GPIOX vs. CSGIX

Last updated Apr 1, 2026

Compare and contrast key facts about Grandeur Peak International Opportunities Fund (GPIOX) and Calamos International Small Cap Growth Fund (CSGIX).

GPIOX is managed by Grandeur Peak Funds. It was launched on Oct 16, 2011. CSGIX is managed by Calamos. It was launched on Mar 30, 2022.

Performance

GPIOX vs. CSGIX - Performance Comparison

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

GPIOX vs. CSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GPIOX Grandeur Peak International Opportunities Fund	-9.42%	11.78%	-11.63%	11.37%	-19.82%
CSGIX Calamos International Small Cap Growth Fund	2.83%	15.11%	10.21%	13.62%	-20.14%

Returns By Period

In the year-to-date period, GPIOX achieves a -9.42% return, which is significantly lower than CSGIX's 2.83% return.

GPIOX

• 1D: -0.67%
• 1M: -11.57%
• YTD: -9.42%
• 6M: -10.75%
• 1Y: 5.03%
• 3Y*: -1.54%
• 5Y*: -5.57%
• 10Y*: 4.39%

CSGIX

• 1D: -1.69%
• 1M: -13.68%
• YTD: 2.83%
• 6M: -5.44%
• 1Y: 23.73%
• 3Y*: 12.84%
• 5Y*: —
• 10Y*: —

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

GPIOX vs. CSGIX - Expense Ratio Comparison

GPIOX has a 1.55% expense ratio, which is lower than CSGIX's 2.67% expense ratio.

CSGIX

Calamos International Small Cap Growth Fund

GPIOX

Grandeur Peak International Opportunities Fund

Return for Risk

GPIOX vs. CSGIX — Risk / Return Rank

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

GPIOX

GPIOX Risk / Return Rank: 9
GPIOX Sharpe Ratio Rank: 9
GPIOX Sortino Ratio Rank: 9
GPIOX Omega Ratio Rank: 9
GPIOX Calmar Ratio Rank: 8
GPIOX Martin Ratio Rank: 8

CSGIX

CSGIX Risk / Return Rank: 59
CSGIX Sharpe Ratio Rank: 69
CSGIX Sortino Ratio Rank: 63
CSGIX Omega Ratio Rank: 57
CSGIX Calmar Ratio Rank: 66
CSGIX Martin Ratio Rank: 40

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. CSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak International Opportunities Fund (GPIOX) and Calamos International Small Cap Growth Fund (CSGIX). 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.

	GPIOX	CSGIX	Difference
Sharpe ratio Return per unit of total volatility	0.18	1.24	-1.06
Sortino ratio Return per unit of downside risk	0.36	1.65	-1.29
Omega ratio Gain probability vs. loss probability	1.05	1.23	-0.18
Calmar ratio Return relative to maximum drawdown	0.12	1.54	-1.42
Martin ratio Return relative to average drawdown	0.38	4.20	-3.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPIOX vs. CSGIX - Sharpe Ratio Comparison

The current GPIOX Sharpe Ratio is 0.18, which is lower than the CSGIX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of GPIOX and CSGIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GPIOX	CSGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.18	1.24	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.25	-0.25

Correlation

The correlation between GPIOX and CSGIX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GPIOX vs. CSGIX - Dividend Comparison

GPIOX's dividend yield for the trailing twelve months is around 3.92%, more than CSGIX's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIOX Grandeur Peak International Opportunities Fund	3.92%	3.55%	2.26%	0.62%	0.03%	13.37%	3.40%	3.50%	13.44%	3.45%	2.26%	4.56%
CSGIX Calamos International Small Cap Growth Fund	1.19%	1.22%	0.00%	0.00%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GPIOX vs. CSGIX - Drawdown Comparison

The maximum GPIOX drawdown since its inception was -96.72%, which is greater than CSGIX's maximum drawdown of -26.50%. Use the drawdown chart below to compare losses from any high point for GPIOX and CSGIX.

Drawdown Indicators

	GPIOX	CSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-96.72%	-26.50%	-70.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-13.68%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-45.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.72%	—	—
Current Drawdown Current decline from peak	-94.70%	-13.68%	-81.02%
Average Drawdown Average peak-to-trough decline	-58.27%	-10.62%	-47.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	5.01%	-0.88%

Volatility

GPIOX vs. CSGIX - Volatility Comparison

The current volatility for Grandeur Peak International Opportunities Fund (GPIOX) is 7.45%, while Calamos International Small Cap Growth Fund (CSGIX) has a volatility of 8.69%. This indicates that GPIOX experiences smaller price fluctuations and is considered to be less risky than CSGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIOX	CSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	8.69%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	13.97%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.74%	18.46%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	17.05%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	933.47%	17.05%	+916.42%