CVISX vs. OAKEX

Last updated Jun 4, 2026

CVISX (Causeway International Small Cap Fund) and OAKEX (Oakmark International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, CVISX returned 11.59%/yr vs 7.60%/yr for OAKEX. A 0.76 correlation means they provide meaningful diversification when combined. CVISX charges 1.35%/yr vs 1.34%/yr for OAKEX.

Performance

CVISX vs. OAKEX - Performance Comparison

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

Returns By Period

In the year-to-date period, CVISX achieves a 16.15% return, which is significantly higher than OAKEX's 0.55% return. Over the past 10 years, CVISX has outperformed OAKEX with an annualized return of 11.59%, while OAKEX has yielded a comparatively lower 7.60% annualized return.

CVISX

• 1D: -0.34%
• 1M: 2.35%
• YTD: 16.15%
• 6M: 19.77%
• 1Y: 33.51%
• 3Y*: 25.88%
• 5Y*: 13.80%
• 10Y*: 11.59%

OAKEX

• 1D: 0.32%
• 1M: 4.06%
• YTD: 0.55%
• 6M: 4.46%
• 1Y: 7.80%
• 3Y*: 11.20%
• 5Y*: 4.30%
• 10Y*: 7.60%

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

CVISX vs. OAKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVISX Causeway International Small Cap Fund	16.15%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	18.55%	-21.34%	34.52%
OAKEX Oakmark International Small Cap Fund	0.55%	29.51%	-3.00%	19.59%	-14.50%	17.90%	5.00%	31.91%	-23.71%	26.03%

Correlation

The correlation between CVISX and OAKEX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.76

The correlation between CVISX and OAKEX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

CVISX vs. OAKEX — Risk / Return Rank

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

CVISX

CVISX Risk / Return Rank: 60
CVISX Sharpe Ratio Rank: 66
CVISX Sortino Ratio Rank: 58
CVISX Omega Ratio Rank: 59
CVISX Calmar Ratio Rank: 64
CVISX Martin Ratio Rank: 54

OAKEX

OAKEX Risk / Return Rank: 5
OAKEX Sharpe Ratio Rank: 6
OAKEX Sortino Ratio Rank: 6
OAKEX Omega Ratio Rank: 6
OAKEX Calmar Ratio Rank: 5
OAKEX Martin Ratio Rank: 5

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.

CVISX vs. OAKEX - Risk-Adjusted Trends Comparison

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

	CVISX	OAKEX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	0.47	+1.91
Sortino ratio: Return per unit of downside risk	3.20	0.77	+2.43
Omega ratio: Gain probability vs. loss probability	1.43	1.09	+0.33
Calmar ratio: Return relative to maximum drawdown	3.10	0.41	+2.69
Martin ratio: Return relative to average drawdown	10.92	1.22	+9.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVISX vs. OAKEX - Sharpe Ratio Comparison

The current CVISX Sharpe Ratio is 2.38, which is higher than the OAKEX Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of CVISX and OAKEX, 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

	CVISX	OAKEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	0.47	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.24	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.41	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.43	+0.22

Drawdowns

CVISX vs. OAKEX - Drawdown Comparison

The maximum CVISX drawdown since its inception was -48.50%, smaller than the maximum OAKEX drawdown of -70.12%. Use the drawdown chart below to compare losses from any high point for CVISX and OAKEX.

Drawdown Indicators

	CVISX	OAKEX	Difference
Max Drawdown Largest peak-to-trough decline	-48.50%	-70.12%	+21.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-17.18%	+6.41%
Max Drawdown (3Y) Largest decline over 3 years	-15.17%	-17.18%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-38.40%	+13.20%
Max Drawdown (10Y) Largest decline over 10 years	-48.50%	-49.61%	+1.11%
Current Drawdown Current decline from peak	-0.45%	-4.63%	+4.18%
Average Drawdown Average peak-to-trough decline	-8.89%	-13.49%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	5.77%	-2.72%

Volatility

CVISX vs. OAKEX - Volatility Comparison

Causeway International Small Cap Fund (CVISX) and Oakmark International Small Cap Fund (OAKEX) have volatilities of 3.46% and 3.46%, 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

	CVISX	OAKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.46%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	11.30%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	14.83%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	17.69%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	18.65%	-1.83%

CVISX vs. OAKEX - Expense Ratio Comparison

CVISX has a 1.35% expense ratio, which is higher than OAKEX's 1.34% expense ratio.

Dividends

CVISX vs. OAKEX - Dividend Comparison

CVISX's dividend yield for the trailing twelve months is around 14.26%, more than OAKEX's 5.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	14.26%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
OAKEX Oakmark International Small Cap Fund	5.22%	5.24%	6.38%	1.83%	1.89%	0.61%	1.87%	0.21%	8.93%	3.64%	3.09%	5.06%

Frequently Asked Questions

Can I hold both CVISX and OAKEX in my portfolio?

CVISX and OAKEX have a correlation of 0.69, 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 OAKEX?

OAKEX has higher volatility (3.46%) compared to CVISX (3.46%). In terms of maximum drawdown, CVISX dropped -48.50% vs OAKEX's -70.12%.

Which has better risk-adjusted returns?

CVISX currently has the higher Sharpe Ratio (2.38 vs 0.47), 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.