VEUAX vs. ESMAX

Last updated Jun 24, 2026

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 10.28%/yr vs 10.51%/yr for ESMAX. A 0.79 correlation means they provide meaningful diversification when combined. VEUAX charges 1.25%/yr vs 1.48%/yr for ESMAX.

Performance

VEUAX vs. ESMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Europe Dynamic Fund (VEUAX) and Invesco EQV European Small Company Fund (ESMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEUAX achieves a 7.20% return, which is significantly lower than ESMAX's 19.86% return. Both investments have delivered pretty close results over the past 10 years, with VEUAX having a 10.28% annualized return and ESMAX not far ahead at 10.51%.

VEUAX

• 1D: 0.39%
• 1M: 2.15%
• YTD: 7.20%
• 6M: 6.83%
• 1Y: 19.87%
• 3Y*: 19.28%
• 5Y*: 10.03%
• 10Y*: 10.28%

ESMAX

• 1D: 0.54%
• 1M: 3.73%
• YTD: 19.86%
• 6M: 18.44%
• 1Y: 18.28%
• 3Y*: 17.24%
• 5Y*: 8.77%
• 10Y*: 10.51%

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

VEUAX vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEUAX JPMorgan Europe Dynamic Fund	7.20%	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	19.86%	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 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	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 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

VEUAX vs. ESMAX — Risk / Return Rank

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

VEUAX

VEUAX Risk / Return Rank: 25
VEUAX Sharpe Ratio Rank: 24
VEUAX Sortino Ratio Rank: 25
VEUAX Omega Ratio Rank: 23
VEUAX Calmar Ratio Rank: 25
VEUAX Martin Ratio Rank: 27

ESMAX

ESMAX Risk / Return Rank: 17
ESMAX Sharpe Ratio Rank: 15
ESMAX Sortino Ratio Rank: 16
ESMAX Omega Ratio Rank: 17
ESMAX Calmar Ratio Rank: 20
ESMAX Martin Ratio Rank: 18

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.

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 ratio: Return per unit of total volatility	1.30	1.04	+0.27
Sortino ratio: Return per unit of downside risk	1.91	1.55	+0.36
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	1.73	1.51	+0.21
Martin ratio: Return relative to average drawdown	5.99	4.47	+1.52

VEUAX vs. ESMAX - Sharpe Ratio Comparison

The current VEUAX Sharpe Ratio is 1.30, which is comparable to the ESMAX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of VEUAX and ESMAX, 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

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.

Drawdown Indicators

	VEUAX	ESMAX	Difference
Max Drawdown Largest 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%	-15.80%	+2.91%
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 Drawdown Current decline from peak	-1.50%	0.00%	-1.50%
Average Drawdown Average peak-to-trough decline	-15.42%	-13.90%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	4.20%	-0.72%

Volatility

VEUAX vs. ESMAX - Volatility Comparison

The current volatility for JPMorgan Europe Dynamic Fund (VEUAX) is 4.52%, while Invesco EQV European Small Company Fund (ESMAX) has a volatility of 7.25%. 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.

Volatility by Period

	VEUAX	ESMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.25%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	15.12%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	18.20%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	15.37%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	14.77%	+3.98%

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 3.21%, less than ESMAX's 29.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESMAX Invesco EQV European Small Company Fund	29.25%	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	3.21%	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

Can I hold both VEUAX and ESMAX in my portfolio?

VEUAX and ESMAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEUAX or ESMAX?

ESMAX has higher volatility (7.25%) compared to VEUAX (4.52%). In terms of maximum drawdown, VEUAX dropped -63.73% vs ESMAX's -65.90%.

Which has better risk-adjusted returns?

VEUAX currently has the higher Sharpe Ratio (1.30 vs 1.04), 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.