GPGOX vs. UCEQX

Last updated Aug 1, 2026

GPGOX (Grandeur Peak Global Opportunities Fund) and UCEQX (USAA Cornerstone Equity Fund) are both Global Equities funds. Over the past 10 years, GPGOX returned 7.79%/yr vs 11.28%/yr for UCEQX. Their correlation of 0.82 means they have usually moved in the same direction. GPGOX charges 1.54%/yr vs 0.09%/yr for UCEQX.

Performance

GPGOX vs. UCEQX - Performance Comparison

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

Returns By Period

In the year-to-date period, GPGOX achieves a 10.79% return, which is significantly lower than UCEQX's 14.16% return. Over the past 10 years, GPGOX has underperformed UCEQX with an annualized return of 7.79%, while UCEQX has yielded a comparatively higher 11.28% annualized return.

GPGOX

• 1D: 2.15%
• 1M: -1.81%
• 6M: 8.26%
• YTD: 10.79%
• 1Y: 12.83%
• 3Y*: 4.50%
• 5Y*: -3.32%
• 10Y*: 7.79%
• ALL TIME*: 9.80%

UCEQX

• 1D: 1.69%
• 1M: 0.77%
• 6M: 10.61%
• YTD: 14.16%
• 1Y: 27.23%
• 3Y*: 19.03%
• 5Y*: 11.02%
• 10Y*: 11.28%
• ALL TIME*: 10.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GPGOX Grandeur Peak Global Opportunities Fund	$0.00	$0.00	$0.00
UCEQX USAA Cornerstone Equity Fund	$0.00	$0.00	$0.00

GPGOX vs. UCEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPGOX Grandeur Peak Global Opportunities Fund	10.79%	8.59%	-10.10%	16.25%	-33.55%	21.59%	44.61%	31.15%	-17.95%	32.53%
UCEQX USAA Cornerstone Equity Fund	14.16%	23.71%	14.50%	19.36%	-16.25%	19.68%	10.76%	22.49%	-12.06%	22.59%

Correlation

The correlation between GPGOX and UCEQX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 13, 2012	0.82

The correlation between GPGOX and UCEQX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

GPGOX vs. UCEQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GPGOX

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

UCEQX

UCEQX Risk / Return Rank: 81
UCEQX Sharpe Ratio Rank: 80
UCEQX Sortino Ratio Rank: 77
UCEQX Omega Ratio Rank: 77
UCEQX Calmar Ratio Rank: 83
UCEQX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GPGOX vs. UCEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Opportunities Fund (GPGOX) and USAA Cornerstone Equity Fund (UCEQX). 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.

	GPGOX	UCEQX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.89	-1.19
Sortino ratio: Return per unit of downside risk	1.13	2.62	-1.49
Omega ratio: Gain probability vs. loss probability	1.14	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.87	2.81	-1.94
Martin ratio: Return relative to average drawdown	2.67	12.09	-9.42

GPGOX vs. UCEQX - Sharpe Ratio Comparison

The current GPGOX Sharpe Ratio is 0.70, which is lower than the UCEQX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of GPGOX and UCEQX, 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

GPGOX vs. UCEQX - Drawdown Comparison

The maximum GPGOX drawdown since its inception was -43.46%, which is greater than UCEQX's maximum drawdown of -35.33%. Use the drawdown chart below to compare losses from any high point for GPGOX and UCEQX.

Drawdown Indicators

	GPGOX	UCEQX	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-35.33%	-8.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-8.96%	-4.10%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-15.64%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-25.24%	-18.22%
Max Drawdown (10Y) Largest decline over 10 years	-43.46%	-35.33%	-8.13%
Current Drawdown Current decline from peak	-19.49%	-0.42%	-19.07%
Average Drawdown Average peak-to-trough decline	-12.44%	-4.83%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	2.08%	+2.15%

Volatility

GPGOX vs. UCEQX - Volatility Comparison

Grandeur Peak Global Opportunities Fund (GPGOX) has a higher volatility of 4.69% compared to USAA Cornerstone Equity Fund (UCEQX) at 3.40%. This indicates that GPGOX's price experiences larger fluctuations and is considered to be riskier than UCEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPGOX	UCEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	3.40%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	11.02%	+2.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	13.32%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	15.39%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	16.46%	+0.52%

GPGOX vs. UCEQX - Expense Ratio Comparison

GPGOX has a 1.54% expense ratio, which is higher than UCEQX's 0.09% expense ratio.

Dividends

GPGOX vs. UCEQX - Dividend Comparison

GPGOX's dividend yield for the trailing twelve months is around 4.58%, more than UCEQX's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPGOX Grandeur Peak Global Opportunities Fund	4.58%	5.08%	1.54%	0.43%	1.70%	19.69%	7.51%	5.55%	11.23%	5.50%	0.12%	8.28%
UCEQX USAA Cornerstone Equity Fund	4.45%	5.08%	2.56%	5.10%	6.80%	4.61%	8.25%	4.79%	6.73%	1.91%	3.16%	3.63%

Frequently Asked Questions

Can I hold both GPGOX and UCEQX in my portfolio?

GPGOX and UCEQX have a correlation of 0.76, 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 UCEQX?

GPGOX has higher volatility (4.69%) compared to UCEQX (3.40%). In terms of maximum drawdown, GPGOX dropped -43.46% vs UCEQX's -35.33%.

Which has better risk-adjusted returns?

UCEQX currently has the higher Sharpe Ratio (1.89 vs 0.70), 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.