CVISX vs. HIISX

Last updated Aug 1, 2026

CVISX (Causeway International Small Cap Fund) and HIISX (Harbor International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, CVISX returned 14.01%/yr vs 7.06%/yr for HIISX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. CVISX charges 1.35%/yr vs 1.32%/yr for HIISX.

Performance

CVISX vs. HIISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Small Cap Fund (CVISX) and Harbor International Small Cap Fund (HIISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CVISX having a 16.21% return and HIISX slightly higher at 16.65%.

CVISX

• 1D: 2.53%
• 1M: 4.63%
• 6M: 7.27%
• YTD: 16.21%
• 1Y: 28.48%
• 3Y*: 20.90%
• 5Y*: 14.01%
• 10Y*: 11.28%
• ALL TIME*: 10.61%

HIISX

• 1D: 1.97%
• 1M: 3.60%
• 6M: 12.04%
• YTD: 16.65%
• 1Y: 21.39%
• 3Y*: 13.12%
• 5Y*: 7.06%
• 10Y*: —
• ALL TIME*: 9.58%

*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)
CVISX Causeway International Small Cap Fund	$0.00	$0.00	$0.00
HIISX Harbor International Small Cap Fund	$0.00	$0.00	$0.00

CVISX vs. HIISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVISX Causeway International Small Cap Fund	16.21%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	18.55%	-21.34%	34.52%
HIISX Harbor International Small Cap Fund	16.65%	24.37%	-1.12%	8.90%	-8.70%	16.70%	7.75%	21.61%	-19.71%	37.11%

Correlation

The correlation between CVISX and HIISX is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.80

The correlation between CVISX and HIISX has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

Return for Risk

CVISX vs. HIISX — Risk / Return Rank

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

CVISX

CVISX Risk / Return Rank: 75
CVISX Sharpe Ratio Rank: 79
CVISX Sortino Ratio Rank: 75
CVISX Omega Ratio Rank: 75
CVISX Calmar Ratio Rank: 80
CVISX Martin Ratio Rank: 69

HIISX

HIISX Risk / Return Rank: 57
HIISX Sharpe Ratio Rank: 63
HIISX Sortino Ratio Rank: 66
HIISX Omega Ratio Rank: 61
HIISX Calmar Ratio Rank: 52
HIISX Martin Ratio Rank: 42

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.

CVISX vs. HIISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Small Cap Fund (CVISX) and Harbor International Small Cap Fund (HIISX). 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.

	CVISX	HIISX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.56	+0.29
Sortino ratio: Return per unit of downside risk	2.55	2.30	+0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.61	1.95	+0.67
Martin ratio: Return relative to average drawdown	8.47	6.24	+2.23

CVISX vs. HIISX - Sharpe Ratio Comparison

The current CVISX Sharpe Ratio is 1.85, which is comparable to the HIISX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CVISX and HIISX, 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

CVISX vs. HIISX - Drawdown Comparison

The maximum CVISX drawdown since its inception was -48.50%, which is greater than HIISX's maximum drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for CVISX and HIISX.

Drawdown Indicators

	CVISX	HIISX	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-42.19%	-6.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-10.93%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-15.17%	-13.19%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-26.11%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	—	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-8.81%	-8.71%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.40%	-0.09%

Volatility

CVISX vs. HIISX - Volatility Comparison

Causeway International Small Cap Fund (CVISX) has a higher volatility of 5.01% compared to Harbor International Small Cap Fund (HIISX) at 3.75%. This indicates that CVISX's price experiences larger fluctuations and is considered to be riskier than HIISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVISX	HIISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	3.75%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	10.89%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	13.70%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	15.61%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	16.21%	+0.54%

CVISX vs. HIISX - Expense Ratio Comparison

CVISX has a 1.35% expense ratio, which is higher than HIISX's 1.32% expense ratio.

Dividends

CVISX vs. HIISX - Dividend Comparison

CVISX's dividend yield for the trailing twelve months is around 14.25%, more than HIISX's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	14.25%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
HIISX Harbor International Small Cap Fund	7.64%	8.91%	4.71%	1.84%	2.22%	6.97%	0.93%	2.35%	3.78%	0.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVISX and HIISX in my portfolio?

CVISX and HIISX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVISX or HIISX?

CVISX has higher volatility (5.01%) compared to HIISX (3.75%). In terms of maximum drawdown, CVISX dropped -48.50% vs HIISX's -42.19%.

Which has better risk-adjusted returns?

CVISX currently has the higher Sharpe Ratio (1.85 vs 1.56), 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.