GPIOX vs. GISOX

Last updated Jun 23, 2026

GPIOX (Grandeur Peak International Opportunities Fund) and GISOX (Grandeur Peak International Stalwarts Fund) are both Foreign Small & Mid Cap Equities funds from Grandeur Peak Funds. Over the past 10 years, GPIOX returned 6.07%/yr vs 7.99%/yr for GISOX. Their correlation of 0.94 suggests significant overlap in exposure. GPIOX charges 1.55%/yr vs 1.15%/yr for GISOX.

Performance

GPIOX vs. GISOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak International Opportunities Fund (GPIOX) 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, GPIOX achieves a 9.12% return, which is significantly lower than GISOX's 20.69% return. Over the past 10 years, GPIOX has underperformed GISOX with an annualized return of 6.07%, while GISOX has yielded a comparatively higher 7.99% annualized return.

GPIOX

• 1D: 1.13%
• 1M: 0.56%
• YTD: 9.12%
• 6M: 9.79%
• 1Y: 11.71%
• 3Y*: 3.94%
• 5Y*: -3.62%
• 10Y*: 6.07%

GISOX

• 1D: 1.82%
• 1M: 0.05%
• YTD: 20.69%
• 6M: 21.04%
• 1Y: 20.77%
• 3Y*: 8.36%
• 5Y*: -1.25%
• 10Y*: 7.99%

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

GPIOX vs. GISOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPIOX Grandeur Peak International Opportunities Fund	9.12%	11.78%	-11.63%	11.37%	-34.48%	18.43%	36.89%	28.23%	-21.77%	38.69%
GISOX Grandeur Peak International Stalwarts Fund	20.69%	9.82%	-10.00%	14.58%	-37.61%	24.41%	38.16%	31.57%	-17.66%	36.78%

Correlation

The correlation between GPIOX and GISOX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.94

The correlation between GPIOX and GISOX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

GPIOX vs. GISOX — 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: 8
GPIOX Sortino Ratio Rank: 9
GPIOX Omega Ratio Rank: 9
GPIOX Calmar Ratio Rank: 9
GPIOX Martin Ratio Rank: 9

GISOX

GISOX Risk / Return Rank: 20
GISOX Sharpe Ratio Rank: 17
GISOX Sortino Ratio Rank: 19
GISOX Omega Ratio Rank: 18
GISOX Calmar Ratio Rank: 29
GISOX 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.

GPIOX vs. GISOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak International Opportunities Fund (GPIOX) 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.

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	GISOX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.08	-0.43
Sortino ratio: Return per unit of downside risk	1.09	1.69	-0.60
Omega ratio: Gain probability vs. loss probability	1.13	1.21	-0.08
Calmar ratio: Return relative to maximum drawdown	0.80	1.90	-1.10
Martin ratio: Return relative to average drawdown	2.46	4.65	-2.19

GPIOX vs. GISOX - Sharpe Ratio Comparison

The current GPIOX Sharpe Ratio is 0.66, which is lower than the GISOX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of GPIOX 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.

Drawdowns

GPIOX vs. GISOX - Drawdown Comparison

The maximum GPIOX drawdown since its inception was -45.01%, smaller than the maximum GISOX drawdown of -47.98%. Use the drawdown chart below to compare losses from any high point for GPIOX and GISOX.

Drawdown Indicators

	GPIOX	GISOX	Difference
Max Drawdown Largest peak-to-trough decline	-45.01%	-47.98%	+2.97%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-10.42%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-22.45%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-45.01%	-47.98%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-47.98%	+2.97%
Current Drawdown Current decline from peak	-23.95%	-18.08%	-5.87%
Average Drawdown Average peak-to-trough decline	-13.95%	-17.48%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	4.26%	+0.10%

Volatility

GPIOX vs. GISOX - Volatility Comparison

The current volatility for Grandeur Peak International Opportunities Fund (GPIOX) is 5.87%, while Grandeur Peak International Stalwarts Fund (GISOX) has a volatility of 7.96%. This indicates that GPIOX 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

	GPIOX	GISOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	7.96%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	15.73%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	18.30%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	20.34%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	18.93%	-2.55%

GPIOX vs. GISOX - Expense Ratio Comparison

GPIOX has a 1.55% expense ratio, which is higher than GISOX's 1.15% expense ratio.

Dividends

GPIOX vs. GISOX - Dividend Comparison

GPIOX's dividend yield for the trailing twelve months is around 3.25%, 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%
GPIOX Grandeur Peak International Opportunities Fund	3.25%	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 GISOX in my portfolio?

With a correlation of 0.91, GPIOX and GISOX 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, GPIOX or GISOX?

GISOX has higher volatility (7.96%) compared to GPIOX (5.87%). In terms of maximum drawdown, GPIOX dropped -45.01% vs GISOX's -47.98%.

Which has better risk-adjusted returns?

GISOX currently has the higher Sharpe Ratio (1.08 vs 0.66), 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.