VVOAX vs. AFRAX

Last updated Aug 1, 2026

VVOAX (Invesco Value Opportunities Fund) and AFRAX (Invesco Floating Rate ESG Fund) are both mutual funds - VVOAX is a Mid Cap Value Equities fund managed by Invesco, while AFRAX is a Bank Loan fund managed by Invesco. Over the past 10 years, VVOAX returned 15.48%/yr vs 4.34%/yr for AFRAX. Their 0.16 correlation means their historical movements had little consistent relationship. VVOAX charges 1.22%/yr vs 1.04%/yr for AFRAX.

Performance

VVOAX vs. AFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Opportunities Fund (VVOAX) 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, VVOAX achieves a 14.48% return, which is significantly higher than AFRAX's 0.73% return. Over the past 10 years, VVOAX has outperformed AFRAX with an annualized return of 15.48%, while AFRAX has yielded a comparatively lower 4.34% annualized return.

VVOAX

• 1D: 2.06%
• 1M: -4.29%
• 6M: 7.37%
• YTD: 14.48%
• 1Y: 35.01%
• 3Y*: 23.74%
• 5Y*: 17.90%
• 10Y*: 15.48%
• ALL TIME*: 8.61%

AFRAX

• 1D: 0.16%
• 1M: 0.00%
• 6M: 1.06%
• YTD: 0.73%
• 1Y: 2.11%
• 3Y*: 5.20%
• 5Y*: 4.41%
• 10Y*: 4.34%
• ALL TIME*: 2.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AFRAX Invesco Floating Rate ESG Fund	$0.00	$0.00	$0.00
VVOAX Invesco Value Opportunities Fund	$0.00	$0.00	$0.00

VVOAX vs. AFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVOAX Invesco Value Opportunities Fund	14.48%	20.24%	30.01%	15.20%	1.33%	35.60%	5.49%	29.84%	-19.92%	17.07%
AFRAX Invesco Floating Rate ESG Fund	0.73%	4.57%	6.80%	10.86%	-2.26%	6.24%	1.53%	7.25%	-0.19%	3.99%

Correlation

The correlation between VVOAX and AFRAX is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.22
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Jun 27, 2001	0.16

The correlation between VVOAX and AFRAX shifts across timeframes, from 0.03 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VVOAX vs. AFRAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VVOAX

VVOAX Risk / Return Rank: 74
VVOAX Sharpe Ratio Rank: 70
VVOAX Sortino Ratio Rank: 64
VVOAX Omega Ratio Rank: 64
VVOAX Calmar Ratio Rank: 88
VVOAX Martin Ratio Rank: 83

AFRAX

AFRAX Risk / Return Rank: 61
AFRAX Sharpe Ratio Rank: 36
AFRAX Sortino Ratio Rank: 75
AFRAX Omega Ratio Rank: 80
AFRAX Calmar Ratio Rank: 68
AFRAX Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VVOAX vs. AFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Opportunities Fund (VVOAX) 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.

	VVOAX	AFRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.10	+0.50
Sortino ratio: Return per unit of downside risk	2.17	2.55	-0.37
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	3.15	2.21	+0.93
Martin ratio: Return relative to average drawdown	10.09	6.36	+3.73

VVOAX vs. AFRAX - Sharpe Ratio Comparison

The current VVOAX Sharpe Ratio is 1.61, which is higher than the AFRAX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of VVOAX 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

VVOAX vs. AFRAX - Drawdown Comparison

The maximum VVOAX drawdown since its inception was -62.08%, which is greater than AFRAX's maximum drawdown of -37.60%. Use the drawdown chart below to compare losses from any high point for VVOAX and AFRAX.

Drawdown Indicators

	VVOAX	AFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-37.60%	-24.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-1.41%	-8.81%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-2.62%	-21.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-6.29%	-17.76%
Max Drawdown (10Y) Largest decline over 10 years	-51.80%	-18.91%	-32.89%
Current Drawdown Current decline from peak	-8.38%	-0.16%	-8.22%
Average Drawdown Average peak-to-trough decline	-11.68%	-4.37%	-7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	0.49%	+2.70%

Volatility

VVOAX vs. AFRAX - Volatility Comparison

Invesco Value Opportunities Fund (VVOAX) has a higher volatility of 5.79% compared to Invesco Floating Rate ESG Fund (AFRAX) at 0.40%. This indicates that VVOAX'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

	VVOAX	AFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	0.40%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	15.89%	2.05%	+13.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.05%	2.83%	+17.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	3.24%	+18.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.12%	3.73%	+20.39%

VVOAX vs. AFRAX - Expense Ratio Comparison

VVOAX has a 1.22% expense ratio, which is higher than AFRAX's 1.04% expense ratio.

Dividends

VVOAX vs. AFRAX - Dividend Comparison

VVOAX's dividend yield for the trailing twelve months is around 9.11%, more than AFRAX's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFRAX Invesco Floating Rate ESG Fund	7.04%	8.06%	8.39%	7.85%	7.03%	3.84%	4.13%	5.52%	4.59%	4.04%	4.01%	5.23%
VVOAX Invesco Value Opportunities Fund	9.11%	10.43%	7.79%	2.27%	9.79%	8.82%	0.25%	1.95%	15.44%	5.11%	1.10%	15.87%

Frequently Asked Questions

Can I hold both VVOAX and AFRAX in my portfolio?

VVOAX and AFRAX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VVOAX or AFRAX?

VVOAX has higher volatility (5.79%) compared to AFRAX (0.40%). In terms of maximum drawdown, VVOAX dropped -62.08% vs AFRAX's -37.60%.

Which has better risk-adjusted returns?

VVOAX currently has the higher Sharpe Ratio (1.61 vs 1.10), 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.