Having trouble finding a Mutual Fund Equity Report fund? Invesco Equally-Weighted S&P 500 A (VADAX Quick QuoteVADAX - Free Report) is a possible starting point. VADAX bears a Zacks Mutual Fund Rank of 3 (Hold), which is based on various forecasting factors like size, cost, and past performance.

History of Fund/Manager

Invesco is responsible for VADAX, and the company is based out of Kansas City, MO. Since Invesco Equally-Weighted S&P 500 A made its debut in July of 1997, VADAX has garnered more than $2.76 billion in assets. The fund's current manager is a team of investment professionals.

Performance

Investors naturally seek funds with strong performance. This fund in particular has delivered a 5-year annualized total return of 8.78%, and it sits in the middle third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 21.46%, which places it in the top third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. The standard deviation of VADAX over the past three years is 19.58% compared to the category average of 17.9%. The standard deviation of the fund over the past 5 years is 20.31% compared to the category average of 15.85%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

The fund has a 5-year beta of 1.04, so investors should note that it is hypothetically more volatile than the market at large. Because alpha represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. VADAX's 5-year performance has produced a negative alpha of -2.31, which means managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Holdings

Investigating the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is principally on equities that are traded in the United States.

Currently, this mutual fund is holding 96.24% stock in stocks, which have an average market capitalization of $63.63 billion. The fund has the heaviest exposure to the following market sectors:

• Finance
• Technology
• Industrial Cyclical
• Non-Durable

Expenses

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, VADAX is a load fund. It has an expense ratio of 0.53% compared to the category average of 0.91%. VADAX is actually cheaper than its peers when you consider factors like cost.

Investors need to be aware that with this product, the minimum initial investment is $1,000; each subsequent investment needs to be at least $50.

Bottom Line

Overall, Invesco Equally-Weighted S&P 500 A ( VADAX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, Invesco Equally-Weighted S&P 500 A ( VADAX ) looks like a somewhat average choice for investors right now.

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