VEUAX vs. ESMAX
VEUAX (JPMorgan Europe Dynamic Fund) and ESMAX (Invesco EQV European Small Company Fund) are both Europe Equities funds. Over the past 10 years, VEUAX returned 9.66%/yr vs 9.17%/yr for ESMAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VEUAX charges 1.25%/yr vs 1.48%/yr for ESMAX.
Performance
VEUAX vs. ESMAX - Performance Comparison
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Returns By Period
In the year-to-date period, VEUAX achieves a 8.24% return, which is significantly lower than ESMAX's 12.20% return. Over the past 10 years, VEUAX has outperformed ESMAX with an annualized return of 9.66%, while ESMAX has yielded a comparatively lower 9.17% annualized return.
VEUAX
- 1D
- -0.41%
- 1M
- -0.14%
- 6M
- 2.41%
- YTD
- 8.24%
- 1Y
- 21.88%
- 3Y*
- 18.51%
- 5Y*
- 9.92%
- 10Y*
- 9.66%
- ALL TIME*
- 8.84%
ESMAX
- 1D
- 0.14%
- 1M
- -3.96%
- 6M
- 5.63%
- YTD
- 12.20%
- 1Y
- 12.02%
- 3Y*
- 13.78%
- 5Y*
- 7.00%
- 10Y*
- 9.17%
- ALL TIME*
- 10.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VEUAX vs. ESMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEUAX JPMorgan Europe Dynamic Fund | 8.24% | 41.51% | 3.48% | 18.19% | -15.39% | 17.68% | 8.45% | 21.51% | -18.69% | 22.26% |
ESMAX Invesco EQV European Small Company Fund | 12.20% | 22.15% | 2.60% | 14.26% | -16.30% | 24.30% | 9.63% | 15.37% | -15.29% | 28.30% |
Correlation
The correlation between VEUAX and ESMAX is 0.77, 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. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2000 | 0.79 |
The correlation between VEUAX and ESMAX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
VEUAX vs. ESMAX — Risk / Return Rank
VEUAX
ESMAX
VEUAX vs. ESMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Europe Dynamic Fund (VEUAX) and Invesco EQV European Small Company Fund (ESMAX). 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.
| VEUAX | ESMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.12 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 0.98 | +0.80 |
| Martin ratioReturn relative to average drawdown | 6.25 | 3.31 | +2.94 |
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Drawdowns
VEUAX vs. ESMAX - Drawdown Comparison
The maximum VEUAX drawdown since its inception was -63.73%, roughly equal to the maximum ESMAX drawdown of -65.90%. Use the drawdown chart below to compare losses from any high point for VEUAX and ESMAX.
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Drawdown Indicators
| VEUAX | ESMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.73% | -65.90% | +2.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.07% | -12.45% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -12.89% | -14.00% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -30.94% | -32.92% | +1.98% |
Max Drawdown (10Y)Largest decline over 10 years | -44.64% | -39.83% | -4.81% |
Current DrawdownCurrent decline from peak | -0.86% | -6.76% | +5.90% |
Average DrawdownAverage peak-to-trough decline | -15.37% | -13.86% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 3.67% | -0.23% |
Volatility
VEUAX vs. ESMAX - Volatility Comparison
The current volatility for JPMorgan Europe Dynamic Fund (VEUAX) is 4.69%, while Invesco EQV European Small Company Fund (ESMAX) has a volatility of 6.72%. This indicates that VEUAX experiences smaller price fluctuations and is considered to be less risky than ESMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEUAX | ESMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 6.72% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.99% | 16.58% | -2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.28% | 19.31% | -3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 15.68% | +1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.34% | 14.72% | +3.62% |
VEUAX vs. ESMAX - Expense Ratio Comparison
VEUAX has a 1.25% expense ratio, which is lower than ESMAX's 1.48% expense ratio.
Dividends
VEUAX vs. ESMAX - Dividend Comparison
VEUAX's dividend yield for the trailing twelve months is around 3.18%, less than ESMAX's 31.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESMAX Invesco EQV European Small Company Fund | 31.25% | 35.06% | 9.96% | 4.94% | 11.28% | 3.24% | 2.75% | 7.01% | 6.27% | 3.21% | 2.07% | 5.41% |
VEUAX JPMorgan Europe Dynamic Fund | 3.18% | 3.45% | 3.81% | 3.02% | 0.77% | 2.03% | 1.01% | 2.82% | 2.60% | 1.38% | 1.93% | 1.25% |
Frequently Asked Questions
VEUAX and ESMAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESMAX has higher volatility (6.72%) compared to VEUAX (4.69%). In terms of maximum drawdown, VEUAX dropped -63.73% vs ESMAX's -65.90%.
VEUAX currently has the higher Sharpe Ratio (1.32 vs 0.63), 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.
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