VCV vs. ADX

Last updated Jun 4, 2026

VCV (Invesco California Value Municipal Income Trust) is a stock, while ADX (Adams Diversified Equity Fund, Inc.) is Large Cap Growth Equities fund managed by Adams Funds. Over the past 10 years, VCV returned 2.45%/yr vs 18.25%/yr for ADX. At a 0.10 correlation, their price movements are largely independent.

Performance

VCV vs. ADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco California Value Municipal Income Trust (VCV) and Adams Diversified Equity Fund, Inc. (ADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCV achieves a -1.63% return, which is significantly lower than ADX's 13.47% return. Over the past 10 years, VCV has underperformed ADX with an annualized return of 2.45%, while ADX has yielded a comparatively higher 18.25% annualized return.

VCV

• 1D: 0.09%
• 1M: 0.89%
• YTD: -1.63%
• 6M: 2.85%
• 1Y: 10.49%
• 3Y*: 10.88%
• 5Y*: 0.50%
• 10Y*: 2.45%

ADX

• 1D: -0.74%
• 1M: 6.45%
• YTD: 13.47%
• 6M: 14.75%
• 1Y: 34.07%
• 3Y*: 29.23%
• 5Y*: 17.26%
• 10Y*: 18.25%

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

VCV vs. ADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCV Invesco California Value Municipal Income Trust	-1.63%	9.44%	18.62%	7.91%	-28.40%	9.65%	7.85%	18.63%	-5.27%	9.01%
ADX Adams Diversified Equity Fund, Inc.	13.47%	26.03%	28.31%	31.49%	-19.82%	29.69%	17.28%	36.75%	-3.58%	29.61%

Correlation

The correlation between VCV and ADX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.10

The correlation between VCV and ADX shifts across timeframes, from 0.10 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VCV vs. ADX — Risk / Return Rank

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

VCV

VCV Risk / Return Rank: 67
VCV Sharpe Ratio Rank: 72
VCV Sortino Ratio Rank: 65
VCV Omega Ratio Rank: 66
VCV Calmar Ratio Rank: 66
VCV Martin Ratio Rank: 67

ADX

ADX Risk / Return Rank: 73
ADX Sharpe Ratio Rank: 73
ADX Sortino Ratio Rank: 70
ADX Omega Ratio Rank: 59
ADX Calmar Ratio Rank: 74
ADX Martin Ratio Rank: 90

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.

VCV vs. ADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco California Value Municipal Income Trust (VCV) and Adams Diversified Equity Fund, Inc. (ADX). 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.

	VCV	ADX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.48	-1.47
Sortino ratio: Return per unit of downside risk	1.49	3.48	-1.99
Omega ratio: Gain probability vs. loss probability	1.20	1.43	-0.23
Calmar ratio: Return relative to maximum drawdown	1.27	3.37	-2.10
Martin ratio: Return relative to average drawdown	3.09	17.93	-14.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCV vs. ADX - Sharpe Ratio Comparison

The current VCV Sharpe Ratio is 1.01, which is lower than the ADX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of VCV and ADX, 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

	VCV	ADX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.48	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	1.00	-0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	1.02	-0.84
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.10	+0.25

Drawdowns

VCV vs. ADX - Drawdown Comparison

The maximum VCV drawdown since its inception was -59.02%, smaller than the maximum ADX drawdown of -71.60%. Use the drawdown chart below to compare losses from any high point for VCV and ADX.

Drawdown Indicators

	VCV	ADX	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-71.60%	+12.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-10.16%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.99%	-18.29%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-38.55%	-25.07%	-13.48%
Max Drawdown (10Y) Largest decline over 10 years	-38.55%	-37.17%	-1.38%
Current Drawdown Current decline from peak	-4.38%	-0.74%	-3.64%
Average Drawdown Average peak-to-trough decline	-8.57%	-23.13%	+14.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	1.91%	+1.49%

Volatility

VCV vs. ADX - Volatility Comparison

The current volatility for Invesco California Value Municipal Income Trust (VCV) is 1.85%, while Adams Diversified Equity Fund, Inc. (ADX) has a volatility of 3.68%. This indicates that VCV experiences smaller price fluctuations and is considered to be less risky than ADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCV	ADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	3.68%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	7.22%	10.70%	-3.48%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	13.81%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	17.30%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	18.02%	-4.22%

Dividends

VCV vs. ADX - Dividend Comparison

VCV's dividend yield for the trailing twelve months is around 7.29%, which matches ADX's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADX Adams Diversified Equity Fund, Inc.	7.35%	7.93%	12.38%	7.34%	7.36%	15.35%	6.54%	9.00%	15.85%	9.18%	7.79%	7.17%
VCV Invesco California Value Municipal Income Trust	7.29%	6.96%	5.76%	4.16%	5.46%	4.09%	4.07%	4.43%	5.46%	5.10%	5.86%	5.98%

Frequently Asked Questions

Can I hold both VCV and ADX in my portfolio?

VCV and ADX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCV or ADX?

ADX has higher volatility (3.68%) compared to VCV (1.85%). In terms of maximum drawdown, VCV dropped -59.02% vs ADX's -71.60%.

Which has better risk-adjusted returns?

ADX currently has the higher Sharpe Ratio (2.48 vs 1.01), 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.