VFSNX vs. CSGIX

Last updated Jun 4, 2026

VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) and CSGIX (Calamos International Small Cap Growth Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, VFSNX returned 17.18%/yr vs 24.69%/yr for CSGIX. Their correlation of 0.87 suggests significant overlap in exposure. VFSNX charges 0.11%/yr vs 2.67%/yr for CSGIX.

Performance

VFSNX vs. CSGIX - 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 Institutional Shares (VFSNX) and Calamos International Small Cap Growth Fund (CSGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFSNX achieves a 11.76% return, which is significantly lower than CSGIX's 35.70% return.

VFSNX

• 1D: 0.05%
• 1M: 1.81%
• YTD: 11.76%
• 6M: 14.55%
• 1Y: 28.61%
• 3Y*: 17.18%
• 5Y*: 6.19%
• 10Y*: 8.21%

CSGIX

• 1D: -0.97%
• 1M: 7.21%
• YTD: 35.70%
• 6M: 38.48%
• 1Y: 36.65%
• 3Y*: 24.69%
• 5Y*: —
• 10Y*: —

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

VFSNX vs. CSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	11.76%	29.97%	2.63%	15.18%	-15.05%
CSGIX Calamos International Small Cap Growth Fund	35.70%	15.11%	10.21%	13.62%	-20.14%

Correlation

The correlation between VFSNX and CSGIX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 1, 2022	0.87

The correlation between VFSNX and CSGIX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

VFSNX vs. CSGIX — Risk / Return Rank

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

VFSNX

VFSNX Risk / Return Rank: 47
VFSNX Sharpe Ratio Rank: 51
VFSNX Sortino Ratio Rank: 47
VFSNX Omega Ratio Rank: 50
VFSNX Calmar Ratio Rank: 42
VFSNX Martin Ratio Rank: 45

CSGIX

CSGIX Risk / Return Rank: 39
CSGIX Sharpe Ratio Rank: 40
CSGIX Sortino Ratio Rank: 37
CSGIX Omega Ratio Rank: 39
CSGIX Calmar Ratio Rank: 48
CSGIX Martin Ratio Rank: 31

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.

VFSNX vs. CSGIX - 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 Institutional Shares (VFSNX) and Calamos International Small Cap Growth Fund (CSGIX). 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.

	VFSNX	CSGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.85	+0.26
Sortino ratio: Return per unit of downside risk	2.89	2.54	+0.35
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	2.46	2.64	-0.18
Martin ratio: Return relative to average drawdown	9.47	7.04	+2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFSNX vs. CSGIX - Sharpe Ratio Comparison

The current VFSNX Sharpe Ratio is 2.11, which is comparable to the CSGIX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of VFSNX and CSGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VFSNX	CSGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.85	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.64	-0.05

Drawdowns

VFSNX vs. CSGIX - Drawdown Comparison

The maximum VFSNX drawdown since its inception was -43.65%, which is greater than CSGIX's maximum drawdown of -26.50%. Use the drawdown chart below to compare losses from any high point for VFSNX and CSGIX.

Drawdown Indicators

	VFSNX	CSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-26.50%	-17.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-13.68%	+2.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-20.13%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-33.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	-1.09%	-2.05%	+0.96%
Average Drawdown Average peak-to-trough decline	-9.49%	-10.25%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	5.12%	-2.14%

Volatility

VFSNX vs. CSGIX - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) is 4.30%, while Calamos International Small Cap Growth Fund (CSGIX) has a volatility of 7.90%. This indicates that VFSNX experiences smaller price fluctuations and is considered to be less risky than CSGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSNX	CSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	7.90%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	16.77%	-5.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	19.55%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	17.66%	-2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	17.66%	-1.90%

VFSNX vs. CSGIX - Expense Ratio Comparison

VFSNX has a 0.11% expense ratio, which is lower than CSGIX's 2.67% expense ratio.

Dividends

VFSNX vs. CSGIX - Dividend Comparison

VFSNX's dividend yield for the trailing twelve months is around 3.01%, more than CSGIX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSGIX Calamos International Small Cap Growth Fund	0.90%	1.22%	0.00%	0.00%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	3.01%	3.36%	3.41%	3.11%	2.26%	2.70%	1.90%	3.25%	2.81%	2.85%	2.93%	2.69%

Frequently Asked Questions

Can I hold both VFSNX and CSGIX in my portfolio?

VFSNX and CSGIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFSNX or CSGIX?

CSGIX has higher volatility (7.90%) compared to VFSNX (4.30%). In terms of maximum drawdown, VFSNX dropped -43.65% vs CSGIX's -26.50%.

Which has better risk-adjusted returns?

VFSNX currently has the higher Sharpe Ratio (2.11 vs 1.85), 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.