VFSAX vs. CVISX

Last updated Jun 25, 2026

VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) and CVISX (Causeway International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, VFSAX returned 5.44%/yr vs 12.72%/yr for CVISX. Their correlation of 0.89 suggests significant overlap in exposure. VFSAX charges 0.16%/yr vs 1.35%/yr for CVISX.

Performance

VFSAX vs. CVISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) 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, VFSAX achieves a 7.48% return, which is significantly lower than CVISX's 10.68% return.

VFSAX

• 1D: -2.67%
• 1M: -3.16%
• YTD: 7.48%
• 6M: 7.36%
• 1Y: 20.67%
• 3Y*: 15.91%
• 5Y*: 5.44%
• 10Y*: —

CVISX

• 1D: -2.52%
• 1M: -3.13%
• YTD: 10.68%
• 6M: 9.96%
• 1Y: 23.51%
• 3Y*: 23.01%
• 5Y*: 12.72%
• 10Y*: 11.76%

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

VFSAX vs. CVISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	7.48%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%
CVISX Causeway International Small Cap Fund	10.68%	32.93%	9.71%	26.74%	-11.51%	21.30%	2.48%	8.85%

Correlation

The correlation between VFSAX and CVISX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.89

The correlation between VFSAX and CVISX has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

VFSAX vs. CVISX — Risk / Return Rank

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

VFSAX

VFSAX Risk / Return Rank: 34
VFSAX Sharpe Ratio Rank: 35
VFSAX Sortino Ratio Rank: 32
VFSAX Omega Ratio Rank: 36
VFSAX Calmar Ratio Rank: 31
VFSAX Martin Ratio Rank: 35

CVISX

CVISX Risk / Return Rank: 42
CVISX Sharpe Ratio Rank: 44
CVISX Sortino Ratio Rank: 41
CVISX Omega Ratio Rank: 42
CVISX Calmar Ratio Rank: 45
CVISX Martin Ratio Rank: 41

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.

VFSAX vs. CVISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) 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.

	VFSAX	CVISX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.74	-0.17
Sortino ratio: Return per unit of downside risk	2.16	2.40	-0.23
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.95	2.39	-0.44
Martin ratio: Return relative to average drawdown	7.23	8.21	-0.98

VFSAX vs. CVISX - Sharpe Ratio Comparison

The current VFSAX Sharpe Ratio is 1.57, which is comparable to the CVISX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of VFSAX 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

VFSAX vs. CVISX - Drawdown Comparison

The maximum VFSAX drawdown since its inception was -39.86%, smaller than the maximum CVISX drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for VFSAX and CVISX.

Drawdown Indicators

	VFSAX	CVISX	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-48.50%	+8.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-10.77%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-15.17%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-33.81%	-25.20%	-8.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.50%	—
Current Drawdown Current decline from peak	-4.83%	-5.13%	+0.30%
Average Drawdown Average peak-to-trough decline	-9.21%	-8.86%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.12%	-0.03%

Volatility

VFSAX vs. CVISX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Causeway International Small Cap Fund (CVISX) have volatilities of 6.00% and 5.82%, 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

	VFSAX	CVISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	5.82%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	12.52%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	14.77%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	16.22%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	16.74%	+0.34%

VFSAX vs. CVISX - Expense Ratio Comparison

VFSAX has a 0.16% expense ratio, which is lower than CVISX's 1.35% expense ratio.

Dividends

VFSAX vs. CVISX - Dividend Comparison

VFSAX's dividend yield for the trailing twelve months is around 3.18%, less than CVISX's 14.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVISX Causeway International Small Cap Fund	14.96%	16.56%	10.60%	6.14%	2.75%	3.48%	3.42%	3.57%	2.91%	8.23%	2.78%	2.00%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	3.18%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFSAX and CVISX in my portfolio?

VFSAX and CVISX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFSAX or CVISX?

VFSAX has higher volatility (6.00%) compared to CVISX (5.82%). In terms of maximum drawdown, VFSAX dropped -39.86% vs CVISX's -48.50%.

Which has better risk-adjusted returns?

CVISX currently has the higher Sharpe Ratio (1.74 vs 1.57), 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.