VESMX vs. SMVSX

Last updated Jun 4, 2026

VESMX (VELA Small Cap Fund) and SMVSX (Invesco Small Cap Value Fund Class R6) are both Small Cap Value Equities funds. Over the past 5 years, VESMX returned 6.25%/yr vs 20.03%/yr for SMVSX. Their correlation of 0.90 suggests significant overlap in exposure. VESMX charges 1.20%/yr vs 0.72%/yr for SMVSX.

Performance

VESMX vs. SMVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VELA Small Cap Fund (VESMX) and Invesco Small Cap Value Fund Class R6 (SMVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VESMX achieves a 3.66% return, which is significantly lower than SMVSX's 31.54% return.

VESMX

• 1D: -0.09%
• 1M: 0.24%
• YTD: 3.66%
• 6M: 3.63%
• 1Y: 15.47%
• 3Y*: 10.91%
• 5Y*: 6.25%
• 10Y*: —

SMVSX

• 1D: 3.57%
• 1M: 7.78%
• YTD: 31.54%
• 6M: 33.35%
• 1Y: 62.71%
• 3Y*: 33.20%
• 5Y*: 20.03%
• 10Y*: —

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

VESMX vs. SMVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VESMX VELA Small Cap Fund	3.66%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%
SMVSX Invesco Small Cap Value Fund Class R6	31.54%	18.12%	25.01%	23.40%	4.70%	36.84%	28.28%

Correlation

The correlation between VESMX and SMVSX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020	0.90

The correlation between VESMX and SMVSX shifts across timeframes, from 0.73 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VESMX vs. SMVSX — 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: 24
VESMX Martin Ratio Rank: 21

SMVSX

SMVSX Risk / Return Rank: 89
SMVSX Sharpe Ratio Rank: 93
SMVSX Sortino Ratio Rank: 84
SMVSX Omega Ratio Rank: 80
SMVSX Calmar Ratio Rank: 95
SMVSX Martin Ratio Rank: 93

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. SMVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VELA Small Cap Fund (VESMX) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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	SMVSX	Difference
Sharpe ratio Return per unit of total volatility	1.18	3.22	-2.04
Sortino ratio Return per unit of downside risk	1.78	4.00	-2.22
Omega ratio Gain probability vs. loss probability	1.21	1.53	-0.32
Calmar ratio Return relative to maximum drawdown	1.79	5.83	-4.04
Martin ratio Return relative to average drawdown	5.41	20.70	-15.29
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. SMVSX - Sharpe Ratio Comparison

The current VESMX Sharpe Ratio is 1.18, which is lower than the SMVSX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of VESMX and SMVSX, 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	SMVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	3.22	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.87	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.62	+0.15

Drawdowns

VESMX vs. SMVSX - Drawdown Comparison

The maximum VESMX drawdown since its inception was -20.35%, smaller than the maximum SMVSX drawdown of -57.41%. Use the drawdown chart below to compare losses from any high point for VESMX and SMVSX.

Drawdown Indicators

	VESMX	SMVSX	Difference
Max Drawdown Largest peak-to-trough decline	-20.35%	-57.41%	+37.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.48%	-11.39%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-20.35%	-25.23%	+4.88%
Max Drawdown (5Y) Largest decline over 5 years	-20.35%	-25.23%	+4.88%
Current Drawdown Current decline from peak	-3.33%	0.00%	-3.33%
Average Drawdown Average peak-to-trough decline	-4.57%	-8.58%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.20%	-0.06%

Volatility

VESMX vs. SMVSX - Volatility Comparison

The current volatility for VELA Small Cap Fund (VESMX) is 3.88%, while Invesco Small Cap Value Fund Class R6 (SMVSX) has a volatility of 6.33%. This indicates that VESMX experiences smaller price fluctuations and is considered to be less risky than SMVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VESMX	SMVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	6.33%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	15.83%	-6.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	20.63%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	23.18%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	27.05%	-8.82%

VESMX vs. SMVSX - Expense Ratio Comparison

VESMX has a 1.20% expense ratio, which is higher than SMVSX's 0.72% expense ratio.

Dividends

VESMX vs. SMVSX - Dividend Comparison

VESMX's dividend yield for the trailing twelve months is around 0.97%, less than SMVSX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVSX Invesco Small Cap Value Fund Class R6	6.50%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%
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%

Frequently Asked Questions

Can I hold both VESMX and SMVSX in my portfolio?

VESMX and SMVSX have a correlation of 0.73, 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 SMVSX?

SMVSX has higher volatility (6.33%) compared to VESMX (3.88%). In terms of maximum drawdown, VESMX dropped -20.35% vs SMVSX's -57.41%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.22 vs 1.18), 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.