VSCAX vs. AFRAX

Last updated Jun 24, 2026

VSCAX (Invesco Small Cap Value Fund) and AFRAX (Invesco Floating Rate ESG Fund) are both mutual funds - VSCAX is a Small Cap Value Equities fund managed by Invesco, while AFRAX is a Bank Loan fund managed by Invesco. Over the past 10 years, VSCAX returned 18.60%/yr vs 4.54%/yr for AFRAX. At a 0.16 correlation, their price movements are largely independent. VSCAX charges 1.12%/yr vs 1.04%/yr for AFRAX.

Performance

VSCAX vs. AFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund (VSCAX) and Invesco Floating Rate ESG Fund (AFRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSCAX achieves a 32.95% return, which is significantly higher than AFRAX's 0.26% return. Over the past 10 years, VSCAX has outperformed AFRAX with an annualized return of 18.60%, while AFRAX has yielded a comparatively lower 4.54% annualized return.

VSCAX

• 1D: 1.20%
• 1M: 6.08%
• YTD: 32.95%
• 6M: 30.53%
• 1Y: 61.22%
• 3Y*: 32.76%
• 5Y*: 20.72%
• 10Y*: 18.60%

AFRAX

• 1D: 0.00%
• 1M: 0.62%
• YTD: 0.26%
• 6M: 1.06%
• 1Y: 3.59%
• 3Y*: 5.75%
• 5Y*: 4.35%
• 10Y*: 4.54%

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

VSCAX vs. AFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCAX Invesco Small Cap Value Fund	32.95%	17.70%	24.54%	22.84%	4.31%	36.34%	10.81%	32.02%	-25.64%	18.17%
AFRAX Invesco Floating Rate ESG Fund	0.26%	4.57%	6.80%	10.86%	-2.26%	6.24%	1.53%	7.25%	-0.19%	3.99%

Correlation

The correlation between VSCAX and AFRAX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 21, 1999	0.16

The correlation between VSCAX and AFRAX shifts across timeframes, from 0.05 (1 year) to 0.23 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VSCAX vs. AFRAX — Risk / Return Rank

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

VSCAX

VSCAX Risk / Return Rank: 89
VSCAX Sharpe Ratio Rank: 93
VSCAX Sortino Ratio Rank: 82
VSCAX Omega Ratio Rank: 79
VSCAX Calmar Ratio Rank: 95
VSCAX Martin Ratio Rank: 94

AFRAX

AFRAX Risk / Return Rank: 49
AFRAX Sharpe Ratio Rank: 24
AFRAX Sortino Ratio Rank: 63
AFRAX Omega Ratio Rank: 74
AFRAX Calmar Ratio Rank: 49
AFRAX Martin Ratio Rank: 36

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.

VSCAX vs. AFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund (VSCAX) and Invesco Floating Rate ESG Fund (AFRAX). 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.

	VSCAX	AFRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	1.30	+1.58
Sortino ratio: Return per unit of downside risk	3.54	3.03	+0.52
Omega ratio: Gain probability vs. loss probability	1.47	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	5.48	2.57	+2.91
Martin ratio: Return relative to average drawdown	19.08	7.43	+11.65

VSCAX vs. AFRAX - Sharpe Ratio Comparison

The current VSCAX Sharpe Ratio is 2.88, which is higher than the AFRAX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of VSCAX and AFRAX, 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

VSCAX vs. AFRAX - Drawdown Comparison

The maximum VSCAX drawdown since its inception was -57.77%, which is greater than AFRAX's maximum drawdown of -37.60%. Use the drawdown chart below to compare losses from any high point for VSCAX and AFRAX.

Drawdown Indicators

	VSCAX	AFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.77%	-37.60%	-20.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-1.41%	-10.02%
Max Drawdown (3Y) Largest decline over 3 years	-25.29%	-2.62%	-22.67%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-6.29%	-19.00%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	-18.91%	-38.86%
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-8.88%	-4.38%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.49%	+2.78%

Volatility

VSCAX vs. AFRAX - Volatility Comparison

Invesco Small Cap Value Fund (VSCAX) has a higher volatility of 8.83% compared to Invesco Floating Rate ESG Fund (AFRAX) at 0.98%. This indicates that VSCAX's price experiences larger fluctuations and is considered to be riskier than AFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSCAX	AFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	0.98%	+7.85%
Volatility (6M) Calculated over the trailing 6-month period	17.02%	2.00%	+15.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.78%	2.78%	+19.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.31%	3.22%	+20.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.80%	3.74%	+23.06%

VSCAX vs. AFRAX - Expense Ratio Comparison

VSCAX has a 1.12% expense ratio, which is higher than AFRAX's 1.04% expense ratio.

Dividends

VSCAX vs. AFRAX - Dividend Comparison

VSCAX's dividend yield for the trailing twelve months is around 6.93%, less than AFRAX's 7.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFRAX Invesco Floating Rate ESG Fund	7.76%	8.06%	8.39%	7.85%	7.03%	3.84%	4.13%	5.52%	4.59%	4.04%	4.01%	5.23%
VSCAX Invesco Small Cap Value Fund	6.93%	9.22%	7.90%	4.93%	10.12%	16.90%	0.30%	2.53%	28.45%	16.65%	1.71%	11.08%

Frequently Asked Questions

Can I hold both VSCAX and AFRAX in my portfolio?

VSCAX and AFRAX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSCAX or AFRAX?

VSCAX has higher volatility (8.83%) compared to AFRAX (0.98%). In terms of maximum drawdown, VSCAX dropped -57.77% vs AFRAX's -37.60%.

Which has better risk-adjusted returns?

VSCAX currently has the higher Sharpe Ratio (2.88 vs 1.30), 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.