GISOX vs. VFSNX

Last updated Jul 14, 2026

GISOX (Grandeur Peak International Stalwarts 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, GISOX returned 7.36%/yr vs 7.96%/yr for VFSNX. Their correlation of 0.85 suggests significant overlap in exposure. GISOX charges 1.15%/yr vs 0.11%/yr for VFSNX.

Performance

GISOX vs. VFSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak International Stalwarts Fund (GISOX) 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, GISOX achieves a 13.76% return, which is significantly higher than VFSNX's 7.99% return. Over the past 10 years, GISOX has underperformed VFSNX with an annualized return of 7.36%, while VFSNX has yielded a comparatively higher 7.96% annualized return.

GISOX

• 1D: 0.55%
• 1M: -4.07%
• 6M: 10.98%
• YTD: 13.76%
• 1Y: 9.85%
• 3Y*: 7.29%
• 5Y*: -3.21%
• 10Y*: 7.36%

VFSNX

• 1D: 0.54%
• 1M: -1.61%
• 6M: 4.16%
• YTD: 7.99%
• 1Y: 17.96%
• 3Y*: 15.00%
• 5Y*: 5.47%
• 10Y*: 7.96%

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

GISOX vs. VFSNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GISOX Grandeur Peak International Stalwarts Fund	13.76%	9.82%	-10.00%	14.58%	-37.61%	24.41%	38.16%	31.57%	-17.66%	36.78%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	7.99%	29.97%	2.63%	15.18%	-21.26%	12.74%	11.92%	21.72%	-18.46%	30.30%

Correlation

The correlation between GISOX and VFSNX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.85

The correlation between GISOX and VFSNX has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

GISOX vs. VFSNX — Risk / Return Rank

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

GISOX

GISOX Risk / Return Rank: 10
GISOX Sharpe Ratio Rank: 8
GISOX Sortino Ratio Rank: 9
GISOX Omega Ratio Rank: 9
GISOX Calmar Ratio Rank: 13
GISOX Martin Ratio Rank: 10

VFSNX

VFSNX Risk / Return Rank: 30
VFSNX Sharpe Ratio Rank: 31
VFSNX Sortino Ratio Rank: 30
VFSNX Omega Ratio Rank: 32
VFSNX Calmar Ratio Rank: 28
VFSNX Martin Ratio Rank: 31

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. VFSNX - Risk-Adjusted Trends Comparison

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

	GISOX	VFSNX	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.21	-0.76
Sortino ratio: Return per unit of downside risk	0.79	1.72	-0.93
Omega ratio: Gain probability vs. loss probability	1.10	1.23	-0.13
Calmar ratio: Return relative to maximum drawdown	0.84	1.53	-0.69
Martin ratio: Return relative to average drawdown	1.96	5.37	-3.41

GISOX vs. VFSNX - Sharpe Ratio Comparison

The current GISOX Sharpe Ratio is 0.45, which is lower than the VFSNX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of GISOX 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

GISOX vs. VFSNX - Drawdown Comparison

The maximum GISOX drawdown since its inception was -47.98%, which is greater than VFSNX's maximum drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for GISOX and VFSNX.

Drawdown Indicators

	GISOX	VFSNX	Difference
Max Drawdown Largest peak-to-trough decline	-47.98%	-43.65%	-4.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-11.47%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.45%	-14.70%	-7.75%
Max Drawdown (5Y) Largest decline over 5 years	-47.98%	-33.75%	-14.23%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-43.65%	-4.33%
Current Drawdown Current decline from peak	-22.78%	-4.43%	-18.35%
Average Drawdown Average peak-to-trough decline	-17.50%	-9.45%	-8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	3.25%	+1.23%

Volatility

GISOX vs. VFSNX - Volatility Comparison

Grandeur Peak International Stalwarts Fund (GISOX) has a higher volatility of 7.86% compared to Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) at 5.58%. This indicates that GISOX's price experiences larger fluctuations and is considered to be riskier than VFSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GISOX	VFSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	5.58%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	16.53%	12.66%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	14.41%	+4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.44%	15.22%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	15.62%	+3.24%

GISOX vs. VFSNX - Expense Ratio Comparison

GISOX has a 1.15% expense ratio, which is higher than VFSNX's 0.11% expense ratio.

Dividends

GISOX vs. VFSNX - Dividend Comparison

GISOX's dividend yield for the trailing twelve months is around 0.44%, less than VFSNX's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GISOX Grandeur Peak International Stalwarts Fund	0.44%	0.50%	0.45%	0.54%	0.10%	8.61%	0.21%	0.14%	2.76%	1.38%	0.29%	0.00%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	3.21%	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 GISOX and VFSNX in my portfolio?

GISOX and VFSNX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GISOX or VFSNX?

GISOX has higher volatility (7.86%) compared to VFSNX (5.58%). In terms of maximum drawdown, GISOX dropped -47.98% vs VFSNX's -43.65%.

Which has better risk-adjusted returns?

VFSNX currently has the higher Sharpe Ratio (1.21 vs 0.45), 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.