BISMX vs. BSMC

Last updated Aug 5, 2026

BISMX (Brandes International Small Cap Equity Fund Class I) and BSMC (Brandes U.S. Small-Mid Cap Value ETF) are both funds - BISMX is a Foreign Small & Mid Cap Equities fund actively managed by Brandes, while BSMC is a Small Cap Value Equities fund actively managed by Brandes. Both are actively managed. Over the past year, BISMX returned 13.57% vs 33.07% for BSMC. Their 0.60 correlation means they have sometimes moved together and sometimes differently. BISMX charges 1.11%/yr vs 0.70%/yr for BSMC.

Performance

BISMX vs. BSMC - 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 Brandes U.S. Small-Mid Cap Value ETF (BSMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BISMX achieves a 7.89% return, which is significantly lower than BSMC's 19.60% return.

BISMX

• 1D: 0.69%
• 1M: 7.53%
• 6M: 2.61%
• YTD: 7.89%
• 1Y: 13.57%
• 3Y*: 28.49%
• 5Y*: 19.20%
• 10Y*: 11.76%
• ALL TIME*: 11.46%

BSMC

• 1D: 1.71%
• 1M: 4.85%
• 6M: 12.24%
• YTD: 19.60%
• 1Y: 33.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.63%

*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)
BISMX Brandes International Small Cap Equity Fund Class I	$0.00	$0.00	$0.00
BSMC Brandes U.S. Small-Mid Cap Value ETF	$462.15K	$477.25K	$450.83K

BISMX vs. BSMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BISMX Brandes International Small Cap Equity Fund Class I	7.89%	45.81%	23.44%	17.37%
BSMC Brandes U.S. Small-Mid Cap Value ETF	19.60%	15.52%	10.21%	11.69%

Correlation

The correlation between BISMX and BSMC is 0.65, 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.	0.65
Correlation (All Time) Calculated using the full available price history since Oct 5, 2023	0.60

The correlation between BISMX and BSMC has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

BISMX vs. BSMC — Risk / Return Rank

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

BISMX

BISMX Risk / Return Rank: 26
BISMX Sharpe Ratio Rank: 30
BISMX Sortino Ratio Rank: 31
BISMX Omega Ratio Rank: 28
BISMX Calmar Ratio Rank: 24
BISMX Martin Ratio Rank: 19

BSMC

BSMC Risk / Return Rank: 87
BSMC Sharpe Ratio Rank: 88
BSMC Sortino Ratio Rank: 89
BSMC Omega Ratio Rank: 84
BSMC Calmar Ratio Rank: 86
BSMC Martin Ratio Rank: 86

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.

BISMX vs. BSMC - 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 Brandes U.S. Small-Mid Cap Value ETF (BSMC). 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.

	BISMX	BSMC	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.30	-1.20
Sortino ratio: Return per unit of downside risk	1.71	3.34	-1.63
Omega ratio: Gain probability vs. loss probability	1.20	1.40	-0.20
Calmar ratio: Return relative to maximum drawdown	1.23	3.68	-2.45
Martin ratio: Return relative to average drawdown	2.84	13.62	-10.77

BISMX vs. BSMC - Sharpe Ratio Comparison

The current BISMX Sharpe Ratio is 1.11, which is lower than the BSMC Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of BISMX and BSMC, 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

BISMX vs. BSMC - Drawdown Comparison

The maximum BISMX drawdown since its inception was -47.07%, which is greater than BSMC's maximum drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for BISMX and BSMC.

Drawdown Indicators

	BISMX	BSMC	Difference
Max Drawdown Largest peak-to-trough decline	-47.07%	-19.15%	-27.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.61%	-9.02%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	—	—
Current Drawdown Current decline from peak	-1.01%	0.00%	-1.01%
Average Drawdown Average peak-to-trough decline	-7.92%	-2.57%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	2.44%	+2.56%

Volatility

BISMX vs. BSMC - Volatility Comparison

The current volatility for Brandes International Small Cap Equity Fund Class I (BISMX) is 3.13%, while Brandes U.S. Small-Mid Cap Value ETF (BSMC) has a volatility of 4.39%. This indicates that BISMX experiences smaller price fluctuations and is considered to be less risky than BSMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BISMX	BSMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	4.39%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	10.57%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	14.51%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	15.98%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	15.98%	-1.87%

BISMX vs. BSMC - Expense Ratio Comparison

BISMX has a 1.11% expense ratio, which is higher than BSMC's 0.70% expense ratio.

Dividends

BISMX vs. BSMC - Dividend Comparison

BISMX's dividend yield for the trailing twelve months is around 3.52%, more than BSMC's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BSMC Brandes U.S. Small-Mid Cap Value ETF	0.88%	1.17%	1.02%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BISMX and BSMC in my portfolio?

BISMX and BSMC have a correlation of 0.65, 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 BSMC?

BSMC has higher volatility (4.39%) compared to BISMX (3.13%). In terms of maximum drawdown, BISMX dropped -47.07% vs BSMC's -19.15%.

Which has better risk-adjusted returns?

BSMC currently has the higher Sharpe Ratio (2.30 vs 1.11), 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.