VSCAX vs. SMVSX

Last updated Jun 4, 2026

VSCAX (Invesco Small Cap Value Fund) and SMVSX (Invesco Small Cap Value Fund Class R6) are both Small Cap Value Equities funds from Invesco. Over the past 5 years, VSCAX returned 19.56%/yr vs 20.03%/yr for SMVSX. With a 1.00 correlation, they move nearly in lockstep. VSCAX charges 1.12%/yr vs 0.72%/yr for SMVSX.

Performance

VSCAX vs. SMVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Value Fund (VSCAX) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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 VSCAX having a 31.33% return and SMVSX slightly higher at 31.54%.

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%

SMVSX

• 1D: 3.57%
• 1M: 7.78%
• YTD: 31.54%
• 6M: 33.35%
• 1Y: 62.71%
• 3Y*: 33.20%
• 5Y*: 20.03%
• 10Y*: —

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

VSCAX vs. SMVSX - 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%	11.50%
SMVSX Invesco Small Cap Value Fund Class R6	31.54%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%

Correlation

The correlation between VSCAX and SMVSX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	1.00

The correlation between VSCAX and SMVSX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

VSCAX vs. SMVSX — 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

SMVSX

SMVSX Risk / Return Rank: 89
SMVSX Sharpe Ratio Rank: 93
SMVSX Sortino Ratio Rank: 84
SMVSX Omega Ratio Rank: 80
SMVSX Calmar Ratio Rank: 95
SMVSX Martin Ratio Rank: 93

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. SMVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund (VSCAX) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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	SMVSX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	3.22	-0.03
Sortino ratio: Return per unit of downside risk	3.96	4.00	-0.04
Omega ratio: Gain probability vs. loss probability	1.52	1.53	-0.01
Calmar ratio: Return relative to maximum drawdown	5.76	5.83	-0.07
Martin ratio: Return relative to average drawdown	20.42	20.70	-0.28
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. SMVSX - Sharpe Ratio Comparison

The current VSCAX Sharpe Ratio is 3.19, which is comparable to the SMVSX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of VSCAX and SMVSX, 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	SMVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	3.22	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.87	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.62	-0.08

Drawdowns

VSCAX vs. SMVSX - Drawdown Comparison

The maximum VSCAX drawdown since its inception was -57.77%, roughly equal to the maximum SMVSX drawdown of -57.41%. Use the drawdown chart below to compare losses from any high point for VSCAX and SMVSX.

Drawdown Indicators

	VSCAX	SMVSX	Difference
Max Drawdown Largest peak-to-trough decline	-57.77%	-57.41%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-11.39%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.29%	-25.23%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-25.23%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.90%	-8.58%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.20%	+0.01%

Volatility

VSCAX vs. SMVSX - Volatility Comparison

Invesco Small Cap Value Fund (VSCAX) and Invesco Small Cap Value Fund Class R6 (SMVSX) have volatilities of 6.31% and 6.33%, 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

	VSCAX	SMVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	6.33%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	15.83%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	20.63%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	23.18%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.73%	27.05%	-0.32%

VSCAX vs. SMVSX - Expense Ratio Comparison

VSCAX has a 1.12% expense ratio, which is higher than SMVSX's 0.72% expense ratio.

Dividends

VSCAX vs. SMVSX - Dividend Comparison

VSCAX's dividend yield for the trailing twelve months is around 7.02%, more than SMVSX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMVSX Invesco Small Cap Value Fund Class R6	6.50%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%	0.00%	0.00%
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 SMVSX in my portfolio?

With a correlation of 1.00, VSCAX and SMVSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VSCAX or SMVSX?

SMVSX has higher volatility (6.33%) compared to VSCAX (6.31%). In terms of maximum drawdown, VSCAX dropped -57.77% vs SMVSX's -57.41%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.22 vs 3.19), 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.