CGVIX vs. CIVIX

Last updated Jun 24, 2026

CGVIX (Causeway Global Value Fund) and CIVIX (Causeway International Value Instl) are both mutual funds - CGVIX is a Global Equities fund managed by Causeway, while CIVIX is a Foreign Large Cap Equities fund tracking the MSCI AC World ex USA Value (Net). Over the past 10 years, CGVIX returned 12.72%/yr vs 11.21%/yr for CIVIX. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

CGVIX vs. CIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway Global Value Fund (CGVIX) and Causeway International Value Instl (CIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGVIX achieves a 5.46% return, which is significantly lower than CIVIX's 7.49% return. Over the past 10 years, CGVIX has outperformed CIVIX with an annualized return of 12.72%, while CIVIX has yielded a comparatively lower 11.21% annualized return.

CGVIX

• 1D: 0.12%
• 1M: 3.49%
• YTD: 5.46%
• 6M: 5.46%
• 1Y: 28.19%
• 3Y*: 21.05%
• 5Y*: 13.16%
• 10Y*: 12.72%

CIVIX

• 1D: 0.20%
• 1M: 3.02%
• YTD: 7.49%
• 6M: 8.13%
• 1Y: 27.44%
• 3Y*: 18.74%
• 5Y*: 12.71%
• 10Y*: 11.21%

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

CGVIX vs. CIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGVIX Causeway Global Value Fund	5.46%	34.03%	12.85%	29.80%	-12.06%	16.44%	7.39%	21.26%	-11.23%	20.22%
CIVIX Causeway International Value Instl	7.49%	39.13%	3.73%	27.29%	-6.77%	9.12%	5.41%	20.11%	-18.62%	27.20%

Correlation

The correlation between CGVIX and CIVIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 1, 2008	0.93

The correlation between CGVIX and CIVIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

CGVIX vs. CIVIX — Risk / Return Rank

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

CGVIX

CGVIX Risk / Return Rank: 39
CGVIX Sharpe Ratio Rank: 44
CGVIX Sortino Ratio Rank: 46
CGVIX Omega Ratio Rank: 43
CGVIX Calmar Ratio Rank: 30
CGVIX Martin Ratio Rank: 31

CIVIX

CIVIX Risk / Return Rank: 32
CIVIX Sharpe Ratio Rank: 36
CIVIX Sortino Ratio Rank: 36
CIVIX Omega Ratio Rank: 37
CIVIX Calmar Ratio Rank: 25
CIVIX Martin Ratio Rank: 26

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.

CGVIX vs. CIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Global Value Fund (CGVIX) and Causeway International Value Instl (CIVIX). 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.

	CGVIX	CIVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.61	+0.20
Sortino ratio: Return per unit of downside risk	2.63	2.32	+0.31
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	1.95	1.74	+0.21
Martin ratio: Return relative to average drawdown	6.60	5.65	+0.94

CGVIX vs. CIVIX - Sharpe Ratio Comparison

The current CGVIX Sharpe Ratio is 1.80, which is comparable to the CIVIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of CGVIX and CIVIX, 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

CGVIX vs. CIVIX - Drawdown Comparison

The maximum CGVIX drawdown since its inception was -62.29%, roughly equal to the maximum CIVIX drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for CGVIX and CIVIX.

Drawdown Indicators

	CGVIX	CIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.29%	-60.93%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-15.00%	-16.19%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-26.84%	-17.30%	-9.54%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-28.51%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-44.30%	-44.87%	+0.57%
Current Drawdown Current decline from peak	-1.54%	-2.17%	+0.63%
Average Drawdown Average peak-to-trough decline	-10.15%	-10.98%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	4.96%	-0.56%

Volatility

CGVIX vs. CIVIX - Volatility Comparison

Causeway Global Value Fund (CGVIX) and Causeway International Value Instl (CIVIX) have volatilities of 5.33% and 5.34%, 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

	CGVIX	CIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.33%	5.34%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	14.95%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.24%	17.55%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	18.26%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	19.41%	+2.65%

CGVIX vs. CIVIX - Expense Ratio Comparison

Both CGVIX and CIVIX have an expense ratio of 0.85%.

Dividends

CGVIX vs. CIVIX - Dividend Comparison

CGVIX's dividend yield for the trailing twelve months is around 9.35%, more than CIVIX's 9.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGVIX Causeway Global Value Fund	9.35%	9.86%	24.61%	2.36%	0.88%	3.30%	1.36%	4.77%	18.28%	8.49%	1.37%	3.26%
CIVIX Causeway International Value Instl	9.04%	9.72%	9.25%	3.61%	1.78%	1.82%	1.37%	4.63%	3.55%	1.83%	1.96%	1.95%

Frequently Asked Questions

Can I hold both CGVIX and CIVIX in my portfolio?

With a correlation of 0.90, CGVIX and CIVIX 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.

Which is riskier, CGVIX or CIVIX?

CIVIX has higher volatility (5.34%) compared to CGVIX (5.33%). In terms of maximum drawdown, CGVIX dropped -62.29% vs CIVIX's -60.93%.

Which has better risk-adjusted returns?

CGVIX currently has the higher Sharpe Ratio (1.80 vs 1.61), 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.