PFSVX vs. MSILX

Last updated Aug 1, 2026

PFSVX (iMGP SBH Focused Small Value Fund) and MSILX (iMGP International Fund) are both mutual funds - PFSVX is a Small Cap Value Equities fund managed by iMGP, while MSILX is a Foreign Large Cap Equities fund managed by iMGP. Over the past 5 years, PFSVX returned 7.34%/yr vs 5.90%/yr for MSILX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PFSVX charges 1.15%/yr vs 1.05%/yr for MSILX.

Performance

PFSVX vs. MSILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP SBH Focused Small Value Fund (PFSVX) and iMGP International Fund (MSILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFSVX achieves a 11.34% return, which is significantly higher than MSILX's 7.93% return.

PFSVX

• 1D: 1.04%
• 1M: -2.13%
• 6M: 7.36%
• YTD: 11.34%
• 1Y: 18.11%
• 3Y*: 11.20%
• 5Y*: 7.34%
• 10Y*: —
• ALL TIME*: 13.08%

MSILX

• 1D: 2.79%
• 1M: -0.91%
• 6M: 3.37%
• YTD: 7.93%
• 1Y: 19.77%
• 3Y*: 11.59%
• 5Y*: 5.90%
• 10Y*: 6.97%
• ALL TIME*: 7.06%

*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)
MSILX iMGP International Fund	$0.00	$0.00	$0.00
PFSVX iMGP SBH Focused Small Value Fund	$0.00	$0.00	$0.00

PFSVX vs. MSILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFSVX iMGP SBH Focused Small Value Fund	11.34%	-0.02%	14.04%	24.90%	-13.39%	19.74%	27.10%
MSILX iMGP International Fund	7.93%	30.20%	-0.58%	17.41%	-21.57%	11.82%	30.10%

Correlation

The correlation between PFSVX and MSILX 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.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020	0.65

The correlation between PFSVX and MSILX has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

Return for Risk

PFSVX vs. MSILX — Risk / Return Rank

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

PFSVX

PFSVX Risk / Return Rank: 20
PFSVX Sharpe Ratio Rank: 18
PFSVX Sortino Ratio Rank: 21
PFSVX Omega Ratio Rank: 18
PFSVX Calmar Ratio Rank: 20
PFSVX Martin Ratio Rank: 22

MSILX

MSILX Risk / Return Rank: 32
MSILX Sharpe Ratio Rank: 33
MSILX Sortino Ratio Rank: 35
MSILX Omega Ratio Rank: 31
MSILX Calmar Ratio Rank: 29
MSILX Martin Ratio Rank: 33

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.

PFSVX vs. MSILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP SBH Focused Small Value Fund (PFSVX) and iMGP International Fund (MSILX). 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.

	PFSVX	MSILX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.08	-0.37
Sortino ratio: Return per unit of downside risk	1.21	1.66	-0.45
Omega ratio: Gain probability vs. loss probability	1.13	1.19	-0.06
Calmar ratio: Return relative to maximum drawdown	1.02	1.36	-0.34
Martin ratio: Return relative to average drawdown	3.20	4.94	-1.73

PFSVX vs. MSILX - Sharpe Ratio Comparison

The current PFSVX Sharpe Ratio is 0.72, which is lower than the MSILX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of PFSVX and MSILX, 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

PFSVX vs. MSILX - Drawdown Comparison

The maximum PFSVX drawdown since its inception was -30.18%, smaller than the maximum MSILX drawdown of -60.45%. Use the drawdown chart below to compare losses from any high point for PFSVX and MSILX.

Drawdown Indicators

	PFSVX	MSILX	Difference
Max Drawdown Largest peak-to-trough decline	-30.18%	-60.45%	+30.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-12.70%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-30.18%	-15.73%	-14.45%
Max Drawdown (5Y) Largest decline over 5 years	-30.18%	-34.92%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.23%	—
Current Drawdown Current decline from peak	-3.64%	-1.44%	-2.20%
Average Drawdown Average peak-to-trough decline	-8.95%	-15.72%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	3.48%	+1.03%

Volatility

PFSVX vs. MSILX - Volatility Comparison

The current volatility for iMGP SBH Focused Small Value Fund (PFSVX) is 4.56%, while iMGP International Fund (MSILX) has a volatility of 5.04%. This indicates that PFSVX experiences smaller price fluctuations and is considered to be less risky than MSILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFSVX	MSILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	5.04%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	14.47%	13.52%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	15.89%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	18.19%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.49%	19.10%	+3.39%

PFSVX vs. MSILX - Expense Ratio Comparison

PFSVX has a 1.15% expense ratio, which is higher than MSILX's 1.05% expense ratio.

Dividends

PFSVX vs. MSILX - Dividend Comparison

PFSVX's dividend yield for the trailing twelve months is around 3.82%, more than MSILX's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSILX iMGP International Fund	1.44%	1.55%	1.24%	1.01%	0.88%	3.70%	2.23%	2.99%	0.74%	2.94%	4.15%	1.68%
PFSVX iMGP SBH Focused Small Value Fund	3.82%	4.26%	17.23%	7.81%	0.00%	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFSVX and MSILX in my portfolio?

PFSVX and MSILX 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, PFSVX or MSILX?

MSILX has higher volatility (5.04%) compared to PFSVX (4.56%). In terms of maximum drawdown, PFSVX dropped -30.18% vs MSILX's -60.45%.

Which has better risk-adjusted returns?

MSILX currently has the higher Sharpe Ratio (1.08 vs 0.72), 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.