CSGIX vs. VFSAX

Last updated Jun 5, 2026

CSGIX (Calamos International Small Cap Growth Fund) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, CSGIX returned 24.42%/yr vs 16.76%/yr for VFSAX. Their correlation of 0.87 suggests significant overlap in exposure. CSGIX charges 2.67%/yr vs 0.16%/yr for VFSAX.

Performance

CSGIX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos International Small Cap Growth Fund (CSGIX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSGIX achieves a 34.81% return, which is significantly higher than VFSAX's 10.71% return.

CSGIX

• 1D: -0.65%
• 1M: 4.53%
• YTD: 34.81%
• 6M: 37.82%
• 1Y: 34.34%
• 3Y*: 24.42%
• 5Y*: —
• 10Y*: —

VFSAX

• 1D: -0.91%
• 1M: -0.05%
• YTD: 10.71%
• 6M: 13.39%
• 1Y: 26.48%
• 3Y*: 16.76%
• 5Y*: 5.77%
• 10Y*: —

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

CSGIX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CSGIX Calamos International Small Cap Growth Fund	34.81%	15.11%	10.21%	13.62%	-20.14%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	10.71%	29.89%	2.58%	15.13%	-15.06%

Correlation

The correlation between CSGIX and VFSAX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 1, 2022	0.87

The correlation between CSGIX and VFSAX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

CSGIX vs. VFSAX — Risk / Return Rank

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

CSGIX

CSGIX Risk / Return Rank: 40
CSGIX Sharpe Ratio Rank: 42
CSGIX Sortino Ratio Rank: 39
CSGIX Omega Ratio Rank: 41
CSGIX Calmar Ratio Rank: 49
CSGIX Martin Ratio Rank: 32

VFSAX

VFSAX Risk / Return Rank: 45
VFSAX Sharpe Ratio Rank: 49
VFSAX Sortino Ratio Rank: 44
VFSAX Omega Ratio Rank: 48
VFSAX Calmar Ratio Rank: 40
VFSAX Martin Ratio Rank: 44

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.

CSGIX vs. VFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos International Small Cap Growth Fund (CSGIX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). 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.

	CSGIX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.05	-0.21
Sortino ratio: Return per unit of downside risk	2.53	2.81	-0.28
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.63	2.39	+0.23
Martin ratio: Return relative to average drawdown	7.00	9.20	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSGIX vs. VFSAX - Sharpe Ratio Comparison

The current CSGIX Sharpe Ratio is 1.84, which is comparable to the VFSAX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of CSGIX and VFSAX, 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

	CSGIX	VFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.05	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.55	+0.09

Drawdowns

CSGIX vs. VFSAX - Drawdown Comparison

The maximum CSGIX drawdown since its inception was -26.50%, smaller than the maximum VFSAX drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for CSGIX and VFSAX.

Drawdown Indicators

	CSGIX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.50%	-39.86%	+13.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-11.48%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-14.73%	-5.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.81%	—
Current Drawdown Current decline from peak	-2.69%	-1.98%	-0.71%
Average Drawdown Average peak-to-trough decline	-10.25%	-9.25%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	2.98%	+2.14%

Volatility

CSGIX vs. VFSAX - Volatility Comparison

Calamos International Small Cap Growth Fund (CSGIX) has a higher volatility of 7.96% compared to Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) at 4.42%. This indicates that CSGIX's price experiences larger fluctuations and is considered to be riskier than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSGIX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	4.42%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	11.21%	+5.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	13.40%	+6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	15.04%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	17.03%	+0.63%

CSGIX vs. VFSAX - Expense Ratio Comparison

CSGIX has a 2.67% expense ratio, which is higher than VFSAX's 0.16% expense ratio.

Dividends

CSGIX vs. VFSAX - Dividend Comparison

CSGIX's dividend yield for the trailing twelve months is around 0.91%, less than VFSAX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CSGIX Calamos International Small Cap Growth Fund	0.91%	1.22%	0.00%	0.00%	0.71%	0.00%	0.00%	0.00%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	2.99%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%

Frequently Asked Questions

Can I hold both CSGIX and VFSAX in my portfolio?

CSGIX and VFSAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSGIX or VFSAX?

CSGIX has higher volatility (7.96%) compared to VFSAX (4.42%). In terms of maximum drawdown, CSGIX dropped -26.50% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (2.05 vs 1.84), 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.