VESMX vs. VEITX

Last updated Aug 1, 2026

VESMX (VELA Small Cap Fund) and VEITX (VELA International Fund) are both mutual funds - VESMX is a Small Cap Value Equities fund managed by VELA Funds, while VEITX is a Foreign Large Cap Equities fund managed by VELA Funds. Over the past 5 years, VESMX returned 8.22%/yr vs 9.44%/yr for VEITX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. Both charge a 1.20% expense ratio.

Performance

VESMX vs. VEITX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VESMX having a 9.23% return and VEITX slightly higher at 9.64%.

VESMX

• 1D: -0.45%
• 1M: 1.36%
• 6M: 4.98%
• YTD: 9.23%
• 1Y: 22.00%
• 3Y*: 10.08%
• 5Y*: 8.22%
• 10Y*: —
• ALL TIME*: 14.67%

VEITX

• 1D: 1.44%
• 1M: 4.43%
• 6M: 6.51%
• YTD: 9.64%
• 1Y: 23.86%
• 3Y*: 14.72%
• 5Y*: 9.44%
• 10Y*: —
• ALL TIME*: 13.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEITX VELA International Fund	$0.00	$0.00	$0.00
VESMX VELA Small Cap Fund	$0.00	$0.00	$0.00

VESMX vs. VEITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VESMX VELA Small Cap Fund	9.23%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%
VEITX VELA International Fund	9.64%	31.00%	3.91%	15.92%	-6.88%	7.33%	22.81%

Correlation

The correlation between VESMX and VEITX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020	0.69

The correlation between VESMX and VEITX has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

VESMX vs. VEITX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VESMX

VESMX Risk / Return Rank: 41
VESMX Sharpe Ratio Rank: 40
VESMX Sortino Ratio Rank: 44
VESMX Omega Ratio Rank: 36
VESMX Calmar Ratio Rank: 47
VESMX Martin Ratio Rank: 38

VEITX

VEITX Risk / Return Rank: 65
VEITX Sharpe Ratio Rank: 74
VEITX Sortino Ratio Rank: 72
VEITX Omega Ratio Rank: 68
VEITX Calmar Ratio Rank: 56
VEITX Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VESMX vs. VEITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VELA Small Cap Fund (VESMX) and VELA International Fund (VEITX). 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.

	VESMX	VEITX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.78	-0.56
Sortino ratio: Return per unit of downside risk	1.86	2.52	-0.67
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	1.83	2.10	-0.27
Martin ratio: Return relative to average drawdown	5.65	7.54	-1.89

VESMX vs. VEITX - Sharpe Ratio Comparison

The current VESMX Sharpe Ratio is 1.22, which is lower than the VEITX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of VESMX and VEITX, 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

VESMX vs. VEITX - Drawdown Comparison

The maximum VESMX drawdown since its inception was -20.35%, smaller than the maximum VEITX drawdown of -27.99%. Use the drawdown chart below to compare losses from any high point for VESMX and VEITX.

Drawdown Indicators

	VESMX	VEITX	Difference
Max Drawdown Largest peak-to-trough decline	-20.35%	-27.99%	+7.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.48%	-11.04%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-20.35%	-12.16%	-8.19%
Max Drawdown (5Y) Largest decline over 5 years	-20.35%	-25.00%	+4.65%
Current Drawdown Current decline from peak	-1.63%	0.00%	-1.63%
Average Drawdown Average peak-to-trough decline	-4.48%	-5.68%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.07%	+0.04%

Volatility

VESMX vs. VEITX - Volatility Comparison

VELA Small Cap Fund (VESMX) has a higher volatility of 4.06% compared to VELA International Fund (VEITX) at 3.72%. This indicates that VESMX's price experiences larger fluctuations and is considered to be riskier than VEITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VESMX	VEITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.72%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	10.79%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	13.08%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.24%	14.33%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	14.44%	+3.66%

VESMX vs. VEITX - Expense Ratio Comparison

Both VESMX and VEITX have an expense ratio of 1.20%.

Dividends

VESMX vs. VEITX - Dividend Comparison

VESMX's dividend yield for the trailing twelve months is around 0.92%, less than VEITX's 8.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
VEITX VELA International Fund	8.08%	7.97%	3.63%	2.28%	1.65%	0.65%	0.00%
VESMX VELA Small Cap Fund	0.92%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%

Frequently Asked Questions

Can I hold both VESMX and VEITX in my portfolio?

VESMX and VEITX have a correlation of 0.66, 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 VEITX?

VESMX has higher volatility (4.06%) compared to VEITX (3.72%). In terms of maximum drawdown, VESMX dropped -20.35% vs VEITX's -27.99%.

Which has better risk-adjusted returns?

VEITX currently has the higher Sharpe Ratio (1.78 vs 1.22), 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.