GPEOX vs. VWO

Last updated Jun 24, 2026

GPEOX (Grandeur Peak Emerging Markets Opportunities Fund) and VWO (Vanguard FTSE Emerging Markets ETF) are both funds - GPEOX is a Emerging Markets Diversified fund managed by Grandeur Peak Funds, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Over the past 10 years, GPEOX returned 6.92%/yr vs 8.97%/yr for VWO. A 0.73 correlation means they provide meaningful diversification when combined. GPEOX charges 1.68%/yr vs 0.08%/yr for VWO.

Performance

GPEOX vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and Vanguard FTSE Emerging Markets ETF (VWO). 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 higher than VWO's 10.55% return. Over the past 10 years, GPEOX has underperformed VWO with an annualized return of 6.92%, while VWO has yielded a comparatively higher 8.97% annualized 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%

VWO

• 1D: -3.07%
• 1M: 0.76%
• YTD: 10.55%
• 6M: 10.67%
• 1Y: 27.03%
• 3Y*: 17.42%
• 5Y*: 5.09%
• 10Y*: 8.97%

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

GPEOX vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPEOX Grandeur Peak Emerging Markets Opportunities Fund	20.06%	9.08%	-7.19%	12.00%	-24.72%	8.87%	30.71%	23.35%	-20.66%	28.27%
VWO Vanguard FTSE Emerging Markets ETF	10.55%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between GPEOX and VWO is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.73

The correlation between GPEOX and VWO shifts across timeframes, from 0.62 (1 year) to 0.73 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

GPEOX vs. VWO — 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

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 48
VWO Sortino Ratio Rank: 46
VWO Omega Ratio Rank: 49
VWO Calmar Ratio Rank: 51
VWO Martin Ratio Rank: 51

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. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and Vanguard FTSE Emerging Markets ETF (VWO). 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	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.60	-0.23
Sortino ratio: Return per unit of downside risk	2.05	2.22	-0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.32	2.43	-0.11
Martin ratio: Return relative to average drawdown	6.56	8.56	-1.99

GPEOX vs. VWO - Sharpe Ratio Comparison

The current GPEOX Sharpe Ratio is 1.38, which is comparable to the VWO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of GPEOX and VWO, 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. VWO - Drawdown Comparison

The maximum GPEOX drawdown since its inception was -35.84%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for GPEOX and VWO.

Drawdown Indicators

	GPEOX	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-67.68%	+31.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-11.17%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.53%	-17.37%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-32.60%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	-35.84%	-36.39%	+0.55%
Current Drawdown Current decline from peak	-3.83%	-3.07%	-0.76%
Average Drawdown Average peak-to-trough decline	-13.14%	-15.79%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.17%	+0.44%

Volatility

GPEOX vs. VWO - Volatility Comparison

Grandeur Peak Emerging Markets Opportunities Fund (GPEOX) and Vanguard FTSE Emerging Markets ETF (VWO) have volatilities of 7.53% and 7.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPEOX	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	7.37%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	14.62%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	16.94%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	17.58%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.66%	19.18%	-4.52%

GPEOX vs. VWO - Expense Ratio Comparison

GPEOX has a 1.68% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

GPEOX vs. VWO - Dividend Comparison

GPEOX's dividend yield for the trailing twelve months is around 21.66%, more than VWO's 2.33% 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%
VWO Vanguard FTSE Emerging Markets ETF	2.33%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both GPEOX and VWO in my portfolio?

GPEOX and VWO have a correlation of 0.62, 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 VWO?

GPEOX has higher volatility (7.53%) compared to VWO (7.37%). In terms of maximum drawdown, GPEOX dropped -35.84% vs VWO's -67.68%.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.60 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.