VEUA.L vs. SMEAX

Last updated Jun 5, 2026

VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) and SMEAX (Invesco Small Cap Equity Fund Class A) are both funds - VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while SMEAX is a Small Cap Blend Equities fund managed by Invesco. Over the past 5 years, VEUA.L returned 10.11%/yr vs 8.16%/yr for SMEAX. At a 0.43 correlation, their price movements are largely independent. VEUA.L charges 0.10%/yr vs 1.22%/yr for SMEAX.

Performance

VEUA.L vs. SMEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and Invesco Small Cap Equity Fund Class A (SMEAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VEUA.L is traded in GBP, while SMEAX is traded in USD. To make them comparable, the SMEAX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEUA.L achieves a 6.65% return, which is significantly lower than SMEAX's 18.26% return.

VEUA.L

• 1D: 0.78%
• 1M: 3.51%
• YTD: 6.65%
• 6M: 9.00%
• 1Y: 19.55%
• 3Y*: 14.21%
• 5Y*: 10.11%
• 10Y*: —

SMEAX

• 1D: 0.42%
• 1M: 4.55%
• YTD: 18.26%
• 6M: 14.46%
• 1Y: 29.57%
• 3Y*: 15.27%
• 5Y*: 8.16%
• 10Y*: 11.41%

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

VEUA.L vs. SMEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	6.65%	26.07%	4.49%	13.45%	-4.21%	16.83%	3.08%	1.97%
SMEAX Invesco Small Cap Equity Fund Class A	18.26%	0.16%	19.86%	10.16%	-11.18%	20.75%	23.51%	-2.09%

Correlation

The correlation between VEUA.L and SMEAX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 26, 2019	0.43

Return for Risk

VEUA.L vs. SMEAX — Risk / Return Rank

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

VEUA.L

VEUA.L Risk / Return Rank: 45
VEUA.L Sharpe Ratio Rank: 47
VEUA.L Sortino Ratio Rank: 47
VEUA.L Omega Ratio Rank: 50
VEUA.L Calmar Ratio Rank: 38
VEUA.L Martin Ratio Rank: 42

SMEAX

SMEAX Risk / Return Rank: 29
SMEAX Sharpe Ratio Rank: 25
SMEAX Sortino Ratio Rank: 24
SMEAX Omega Ratio Rank: 25
SMEAX Calmar Ratio Rank: 34
SMEAX Martin Ratio Rank: 37

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.

VEUA.L vs. SMEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) and Invesco Small Cap Equity Fund Class A (SMEAX). 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.

	VEUA.L	SMEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.56	+0.05
Sortino ratio: Return per unit of downside risk	2.26	2.14	+0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	1.84	2.51	-0.67
Martin ratio: Return relative to average drawdown	6.57	8.50	-1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUA.L vs. SMEAX - Sharpe Ratio Comparison

The current VEUA.L Sharpe Ratio is 1.60, which is comparable to the SMEAX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VEUA.L and SMEAX, 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

	VEUA.L	SMEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.56	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.40	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.44	+0.17

Drawdowns

VEUA.L vs. SMEAX - Drawdown Comparison

The maximum VEUA.L drawdown since its inception was -28.45%, smaller than the maximum SMEAX drawdown of -36.92%. Use the drawdown chart below to compare losses from any high point for VEUA.L and SMEAX.

Drawdown Indicators

	VEUA.L	SMEAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.45%	-36.92%	+8.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.59%	-11.83%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-26.37%	+13.72%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-26.37%	+10.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.44%	—
Current Drawdown Current decline from peak	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-4.11%	-8.08%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	3.48%	-0.51%

Volatility

VEUA.L vs. SMEAX - Volatility Comparison

The current volatility for Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) is 4.10%, while Invesco Small Cap Equity Fund Class A (SMEAX) has a volatility of 5.43%. This indicates that VEUA.L experiences smaller price fluctuations and is considered to be less risky than SMEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUA.L	SMEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	5.43%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	15.21%	-4.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	19.12%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.70%	20.31%	-6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	22.55%	-6.72%

VEUA.L vs. SMEAX - Expense Ratio Comparison

VEUA.L has a 0.10% expense ratio, which is lower than SMEAX's 1.22% expense ratio.

Dividends

VEUA.L vs. SMEAX - Dividend Comparison

VEUA.L has not paid dividends to shareholders, while SMEAX's dividend yield for the trailing twelve months is around 7.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMEAX Invesco Small Cap Equity Fund Class A	7.93%	9.34%	8.09%	0.40%	2.95%	19.02%	6.03%	11.18%	18.53%	5.38%	5.38%	6.51%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEUA.L and SMEAX in my portfolio?

VEUA.L and SMEAX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.