GPGOX vs. GGSOX

Last updated Jun 3, 2026

GPGOX (Grandeur Peak Global Opportunities Fund) and GGSOX (Grandeur Peak Global Stalwarts Fund) are both Global Equities funds from Grandeur Peak Funds. Over the past 10 years, GPGOX returned 8.18%/yr vs 7.29%/yr for GGSOX. Their correlation of 0.94 suggests significant overlap in exposure. GPGOX charges 1.54%/yr vs 1.21%/yr for GGSOX.

Performance

GPGOX vs. GGSOX - Performance Comparison

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

Returns By Period

In the year-to-date period, GPGOX achieves a 10.50% return, which is significantly lower than GGSOX's 13.43% return. Over the past 10 years, GPGOX has outperformed GGSOX with an annualized return of 8.18%, while GGSOX has yielded a comparatively lower 7.29% annualized return.

GPGOX

• 1D: -1.04%
• 1M: 2.71%
• YTD: 10.50%
• 6M: 13.17%
• 1Y: 15.14%
• 3Y*: 5.81%
• 5Y*: -2.66%
• 10Y*: 8.18%

GGSOX

• 1D: -1.24%
• 1M: -0.81%
• YTD: 13.43%
• 6M: 15.21%
• 1Y: 13.01%
• 3Y*: 7.97%
• 5Y*: -3.13%
• 10Y*: 7.29%

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

GPGOX vs. GGSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPGOX Grandeur Peak Global Opportunities Fund	10.50%	8.59%	-10.10%	16.25%	-33.55%	21.59%	44.61%	31.15%	-17.95%	32.53%
GGSOX Grandeur Peak Global Stalwarts Fund	13.43%	2.60%	-4.60%	16.89%	-39.55%	20.91%	40.70%	32.07%	-15.13%	31.39%

Correlation

The correlation between GPGOX and GGSOX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.94

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

Return for Risk

GPGOX vs. GGSOX — Risk / Return Rank

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

GPGOX

GPGOX Risk / Return Rank: 13
GPGOX Sharpe Ratio Rank: 13
GPGOX Sortino Ratio Rank: 15
GPGOX Omega Ratio Rank: 14
GPGOX Calmar Ratio Rank: 11
GPGOX Martin Ratio Rank: 12

GGSOX

GGSOX Risk / Return Rank: 11
GGSOX Sharpe Ratio Rank: 10
GGSOX Sortino Ratio Rank: 11
GGSOX Omega Ratio Rank: 10
GGSOX Calmar Ratio Rank: 13
GGSOX Martin Ratio Rank: 11

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.

GPGOX vs. GGSOX - Risk-Adjusted Trends Comparison

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

	GPGOX	GGSOX	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.79	+0.21
Sortino ratio Return per unit of downside risk	1.58	1.28	+0.29
Omega ratio Gain probability vs. loss probability	1.19	1.15	+0.04
Calmar ratio Return relative to maximum drawdown	1.13	1.27	-0.13
Martin ratio Return relative to average drawdown	3.59	3.33	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPGOX vs. GGSOX - Sharpe Ratio Comparison

The current GPGOX Sharpe Ratio is 1.00, which is comparable to the GGSOX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GPGOX and GGSOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GPGOX	GGSOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.79	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.15	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.37	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.39	+0.24

Drawdowns

GPGOX vs. GGSOX - Drawdown Comparison

The maximum GPGOX drawdown since its inception was -43.46%, smaller than the maximum GGSOX drawdown of -48.71%. Use the drawdown chart below to compare losses from any high point for GPGOX and GGSOX.

Drawdown Indicators

	GPGOX	GGSOX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-48.71%	+5.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-10.28%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-20.76%	-3.29%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-48.71%	+5.25%
Max Drawdown (10Y) Largest decline over 10 years	-43.46%	-48.71%	+5.25%
Current Drawdown Current decline from peak	-19.70%	-26.13%	+6.43%
Average Drawdown Average peak-to-trough decline	-12.36%	-17.57%	+5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	3.90%	+0.23%

Volatility

GPGOX vs. GGSOX - Volatility Comparison

The current volatility for Grandeur Peak Global Opportunities Fund (GPGOX) is 4.37%, while Grandeur Peak Global Stalwarts Fund (GGSOX) has a volatility of 5.39%. This indicates that GPGOX experiences smaller price fluctuations and is considered to be less risky than GGSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPGOX	GGSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.39%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	13.92%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	16.78%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	21.04%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	19.81%	-2.77%

GPGOX vs. GGSOX - Expense Ratio Comparison

GPGOX has a 1.54% expense ratio, which is higher than GGSOX's 1.21% expense ratio.

Dividends

GPGOX vs. GGSOX - Dividend Comparison

GPGOX's dividend yield for the trailing twelve months is around 4.59%, while GGSOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGSOX Grandeur Peak Global Stalwarts Fund	0.00%	0.00%	0.00%	0.11%	0.00%	10.61%	3.19%	1.62%	3.30%	1.63%	0.08%	0.00%
GPGOX Grandeur Peak Global Opportunities Fund	4.59%	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 GPGOX and GGSOX in my portfolio?

With a correlation of 0.91, GPGOX and GGSOX 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, GPGOX or GGSOX?

GGSOX has higher volatility (5.39%) compared to GPGOX (4.37%). In terms of maximum drawdown, GPGOX dropped -43.46% vs GGSOX's -48.71%.

Which has better risk-adjusted returns?

GPGOX currently has the higher Sharpe Ratio (1.00 vs 0.79), 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.