HRIOX vs. GICIX

Last updated Aug 1, 2026

HRIOX (Hood River International Opportunity Fund) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, HRIOX returned 28.39%/yr vs 21.47%/yr for GICIX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. HRIOX charges 1.50%/yr vs 0.87%/yr for GICIX.

Performance

HRIOX vs. GICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River International Opportunity Fund (HRIOX) and Goldman Sachs International Small Cap Insights Fund (GICIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HRIOX achieves a 19.05% return, which is significantly higher than GICIX's 13.78% return.

HRIOX

• 1D: 4.66%
• 1M: -12.92%
• 6M: 3.40%
• YTD: 19.05%
• 1Y: 48.98%
• 3Y*: 28.39%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.81%

GICIX

• 1D: 2.85%
• 1M: 1.04%
• 6M: 5.80%
• YTD: 13.78%
• 1Y: 29.13%
• 3Y*: 21.47%
• 5Y*: 9.35%
• 10Y*: 10.03%
• ALL TIME*: 7.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GICIX Goldman Sachs International Small Cap Insights Fund	$0.00	$0.00	$0.00
HRIOX Hood River International Opportunity Fund	$0.00	$0.00	$0.00

HRIOX vs. GICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HRIOX Hood River International Opportunity Fund	19.05%	43.32%	20.19%	30.74%	-25.86%	2.01%
GICIX Goldman Sachs International Small Cap Insights Fund	13.78%	42.83%	5.57%	15.11%	-18.53%	2.71%

Correlation

The correlation between HRIOX and GICIX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.77

The correlation between HRIOX and GICIX has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

HRIOX vs. GICIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HRIOX

HRIOX Risk / Return Rank: 72
HRIOX Sharpe Ratio Rank: 78
HRIOX Sortino Ratio Rank: 70
HRIOX Omega Ratio Rank: 71
HRIOX Calmar Ratio Rank: 66
HRIOX Martin Ratio Rank: 76

GICIX

GICIX Risk / Return Rank: 74
GICIX Sharpe Ratio Rank: 80
GICIX Sortino Ratio Rank: 78
GICIX Omega Ratio Rank: 78
GICIX Calmar Ratio Rank: 70
GICIX Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HRIOX vs. GICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River International Opportunity Fund (HRIOX) and Goldman Sachs International Small Cap Insights Fund (GICIX). 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.

	HRIOX	GICIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.86	-0.04
Sortino ratio: Return per unit of downside risk	2.37	2.62	-0.25
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.17	2.25	-0.07
Martin ratio: Return relative to average drawdown	9.18	8.02	+1.16

HRIOX vs. GICIX - Sharpe Ratio Comparison

The current HRIOX Sharpe Ratio is 1.81, which is comparable to the GICIX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HRIOX and GICIX, 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

HRIOX vs. GICIX - Drawdown Comparison

The maximum HRIOX drawdown since its inception was -38.76%, smaller than the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for HRIOX and GICIX.

Drawdown Indicators

	HRIOX	GICIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-56.71%	+17.95%
Max Drawdown (1Y) Largest decline over 1 year	-23.96%	-13.39%	-10.57%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-13.39%	-11.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.84%	—
Current Drawdown Current decline from peak	-20.41%	-1.55%	-18.86%
Average Drawdown Average peak-to-trough decline	-12.21%	-10.86%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.66%	3.74%	+1.92%

Volatility

HRIOX vs. GICIX - Volatility Comparison

Hood River International Opportunity Fund (HRIOX) has a higher volatility of 11.49% compared to Goldman Sachs International Small Cap Insights Fund (GICIX) at 5.31%. This indicates that HRIOX's price experiences larger fluctuations and is considered to be riskier than GICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRIOX	GICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	5.31%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	24.72%	13.92%	+10.80%
Volatility (1Y) Calculated over the trailing 1-year period	28.70%	16.23%	+12.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.21%	16.68%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	16.58%	+5.63%

HRIOX vs. GICIX - Expense Ratio Comparison

HRIOX has a 1.50% expense ratio, which is higher than GICIX's 0.87% expense ratio.

Dividends

HRIOX vs. GICIX - Dividend Comparison

HRIOX's dividend yield for the trailing twelve months is around 4.94%, less than GICIX's 7.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GICIX Goldman Sachs International Small Cap Insights Fund	7.11%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%
HRIOX Hood River International Opportunity Fund	4.94%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HRIOX and GICIX in my portfolio?

HRIOX and GICIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRIOX or GICIX?

HRIOX has higher volatility (11.49%) compared to GICIX (5.31%). In terms of maximum drawdown, HRIOX dropped -38.76% vs GICIX's -56.71%.

Which has better risk-adjusted returns?

GICIX currently has the higher Sharpe Ratio (1.86 vs 1.81), 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.