BISAX vs. BISMX
BISAX (Brandes International Small Cap Equity Fund) and BISMX (Brandes International Small Cap Equity Fund Class I) are both Foreign Small & Mid Cap Equities funds from Brandes. Over the past 10 years, BISAX returned 11.60%/yr vs 11.83%/yr for BISMX. Their 1.00 correlation means they have historically moved very closely together. BISAX charges 1.36%/yr vs 1.11%/yr for BISMX.
Performance
BISAX vs. BISMX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BISAX having a 7.90% return and BISMX slightly higher at 8.01%. Both investments have delivered pretty close results over the past 10 years, with BISAX having a 11.60% annualized return and BISMX not far ahead at 11.83%.
BISAX
- 1D
- 1.47%
- 1M
- 7.60%
- 6M
- 3.33%
- YTD
- 7.90%
- 1Y
- 14.05%
- 3Y*
- 28.43%
- 5Y*
- 19.03%
- 10Y*
- 11.60%
- ALL TIME*
- 11.22%
BISMX
- 1D
- 1.46%
- 1M
- 7.65%
- 6M
- 3.43%
- YTD
- 8.01%
- 1Y
- 14.32%
- 3Y*
- 28.68%
- 5Y*
- 19.29%
- 10Y*
- 11.83%
- ALL TIME*
- 11.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BISAX vs. BISMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BISAX Brandes International Small Cap Equity Fund | 7.90% | 45.50% | 23.18% | 39.03% | -8.68% | 18.39% | 4.62% | 6.80% | -20.13% | 11.52% |
BISMX Brandes International Small Cap Equity Fund Class I | 8.01% | 45.81% | 23.44% | 39.27% | -8.48% | 18.58% | 4.85% | 7.16% | -20.04% | 11.79% |
Correlation
The correlation between BISAX and BISMX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012 | 1.00 |
The correlation between BISAX and BISMX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
BISAX vs. BISMX — Risk / Return Rank
BISAX
BISMX
BISAX vs. BISMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brandes International Small Cap Equity Fund (BISAX) and Brandes International Small Cap Equity Fund Class I (BISMX). 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.
| BISAX | BISMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 1.22 | -0.02 |
| Martin ratioReturn relative to average drawdown | 2.77 | 2.83 | -0.06 |
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Drawdowns
BISAX vs. BISMX - Drawdown Comparison
The maximum BISAX drawdown since its inception was -47.30%, roughly equal to the maximum BISMX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for BISAX and BISMX.
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Drawdown Indicators
| BISAX | BISMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.30% | -47.07% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.63% | -11.61% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -11.61% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -31.44% | -31.26% | -0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -47.30% | -47.07% | -0.23% |
Current DrawdownCurrent decline from peak | -1.00% | -0.91% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -8.04% | -7.93% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.03% | 5.00% | +0.03% |
Volatility
BISAX vs. BISMX - Volatility Comparison
Brandes International Small Cap Equity Fund (BISAX) and Brandes International Small Cap Equity Fund Class I (BISMX) have volatilities of 3.44% and 3.39%, 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.
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Volatility by Period
| BISAX | BISMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 3.39% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.76% | 10.76% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 12.86% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.89% | 13.88% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.13% | 14.10% | +0.03% |
BISAX vs. BISMX - Expense Ratio Comparison
BISAX has a 1.36% expense ratio, which is higher than BISMX's 1.11% expense ratio.
Dividends
BISAX vs. BISMX - Dividend Comparison
BISAX's dividend yield for the trailing twelve months is around 3.41%, less than BISMX's 3.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BISAX Brandes International Small Cap Equity Fund | 3.41% | 3.23% | 3.06% | 2.81% | 3.87% | 3.46% | 0.81% | 0.66% | 3.88% | 8.33% | 4.00% | 3.44% |
BISMX Brandes International Small Cap Equity Fund Class I | 3.52% | 3.34% | 3.22% | 2.93% | 4.16% | 3.45% | 0.92% | 0.82% | 4.10% | 8.51% | 4.16% | 3.65% |
Frequently Asked Questions
With a correlation of 1.00, BISAX and BISMX 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.
BISAX has higher volatility (3.44%) compared to BISMX (3.39%). In terms of maximum drawdown, BISAX dropped -47.30% vs BISMX's -47.07%.
BISMX currently has the higher Sharpe Ratio (1.10 vs 1.09), 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.
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