. Over the past 10 years, VAFIX returned 16.37%/yr vs 15.03%/yr for DNVYX. Their correlation of 0.82 suggests significant overlap in exposure. VAFIX charges 0.72%/yr vs 0.67%/yr for DNVYX.

Performance

VAFIX vs. DNVYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco American Franchise Fund Class Y (VAFIX) and Davis New York Venture Fund Class Y (DNVYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAFIX achieves a 5.95% return, which is significantly lower than DNVYX's 9.44% return. Over the past 10 years, VAFIX has outperformed DNVYX with an annualized return of 16.37%, while DNVYX has yielded a comparatively lower 15.03% annualized return.

VAFIX

• 1D: -3.49%
• 1M: -0.46%
• YTD: 5.95%
• 6M: 3.95%
• 1Y: 15.71%
• 3Y*: 21.41%
• 5Y*: 9.32%
• 10Y*: 16.37%

DNVYX

• 1D: -0.80%
• 1M: -0.86%
• YTD: 9.44%
• 6M: 9.16%
• 1Y: 26.63%
• 3Y*: 28.06%
• 5Y*: 13.24%
• 10Y*: 15.03%

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

VAFIX vs. DNVYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAFIX Invesco American Franchise Fund Class Y	5.95%	12.12%	35.11%	41.27%	-31.05%	11.47%	42.53%	36.82%	-3.71%	27.38%
DNVYX Davis New York Venture Fund Class Y	9.44%	27.17%	31.80%	30.49%	-17.34%	12.74%	11.68%	31.35%	-12.79%	22.51%

Correlation

The correlation between VAFIX and DNVYX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.82

Over the past year, the correlation between VAFIX and DNVYX has dropped to 0.59 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

VAFIX vs. DNVYX — Risk / Return Rank

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

VAFIX

VAFIX Risk / Return Rank: 13
VAFIX Sharpe Ratio Rank: 13
VAFIX Sortino Ratio Rank: 13
VAFIX Omega Ratio Rank: 14
VAFIX Calmar Ratio Rank: 12
VAFIX Martin Ratio Rank: 12

DNVYX

DNVYX Risk / Return Rank: 78
DNVYX Sharpe Ratio Rank: 78
DNVYX Sortino Ratio Rank: 73
DNVYX Omega Ratio Rank: 69
DNVYX Calmar Ratio Rank: 85
DNVYX Martin Ratio Rank: 84

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.

VAFIX vs. DNVYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco American Franchise Fund Class Y (VAFIX) and Davis New York Venture Fund Class Y (DNVYX). 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.

	VAFIX	DNVYX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.29	-1.43
Sortino ratio: Return per unit of downside risk	1.26	3.13	-1.87
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.24
Calmar ratio: Return relative to maximum drawdown	0.93	3.64	-2.70
Martin ratio: Return relative to average drawdown	2.81	13.93	-11.12

VAFIX vs. DNVYX - Sharpe Ratio Comparison

The current VAFIX Sharpe Ratio is 0.86, which is lower than the DNVYX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VAFIX and DNVYX, 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

VAFIX vs. DNVYX - Drawdown Comparison

The maximum VAFIX drawdown since its inception was -48.20%, smaller than the maximum DNVYX drawdown of -58.41%. Use the drawdown chart below to compare losses from any high point for VAFIX and DNVYX.

Drawdown Indicators

	VAFIX	DNVYX	Difference
Max Drawdown Largest peak-to-trough decline	-48.20%	-58.41%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	-7.97%	-11.24%
Max Drawdown (3Y) Largest decline over 3 years	-27.22%	-21.44%	-5.78%
Max Drawdown (5Y) Largest decline over 5 years	-38.69%	-31.09%	-7.60%
Max Drawdown (10Y) Largest decline over 10 years	-38.69%	-36.97%	-1.72%
Current Drawdown Current decline from peak	-3.69%	-2.48%	-1.21%
Average Drawdown Average peak-to-trough decline	-8.14%	-9.43%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	2.08%	+4.29%

Volatility

VAFIX vs. DNVYX - Volatility Comparison

Invesco American Franchise Fund Class Y (VAFIX) has a higher volatility of 8.97% compared to Davis New York Venture Fund Class Y (DNVYX) at 3.75%. This indicates that VAFIX's price experiences larger fluctuations and is considered to be riskier than DNVYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAFIX	DNVYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.97%	3.75%	+5.22%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	9.12%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	12.65%	+8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.33%	21.92%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	21.08%	+1.33%

VAFIX vs. DNVYX - Expense Ratio Comparison

VAFIX has a 0.72% expense ratio, which is higher than DNVYX's 0.67% expense ratio.

Dividends

VAFIX vs. DNVYX - Dividend Comparison

VAFIX's dividend yield for the trailing twelve months is around 12.38%, more than DNVYX's 10.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNVYX Davis New York Venture Fund Class Y	10.19%	11.15%	31.98%	7.88%	7.54%	21.48%	5.93%	7.63%	23.81%	8.39%	12.88%	22.87%
VAFIX Invesco American Franchise Fund Class Y	12.38%	13.12%	3.52%	0.00%	7.89%	25.28%	8.48%	6.66%	10.16%	5.26%	4.01%	4.84%

Frequently Asked Questions

Can I hold both VAFIX and DNVYX in my portfolio?

VAFIX and DNVYX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAFIX or DNVYX?

VAFIX has higher volatility (8.97%) compared to DNVYX (3.75%). In terms of maximum drawdown, VAFIX dropped -48.20% vs DNVYX's -58.41%.

Which has better risk-adjusted returns?

DNVYX currently has the higher Sharpe Ratio (2.29 vs 0.86), 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.