VEUSX vs. ESMAX

Last updated Jun 5, 2026

VEUSX (Vanguard European Stock Index Fund Admiral Shares) and ESMAX (Invesco EQV European Small Company Fund) are both Europe Equities funds. Over the past 10 years, VEUSX returned 9.24%/yr vs 9.46%/yr for ESMAX. A 0.77 correlation means they provide meaningful diversification when combined. VEUSX charges 0.10%/yr vs 1.48%/yr for ESMAX.

Performance

VEUSX vs. ESMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard European Stock Index Fund Admiral Shares (VEUSX) 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, VEUSX achieves a 5.74% return, which is significantly lower than ESMAX's 17.07% return. Both investments have delivered pretty close results over the past 10 years, with VEUSX having a 9.24% annualized return and ESMAX not far ahead at 9.46%.

VEUSX

• 1D: -1.25%
• 1M: 1.30%
• YTD: 5.74%
• 6M: 8.90%
• 1Y: 17.47%
• 3Y*: 16.38%
• 5Y*: 8.24%
• 10Y*: 9.24%

ESMAX

• 1D: -0.27%
• 1M: 2.02%
• YTD: 17.07%
• 6M: 16.06%
• 1Y: 17.64%
• 3Y*: 16.32%
• 5Y*: 8.07%
• 10Y*: 9.46%

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

VEUSX vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEUSX Vanguard European Stock Index Fund Admiral Shares	5.74%	35.41%	2.01%	19.99%	-16.06%	16.28%	6.43%	24.22%	-14.81%	27.04%
ESMAX Invesco EQV European Small Company Fund	17.07%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	15.37%	-15.29%	28.30%

Correlation

The correlation between VEUSX 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	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 14, 2001	0.77

The correlation between VEUSX and ESMAX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

VEUSX vs. ESMAX — Risk / Return Rank

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

VEUSX

VEUSX Risk / Return Rank: 18
VEUSX Sharpe Ratio Rank: 17
VEUSX Sortino Ratio Rank: 17
VEUSX Omega Ratio Rank: 17
VEUSX Calmar Ratio Rank: 18
VEUSX Martin Ratio Rank: 22

ESMAX

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

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.

VEUSX vs. ESMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund Admiral Shares (VEUSX) 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.

	VEUSX	ESMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.09	+0.10
Sortino ratio: Return per unit of downside risk	1.75	1.63	+0.12
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.52	1.50	+0.02
Martin ratio: Return relative to average drawdown	5.62	4.47	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUSX vs. ESMAX - Sharpe Ratio Comparison

The current VEUSX Sharpe Ratio is 1.20, which is comparable to the ESMAX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VEUSX 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.

Sharpe Ratios by Period

	VEUSX	ESMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.09	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.54	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.65	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.63	-0.32

Drawdowns

VEUSX vs. ESMAX - Drawdown Comparison

The maximum VEUSX drawdown since its inception was -63.28%, roughly equal to the maximum ESMAX drawdown of -65.90%. Use the drawdown chart below to compare losses from any high point for VEUSX and ESMAX.

Drawdown Indicators

	VEUSX	ESMAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.28%	-65.90%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-12.45%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-15.80%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-32.92%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.87%	-39.83%	+2.96%
Current Drawdown Current decline from peak	-2.38%	-1.21%	-1.17%
Average Drawdown Average peak-to-trough decline	-12.95%	-13.93%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	4.17%	-0.93%

Volatility

VEUSX vs. ESMAX - Volatility Comparison

Vanguard European Stock Index Fund Admiral Shares (VEUSX) and Invesco EQV European Small Company Fund (ESMAX) have volatilities of 5.39% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUSX	ESMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	5.19%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	14.04%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	17.18%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	15.10%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	14.68%	+3.56%

VEUSX vs. ESMAX - Expense Ratio Comparison

VEUSX has a 0.10% expense ratio, which is lower than ESMAX's 1.48% expense ratio.

Dividends

VEUSX vs. ESMAX - Dividend Comparison

VEUSX's dividend yield for the trailing twelve months is around 2.80%, less than ESMAX's 29.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESMAX Invesco EQV European Small Company Fund	29.95%	35.06%	9.96%	4.94%	11.28%	3.24%	2.75%	7.01%	6.27%	3.21%	2.07%	5.41%
VEUSX Vanguard European Stock Index Fund Admiral Shares	2.80%	2.84%	3.58%	3.13%	3.22%	3.02%	2.08%	3.26%	3.92%	2.70%	3.52%	3.24%

Frequently Asked Questions

Can I hold both VEUSX and ESMAX in my portfolio?

VEUSX 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, VEUSX or ESMAX?

VEUSX has higher volatility (5.39%) compared to ESMAX (5.19%). In terms of maximum drawdown, VEUSX dropped -63.28% vs ESMAX's -65.90%.

Which has better risk-adjusted returns?

VEUSX currently has the higher Sharpe Ratio (1.20 vs 1.09), 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.