VFSNX vs. HRIOX

Last updated Aug 1, 2026

VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) and HRIOX (Hood River International Opportunity Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, VFSNX returned 12.78%/yr vs 28.39%/yr for HRIOX. Their correlation of 0.82 means they have usually moved in the same direction. VFSNX charges 0.11%/yr vs 1.50%/yr for HRIOX.

Performance

VFSNX vs. HRIOX - 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 Hood River International Opportunity Fund (HRIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFSNX achieves a 5.53% return, which is significantly lower than HRIOX's 19.05% return.

VFSNX

• 1D: 1.91%
• 1M: -2.41%
• 6M: -0.72%
• YTD: 5.53%
• 1Y: 16.42%
• 3Y*: 12.78%
• 5Y*: 4.99%
• 10Y*: 7.47%
• ALL TIME*: 9.17%

HRIOX

• 1D: 4.66%
• 1M: -12.92%
• 6M: 3.40%
• YTD: 19.05%
• 1Y: 48.98%
• 3Y*: 28.39%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.81%

*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)
HRIOX Hood River International Opportunity Fund	$0.00	$0.00	$0.00
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	$0.00	$0.00	$0.00

VFSNX vs. HRIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	5.53%	29.97%	2.63%	15.18%	-21.26%	2.79%
HRIOX Hood River International Opportunity Fund	19.05%	43.32%	20.19%	30.74%	-25.86%	2.01%

Correlation

The correlation between VFSNX and HRIOX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.82

The correlation between VFSNX and HRIOX has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

VFSNX vs. HRIOX — Risk / Return Rank

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

VFSNX

VFSNX Risk / Return Rank: 31
VFSNX Sharpe Ratio Rank: 32
VFSNX Sortino Ratio Rank: 31
VFSNX Omega Ratio Rank: 33
VFSNX Calmar Ratio Rank: 30
VFSNX Martin Ratio Rank: 30

HRIOX

HRIOX Risk / Return Rank: 72
HRIOX Sharpe Ratio Rank: 78
HRIOX Sortino Ratio Rank: 70
HRIOX Omega Ratio Rank: 71
HRIOX Calmar Ratio Rank: 66
HRIOX Martin Ratio Rank: 76

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.

VFSNX vs. HRIOX - 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 Hood River International Opportunity Fund (HRIOX). 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.

	VFSNX	HRIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.81	-0.75
Sortino ratio: Return per unit of downside risk	1.53	2.37	-0.85
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.37	2.17	-0.80
Martin ratio: Return relative to average drawdown	4.39	9.18	-4.79

VFSNX vs. HRIOX - Sharpe Ratio Comparison

The current VFSNX Sharpe Ratio is 1.06, which is lower than the HRIOX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of VFSNX and HRIOX, 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

VFSNX vs. HRIOX - Drawdown Comparison

The maximum VFSNX drawdown since its inception was -43.65%, which is greater than HRIOX's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for VFSNX and HRIOX.

Drawdown Indicators

	VFSNX	HRIOX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-38.76%	-4.89%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-23.96%	+12.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-24.76%	+10.06%
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	-6.61%	-20.41%	+13.80%
Average Drawdown Average peak-to-trough decline	-9.44%	-12.21%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	5.66%	-2.09%

Volatility

VFSNX vs. HRIOX - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) is 5.02%, while Hood River International Opportunity Fund (HRIOX) has a volatility of 11.49%. This indicates that VFSNX experiences smaller price fluctuations and is considered to be less risky than HRIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSNX	HRIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	11.49%	-6.47%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	24.72%	-11.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	28.70%	-13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	22.21%	-6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	22.21%	-6.56%

VFSNX vs. HRIOX - Expense Ratio Comparison

VFSNX has a 0.11% expense ratio, which is lower than HRIOX's 1.50% expense ratio.

Dividends

VFSNX vs. HRIOX - Dividend Comparison

VFSNX's dividend yield for the trailing twelve months is around 3.29%, less than HRIOX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRIOX Hood River International Opportunity Fund	4.94%	5.88%	0.16%	1.44%	0.00%	0.21%	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	3.29%	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 HRIOX in my portfolio?

VFSNX and HRIOX have a correlation of 0.80, 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 HRIOX?

HRIOX has higher volatility (11.49%) compared to VFSNX (5.02%). In terms of maximum drawdown, VFSNX dropped -43.65% vs HRIOX's -38.76%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (1.81 vs 1.06), 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.