VSCAX vs. SPY
Compare and contrast key facts about Invesco Small Cap Value Fund (VSCAX) and State Street SPDR S&P 500 ETF (SPY).
VSCAX is managed by Invesco. It was launched on Jun 21, 1999. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
VSCAX vs. SPY - Performance Comparison
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VSCAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSCAX Invesco Small Cap Value Fund | 6.56% | 17.70% | 24.54% | 22.84% | 4.31% | 36.34% | 10.81% | 32.02% | -25.64% | 18.17% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, VSCAX achieves a 6.56% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, VSCAX has outperformed SPY with an annualized return of 15.32%, while SPY has yielded a comparatively lower 13.98% annualized return.
VSCAX
- 1D
- -1.86%
- 1M
- -10.13%
- YTD
- 6.56%
- 6M
- 13.85%
- 1Y
- 33.30%
- 3Y*
- 24.38%
- 5Y*
- 17.26%
- 10Y*
- 15.32%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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VSCAX vs. SPY - Expense Ratio Comparison
VSCAX has a 1.12% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
VSCAX vs. SPY — Risk / Return Rank
VSCAX
SPY
VSCAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Value Fund (VSCAX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.28 | 0.93 | +0.35 |
Sortino ratioReturn per unit of downside risk | 1.79 | 1.45 | +0.33 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.22 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.64 | 1.53 | +0.12 |
Martin ratioReturn relative to average drawdown | 6.36 | 7.30 | -0.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VSCAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 0.93 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.69 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.78 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.56 | -0.05 |
Correlation
The correlation between VSCAX and SPY is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VSCAX vs. SPY - Dividend Comparison
VSCAX's dividend yield for the trailing twelve months is around 8.65%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSCAX Invesco Small Cap Value Fund | 8.65% | 9.22% | 7.90% | 4.93% | 10.12% | 16.90% | 0.30% | 2.53% | 28.45% | 16.65% | 1.71% | 11.08% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
VSCAX vs. SPY - Drawdown Comparison
The maximum VSCAX drawdown since its inception was -57.77%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VSCAX and SPY.
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Drawdown Indicators
| VSCAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.77% | -55.19% | -2.58% |
Max Drawdown (1Y)Largest decline over 1 year | -16.56% | -12.05% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | -25.29% | -24.50% | -0.79% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -33.72% | -24.05% |
Current DrawdownCurrent decline from peak | -11.43% | -6.24% | -5.19% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -9.09% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.49% | 2.52% | +1.97% |
Volatility
VSCAX vs. SPY - Volatility Comparison
Invesco Small Cap Value Fund (VSCAX) has a higher volatility of 8.31% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that VSCAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSCAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.31% | 5.31% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 9.47% | +7.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.77% | 19.05% | +6.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.13% | 17.06% | +6.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.70% | 17.92% | +8.78% |