GISOX vs. GPGOX

Last updated Jun 24, 2026

GISOX (Grandeur Peak International Stalwarts Fund) and GPGOX (Grandeur Peak Global Opportunities Fund) are both mutual funds - GISOX is a Foreign Small & Mid Cap Equities fund managed by Grandeur Peak Funds, while GPGOX is a Global Equities fund managed by Grandeur Peak Funds. Over the past 10 years, GISOX returned 8.33%/yr vs 8.61%/yr for GPGOX. Their correlation of 0.93 suggests significant overlap in exposure. GISOX charges 1.15%/yr vs 1.54%/yr for GPGOX.

Performance

GISOX vs. GPGOX - Performance Comparison

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

Returns By Period

In the year-to-date period, GISOX achieves a 19.78% return, which is significantly higher than GPGOX's 10.79% return. Both investments have delivered pretty close results over the past 10 years, with GISOX having a 8.33% annualized return and GPGOX not far ahead at 8.61%.

GISOX

• 1D: -0.75%
• 1M: -0.71%
• YTD: 19.78%
• 6M: 19.58%
• 1Y: 19.25%
• 3Y*: 9.49%
• 5Y*: -1.71%
• 10Y*: 8.33%

GPGOX

• 1D: -0.52%
• 1M: 1.33%
• YTD: 10.79%
• 6M: 9.83%
• 1Y: 15.11%
• 3Y*: 5.90%
• 5Y*: -2.68%
• 10Y*: 8.61%

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

GISOX vs. GPGOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GISOX Grandeur Peak International Stalwarts Fund	19.78%	9.82%	-10.00%	14.58%	-37.61%	24.41%	38.16%	31.57%	-17.66%	36.78%
GPGOX Grandeur Peak Global Opportunities Fund	10.79%	8.59%	-10.10%	16.25%	-33.55%	21.59%	44.61%	31.15%	-17.95%	32.53%

Correlation

The correlation between GISOX and GPGOX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.93

The correlation between GISOX and GPGOX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

GISOX vs. GPGOX — Risk / Return Rank

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

GISOX

GISOX Risk / Return Rank: 21
GISOX Sharpe Ratio Rank: 17
GISOX Sortino Ratio Rank: 20
GISOX Omega Ratio Rank: 19
GISOX Calmar Ratio Rank: 29
GISOX Martin Ratio Rank: 20

GPGOX

GPGOX Risk / Return Rank: 15
GPGOX Sharpe Ratio Rank: 14
GPGOX Sortino Ratio Rank: 17
GPGOX Omega Ratio Rank: 16
GPGOX Calmar Ratio Rank: 14
GPGOX Martin Ratio Rank: 15

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.

GISOX vs. GPGOX - Risk-Adjusted Trends Comparison

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

	GISOX	GPGOX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.98	+0.11
Sortino ratio: Return per unit of downside risk	1.69	1.57	+0.13
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.91	1.19	+0.73
Martin ratio: Return relative to average drawdown	4.67	3.73	+0.95

GISOX vs. GPGOX - Sharpe Ratio Comparison

The current GISOX Sharpe Ratio is 1.09, which is comparable to the GPGOX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of GISOX and GPGOX, 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

GISOX vs. GPGOX - Drawdown Comparison

The maximum GISOX drawdown since its inception was -47.98%, which is greater than GPGOX's maximum drawdown of -43.46%. Use the drawdown chart below to compare losses from any high point for GISOX and GPGOX.

Drawdown Indicators

	GISOX	GPGOX	Difference
Max Drawdown Largest peak-to-trough decline	-47.98%	-43.46%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-13.06%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-22.45%	-24.05%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-47.98%	-43.46%	-4.52%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-43.46%	-4.52%
Current Drawdown Current decline from peak	-18.69%	-19.49%	+0.80%
Average Drawdown Average peak-to-trough decline	-17.48%	-12.38%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	4.15%	+0.11%

Volatility

GISOX vs. GPGOX - Volatility Comparison

Grandeur Peak International Stalwarts Fund (GISOX) has a higher volatility of 7.82% compared to Grandeur Peak Global Opportunities Fund (GPGOX) at 5.45%. This indicates that GISOX's price experiences larger fluctuations and is considered to be riskier than GPGOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GISOX	GPGOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.82%	5.45%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	15.69%	13.13%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	15.82%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.34%	17.36%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	17.07%	+1.86%

GISOX vs. GPGOX - Expense Ratio Comparison

GISOX has a 1.15% expense ratio, which is lower than GPGOX's 1.54% expense ratio.

Dividends

GISOX vs. GPGOX - Dividend Comparison

GISOX's dividend yield for the trailing twelve months is around 0.42%, less than GPGOX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GISOX Grandeur Peak International Stalwarts Fund	0.42%	0.50%	0.45%	0.54%	0.10%	8.61%	0.21%	0.14%	2.76%	1.38%	0.29%	0.00%
GPGOX Grandeur Peak Global Opportunities Fund	4.58%	5.08%	1.54%	0.43%	1.70%	19.69%	7.51%	5.55%	11.23%	5.50%	0.12%	8.28%

Frequently Asked Questions

Can I hold both GISOX and GPGOX in my portfolio?

With a correlation of 0.90, GISOX and GPGOX 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, GISOX or GPGOX?

GISOX has higher volatility (7.82%) compared to GPGOX (5.45%). In terms of maximum drawdown, GISOX dropped -47.98% vs GPGOX's -43.46%.

Which has better risk-adjusted returns?

GISOX currently has the higher Sharpe Ratio (1.09 vs 0.98), 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.