HRIOX vs. VFSAX

Last updated Jun 4, 2026

HRIOX (Hood River International Opportunity 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 3 years, HRIOX returned 41.60%/yr vs 17.12%/yr for VFSAX. Their correlation of 0.82 suggests significant overlap in exposure. HRIOX charges 1.50%/yr vs 0.16%/yr for VFSAX.

Performance

HRIOX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hood River International Opportunity Fund (HRIOX) 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, HRIOX achieves a 45.74% return, which is significantly higher than VFSAX's 11.72% return.

HRIOX

• 1D: 1.09%
• 1M: 9.48%
• YTD: 45.74%
• 6M: 47.75%
• 1Y: 96.60%
• 3Y*: 41.60%
• 5Y*: —
• 10Y*: —

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)

HRIOX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HRIOX Hood River International Opportunity Fund	45.74%	43.32%	20.19%	30.74%	-25.86%	2.01%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	11.72%	29.89%	2.58%	15.13%	-21.30%	2.25%

Correlation

The correlation between HRIOX and VFSAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.82

The correlation between HRIOX and VFSAX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

HRIOX vs. VFSAX — Risk / Return Rank

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

HRIOX

HRIOX Risk / Return Rank: 95
HRIOX Sharpe Ratio Rank: 98
HRIOX Sortino Ratio Rank: 94
HRIOX Omega Ratio Rank: 89
HRIOX Calmar Ratio Rank: 97
HRIOX Martin Ratio Rank: 97

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.

HRIOX vs. VFSAX - Risk-Adjusted Trends Comparison

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

	HRIOX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	4.03	2.11	+1.92
Sortino ratio: Return per unit of downside risk	4.80	2.88	+1.92
Omega ratio: Gain probability vs. loss probability	1.63	1.39	+0.24
Calmar ratio: Return relative to maximum drawdown	7.09	2.45	+4.64
Martin ratio: Return relative to average drawdown	28.90	9.44	+19.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRIOX vs. VFSAX - Sharpe Ratio Comparison

The current HRIOX Sharpe Ratio is 4.03, which is higher than the VFSAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of HRIOX 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

	HRIOX	VFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	2.11	+1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.55	+0.46

Drawdowns

HRIOX vs. VFSAX - Drawdown Comparison

The maximum HRIOX drawdown since its inception was -38.76%, roughly equal to the maximum VFSAX drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for HRIOX and VFSAX.

Drawdown Indicators

	HRIOX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	-39.86%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-11.48%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-14.73%	-10.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.81%	—
Current Drawdown Current decline from peak	0.00%	-1.08%	+1.08%
Average Drawdown Average peak-to-trough decline	-12.31%	-9.26%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.98%	+0.40%

Volatility

HRIOX vs. VFSAX - Volatility Comparison

Hood River International Opportunity Fund (HRIOX) has a higher volatility of 8.64% compared to Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) at 4.31%. This indicates that HRIOX's price experiences larger fluctuations and is considered to be riskier than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRIOX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	4.31%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	19.97%	11.18%	+8.79%
Volatility (1Y) Calculated over the trailing 1-year period	24.52%	13.39%	+11.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	15.04%	+6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	17.03%	+4.26%

HRIOX vs. VFSAX - Expense Ratio Comparison

HRIOX has a 1.50% expense ratio, which is higher than VFSAX's 0.16% expense ratio.

Dividends

HRIOX vs. VFSAX - Dividend Comparison

HRIOX's dividend yield for the trailing twelve months is around 4.04%, more than VFSAX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HRIOX Hood River International Opportunity Fund	4.04%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both HRIOX and VFSAX in my portfolio?

HRIOX and VFSAX have a correlation of 0.77, 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 VFSAX?

HRIOX has higher volatility (8.64%) compared to VFSAX (4.31%). In terms of maximum drawdown, HRIOX dropped -38.76% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (4.03 vs 2.11), 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.