GPIOX vs. BISMX

Last updated Jul 14, 2026

GPIOX (Grandeur Peak International Opportunities Fund) and BISMX (Brandes International Small Cap Equity Fund Class I) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, GPIOX returned 5.83%/yr vs 11.24%/yr for BISMX. A 0.72 correlation means they provide meaningful diversification when combined. GPIOX charges 1.55%/yr vs 1.11%/yr for BISMX.

Performance

GPIOX vs. BISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak International Opportunities Fund (GPIOX) and Brandes International Small Cap Equity Fund Class I (BISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIOX achieves a 7.29% return, which is significantly higher than BISMX's 0.80% return. Over the past 10 years, GPIOX has underperformed BISMX with an annualized return of 5.83%, while BISMX has yielded a comparatively higher 11.24% annualized return.

GPIOX

• 1D: 0.00%
• 1M: -0.00%
• 6M: 4.44%
• YTD: 7.29%
• 1Y: 5.72%
• 3Y*: 4.39%
• 5Y*: -4.41%
• 10Y*: 5.83%

BISMX

• 1D: 0.04%
• 1M: -0.42%
• 6M: -1.38%
• YTD: 0.80%
• 1Y: 8.05%
• 3Y*: 27.48%
• 5Y*: 17.55%
• 10Y*: 11.24%

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

GPIOX vs. BISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPIOX Grandeur Peak International Opportunities Fund	7.29%	11.78%	-11.63%	11.37%	-34.48%	18.43%	36.89%	28.23%	-21.77%	38.69%
BISMX Brandes International Small Cap Equity Fund Class I	0.80%	45.81%	23.44%	39.27%	-8.48%	18.58%	4.85%	7.16%	-20.04%	11.79%

Correlation

The correlation between GPIOX and BISMX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.72

The correlation between GPIOX and BISMX has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

GPIOX vs. BISMX — Risk / Return Rank

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

GPIOX

GPIOX Risk / Return Rank: 6
GPIOX Sharpe Ratio Rank: 6
GPIOX Sortino Ratio Rank: 6
GPIOX Omega Ratio Rank: 6
GPIOX Calmar Ratio Rank: 6
GPIOX Martin Ratio Rank: 7

BISMX

BISMX Risk / Return Rank: 10
BISMX Sharpe Ratio Rank: 10
BISMX Sortino Ratio Rank: 11
BISMX Omega Ratio Rank: 10
BISMX Calmar Ratio Rank: 10
BISMX Martin Ratio Rank: 8

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.

GPIOX vs. BISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak International Opportunities Fund (GPIOX) and Brandes International Small Cap Equity Fund Class I (BISMX). 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.

	GPIOX	BISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.58	-0.31
Sortino ratio: Return per unit of downside risk	0.53	0.95	-0.42
Omega ratio: Gain probability vs. loss probability	1.06	1.11	-0.05
Calmar ratio: Return relative to maximum drawdown	0.34	0.64	-0.30
Martin ratio: Return relative to average drawdown	1.03	1.53	-0.50

GPIOX vs. BISMX - Sharpe Ratio Comparison

The current GPIOX Sharpe Ratio is 0.27, which is lower than the BISMX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of GPIOX and BISMX, 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

GPIOX vs. BISMX - Drawdown Comparison

The maximum GPIOX drawdown since its inception was -45.01%, roughly equal to the maximum BISMX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for GPIOX and BISMX.

Drawdown Indicators

	GPIOX	BISMX	Difference
Max Drawdown Largest peak-to-trough decline	-45.01%	-47.07%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-11.61%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-11.61%	-10.67%
Max Drawdown (5Y) Largest decline over 5 years	-45.01%	-31.26%	-13.75%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-47.07%	+2.06%
Current Drawdown Current decline from peak	-25.22%	-7.52%	-17.70%
Average Drawdown Average peak-to-trough decline	-13.99%	-7.94%	-6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	4.84%	-0.44%

Volatility

GPIOX vs. BISMX - Volatility Comparison

Grandeur Peak International Opportunities Fund (GPIOX) has a higher volatility of 5.59% compared to Brandes International Small Cap Equity Fund Class I (BISMX) at 4.18%. This indicates that GPIOX's price experiences larger fluctuations and is considered to be riskier than BISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIOX	BISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	4.18%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	10.66%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.52%	12.71%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	13.91%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	14.08%	+2.21%

GPIOX vs. BISMX - Expense Ratio Comparison

GPIOX has a 1.55% expense ratio, which is higher than BISMX's 1.11% expense ratio.

Dividends

GPIOX vs. BISMX - Dividend Comparison

GPIOX's dividend yield for the trailing twelve months is around 3.31%, less than BISMX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BISMX Brandes International Small Cap Equity Fund Class I	3.77%	3.34%	3.22%	2.93%	4.16%	3.45%	0.92%	0.82%	4.10%	8.51%	4.16%	3.65%
GPIOX Grandeur Peak International Opportunities Fund	3.31%	3.55%	2.26%	0.62%	0.03%	13.37%	3.40%	3.50%	13.44%	3.45%	2.26%	4.56%

Frequently Asked Questions

Can I hold both GPIOX and BISMX in my portfolio?

GPIOX and BISMX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIOX or BISMX?

GPIOX has higher volatility (5.59%) compared to BISMX (4.18%). In terms of maximum drawdown, GPIOX dropped -45.01% vs BISMX's -47.07%.

Which has better risk-adjusted returns?

BISMX currently has the higher Sharpe Ratio (0.58 vs 0.27), 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.