GPGOX vs. GPGCX

Last updated Jun 3, 2026

GPGOX (Grandeur Peak Global Opportunities Fund) and GPGCX (Grandeur Peak Global Contrarian Fund) are both Global Equities funds from Grandeur Peak Funds. Over the past 5 years, GPGOX returned -2.66%/yr vs 9.43%/yr for GPGCX. Their correlation of 0.86 suggests significant overlap in exposure. GPGOX charges 1.54%/yr vs 1.35%/yr for GPGCX.

Performance

GPGOX vs. GPGCX - 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 Contrarian Fund (GPGCX). 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 higher than GPGCX's 7.69% 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%

GPGCX

• 1D: -1.10%
• 1M: 2.63%
• YTD: 7.69%
• 6M: 12.41%
• 1Y: 20.42%
• 3Y*: 19.35%
• 5Y*: 9.43%
• 10Y*: —

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

GPGOX vs. GPGCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GPGOX Grandeur Peak Global Opportunities Fund	10.50%	8.59%	-10.10%	16.25%	-33.55%	21.59%	44.61%	10.42%
GPGCX Grandeur Peak Global Contrarian Fund	7.69%	20.03%	14.97%	21.28%	-14.60%	20.00%	24.99%	9.60%

Correlation

The correlation between GPGOX and GPGCX 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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019	0.86

The correlation between GPGOX and GPGCX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

GPGOX vs. GPGCX — 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

GPGCX

GPGCX Risk / Return Rank: 23
GPGCX Sharpe Ratio Rank: 26
GPGCX Sortino Ratio Rank: 27
GPGCX Omega Ratio Rank: 25
GPGCX Calmar Ratio Rank: 17
GPGCX Martin Ratio Rank: 19

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. GPGCX - 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 Contrarian Fund (GPGCX). 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	GPGCX	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.48	-0.49
Sortino ratio Return per unit of downside risk	1.58	2.20	-0.62
Omega ratio Gain probability vs. loss probability	1.19	1.27	-0.07
Calmar ratio Return relative to maximum drawdown	1.13	1.53	-0.40
Martin ratio Return relative to average drawdown	3.59	5.25	-1.66
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. GPGCX - Sharpe Ratio Comparison

The current GPGOX Sharpe Ratio is 1.00, which is lower than the GPGCX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of GPGOX and GPGCX, 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	GPGCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.48	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.66	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.92	-0.28

Drawdowns

GPGOX vs. GPGCX - Drawdown Comparison

The maximum GPGOX drawdown since its inception was -43.46%, which is greater than GPGCX's maximum drawdown of -37.17%. Use the drawdown chart below to compare losses from any high point for GPGOX and GPGCX.

Drawdown Indicators

	GPGOX	GPGCX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-37.17%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-13.17%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-16.46%	-7.59%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-25.70%	-17.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.46%	—	—
Current Drawdown Current decline from peak	-19.70%	-1.10%	-18.60%
Average Drawdown Average peak-to-trough decline	-12.36%	-6.27%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	3.85%	+0.28%

Volatility

GPGOX vs. GPGCX - Volatility Comparison

Grandeur Peak Global Opportunities Fund (GPGOX) has a higher volatility of 4.37% compared to Grandeur Peak Global Contrarian Fund (GPGCX) at 4.16%. This indicates that GPGOX's price experiences larger fluctuations and is considered to be riskier than GPGCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPGOX	GPGCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.16%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	11.19%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	14.11%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	14.41%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.18%	+0.86%

GPGOX vs. GPGCX - Expense Ratio Comparison

GPGOX has a 1.54% expense ratio, which is higher than GPGCX's 1.35% expense ratio.

Dividends

GPGOX vs. GPGCX - Dividend Comparison

GPGOX's dividend yield for the trailing twelve months is around 4.59%, less than GPGCX's 14.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPGCX Grandeur Peak Global Contrarian Fund	14.54%	15.65%	7.19%	1.92%	2.98%	5.88%	1.70%	0.27%	0.00%	0.00%	0.00%	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 GPGCX in my portfolio?

With a correlation of 0.91, GPGOX and GPGCX 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 GPGCX?

GPGOX has higher volatility (4.37%) compared to GPGCX (4.16%). In terms of maximum drawdown, GPGOX dropped -43.46% vs GPGCX's -37.17%.

Which has better risk-adjusted returns?

GPGCX currently has the higher Sharpe Ratio (1.48 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.