HRIOX vs. GISOX

Last updated Jun 25, 2026

HRIOX (Hood River International Opportunity Fund) and GISOX (Grandeur Peak International Stalwarts Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, HRIOX returned 40.41%/yr vs 9.49%/yr for GISOX. A 0.73 correlation means they provide meaningful diversification when combined. HRIOX charges 1.50%/yr vs 1.15%/yr for GISOX.

Performance

HRIOX vs. GISOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River International Opportunity Fund (HRIOX) 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, HRIOX achieves a 42.08% return, which is significantly higher than GISOX's 19.78% return.

HRIOX

• 1D: -5.02%
• 1M: 2.13%
• YTD: 42.08%
• 6M: 40.57%
• 1Y: 84.54%
• 3Y*: 40.41%
• 5Y*: —
• 10Y*: —

GISOX

• 1D: -0.75%
• 1M: -0.71%
• YTD: 19.78%
• 6M: 19.44%
• 1Y: 16.49%
• 3Y*: 9.49%
• 5Y*: -1.71%
• 10Y*: 8.33%

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

HRIOX vs. GISOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HRIOX Hood River International Opportunity Fund	42.08%	43.32%	20.19%	30.74%	-25.86%	2.01%
GISOX Grandeur Peak International Stalwarts Fund	19.78%	9.82%	-10.00%	14.58%	-37.61%	5.18%

Correlation

The correlation between HRIOX and GISOX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.73

The correlation between HRIOX and GISOX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

HRIOX vs. GISOX — Risk / Return Rank

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

HRIOX

HRIOX Risk / Return Rank: 94
HRIOX Sharpe Ratio Rank: 97
HRIOX Sortino Ratio Rank: 90
HRIOX Omega Ratio Rank: 86
HRIOX Calmar Ratio Rank: 97
HRIOX Martin Ratio Rank: 97

GISOX

GISOX Risk / Return Rank: 21
GISOX Sharpe Ratio Rank: 17
GISOX Sortino Ratio Rank: 20
GISOX Omega Ratio Rank: 19
GISOX Calmar Ratio Rank: 29
GISOX Martin Ratio Rank: 20

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.

HRIOX vs. GISOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River International Opportunity Fund (HRIOX) 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.

	HRIOX	GISOX	Difference
Sharpe ratio: Return per unit of total volatility	3.39	1.09	+2.30
Sortino ratio: Return per unit of downside risk	4.00	1.69	+2.30
Omega ratio: Gain probability vs. loss probability	1.54	1.21	+0.33
Calmar ratio: Return relative to maximum drawdown	6.44	1.91	+4.53
Martin ratio: Return relative to average drawdown	25.27	4.67	+20.60

HRIOX vs. GISOX - Sharpe Ratio Comparison

The current HRIOX Sharpe Ratio is 3.39, which is higher than the GISOX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of HRIOX 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

HRIOX vs. GISOX - Drawdown Comparison

The maximum HRIOX drawdown since its inception was -38.76%, smaller than the maximum GISOX drawdown of -47.98%. Use the drawdown chart below to compare losses from any high point for HRIOX and GISOX.

Drawdown Indicators

	HRIOX	GISOX	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-47.98%	+9.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-10.42%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-22.45%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.98%	—
Current Drawdown Current decline from peak	-5.02%	-18.69%	+13.67%
Average Drawdown Average peak-to-trough decline	-12.19%	-17.48%	+5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	4.26%	-0.75%

Volatility

HRIOX vs. GISOX - Volatility Comparison

Hood River International Opportunity Fund (HRIOX) has a higher volatility of 11.73% compared to Grandeur Peak International Stalwarts Fund (GISOX) at 7.82%. This indicates that HRIOX's price experiences larger fluctuations and is considered to be riskier than GISOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRIOX	GISOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	7.82%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	22.32%	15.69%	+6.63%
Volatility (1Y) Calculated over the trailing 1-year period	26.17%	18.33%	+7.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	20.34%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	18.93%	+2.80%

HRIOX vs. GISOX - Expense Ratio Comparison

HRIOX has a 1.50% expense ratio, which is higher than GISOX's 1.15% expense ratio.

Dividends

HRIOX vs. GISOX - Dividend Comparison

HRIOX's dividend yield for the trailing twelve months is around 4.14%, more than GISOX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
HRIOX Hood River International Opportunity Fund	4.14%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HRIOX and GISOX in my portfolio?

HRIOX and GISOX have a correlation of 0.68, 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 GISOX?

HRIOX has higher volatility (11.73%) compared to GISOX (7.82%). In terms of maximum drawdown, HRIOX dropped -38.76% vs GISOX's -47.98%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (3.39 vs 1.09), 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.