LZISX vs. GPIOX

Last updated Aug 1, 2026

LZISX (Lazard International Small Cap Equity Portfolio) and GPIOX (Grandeur Peak International Opportunities Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, LZISX returned 7.17%/yr vs 5.31%/yr for GPIOX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. LZISX charges 1.14%/yr vs 1.55%/yr for GPIOX.

Performance

LZISX vs. GPIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard International Small Cap Equity Portfolio (LZISX) and Grandeur Peak International Opportunities Fund (GPIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LZISX achieves a 18.32% return, which is significantly higher than GPIOX's 5.78% return. Over the past 10 years, LZISX has outperformed GPIOX with an annualized return of 7.17%, while GPIOX has yielded a comparatively lower 5.31% annualized return.

LZISX

• 1D: 3.55%
• 1M: -6.00%
• 6M: 8.86%
• YTD: 18.32%
• 1Y: 26.20%
• 3Y*: 16.73%
• 5Y*: 4.72%
• 10Y*: 7.17%
• ALL TIME*: 6.87%

GPIOX

• 1D: 2.65%
• 1M: -3.60%
• 6M: 3.57%
• YTD: 5.78%
• 1Y: 6.06%
• 3Y*: 3.07%
• 5Y*: -4.93%
• 10Y*: 5.31%
• ALL TIME*: 8.03%

*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)
GPIOX Grandeur Peak International Opportunities Fund	$0.00	$0.00	$0.00
LZISX Lazard International Small Cap Equity Portfolio	$0.00	$0.00	$0.00

LZISX vs. GPIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZISX Lazard International Small Cap Equity Portfolio	18.32%	35.95%	-3.68%	11.59%	-26.34%	12.36%	13.45%	25.49%	-24.90%	36.67%
GPIOX Grandeur Peak International Opportunities Fund	5.78%	11.78%	-11.63%	11.37%	-34.48%	18.43%	36.89%	28.23%	-21.77%	38.69%

Correlation

The correlation between LZISX and GPIOX is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.79

The correlation between LZISX and GPIOX shifts across timeframes, from 0.65 (1 year) to 0.81 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

LZISX vs. GPIOX — Risk / Return Rank

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

LZISX

LZISX Risk / Return Rank: 47
LZISX Sharpe Ratio Rank: 41
LZISX Sortino Ratio Rank: 41
LZISX Omega Ratio Rank: 39
LZISX Calmar Ratio Rank: 61
LZISX Martin Ratio Rank: 51

GPIOX

GPIOX Risk / Return Rank: 10
GPIOX Sharpe Ratio Rank: 10
GPIOX Sortino Ratio Rank: 11
GPIOX Omega Ratio Rank: 10
GPIOX Calmar Ratio Rank: 10
GPIOX Martin Ratio Rank: 10

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.

LZISX vs. GPIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard International Small Cap Equity Portfolio (LZISX) and Grandeur Peak International Opportunities Fund (GPIOX). 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.

	LZISX	GPIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.34	+0.90
Sortino ratio: Return per unit of downside risk	1.78	0.62	+1.16
Omega ratio: Gain probability vs. loss probability	1.22	1.07	+0.15
Calmar ratio: Return relative to maximum drawdown	2.11	0.43	+1.68
Martin ratio: Return relative to average drawdown	7.16	1.28	+5.88

LZISX vs. GPIOX - Sharpe Ratio Comparison

The current LZISX Sharpe Ratio is 1.24, which is higher than the GPIOX Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of LZISX and GPIOX, 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

LZISX vs. GPIOX - Drawdown Comparison

The maximum LZISX drawdown since its inception was -65.43%, which is greater than GPIOX's maximum drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for LZISX and GPIOX.

Drawdown Indicators

	LZISX	GPIOX	Difference
Max Drawdown Largest peak-to-trough decline	-65.43%	-45.01%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.57%	-13.37%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.88%	-22.28%	+6.40%
Max Drawdown (5Y) Largest decline over 5 years	-42.01%	-45.01%	+3.00%
Max Drawdown (10Y) Largest decline over 10 years	-44.80%	-45.01%	+0.21%
Current Drawdown Current decline from peak	-9.47%	-26.28%	+16.81%
Average Drawdown Average peak-to-trough decline	-14.73%	-14.04%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	4.50%	-0.80%

Volatility

LZISX vs. GPIOX - Volatility Comparison

Lazard International Small Cap Equity Portfolio (LZISX) has a higher volatility of 7.67% compared to Grandeur Peak International Opportunities Fund (GPIOX) at 5.25%. This indicates that LZISX's price experiences larger fluctuations and is considered to be riskier than GPIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZISX	GPIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	5.25%	+2.42%
Volatility (6M) Calculated over the trailing 6-month period	17.74%	14.74%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	21.48%	16.98%	+4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	17.19%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.35%	+0.69%

LZISX vs. GPIOX - Expense Ratio Comparison

LZISX has a 1.14% expense ratio, which is lower than GPIOX's 1.55% expense ratio.

Dividends

LZISX vs. GPIOX - Dividend Comparison

LZISX's dividend yield for the trailing twelve months is around 1.62%, less than GPIOX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIOX Grandeur Peak International Opportunities Fund	3.36%	3.55%	2.26%	0.62%	0.03%	13.37%	3.40%	3.50%	13.44%	3.45%	2.26%	4.56%
LZISX Lazard International Small Cap Equity Portfolio	1.62%	1.91%	1.89%	2.08%	5.44%	36.78%	2.07%	2.10%	4.62%	0.00%	2.96%	0.69%

Frequently Asked Questions

Can I hold both LZISX and GPIOX in my portfolio?

LZISX and GPIOX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZISX or GPIOX?

LZISX has higher volatility (7.67%) compared to GPIOX (5.25%). In terms of maximum drawdown, LZISX dropped -65.43% vs GPIOX's -45.01%.

Which has better risk-adjusted returns?

LZISX currently has the higher Sharpe Ratio (1.24 vs 0.34), 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.