VIISX vs. VFSAX

Last updated Jun 5, 2026

VIISX (Virtus KAR International Small-Mid Cap Fund) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, VIISX returned -1.20%/yr vs 5.77%/yr for VFSAX. Their correlation of 0.84 suggests significant overlap in exposure. VIISX charges 1.19%/yr vs 0.16%/yr for VFSAX.

Performance

VIISX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR International Small-Mid Cap Fund (VIISX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIISX achieves a -0.92% return, which is significantly lower than VFSAX's 10.71% return.

VIISX

• 1D: -1.07%
• 1M: -0.15%
• YTD: -0.92%
• 6M: 0.82%
• 1Y: -5.57%
• 3Y*: 9.54%
• 5Y*: -1.20%
• 10Y*: 8.01%

VFSAX

• 1D: -0.91%
• 1M: -0.05%
• YTD: 10.71%
• 6M: 13.39%
• 1Y: 26.48%
• 3Y*: 16.76%
• 5Y*: 5.77%
• 10Y*: —

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

VIISX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VIISX Virtus KAR International Small-Mid Cap Fund	-0.92%	14.30%	4.06%	22.36%	-34.42%	5.84%	24.38%	19.75%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	10.71%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%

Correlation

The correlation between VIISX and VFSAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.84

The correlation between VIISX and VFSAX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

VIISX vs. VFSAX — Risk / Return Rank

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

VIISX

VIISX Risk / Return Rank: 1
VIISX Sharpe Ratio Rank: 1
VIISX Sortino Ratio Rank: 1
VIISX Omega Ratio Rank: 1
VIISX Calmar Ratio Rank: 2
VIISX Martin Ratio Rank: 1

VFSAX

VFSAX Risk / Return Rank: 45
VFSAX Sharpe Ratio Rank: 49
VFSAX Sortino Ratio Rank: 44
VFSAX Omega Ratio Rank: 48
VFSAX Calmar Ratio Rank: 40
VFSAX Martin Ratio Rank: 44

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. VFSAX - Risk-Adjusted Trends Comparison

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

	VIISX	VFSAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	2.05	-2.43
Sortino ratio: Return per unit of downside risk	-0.47	2.81	-3.28
Omega ratio: Gain probability vs. loss probability	0.95	1.38	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.32	2.39	-2.71
Martin ratio: Return relative to average drawdown	-0.72	9.20	-9.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIISX vs. VFSAX - Sharpe Ratio Comparison

The current VIISX Sharpe Ratio is -0.38, which is lower than the VFSAX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VIISX and VFSAX, 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

	VIISX	VFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.05	-2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.39	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.55	+0.03

Drawdowns

VIISX vs. VFSAX - Drawdown Comparison

The maximum VIISX drawdown since its inception was -50.31%, which is greater than VFSAX's maximum drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for VIISX and VFSAX.

Drawdown Indicators

	VIISX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-50.31%	-39.86%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-11.48%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-14.73%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-50.31%	-33.81%	-16.50%
Max Drawdown (10Y) Largest decline over 10 years	-50.31%	—	—
Current Drawdown Current decline from peak	-12.77%	-1.98%	-10.79%
Average Drawdown Average peak-to-trough decline	-11.26%	-9.25%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	2.98%	+3.67%

Volatility

VIISX vs. VFSAX - Volatility Comparison

The current volatility for Virtus KAR International Small-Mid Cap Fund (VIISX) is 3.95%, while Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) has a volatility of 4.42%. This indicates that VIISX experiences smaller price fluctuations and is considered to be less risky than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIISX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.42%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	11.21%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	13.40%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	15.04%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	17.03%	-1.59%

VIISX vs. VFSAX - Expense Ratio Comparison

VIISX has a 1.19% expense ratio, which is higher than VFSAX's 0.16% expense ratio.

Dividends

VIISX vs. VFSAX - Dividend Comparison

VIISX's dividend yield for the trailing twelve months is around 3.75%, more than VFSAX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	2.99%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%	0.00%
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 VFSAX in my portfolio?

VIISX and VFSAX have a correlation of 0.77, 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 VFSAX?

VFSAX has higher volatility (4.42%) compared to VIISX (3.95%). In terms of maximum drawdown, VIISX dropped -50.31% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (2.05 vs -0.38), 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.