KGGIX vs. CVISX

Last updated Jun 24, 2026

KGGIX (Kopernik Global All-Cap Fund) and CVISX (Causeway International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, KGGIX returned 12.60%/yr vs 12.05%/yr for CVISX. A 0.62 correlation means they provide meaningful diversification when combined. KGGIX charges 1.01%/yr vs 1.35%/yr for CVISX.

Performance

KGGIX vs. CVISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund (KGGIX) and Causeway International Small Cap Fund (CVISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KGGIX achieves a 3.61% return, which is significantly lower than CVISX's 13.54% return. Both investments have delivered pretty close results over the past 10 years, with KGGIX having a 12.60% annualized return and CVISX not far behind at 12.05%.

KGGIX

• 1D: -1.29%
• 1M: -5.41%
• YTD: 3.61%
• 6M: 2.76%
• 1Y: 29.51%
• 3Y*: 21.24%
• 5Y*: 10.48%
• 10Y*: 12.60%

CVISX

• 1D: -0.46%
• 1M: -0.63%
• YTD: 13.54%
• 6M: 13.03%
• 1Y: 28.62%
• 3Y*: 24.07%
• 5Y*: 13.55%
• 10Y*: 12.05%

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

KGGIX vs. CVISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGIX Kopernik Global All-Cap Fund	3.61%	64.88%	-4.91%	13.43%	-9.05%	16.86%	37.23%	10.00%	-11.07%	8.98%
CVISX Causeway International Small Cap Fund	13.54%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	18.55%	-21.34%	34.52%

Correlation

The correlation between KGGIX and CVISX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.62

The correlation between KGGIX and CVISX shifts across timeframes, from 0.61 (10 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KGGIX vs. CVISX — Risk / Return Rank

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

KGGIX

KGGIX Risk / Return Rank: 49
KGGIX Sharpe Ratio Rank: 53
KGGIX Sortino Ratio Rank: 43
KGGIX Omega Ratio Rank: 48
KGGIX Calmar Ratio Rank: 61
KGGIX Martin Ratio Rank: 40

CVISX

CVISX Risk / Return Rank: 53
CVISX Sharpe Ratio Rank: 55
CVISX Sortino Ratio Rank: 51
CVISX Omega Ratio Rank: 52
CVISX Calmar Ratio Rank: 56
CVISX Martin Ratio Rank: 49

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.

KGGIX vs. CVISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik Global All-Cap Fund (KGGIX) and Causeway International Small Cap Fund (CVISX). 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.

	KGGIX	CVISX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.03	-0.05
Sortino ratio: Return per unit of downside risk	2.55	2.78	-0.23
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.86	2.74	+0.12
Martin ratio: Return relative to average drawdown	8.23	9.47	-1.23

KGGIX vs. CVISX - Sharpe Ratio Comparison

The current KGGIX Sharpe Ratio is 1.98, which is comparable to the CVISX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of KGGIX and CVISX, 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

KGGIX vs. CVISX - Drawdown Comparison

The maximum KGGIX drawdown since its inception was -45.11%, smaller than the maximum CVISX drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for KGGIX and CVISX.

Drawdown Indicators

	KGGIX	CVISX	Difference
Max Drawdown Largest peak-to-trough decline	-45.11%	-48.50%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-10.77%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.76%	-15.17%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-26.43%	-25.20%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	-48.50%	+16.91%
Current Drawdown Current decline from peak	-10.37%	-2.68%	-7.69%
Average Drawdown Average peak-to-trough decline	-9.50%	-8.86%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.10%	+0.59%

Volatility

KGGIX vs. CVISX - Volatility Comparison

The current volatility for Kopernik Global All-Cap Fund (KGGIX) is 4.88%, while Causeway International Small Cap Fund (CVISX) has a volatility of 5.25%. This indicates that KGGIX experiences smaller price fluctuations and is considered to be less risky than CVISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGGIX	CVISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.25%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	12.26%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	14.56%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	16.18%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	16.82%	-1.83%

KGGIX vs. CVISX - Expense Ratio Comparison

KGGIX has a 1.01% expense ratio, which is lower than CVISX's 1.35% expense ratio.

Dividends

KGGIX vs. CVISX - Dividend Comparison

KGGIX's dividend yield for the trailing twelve months is around 15.88%, more than CVISX's 14.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	14.58%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
KGGIX Kopernik Global All-Cap Fund	15.88%	16.46%	1.04%	8.60%	13.59%	9.30%	4.81%	3.02%	0.25%	4.40%	3.34%	0.81%

Frequently Asked Questions

Can I hold both KGGIX and CVISX in my portfolio?

KGGIX and CVISX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGGIX or CVISX?

CVISX has higher volatility (5.25%) compared to KGGIX (4.88%). In terms of maximum drawdown, KGGIX dropped -45.11% vs CVISX's -48.50%.

Which has better risk-adjusted returns?

CVISX currently has the higher Sharpe Ratio (2.03 vs 1.98), 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.