BISMX vs. AQGIX

Last updated Jun 6, 2026

BISMX (Brandes International Small Cap Equity Fund Class I) and AQGIX (AQR Global Equity Fund) are both mutual funds - BISMX is a Foreign Small & Mid Cap Equities fund actively managed by Brandes, while AQGIX is a Global Equities fund managed by AQR Funds. Over the past 10 years, BISMX returned 10.78%/yr vs 13.41%/yr for AQGIX. A 0.74 correlation means they provide meaningful diversification when combined. BISMX charges 1.11%/yr vs 0.80%/yr for AQGIX.

Performance

BISMX vs. AQGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes International Small Cap Equity Fund Class I (BISMX) and AQR Global Equity Fund (AQGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BISMX achieves a 0.27% return, which is significantly lower than AQGIX's 13.27% return. Over the past 10 years, BISMX has underperformed AQGIX with an annualized return of 10.78%, while AQGIX has yielded a comparatively higher 13.41% annualized return.

BISMX

• 1D: 0.38%
• 1M: -3.77%
• YTD: 0.27%
• 6M: 2.10%
• 1Y: 13.00%
• 3Y*: 29.16%
• 5Y*: 17.00%
• 10Y*: 10.78%

AQGIX

• 1D: 0.29%
• 1M: 3.98%
• YTD: 13.27%
• 6M: 14.55%
• 1Y: 33.37%
• 3Y*: 28.33%
• 5Y*: 15.37%
• 10Y*: 13.41%

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

BISMX vs. AQGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BISMX Brandes International Small Cap Equity Fund Class I	0.27%	45.81%	23.44%	39.27%	-8.48%	18.58%	4.85%	7.16%	-20.04%	11.79%
AQGIX AQR Global Equity Fund	13.27%	31.64%	24.56%	22.92%	-14.14%	18.32%	9.33%	22.55%	-14.50%	25.44%

Correlation

The correlation between BISMX and AQGIX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 6, 2012	0.74

The correlation between BISMX and AQGIX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

BISMX vs. AQGIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BISMX

BISMX Risk / Return Rank: 16
BISMX Sharpe Ratio Rank: 17
BISMX Sortino Ratio Rank: 18
BISMX Omega Ratio Rank: 16
BISMX Calmar Ratio Rank: 14
BISMX Martin Ratio Rank: 13

AQGIX

AQGIX Risk / Return Rank: 77
AQGIX Sharpe Ratio Rank: 78
AQGIX Sortino Ratio Rank: 74
AQGIX Omega Ratio Rank: 68
AQGIX Calmar Ratio Rank: 78
AQGIX Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BISMX vs. AQGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes International Small Cap Equity Fund Class I (BISMX) and AQR Global Equity Fund (AQGIX). 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.

	BISMX	AQGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.51	-1.41
Sortino ratio: Return per unit of downside risk	1.68	3.50	-1.82
Omega ratio: Gain probability vs. loss probability	1.20	1.44	-0.24
Calmar ratio: Return relative to maximum drawdown	1.17	3.39	-2.22
Martin ratio: Return relative to average drawdown	3.44	15.57	-12.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BISMX vs. AQGIX - Sharpe Ratio Comparison

The current BISMX Sharpe Ratio is 1.10, which is lower than the AQGIX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of BISMX and AQGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BISMX	AQGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	2.51	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.85	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.75	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.63	+0.21

Drawdowns

BISMX vs. AQGIX - Drawdown Comparison

The maximum BISMX drawdown since its inception was -47.07%, which is greater than AQGIX's maximum drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for BISMX and AQGIX.

Drawdown Indicators

	BISMX	AQGIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.07%	-35.47%	-11.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.61%	-9.88%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	-18.50%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-31.26%	-29.62%	-1.64%
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	-35.47%	-11.60%
Current Drawdown Current decline from peak	-8.01%	-0.58%	-7.43%
Average Drawdown Average peak-to-trough decline	-7.93%	-6.55%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	2.15%	+1.80%

Volatility

BISMX vs. AQGIX - Volatility Comparison

Brandes International Small Cap Equity Fund Class I (BISMX) and AQR Global Equity Fund (AQGIX) have volatilities of 3.26% and 3.41%, 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.

Volatility by Period

	BISMX	AQGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	3.41%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	10.25%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	13.34%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	18.24%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	17.95%	-3.70%

BISMX vs. AQGIX - Expense Ratio Comparison

BISMX has a 1.11% expense ratio, which is higher than AQGIX's 0.80% expense ratio.

Dividends

BISMX vs. AQGIX - Dividend Comparison

BISMX's dividend yield for the trailing twelve months is around 3.33%, less than AQGIX's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQGIX AQR Global Equity Fund	11.64%	13.18%	13.59%	5.97%	4.39%	12.17%	1.16%	1.41%	4.72%	5.05%	10.34%	0.09%
BISMX Brandes International Small Cap Equity Fund Class I	3.33%	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

Can I hold both BISMX and AQGIX in my portfolio?

BISMX and AQGIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BISMX or AQGIX?

AQGIX has higher volatility (3.41%) compared to BISMX (3.26%). In terms of maximum drawdown, BISMX dropped -47.07% vs AQGIX's -35.47%.

Which has better risk-adjusted returns?

AQGIX currently has the higher Sharpe Ratio (2.51 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.