CUSIX vs. FESCX

Last updated Jun 3, 2026

CUSIX (Cullen Small Cap Value Fund) and FESCX (First Eagle Small Cap Opportunity Fund) are both Small Cap Value Equities funds. Over the past 3 years, CUSIX returned 6.31%/yr vs 18.08%/yr for FESCX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 1.00% expense ratio.

Performance

CUSIX vs. FESCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Small Cap Value Fund (CUSIX) and First Eagle Small Cap Opportunity Fund (FESCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CUSIX achieves a 3.71% return, which is significantly lower than FESCX's 23.60% return.

CUSIX

• 1D: 0.21%
• 1M: -0.35%
• YTD: 3.71%
• 6M: 2.62%
• 1Y: 15.72%
• 3Y*: 6.31%
• 5Y*: 1.98%
• 10Y*: 7.26%

FESCX

• 1D: 0.28%
• 1M: 1.99%
• YTD: 23.60%
• 6M: 25.52%
• 1Y: 50.55%
• 3Y*: 18.08%
• 5Y*: —
• 10Y*: —

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

CUSIX vs. FESCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CUSIX Cullen Small Cap Value Fund	3.71%	-1.21%	4.80%	5.77%	-0.75%	5.62%
FESCX First Eagle Small Cap Opportunity Fund	23.60%	13.33%	6.47%	16.75%	-14.05%	1.23%

Correlation

The correlation between CUSIX and FESCX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.88

The correlation between CUSIX and FESCX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

CUSIX vs. FESCX — Risk / Return Rank

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

CUSIX

CUSIX Risk / Return Rank: 7
CUSIX Sharpe Ratio Rank: 7
CUSIX Sortino Ratio Rank: 8
CUSIX Omega Ratio Rank: 8
CUSIX Calmar Ratio Rank: 7
CUSIX Martin Ratio Rank: 5

FESCX

FESCX Risk / Return Rank: 80
FESCX Sharpe Ratio Rank: 82
FESCX Sortino Ratio Rank: 76
FESCX Omega Ratio Rank: 63
FESCX Calmar Ratio Rank: 92
FESCX Martin Ratio Rank: 89

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.

CUSIX vs. FESCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Small Cap Value Fund (CUSIX) and First Eagle Small Cap Opportunity Fund (FESCX). 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.

	CUSIX	FESCX	Difference
Sharpe ratio Return per unit of total volatility	0.63	2.65	-2.02
Sortino ratio Return per unit of downside risk	1.07	3.64	-2.58
Omega ratio Gain probability vs. loss probability	1.12	1.44	-0.32
Calmar ratio Return relative to maximum drawdown	0.70	4.87	-4.16
Martin ratio Return relative to average drawdown	1.51	17.63	-16.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUSIX vs. FESCX - Sharpe Ratio Comparison

The current CUSIX Sharpe Ratio is 0.63, which is lower than the FESCX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CUSIX and FESCX, 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

	CUSIX	FESCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	2.65	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.39	-0.08

Drawdowns

CUSIX vs. FESCX - Drawdown Comparison

The maximum CUSIX drawdown since its inception was -45.46%, which is greater than FESCX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for CUSIX and FESCX.

Drawdown Indicators

	CUSIX	FESCX	Difference
Max Drawdown Largest peak-to-trough decline	-45.46%	-28.53%	-16.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.49%	-10.26%	-8.23%
Max Drawdown (3Y) Largest decline over 3 years	-31.76%	-28.53%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-31.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.46%	—	—
Current Drawdown Current decline from peak	-10.52%	-0.97%	-9.55%
Average Drawdown Average peak-to-trough decline	-8.53%	-8.85%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	2.83%	+5.78%

Volatility

CUSIX vs. FESCX - Volatility Comparison

Cullen Small Cap Value Fund (CUSIX) has a higher volatility of 6.86% compared to First Eagle Small Cap Opportunity Fund (FESCX) at 5.35%. This indicates that CUSIX's price experiences larger fluctuations and is considered to be riskier than FESCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUSIX	FESCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	5.35%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	13.47%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	19.26%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	22.65%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.04%	22.65%	+2.39%

CUSIX vs. FESCX - Expense Ratio Comparison

Both CUSIX and FESCX have an expense ratio of 1.00%.

Dividends

CUSIX vs. FESCX - Dividend Comparison

CUSIX's dividend yield for the trailing twelve months is around 1.04%, more than FESCX's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSIX Cullen Small Cap Value Fund	1.04%	1.06%	5.46%	1.71%	7.61%	11.67%	0.21%	3.01%	5.98%	19.35%	0.67%	2.63%
FESCX First Eagle Small Cap Opportunity Fund	0.84%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CUSIX and FESCX in my portfolio?

CUSIX and FESCX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CUSIX or FESCX?

CUSIX has higher volatility (6.86%) compared to FESCX (5.35%). In terms of maximum drawdown, CUSIX dropped -45.46% vs FESCX's -28.53%.

Which has better risk-adjusted returns?

FESCX currently has the higher Sharpe Ratio (2.65 vs 0.63), 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.