VSCAX vs. OLCAX

Last updated Jun 4, 2026

VSCAX (Invesco Small Cap Value Fund) and OLCAX (Invesco Limited Term California Municipal Fund) are both mutual funds - VSCAX is a Small Cap Value Equities fund managed by Invesco, while OLCAX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, VSCAX returned 17.79%/yr vs 2.45%/yr for OLCAX. At a correlation of -0.05, they often move in opposite directions. VSCAX charges 1.12%/yr vs 0.83%/yr for OLCAX.

Performance

VSCAX vs. OLCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund (VSCAX) and Invesco Limited Term California Municipal Fund (OLCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSCAX achieves a 31.33% return, which is significantly higher than OLCAX's 1.16% return. Over the past 10 years, VSCAX has outperformed OLCAX with an annualized return of 17.79%, while OLCAX has yielded a comparatively lower 2.45% annualized return.

VSCAX

• 1D: 3.55%
• 1M: 7.75%
• YTD: 31.33%
• 6M: 33.12%
• 1Y: 62.09%
• 3Y*: 32.70%
• 5Y*: 19.56%
• 10Y*: 17.79%

OLCAX

• 1D: 0.32%
• 1M: 0.60%
• YTD: 1.16%
• 6M: 1.44%
• 1Y: 4.91%
• 3Y*: 3.42%
• 5Y*: 1.18%
• 10Y*: 2.45%

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

VSCAX vs. OLCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCAX Invesco Small Cap Value Fund	31.33%	17.70%	24.54%	22.84%	4.31%	36.34%	10.81%	32.02%	-25.64%	18.17%
OLCAX Invesco Limited Term California Municipal Fund	1.16%	4.22%	2.70%	3.60%	-6.16%	1.76%	3.78%	7.51%	7.27%	-1.08%

Correlation

The correlation between VSCAX and OLCAX 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	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Feb 26, 2004	-0.05

The correlation between VSCAX and OLCAX shifts across timeframes, from -0.05 (all time) to 0.08 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VSCAX vs. OLCAX — 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: 84
VSCAX Omega Ratio Rank: 80
VSCAX Calmar Ratio Rank: 95
VSCAX Martin Ratio Rank: 93

OLCAX

OLCAX Risk / Return Rank: 75
OLCAX Sharpe Ratio Rank: 61
OLCAX Sortino Ratio Rank: 85
OLCAX Omega Ratio Rank: 97
OLCAX Calmar Ratio Rank: 76
OLCAX Martin Ratio Rank: 57

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. OLCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund (VSCAX) and Invesco Limited Term California Municipal Fund (OLCAX). 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.

	VSCAX	OLCAX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	2.31	+0.88
Sortino ratio: Return per unit of downside risk	3.96	4.07	-0.11
Omega ratio: Gain probability vs. loss probability	1.52	2.00	-0.48
Calmar ratio: Return relative to maximum drawdown	5.76	3.43	+2.34
Martin ratio: Return relative to average drawdown	20.42	11.43	+9.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSCAX vs. OLCAX - Sharpe Ratio Comparison

The current VSCAX Sharpe Ratio is 3.19, which is higher than the OLCAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of VSCAX and OLCAX, 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

	VSCAX	OLCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	2.31	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.41	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.75	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.98	-0.44

Drawdowns

VSCAX vs. OLCAX - Drawdown Comparison

The maximum VSCAX drawdown since its inception was -57.77%, which is greater than OLCAX's maximum drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for VSCAX and OLCAX.

Drawdown Indicators

	VSCAX	OLCAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.77%	-14.66%	-43.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-1.59%	-9.84%
Max Drawdown (3Y) Largest decline over 3 years	-25.29%	-2.89%	-22.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-10.04%	-15.25%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	-10.04%	-47.73%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.90%	-1.69%	-7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	0.45%	+2.76%

Volatility

VSCAX vs. OLCAX - Volatility Comparison

Invesco Small Cap Value Fund (VSCAX) has a higher volatility of 6.31% compared to Invesco Limited Term California Municipal Fund (OLCAX) at 0.78%. This indicates that VSCAX's price experiences larger fluctuations and is considered to be riskier than OLCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSCAX	OLCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	0.78%	+5.53%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	1.56%	+14.26%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	2.38%	+18.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	2.98%	+20.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.73%	3.31%	+23.42%

VSCAX vs. OLCAX - Expense Ratio Comparison

VSCAX has a 1.12% expense ratio, which is higher than OLCAX's 0.83% expense ratio.

Dividends

VSCAX vs. OLCAX - Dividend Comparison

VSCAX's dividend yield for the trailing twelve months is around 7.02%, more than OLCAX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OLCAX Invesco Limited Term California Municipal Fund	2.17%	3.76%	3.32%	2.54%	1.71%	2.35%	2.46%	2.61%	2.48%	3.51%	3.57%	3.75%
VSCAX Invesco Small Cap Value Fund	7.02%	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 OLCAX in my portfolio?

VSCAX and OLCAX 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 OLCAX?

VSCAX has higher volatility (6.31%) compared to OLCAX (0.78%). In terms of maximum drawdown, VSCAX dropped -57.77% vs OLCAX's -14.66%.

Which has better risk-adjusted returns?

VSCAX currently has the higher Sharpe Ratio (3.19 vs 2.31), 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.