VVOAX vs. AVMV

Last updated Aug 4, 2026

VVOAX (Invesco Value Opportunities Fund) and AVMV (Avantis U.S. Mid Cap Value ETF) are both Mid Cap Value Equities funds. Over the past year, VVOAX returned 35.61% vs 27.05% for AVMV. Their correlation of 0.83 means they have usually moved in the same direction. VVOAX charges 1.22%/yr vs 0.20%/yr for AVMV.

Performance

VVOAX vs. AVMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Value Opportunities Fund (VVOAX) and Avantis U.S. Mid Cap Value ETF (AVMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVOAX achieves a 14.99% return, which is significantly lower than AVMV's 16.25% return.

VVOAX

• 1D: 0.45%
• 1M: -3.86%
• 6M: 6.66%
• YTD: 14.99%
• 1Y: 35.61%
• 3Y*: 23.99%
• 5Y*: 18.01%
• 10Y*: 15.72%
• ALL TIME*: 8.63%

AVMV

• 1D: 1.16%
• 1M: 2.35%
• 6M: 10.22%
• YTD: 16.25%
• 1Y: 27.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.36%

*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)
AVMV Avantis U.S. Mid Cap Value ETF	$3.83M	$4.09M	$3.49M
VVOAX Invesco Value Opportunities Fund	$0.00	$0.00	$0.00

VVOAX vs. AVMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VVOAX Invesco Value Opportunities Fund	14.99%	20.24%	30.01%	14.33%
AVMV Avantis U.S. Mid Cap Value ETF	16.25%	10.46%	18.43%	14.13%

Correlation

The correlation between VVOAX and AVMV is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Nov 9, 2023	0.83

The correlation between VVOAX and AVMV has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

VVOAX vs. AVMV — Risk / Return Rank

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

VVOAX

VVOAX Risk / Return Rank: 70
VVOAX Sharpe Ratio Rank: 67
VVOAX Sortino Ratio Rank: 58
VVOAX Omega Ratio Rank: 57
VVOAX Calmar Ratio Rank: 88
VVOAX Martin Ratio Rank: 81

AVMV

AVMV Risk / Return Rank: 85
AVMV Sharpe Ratio Rank: 84
AVMV Sortino Ratio Rank: 86
AVMV Omega Ratio Rank: 83
AVMV Calmar Ratio Rank: 87
AVMV Martin Ratio Rank: 84

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. AVMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Value Opportunities Fund (VVOAX) and Avantis U.S. Mid Cap Value ETF (AVMV). 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	AVMV	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.01	-0.35
Sortino ratio: Return per unit of downside risk	2.23	2.95	-0.72
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	3.25	3.56	-0.31
Martin ratio: Return relative to average drawdown	10.31	12.00	-1.69

VVOAX vs. AVMV - Sharpe Ratio Comparison

The current VVOAX Sharpe Ratio is 1.66, which is comparable to the AVMV Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of VVOAX and AVMV, 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. AVMV - Drawdown Comparison

The maximum VVOAX drawdown since its inception was -62.08%, which is greater than AVMV's maximum drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for VVOAX and AVMV.

Drawdown Indicators

	VVOAX	AVMV	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-24.24%	-37.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-7.63%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.80%	—	—
Current Drawdown Current decline from peak	-7.97%	0.00%	-7.97%
Average Drawdown Average peak-to-trough decline	-11.68%	-3.70%	-7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.26%	+0.96%

Volatility

VVOAX vs. AVMV - Volatility Comparison

Invesco Value Opportunities Fund (VVOAX) has a higher volatility of 5.65% compared to Avantis U.S. Mid Cap Value ETF (AVMV) at 2.62%. This indicates that VVOAX's price experiences larger fluctuations and is considered to be riskier than AVMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVOAX	AVMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	2.62%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	9.20%	+6.70%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	13.52%	+6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	17.64%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.12%	17.64%	+6.48%

VVOAX vs. AVMV - Expense Ratio Comparison

VVOAX has a 1.22% expense ratio, which is higher than AVMV's 0.20% expense ratio.

Dividends

VVOAX vs. AVMV - Dividend Comparison

VVOAX's dividend yield for the trailing twelve months is around 9.07%, more than AVMV's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVMV Avantis U.S. Mid Cap Value ETF	1.02%	1.20%	1.30%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VVOAX Invesco Value Opportunities Fund	9.07%	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 AVMV in my portfolio?

VVOAX and AVMV have a correlation of 0.74, 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 AVMV?

VVOAX has higher volatility (5.65%) compared to AVMV (2.62%). In terms of maximum drawdown, VVOAX dropped -62.08% vs AVMV's -24.24%.

Which has better risk-adjusted returns?

AVMV currently has the higher Sharpe Ratio (2.01 vs 1.66), 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.