ISCAX vs. AVANX

Last updated Jun 26, 2026

ISCAX (Federated Hermes International Small-Mid Company Fund) and AVANX (Avantis International Small Cap Value Fund Class G) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, ISCAX returned 16.93%/yr vs 27.09%/yr for AVANX. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

ISCAX vs. AVANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes International Small-Mid Company Fund (ISCAX) and Avantis International Small Cap Value Fund Class G (AVANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCAX achieves a 7.20% return, which is significantly lower than AVANX's 12.47% return.

ISCAX

• 1D: -0.37%
• 1M: -4.44%
• YTD: 7.20%
• 6M: 6.80%
• 1Y: 14.94%
• 3Y*: 16.93%
• 5Y*: 4.93%
• 10Y*: 10.50%

AVANX

• 1D: -0.86%
• 1M: -4.86%
• YTD: 12.47%
• 6M: 11.92%
• 1Y: 38.74%
• 3Y*: 27.09%
• 5Y*: —
• 10Y*: —

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

ISCAX vs. AVANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ISCAX Federated Hermes International Small-Mid Company Fund	7.20%	34.01%	5.67%	12.61%	-13.73%
AVANX Avantis International Small Cap Value Fund Class G	12.47%	48.78%	8.80%	17.17%	-7.66%

Correlation

The correlation between ISCAX and AVANX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.85

The correlation between ISCAX and AVANX shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISCAX vs. AVANX — Risk / Return Rank

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

ISCAX

ISCAX Risk / Return Rank: 26
ISCAX Sharpe Ratio Rank: 23
ISCAX Sortino Ratio Rank: 25
ISCAX Omega Ratio Rank: 24
ISCAX Calmar Ratio Rank: 25
ISCAX Martin Ratio Rank: 31

AVANX

AVANX Risk / Return Rank: 80
AVANX Sharpe Ratio Rank: 85
AVANX Sortino Ratio Rank: 80
AVANX Omega Ratio Rank: 80
AVANX Calmar Ratio Rank: 78
AVANX Martin Ratio Rank: 76

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.

ISCAX vs. AVANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Small-Mid Company Fund (ISCAX) and Avantis International Small Cap Value Fund Class G (AVANX). 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.

	ISCAX	AVANX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.39	-1.26
Sortino ratio: Return per unit of downside risk	1.73	3.19	-1.46
Omega ratio: Gain probability vs. loss probability	1.21	1.43	-0.22
Calmar ratio: Return relative to maximum drawdown	1.56	3.01	-1.45
Martin ratio: Return relative to average drawdown	5.98	11.65	-5.68

ISCAX vs. AVANX - Sharpe Ratio Comparison

The current ISCAX Sharpe Ratio is 1.14, which is lower than the AVANX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ISCAX and AVANX, 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

ISCAX vs. AVANX - Drawdown Comparison

The maximum ISCAX drawdown since its inception was -71.55%, which is greater than AVANX's maximum drawdown of -25.35%. Use the drawdown chart below to compare losses from any high point for ISCAX and AVANX.

Drawdown Indicators

	ISCAX	AVANX	Difference
Max Drawdown Largest peak-to-trough decline	-71.55%	-25.35%	-46.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-12.86%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.90%	-13.83%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-40.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.33%	—	—
Current Drawdown Current decline from peak	-4.99%	-4.86%	-0.13%
Average Drawdown Average peak-to-trough decline	-22.19%	-4.79%	-17.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.32%	-0.49%

Volatility

ISCAX vs. AVANX - Volatility Comparison

Federated Hermes International Small-Mid Company Fund (ISCAX) and Avantis International Small Cap Value Fund Class G (AVANX) have volatilities of 6.23% and 6.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCAX	AVANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	6.40%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	13.69%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	16.20%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	17.19%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	17.19%	+0.09%

Dividends

ISCAX vs. AVANX - Dividend Comparison

ISCAX's dividend yield for the trailing twelve months is around 6.95%, less than AVANX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVANX Avantis International Small Cap Value Fund Class G	9.66%	10.86%	4.74%	3.87%	3.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ISCAX Federated Hermes International Small-Mid Company Fund	6.95%	7.45%	0.00%	0.84%	0.79%	7.79%	5.80%	4.89%	15.53%	6.51%	0.92%	12.23%

Frequently Asked Questions

Can I hold both ISCAX and AVANX in my portfolio?

ISCAX and AVANX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCAX or AVANX?

AVANX has higher volatility (6.40%) compared to ISCAX (6.23%). In terms of maximum drawdown, ISCAX dropped -71.55% vs AVANX's -25.35%.

Which has better risk-adjusted returns?

AVANX currently has the higher Sharpe Ratio (2.39 vs 1.14), 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.