VIISX vs. KGGAX

Last updated Jun 25, 2026

VIISX (Virtus KAR International Small-Mid Cap Fund) and KGGAX (Kopernik Global All-Cap Fund Class A) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, VIISX returned 8.23%/yr vs 12.22%/yr for KGGAX. A 0.56 correlation means they provide meaningful diversification when combined. VIISX charges 1.19%/yr vs 1.26%/yr for KGGAX.

Performance

VIISX vs. KGGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR International Small-Mid Cap Fund (VIISX) and Kopernik Global All-Cap Fund Class A (KGGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIISX achieves a -0.83% return, which is significantly lower than KGGAX's 2.17% return. Over the past 10 years, VIISX has underperformed KGGAX with an annualized return of 8.23%, while KGGAX has yielded a comparatively higher 12.22% annualized return.

VIISX

• 1D: -1.40%
• 1M: -1.45%
• YTD: -0.83%
• 6M: -0.68%
• 1Y: -5.48%
• 3Y*: 9.35%
• 5Y*: -1.34%
• 10Y*: 8.23%

KGGAX

• 1D: -1.30%
• 1M: -6.60%
• YTD: 2.17%
• 6M: 1.44%
• 1Y: 26.14%
• 3Y*: 20.57%
• 5Y*: 9.98%
• 10Y*: 12.22%

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

VIISX vs. KGGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIISX Virtus KAR International Small-Mid Cap Fund	-0.83%	14.30%	4.06%	22.36%	-34.42%	5.84%	24.38%	27.62%	-6.81%	28.48%
KGGAX Kopernik Global All-Cap Fund Class A	2.17%	64.46%	-4.79%	13.08%	-9.24%	16.59%	36.89%	9.76%	-11.34%	8.77%

Correlation

The correlation between VIISX and KGGAX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.56

The correlation between VIISX and KGGAX has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Return for Risk

VIISX vs. KGGAX — Risk / Return Rank

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

VIISX

VIISX Risk / Return Rank: 2
VIISX Sharpe Ratio Rank: 2
VIISX Sortino Ratio Rank: 2
VIISX Omega Ratio Rank: 2
VIISX Calmar Ratio Rank: 2
VIISX Martin Ratio Rank: 2

KGGAX

KGGAX Risk / Return Rank: 41
KGGAX Sharpe Ratio Rank: 44
KGGAX Sortino Ratio Rank: 38
KGGAX Omega Ratio Rank: 42
KGGAX Calmar Ratio Rank: 44
KGGAX Martin Ratio Rank: 35

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.

VIISX vs. KGGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR International Small-Mid Cap Fund (VIISX) and Kopernik Global All-Cap Fund Class A (KGGAX). 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.

	VIISX	KGGAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	1.80	-2.12
Sortino ratio: Return per unit of downside risk	-0.39	2.34	-2.73
Omega ratio: Gain probability vs. loss probability	0.96	1.32	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.28	2.39	-2.67
Martin ratio: Return relative to average drawdown	-0.62	7.29	-7.91

VIISX vs. KGGAX - Sharpe Ratio Comparison

The current VIISX Sharpe Ratio is -0.33, which is lower than the KGGAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of VIISX and KGGAX, 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

VIISX vs. KGGAX - Drawdown Comparison

The maximum VIISX drawdown since its inception was -50.31%, which is greater than KGGAX's maximum drawdown of -45.27%. Use the drawdown chart below to compare losses from any high point for VIISX and KGGAX.

Drawdown Indicators

	VIISX	KGGAX	Difference
Max Drawdown Largest peak-to-trough decline	-50.31%	-45.27%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-11.57%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-13.53%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	-50.31%	-26.59%	-23.72%
Max Drawdown (10Y) Largest decline over 10 years	-50.31%	-31.90%	-18.41%
Current Drawdown Current decline from peak	-12.69%	-11.57%	-1.12%
Average Drawdown Average peak-to-trough decline	-11.26%	-9.66%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.82%	3.78%	+3.04%

Volatility

VIISX vs. KGGAX - Volatility Comparison

The current volatility for Virtus KAR International Small-Mid Cap Fund (VIISX) is 4.13%, while Kopernik Global All-Cap Fund Class A (KGGAX) has a volatility of 4.91%. This indicates that VIISX experiences smaller price fluctuations and is considered to be less risky than KGGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIISX	KGGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.91%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	12.89%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	15.41%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	15.21%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	14.96%	+0.45%

VIISX vs. KGGAX - Expense Ratio Comparison

VIISX has a 1.19% expense ratio, which is lower than KGGAX's 1.26% expense ratio.

Dividends

VIISX vs. KGGAX - Dividend Comparison

VIISX's dividend yield for the trailing twelve months is around 3.75%, less than KGGAX's 15.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGGAX Kopernik Global All-Cap Fund Class A	15.77%	16.11%	1.04%	8.29%	13.22%	9.00%	4.59%	2.72%	0.00%	4.12%	3.09%	0.40%
VIISX Virtus KAR International Small-Mid Cap Fund	3.75%	3.72%	1.94%	0.00%	0.00%	8.43%	1.16%	1.98%	1.42%	1.82%	2.75%	3.43%

Frequently Asked Questions

Can I hold both VIISX and KGGAX in my portfolio?

VIISX and KGGAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIISX or KGGAX?

KGGAX has higher volatility (4.91%) compared to VIISX (4.13%). In terms of maximum drawdown, VIISX dropped -50.31% vs KGGAX's -45.27%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (1.80 vs -0.33), 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.