GICIX vs. VFSNX

Last updated Jun 24, 2026

GICIX (Goldman Sachs International Small Cap Insights Fund) and VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, GICIX returned 10.83%/yr vs 8.71%/yr for VFSNX. Their correlation of 0.94 suggests significant overlap in exposure. GICIX charges 0.87%/yr vs 0.11%/yr for VFSNX.

Performance

GICIX vs. VFSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs International Small Cap Insights Fund (GICIX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GICIX achieves a 14.59% return, which is significantly higher than VFSNX's 10.48% return. Over the past 10 years, GICIX has outperformed VFSNX with an annualized return of 10.83%, while VFSNX has yielded a comparatively lower 8.71% annualized return.

GICIX

• 1D: 0.00%
• 1M: 1.26%
• YTD: 14.59%
• 6M: 13.81%
• 1Y: 34.84%
• 3Y*: 24.00%
• 5Y*: 10.25%
• 10Y*: 10.83%

VFSNX

• 1D: 0.05%
• 1M: -0.51%
• YTD: 10.48%
• 6M: 10.39%
• 1Y: 25.71%
• 3Y*: 17.02%
• 5Y*: 6.18%
• 10Y*: 8.71%

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

GICIX vs. VFSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GICIX Goldman Sachs International Small Cap Insights Fund	14.59%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	10.48%	29.97%	2.63%	15.18%	-21.26%	12.74%	11.92%	21.72%	-18.46%	30.30%

Correlation

The correlation between GICIX and VFSNX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 20, 2009	0.94

The correlation between GICIX and VFSNX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

GICIX vs. VFSNX — Risk / Return Rank

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

GICIX

GICIX Risk / Return Rank: 64
GICIX Sharpe Ratio Rank: 75
GICIX Sortino Ratio Rank: 71
GICIX Omega Ratio Rank: 70
GICIX Calmar Ratio Rank: 54
GICIX Martin Ratio Rank: 52

VFSNX

VFSNX Risk / Return Rank: 45
VFSNX Sharpe Ratio Rank: 49
VFSNX Sortino Ratio Rank: 45
VFSNX Omega Ratio Rank: 49
VFSNX Calmar Ratio Rank: 41
VFSNX Martin Ratio Rank: 43

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.

GICIX vs. VFSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs International Small Cap Insights Fund (GICIX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX). 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.

	GICIX	VFSNX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.90	+0.42
Sortino ratio: Return per unit of downside risk	3.18	2.61	+0.58
Omega ratio: Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	2.70	2.32	+0.38
Martin ratio: Return relative to average drawdown	10.01	8.65	+1.36

GICIX vs. VFSNX - Sharpe Ratio Comparison

The current GICIX Sharpe Ratio is 2.32, which is comparable to the VFSNX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GICIX and VFSNX, 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

GICIX vs. VFSNX - Drawdown Comparison

The maximum GICIX drawdown since its inception was -56.71%, which is greater than VFSNX's maximum drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for GICIX and VFSNX.

Drawdown Indicators

	GICIX	VFSNX	Difference
Max Drawdown Largest peak-to-trough decline	-56.71%	-43.65%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-11.47%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-14.70%	+1.31%
Max Drawdown (5Y) Largest decline over 5 years	-34.53%	-33.75%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-43.65%	-0.19%
Current Drawdown Current decline from peak	-0.86%	-2.22%	+1.36%
Average Drawdown Average peak-to-trough decline	-10.91%	-9.47%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.07%	+0.52%

Volatility

GICIX vs. VFSNX - Volatility Comparison

The current volatility for Goldman Sachs International Small Cap Insights Fund (GICIX) is 4.90%, while Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) has a volatility of 5.38%. This indicates that GICIX experiences smaller price fluctuations and is considered to be less risky than VFSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GICIX	VFSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	5.38%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	13.18%	12.09%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	14.04%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	15.15%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	15.77%	+1.00%

GICIX vs. VFSNX - Expense Ratio Comparison

GICIX has a 0.87% expense ratio, which is higher than VFSNX's 0.11% expense ratio.

Dividends

GICIX vs. VFSNX - Dividend Comparison

GICIX's dividend yield for the trailing twelve months is around 7.06%, more than VFSNX's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GICIX Goldman Sachs International Small Cap Insights Fund	7.06%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	3.14%	3.36%	3.41%	3.11%	2.26%	2.70%	1.90%	3.25%	2.81%	2.85%	2.93%	2.69%

Frequently Asked Questions

Can I hold both GICIX and VFSNX in my portfolio?

With a correlation of 0.92, GICIX and VFSNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GICIX or VFSNX?

VFSNX has higher volatility (5.38%) compared to GICIX (4.90%). In terms of maximum drawdown, GICIX dropped -56.71% vs VFSNX's -43.65%.

Which has better risk-adjusted returns?

GICIX currently has the higher Sharpe Ratio (2.32 vs 1.90), 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.