VHCOX vs. OEGAX

Last updated Jun 5, 2026

VHCOX (Vanguard Capital Opportunity Fund Investor Shares) and OEGAX (Invesco Discovery Mid Cap Growth Fund Class A) are both Mid Cap Growth Equities funds. Over the past 10 years, VHCOX returned 17.07%/yr vs 13.50%/yr for OEGAX. Their correlation of 0.88 suggests significant overlap in exposure. VHCOX charges 0.43%/yr vs 1.05%/yr for OEGAX.

Performance

VHCOX vs. OEGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Capital Opportunity Fund Investor Shares (VHCOX) and Invesco Discovery Mid Cap Growth Fund Class A (OEGAX). 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 VHCOX having a 25.62% return and OEGAX slightly higher at 25.96%. Over the past 10 years, VHCOX has outperformed OEGAX with an annualized return of 17.07%, while OEGAX has yielded a comparatively lower 13.50% annualized return.

VHCOX

• 1D: 0.15%
• 1M: 12.04%
• YTD: 25.62%
• 6M: 27.15%
• 1Y: 55.65%
• 3Y*: 26.86%
• 5Y*: 14.44%
• 10Y*: 17.07%

OEGAX

• 1D: 0.00%
• 1M: 4.25%
• YTD: 25.96%
• 6M: 22.17%
• 1Y: 32.97%
• 3Y*: 20.83%
• 5Y*: 7.80%
• 10Y*: 13.50%

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

VHCOX vs. OEGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCOX Vanguard Capital Opportunity Fund Investor Shares	25.62%	25.74%	14.00%	25.55%	-17.61%	20.85%	22.73%	27.20%	-3.76%	28.28%
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	25.96%	4.85%	24.09%	12.96%	-31.09%	18.44%	40.12%	38.98%	-6.72%	27.95%

Correlation

The correlation between VHCOX and OEGAX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Nov 1, 2000	0.88

Over the past year, the correlation between VHCOX and OEGAX has dropped to 0.65 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

VHCOX vs. OEGAX — Risk / Return Rank

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

VHCOX

VHCOX Risk / Return Rank: 90
VHCOX Sharpe Ratio Rank: 94
VHCOX Sortino Ratio Rank: 90
VHCOX Omega Ratio Rank: 84
VHCOX Calmar Ratio Rank: 89
VHCOX Martin Ratio Rank: 93

OEGAX

OEGAX Risk / Return Rank: 55
OEGAX Sharpe Ratio Rank: 41
OEGAX Sortino Ratio Rank: 40
OEGAX Omega Ratio Rank: 38
OEGAX Calmar Ratio Rank: 82
OEGAX Martin Ratio Rank: 73

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.

VHCOX vs. OEGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Capital Opportunity Fund Investor Shares (VHCOX) and Invesco Discovery Mid Cap Growth Fund Class A (OEGAX). 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.

	VHCOX	OEGAX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	1.80	+1.52
Sortino ratio: Return per unit of downside risk	4.45	2.55	+1.90
Omega ratio: Gain probability vs. loss probability	1.58	1.32	+0.27
Calmar ratio: Return relative to maximum drawdown	4.53	3.71	+0.83
Martin ratio: Return relative to average drawdown	20.34	13.46	+6.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHCOX vs. OEGAX - Sharpe Ratio Comparison

The current VHCOX Sharpe Ratio is 3.32, which is higher than the OEGAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of VHCOX and OEGAX, 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

	VHCOX	OEGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	1.80	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.36	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.62	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.38	+0.25

Drawdowns

VHCOX vs. OEGAX - Drawdown Comparison

The maximum VHCOX drawdown since its inception was -54.76%, roughly equal to the maximum OEGAX drawdown of -53.73%. Use the drawdown chart below to compare losses from any high point for VHCOX and OEGAX.

Drawdown Indicators

	VHCOX	OEGAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.76%	-53.73%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-10.16%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-23.87%	-28.64%	+4.77%
Max Drawdown (5Y) Largest decline over 5 years	-27.59%	-39.38%	+11.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-39.38%	+5.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.00%	-12.78%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.68%	+0.09%

Volatility

VHCOX vs. OEGAX - Volatility Comparison

Vanguard Capital Opportunity Fund Investor Shares (VHCOX) and Invesco Discovery Mid Cap Growth Fund Class A (OEGAX) have volatilities of 6.64% and 6.46%, 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

	VHCOX	OEGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	6.46%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	17.75%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	20.92%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	22.19%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	22.10%	-1.76%

VHCOX vs. OEGAX - Expense Ratio Comparison

VHCOX has a 0.43% expense ratio, which is lower than OEGAX's 1.05% expense ratio.

Dividends

VHCOX vs. OEGAX - Dividend Comparison

VHCOX's dividend yield for the trailing twelve months is around 7.66%, more than OEGAX's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OEGAX Invesco Discovery Mid Cap Growth Fund Class A	7.22%	9.10%	4.95%	0.00%	0.00%	18.94%	3.55%	4.40%	10.54%	9.32%	0.89%	4.27%
VHCOX Vanguard Capital Opportunity Fund Investor Shares	7.66%	9.62%	8.16%	2.33%	9.26%	10.44%	9.10%	6.41%	12.11%	3.87%	5.66%	5.30%

Frequently Asked Questions

Can I hold both VHCOX and OEGAX in my portfolio?

VHCOX and OEGAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCOX or OEGAX?

VHCOX has higher volatility (6.64%) compared to OEGAX (6.46%). In terms of maximum drawdown, VHCOX dropped -54.76% vs OEGAX's -53.73%.

Which has better risk-adjusted returns?

VHCOX currently has the higher Sharpe Ratio (3.32 vs 1.80), 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.