GPGOX vs. GISOX

Last updated Jun 3, 2026

GPGOX (Grandeur Peak Global Opportunities Fund) and GISOX (Grandeur Peak International Stalwarts Fund) are both mutual funds - GPGOX is a Global Equities fund managed by Grandeur Peak Funds, while GISOX is a Foreign Small & Mid Cap Equities fund managed by Grandeur Peak Funds. Over the past 10 years, GPGOX returned 8.18%/yr vs 7.93%/yr for GISOX. Their correlation of 0.93 suggests significant overlap in exposure. GPGOX charges 1.54%/yr vs 1.15%/yr for GISOX.

Performance

GPGOX vs. GISOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Global Opportunities Fund (GPGOX) and Grandeur Peak International Stalwarts Fund (GISOX). 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 GISOX's 20.07% return. Both investments have delivered pretty close results over the past 10 years, with GPGOX having a 8.18% annualized return and GISOX not far behind at 7.93%.

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%

GISOX

• 1D: -1.12%
• 1M: 2.38%
• YTD: 20.07%
• 6M: 22.99%
• 1Y: 19.94%
• 3Y*: 9.26%
• 5Y*: -1.43%
• 10Y*: 7.93%

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

GPGOX vs. GISOX - 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%
GISOX Grandeur Peak International Stalwarts Fund	20.07%	9.82%	-10.00%	14.58%	-37.61%	24.41%	38.16%	31.57%	-17.66%	36.78%

Correlation

The correlation between GPGOX and GISOX is 0.89, 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	0.89
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 5, 2016	0.93

The correlation between GPGOX and GISOX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

GPGOX vs. GISOX — 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

GISOX

GISOX Risk / Return Rank: 19
GISOX Sharpe Ratio Rank: 17
GISOX Sortino Ratio Rank: 19
GISOX Omega Ratio Rank: 18
GISOX Calmar Ratio Rank: 26
GISOX Martin Ratio Rank: 17

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. GISOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Opportunities Fund (GPGOX) and Grandeur Peak International Stalwarts Fund (GISOX). 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	GISOX	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.19	-0.19
Sortino ratio Return per unit of downside risk	1.58	1.85	-0.28
Omega ratio Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.13	1.91	-0.77
Martin ratio Return relative to average drawdown	3.59	4.79	-1.20
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. GISOX - Sharpe Ratio Comparison

The current GPGOX Sharpe Ratio is 1.00, which is comparable to the GISOX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GPGOX and GISOX, 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	GISOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.19	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.07	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.42	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.45	+0.19

Drawdowns

GPGOX vs. GISOX - Drawdown Comparison

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

Drawdown Indicators

	GPGOX	GISOX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-47.98%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-10.42%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-22.45%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-47.98%	+4.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.46%	-47.98%	+4.52%
Current Drawdown Current decline from peak	-19.70%	-18.50%	-1.20%
Average Drawdown Average peak-to-trough decline	-12.36%	-17.48%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	4.15%	-0.02%

Volatility

GPGOX vs. GISOX - Volatility Comparison

The current volatility for Grandeur Peak Global Opportunities Fund (GPGOX) is 4.37%, while Grandeur Peak International Stalwarts Fund (GISOX) has a volatility of 5.82%. This indicates that GPGOX experiences smaller price fluctuations and is considered to be less risky than GISOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPGOX	GISOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.82%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	14.35%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	17.12%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	20.12%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	18.85%	-1.81%

GPGOX vs. GISOX - Expense Ratio Comparison

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

Dividends

GPGOX vs. GISOX - Dividend Comparison

GPGOX's dividend yield for the trailing twelve months is around 4.59%, more than GISOX's 0.42% 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	4.59%	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 GISOX in my portfolio?

GPGOX and GISOX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPGOX or GISOX?

GISOX has higher volatility (5.82%) compared to GPGOX (4.37%). In terms of maximum drawdown, GPGOX dropped -43.46% vs GISOX's -47.98%.

Which has better risk-adjusted returns?

GISOX currently has the higher Sharpe Ratio (1.19 vs 1.00), 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.