VESMX vs. PMJAX

Last updated Jun 3, 2026

VESMX (VELA Small Cap Fund) and PMJAX (PIMCO RAE US Small Fund Class A) are both Small Cap Value Equities funds. Over the past 5 years, VESMX returned 6.19%/yr vs 10.10%/yr for PMJAX. Their correlation of 0.91 suggests significant overlap in exposure. VESMX charges 1.20%/yr vs 0.90%/yr for PMJAX.

Performance

VESMX vs. PMJAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VELA Small Cap Fund (VESMX) and PIMCO RAE US Small Fund Class A (PMJAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VESMX achieves a 3.76% return, which is significantly lower than PMJAX's 17.31% return.

VESMX

• 1D: 0.47%
• 1M: -1.12%
• YTD: 3.76%
• 6M: 4.95%
• 1Y: 17.03%
• 3Y*: 10.94%
• 5Y*: 6.19%
• 10Y*: —

PMJAX

• 1D: 1.17%
• 1M: 4.75%
• YTD: 17.31%
• 6M: 16.94%
• 1Y: 35.74%
• 3Y*: 21.21%
• 5Y*: 10.10%
• 10Y*: 13.16%

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

VESMX vs. PMJAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VESMX VELA Small Cap Fund	3.76%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%
PMJAX PIMCO RAE US Small Fund Class A	17.31%	4.89%	20.53%	19.76%	-5.07%	38.48%	26.64%

Correlation

The correlation between VESMX and PMJAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020	0.91

The correlation between VESMX and PMJAX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

VESMX vs. PMJAX — Risk / Return Rank

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

VESMX

VESMX Risk / Return Rank: 19
VESMX Sharpe Ratio Rank: 17
VESMX Sortino Ratio Rank: 18
VESMX Omega Ratio Rank: 16
VESMX Calmar Ratio Rank: 22
VESMX Martin Ratio Rank: 20

PMJAX

PMJAX Risk / Return Rank: 60
PMJAX Sharpe Ratio Rank: 49
PMJAX Sortino Ratio Rank: 48
PMJAX Omega Ratio Rank: 42
PMJAX Calmar Ratio Rank: 89
PMJAX Martin Ratio Rank: 69

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.

VESMX vs. PMJAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VELA Small Cap Fund (VESMX) and PIMCO RAE US Small Fund Class A (PMJAX). 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.

	VESMX	PMJAX	Difference
Sharpe ratio Return per unit of total volatility	1.19	2.07	-0.87
Sortino ratio Return per unit of downside risk	1.79	2.94	-1.15
Omega ratio Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio Return relative to maximum drawdown	1.76	4.45	-2.69
Martin ratio Return relative to average drawdown	5.34	13.27	-7.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VESMX vs. PMJAX - Sharpe Ratio Comparison

The current VESMX Sharpe Ratio is 1.19, which is lower than the PMJAX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of VESMX and PMJAX, 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

	VESMX	PMJAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.07	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.25	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.40	+0.37

Drawdowns

VESMX vs. PMJAX - Drawdown Comparison

The maximum VESMX drawdown since its inception was -20.35%, smaller than the maximum PMJAX drawdown of -50.53%. Use the drawdown chart below to compare losses from any high point for VESMX and PMJAX.

Drawdown Indicators

	VESMX	PMJAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.35%	-50.53%	+30.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.48%	-7.66%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.35%	-26.72%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.35%	-50.53%	+30.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.53%	—
Current Drawdown Current decline from peak	-3.23%	0.00%	-3.23%
Average Drawdown Average peak-to-trough decline	-4.57%	-17.04%	+12.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.57%	+0.56%

Volatility

VESMX vs. PMJAX - Volatility Comparison

The current volatility for VELA Small Cap Fund (VESMX) is 3.89%, while PIMCO RAE US Small Fund Class A (PMJAX) has a volatility of 4.98%. This indicates that VESMX experiences smaller price fluctuations and is considered to be less risky than PMJAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VESMX	PMJAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.98%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	11.43%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	17.14%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	40.27%	-22.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	33.57%	-15.34%

VESMX vs. PMJAX - Expense Ratio Comparison

VESMX has a 1.20% expense ratio, which is higher than PMJAX's 0.90% expense ratio.

Dividends

VESMX vs. PMJAX - Dividend Comparison

VESMX's dividend yield for the trailing twelve months is around 0.97%, less than PMJAX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PMJAX PIMCO RAE US Small Fund Class A	2.82%	3.31%	2.48%	1.40%	10.08%	67.74%	9.44%	1.37%	7.72%	4.51%	1.16%
VESMX VELA Small Cap Fund	0.97%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VESMX and PMJAX in my portfolio?

VESMX and PMJAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VESMX or PMJAX?

PMJAX has higher volatility (4.98%) compared to VESMX (3.89%). In terms of maximum drawdown, VESMX dropped -20.35% vs PMJAX's -50.53%.

Which has better risk-adjusted returns?

PMJAX currently has the higher Sharpe Ratio (2.07 vs 1.19), 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.