GPEOX vs. LVAZX

Last updated Jun 24, 2026

GPEOX (Grandeur Peak Emerging Markets Opportunities Fund) and LVAZX (LSV Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, GPEOX returned -0.22%/yr vs 16.39%/yr for LVAZX. A 0.78 correlation means they provide meaningful diversification when combined. GPEOX charges 1.68%/yr vs 1.45%/yr for LVAZX.

Performance

GPEOX vs. LVAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and LSV Emerging Markets Equity Fund (LVAZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPEOX achieves a 20.06% return, which is significantly lower than LVAZX's 36.39% return.

GPEOX

• 1D: -0.99%
• 1M: -0.58%
• YTD: 20.06%
• 6M: 20.66%
• 1Y: 24.04%
• 3Y*: 8.88%
• 5Y*: -0.22%
• 10Y*: 6.92%

LVAZX

• 1D: 0.43%
• 1M: 8.41%
• YTD: 36.39%
• 6M: 38.67%
• 1Y: 65.29%
• 3Y*: 31.71%
• 5Y*: 16.39%
• 10Y*: —

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

GPEOX vs. LVAZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GPEOX Grandeur Peak Emerging Markets Opportunities Fund	20.06%	9.08%	-7.19%	12.00%	-24.72%	8.87%	30.71%	17.65%
LVAZX LSV Emerging Markets Equity Fund	36.39%	39.90%	7.26%	21.26%	-13.03%	13.77%	5.03%	5.91%

Correlation

The correlation between GPEOX and LVAZX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.78

The correlation between GPEOX and LVAZX has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

GPEOX vs. LVAZX — Risk / Return Rank

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

GPEOX

GPEOX Risk / Return Rank: 31
GPEOX Sharpe Ratio Rank: 27
GPEOX Sortino Ratio Rank: 28
GPEOX Omega Ratio Rank: 30
GPEOX Calmar Ratio Rank: 41
GPEOX Martin Ratio Rank: 31

LVAZX

LVAZX Risk / Return Rank: 96
LVAZX Sharpe Ratio Rank: 98
LVAZX Sortino Ratio Rank: 94
LVAZX Omega Ratio Rank: 94
LVAZX Calmar Ratio Rank: 96
LVAZX Martin Ratio Rank: 96

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.

GPEOX vs. LVAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and LSV Emerging Markets Equity Fund (LVAZX). 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.

	GPEOX	LVAZX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.76	-2.39
Sortino ratio: Return per unit of downside risk	2.05	4.54	-2.49
Omega ratio: Gain probability vs. loss probability	1.27	1.72	-0.46
Calmar ratio: Return relative to maximum drawdown	2.32	5.80	-3.48
Martin ratio: Return relative to average drawdown	6.56	21.48	-14.92

GPEOX vs. LVAZX - Sharpe Ratio Comparison

The current GPEOX Sharpe Ratio is 1.38, which is lower than the LVAZX Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of GPEOX and LVAZX, 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

GPEOX vs. LVAZX - Drawdown Comparison

The maximum GPEOX drawdown since its inception was -35.84%, smaller than the maximum LVAZX drawdown of -37.87%. Use the drawdown chart below to compare losses from any high point for GPEOX and LVAZX.

Drawdown Indicators

	GPEOX	LVAZX	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-37.87%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-11.44%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-15.02%	-4.51%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-27.07%	-8.77%
Max Drawdown (10Y) Largest decline over 10 years	-35.84%	—	—
Current Drawdown Current decline from peak	-3.83%	-0.09%	-3.74%
Average Drawdown Average peak-to-trough decline	-13.14%	-6.76%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.08%	+0.53%

Volatility

GPEOX vs. LVAZX - Volatility Comparison

The current volatility for Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) is 7.53%, while LSV Emerging Markets Equity Fund (LVAZX) has a volatility of 9.42%. This indicates that GPEOX experiences smaller price fluctuations and is considered to be less risky than LVAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPEOX	LVAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	9.42%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	15.74%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	17.67%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	14.80%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.66%	16.14%	-1.48%

GPEOX vs. LVAZX - Expense Ratio Comparison

GPEOX has a 1.68% expense ratio, which is higher than LVAZX's 1.45% expense ratio.

Dividends

GPEOX vs. LVAZX - Dividend Comparison

GPEOX's dividend yield for the trailing twelve months is around 21.66%, more than LVAZX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPEOX Grandeur Peak Emerging Markets Opportunities Fund	21.66%	26.01%	3.76%	3.73%	0.16%	12.45%	0.02%	0.06%	1.03%	0.23%	0.39%	3.58%
LVAZX LSV Emerging Markets Equity Fund	3.75%	5.12%	1.39%	4.58%	3.14%	8.50%	2.54%	2.99%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPEOX and LVAZX in my portfolio?

GPEOX and LVAZX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPEOX or LVAZX?

LVAZX has higher volatility (9.42%) compared to GPEOX (7.53%). In terms of maximum drawdown, GPEOX dropped -35.84% vs LVAZX's -37.87%.

Which has better risk-adjusted returns?

LVAZX currently has the higher Sharpe Ratio (3.76 vs 1.38), 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.