GPMCX vs. VFSAX

Last updated Jun 4, 2026

GPMCX (Grandeur Peak Global Micro Cap Fund) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, GPMCX returned -1.89%/yr vs 6.13%/yr for VFSAX. Their correlation of 0.82 suggests significant overlap in exposure. GPMCX charges 1.85%/yr vs 0.16%/yr for VFSAX.

Performance

GPMCX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grandeur Peak Global Micro Cap Fund (GPMCX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPMCX achieves a 0.71% return, which is significantly lower than VFSAX's 11.72% return.

GPMCX

• 1D: -0.76%
• 1M: 2.56%
• YTD: 0.71%
• 6M: 3.93%
• 1Y: 5.56%
• 3Y*: 9.13%
• 5Y*: -1.89%
• 10Y*: 8.77%

VFSAX

• 1D: 0.05%
• 1M: 1.80%
• YTD: 11.72%
• 6M: 14.53%
• 1Y: 28.52%
• 3Y*: 17.12%
• 5Y*: 6.13%
• 10Y*: —

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

GPMCX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GPMCX Grandeur Peak Global Micro Cap Fund	0.71%	13.25%	3.22%	12.46%	-31.66%	17.27%	53.02%	17.59%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	11.72%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%

Correlation

The correlation between GPMCX and VFSAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.82

The correlation between GPMCX and VFSAX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

GPMCX vs. VFSAX — Risk / Return Rank

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

GPMCX

GPMCX Risk / Return Rank: 5
GPMCX Sharpe Ratio Rank: 5
GPMCX Sortino Ratio Rank: 5
GPMCX Omega Ratio Rank: 5
GPMCX Calmar Ratio Rank: 5
GPMCX Martin Ratio Rank: 5

VFSAX

VFSAX Risk / Return Rank: 47
VFSAX Sharpe Ratio Rank: 51
VFSAX Sortino Ratio Rank: 47
VFSAX Omega Ratio Rank: 50
VFSAX Calmar Ratio Rank: 42
VFSAX Martin Ratio Rank: 45

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.

GPMCX vs. VFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grandeur Peak Global Micro Cap Fund (GPMCX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). 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.

	GPMCX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.11	-1.71
Sortino ratio: Return per unit of downside risk	0.67	2.88	-2.21
Omega ratio: Gain probability vs. loss probability	1.08	1.39	-0.31
Calmar ratio: Return relative to maximum drawdown	0.40	2.45	-2.05
Martin ratio: Return relative to average drawdown	1.22	9.44	-8.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPMCX vs. VFSAX - Sharpe Ratio Comparison

The current GPMCX Sharpe Ratio is 0.40, which is lower than the VFSAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of GPMCX and VFSAX, 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

	GPMCX	VFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	2.11	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.41	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.55	+0.04

Drawdowns

GPMCX vs. VFSAX - Drawdown Comparison

The maximum GPMCX drawdown since its inception was -44.27%, which is greater than VFSAX's maximum drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for GPMCX and VFSAX.

Drawdown Indicators

	GPMCX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-44.27%	-39.86%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-11.48%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-14.73%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-44.27%	-33.81%	-10.46%
Max Drawdown (10Y) Largest decline over 10 years	-44.27%	—	—
Current Drawdown Current decline from peak	-15.71%	-1.08%	-14.63%
Average Drawdown Average peak-to-trough decline	-15.05%	-9.26%	-5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	2.98%	+1.54%

Volatility

GPMCX vs. VFSAX - Volatility Comparison

The current volatility for Grandeur Peak Global Micro Cap Fund (GPMCX) is 3.74%, while Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) has a volatility of 4.31%. This indicates that GPMCX experiences smaller price fluctuations and is considered to be less risky than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPMCX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	4.31%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	11.18%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	13.39%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	15.04%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.91%	17.03%	-2.12%

GPMCX vs. VFSAX - Expense Ratio Comparison

GPMCX has a 1.85% expense ratio, which is higher than VFSAX's 0.16% expense ratio.

Dividends

GPMCX vs. VFSAX - Dividend Comparison

GPMCX's dividend yield for the trailing twelve months is around 3.30%, more than VFSAX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GPMCX Grandeur Peak Global Micro Cap Fund	3.30%	3.33%	0.53%	0.00%	0.00%	15.76%	8.25%	0.69%	6.99%	7.34%	1.20%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	2.96%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPMCX and VFSAX in my portfolio?

GPMCX and VFSAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPMCX or VFSAX?

VFSAX has higher volatility (4.31%) compared to GPMCX (3.74%). In terms of maximum drawdown, GPMCX dropped -44.27% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (2.11 vs 0.40), 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.