GPIOX vs. LZISX

Last updated Jun 3, 2026

GPIOX (Grandeur Peak International Opportunities Fund) and LZISX (Lazard International Small Cap Equity Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, GPIOX returned 6.06%/yr vs 7.73%/yr for LZISX. A 0.80 correlation means they provide meaningful diversification when combined. GPIOX charges 1.55%/yr vs 1.14%/yr for LZISX.

Performance

GPIOX vs. LZISX - Performance Comparison

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

Returns By Period

In the year-to-date period, GPIOX achieves a 9.73% return, which is significantly lower than LZISX's 27.20% return. Over the past 10 years, GPIOX has underperformed LZISX with an annualized return of 6.06%, while LZISX has yielded a comparatively higher 7.73% annualized return.

GPIOX

• 1D: -0.82%
• 1M: 2.56%
• YTD: 9.73%
• 6M: 12.00%
• 1Y: 12.68%
• 3Y*: 5.17%
• 5Y*: -3.80%
• 10Y*: 6.06%

LZISX

• 1D: -0.37%
• 1M: 4.02%
• YTD: 27.20%
• 6M: 30.51%
• 1Y: 40.82%
• 3Y*: 19.91%
• 5Y*: 6.22%
• 10Y*: 7.73%

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

GPIOX vs. LZISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPIOX Grandeur Peak International Opportunities Fund	9.73%	11.78%	-11.63%	11.37%	-34.48%	18.43%	36.89%	28.23%	-21.77%	38.69%
LZISX Lazard International Small Cap Equity Portfolio	27.20%	35.95%	-3.68%	11.59%	-26.34%	12.36%	13.45%	25.49%	-24.90%	36.67%

Correlation

The correlation between GPIOX and LZISX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 24, 2011	0.80

The correlation between GPIOX and LZISX shifts across timeframes, from 0.64 (1 year) to 0.82 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

GPIOX vs. LZISX — Risk / Return Rank

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

GPIOX

GPIOX Risk / Return Rank: 10
GPIOX Sharpe Ratio Rank: 10
GPIOX Sortino Ratio Rank: 11
GPIOX Omega Ratio Rank: 11
GPIOX Calmar Ratio Rank: 9
GPIOX Martin Ratio Rank: 9

LZISX

LZISX Risk / Return Rank: 63
LZISX Sharpe Ratio Rank: 59
LZISX Sortino Ratio Rank: 51
LZISX Omega Ratio Rank: 50
LZISX Calmar Ratio Rank: 79
LZISX Martin Ratio Rank: 75

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. LZISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak International Opportunities Fund (GPIOX) and Lazard International Small Cap Equity Portfolio (LZISX). 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	LZISX	Difference
Sharpe ratio Return per unit of total volatility	0.83	2.26	-1.43
Sortino ratio Return per unit of downside risk	1.33	3.01	-1.68
Omega ratio Gain probability vs. loss probability	1.16	1.39	-0.22
Calmar ratio Return relative to maximum drawdown	0.95	3.62	-2.67
Martin ratio Return relative to average drawdown	2.94	14.12	-11.18
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. LZISX - Sharpe Ratio Comparison

The current GPIOX Sharpe Ratio is 0.83, which is lower than the LZISX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of GPIOX and LZISX, 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

	GPIOX	LZISX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	2.26	-1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.36	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.45	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.44	+0.13

Drawdowns

GPIOX vs. LZISX - Drawdown Comparison

The maximum GPIOX drawdown since its inception was -45.01%, smaller than the maximum LZISX drawdown of -65.43%. Use the drawdown chart below to compare losses from any high point for GPIOX and LZISX.

Drawdown Indicators

	GPIOX	LZISX	Difference
Max Drawdown Largest peak-to-trough decline	-45.01%	-65.43%	+20.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-12.10%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-15.96%	-6.32%
Max Drawdown (5Y) Largest decline over 5 years	-45.01%	-42.01%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-44.80%	-0.21%
Current Drawdown Current decline from peak	-23.53%	-0.52%	-23.01%
Average Drawdown Average peak-to-trough decline	-13.91%	-14.79%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	3.10%	+1.22%

Volatility

GPIOX vs. LZISX - Volatility Comparison

The current volatility for Grandeur Peak International Opportunities Fund (GPIOX) is 4.74%, while Lazard International Small Cap Equity Portfolio (LZISX) has a volatility of 6.29%. This indicates that GPIOX experiences smaller price fluctuations and is considered to be less risky than LZISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIOX	LZISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	6.29%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	15.49%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	19.14%	-3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	17.53%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	17.06%	-0.73%

GPIOX vs. LZISX - Expense Ratio Comparison

GPIOX has a 1.55% expense ratio, which is higher than LZISX's 1.14% expense ratio.

Dividends

GPIOX vs. LZISX - Dividend Comparison

GPIOX's dividend yield for the trailing twelve months is around 3.24%, more than LZISX's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIOX Grandeur Peak International Opportunities Fund	3.24%	3.55%	2.26%	0.62%	0.03%	13.37%	3.40%	3.50%	13.44%	3.45%	2.26%	4.56%
LZISX Lazard International Small Cap Equity Portfolio	1.50%	1.91%	1.89%	2.08%	5.44%	36.78%	2.07%	2.10%	4.62%	0.00%	2.96%	0.69%

Frequently Asked Questions

Can I hold both GPIOX and LZISX in my portfolio?

GPIOX and LZISX have a correlation of 0.64, 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 LZISX?

LZISX has higher volatility (6.29%) compared to GPIOX (4.74%). In terms of maximum drawdown, GPIOX dropped -45.01% vs LZISX's -65.43%.

Which has better risk-adjusted returns?

LZISX currently has the higher Sharpe Ratio (2.26 vs 0.83), 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.