GGSOX vs. GPIOX

Last updated Jun 23, 2026

GGSOX (Grandeur Peak Global Stalwarts Fund) and GPIOX (Grandeur Peak International Opportunities Fund) are both mutual funds - GGSOX is a Global Equities fund managed by Grandeur Peak Funds, while GPIOX is a Foreign Small & Mid Cap Equities fund managed by Grandeur Peak Funds. Over the past 10 years, GGSOX returned 7.39%/yr vs 6.07%/yr for GPIOX. Their correlation of 0.86 suggests significant overlap in exposure. GGSOX charges 1.21%/yr vs 1.55%/yr for GPIOX.

Performance

GGSOX vs. GPIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Global Stalwarts Fund (GGSOX) and Grandeur Peak International Opportunities Fund (GPIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGSOX achieves a 14.42% return, which is significantly higher than GPIOX's 9.12% return. Over the past 10 years, GGSOX has outperformed GPIOX with an annualized return of 7.39%, while GPIOX has yielded a comparatively lower 6.07% annualized return.

GGSOX

• 1D: 2.15%
• 1M: 0.22%
• YTD: 14.42%
• 6M: 13.71%
• 1Y: 13.92%
• 3Y*: 7.12%
• 5Y*: -3.06%
• 10Y*: 7.39%

GPIOX

• 1D: 1.13%
• 1M: 0.56%
• YTD: 9.12%
• 6M: 9.79%
• 1Y: 11.71%
• 3Y*: 3.94%
• 5Y*: -3.62%
• 10Y*: 6.07%

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

GGSOX vs. GPIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGSOX Grandeur Peak Global Stalwarts Fund	14.42%	2.60%	-4.60%	16.89%	-39.55%	20.91%	40.70%	32.07%	-15.13%	31.39%
GPIOX Grandeur Peak International Opportunities Fund	9.12%	11.78%	-11.63%	11.37%	-34.48%	18.43%	36.89%	28.23%	-21.77%	38.69%

Correlation

The correlation between GGSOX and GPIOX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between GGSOX and GPIOX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

GGSOX vs. GPIOX — Risk / Return Rank

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

GGSOX

GGSOX Risk / Return Rank: 11
GGSOX Sharpe Ratio Rank: 9
GGSOX Sortino Ratio Rank: 11
GGSOX Omega Ratio Rank: 10
GGSOX Calmar Ratio Rank: 15
GGSOX Martin Ratio Rank: 12

GPIOX

GPIOX Risk / Return Rank: 9
GPIOX Sharpe Ratio Rank: 8
GPIOX Sortino Ratio Rank: 9
GPIOX Omega Ratio Rank: 9
GPIOX Calmar Ratio Rank: 9
GPIOX Martin Ratio Rank: 9

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.

GGSOX vs. GPIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Stalwarts Fund (GGSOX) and Grandeur Peak International Opportunities Fund (GPIOX). 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.

	GGSOX	GPIOX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.66	+0.08
Sortino ratio: Return per unit of downside risk	1.20	1.09	+0.12
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	1.29	0.80	+0.48
Martin ratio: Return relative to average drawdown	3.28	2.46	+0.82

GGSOX vs. GPIOX - Sharpe Ratio Comparison

The current GGSOX Sharpe Ratio is 0.74, which is comparable to the GPIOX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of GGSOX and GPIOX, 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

GGSOX vs. GPIOX - Drawdown Comparison

The maximum GGSOX drawdown since its inception was -48.71%, which is greater than GPIOX's maximum drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for GGSOX and GPIOX.

Drawdown Indicators

	GGSOX	GPIOX	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-45.01%	-3.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.28%	-13.37%	+3.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.76%	-22.28%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-48.71%	-45.01%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	-48.71%	-45.01%	-3.70%
Current Drawdown Current decline from peak	-25.49%	-23.95%	-1.54%
Average Drawdown Average peak-to-trough decline	-17.61%	-13.95%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	4.36%	-0.34%

Volatility

GGSOX vs. GPIOX - Volatility Comparison

Grandeur Peak Global Stalwarts Fund (GGSOX) has a higher volatility of 7.85% compared to Grandeur Peak International Opportunities Fund (GPIOX) at 5.87%. This indicates that GGSOX's price experiences larger fluctuations and is considered to be riskier than GPIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGSOX	GPIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	5.87%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	13.88%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	16.40%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	17.05%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.89%	16.38%	+3.51%

GGSOX vs. GPIOX - Expense Ratio Comparison

GGSOX has a 1.21% expense ratio, which is lower than GPIOX's 1.55% expense ratio.

Dividends

GGSOX vs. GPIOX - Dividend Comparison

GGSOX has not paid dividends to shareholders, while GPIOX's dividend yield for the trailing twelve months is around 3.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGSOX Grandeur Peak Global Stalwarts Fund	0.00%	0.00%	0.00%	0.11%	0.00%	10.61%	3.19%	1.62%	3.30%	1.63%	0.08%	0.00%
GPIOX Grandeur Peak International Opportunities Fund	3.25%	3.55%	2.26%	0.62%	0.03%	13.37%	3.40%	3.50%	13.44%	3.45%	2.26%	4.56%

Frequently Asked Questions

Can I hold both GGSOX and GPIOX in my portfolio?

GGSOX and GPIOX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGSOX or GPIOX?

GGSOX has higher volatility (7.85%) compared to GPIOX (5.87%). In terms of maximum drawdown, GGSOX dropped -48.71% vs GPIOX's -45.01%.

Which has better risk-adjusted returns?

GGSOX currently has the higher Sharpe Ratio (0.74 vs 0.66), 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.