VIOPX vs. CSGIX

Last updated Jun 23, 2026

VIOPX (VALIC Company I International Opportunities Fund) and CSGIX (Calamos International Small Cap Growth Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, VIOPX returned 11.03%/yr vs 22.29%/yr for CSGIX. Their correlation of 0.82 suggests significant overlap in exposure. VIOPX charges 0.95%/yr vs 2.67%/yr for CSGIX.

Performance

VIOPX vs. CSGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I International Opportunities Fund (VIOPX) 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, VIOPX achieves a 5.74% return, which is significantly lower than CSGIX's 32.95% return.

VIOPX

• 1D: 0.28%
• 1M: -0.33%
• YTD: 5.74%
• 6M: 5.86%
• 1Y: 15.94%
• 3Y*: 11.03%
• 5Y*: 2.69%
• 10Y*: —

CSGIX

• 1D: 1.56%
• 1M: -0.66%
• YTD: 32.95%
• 6M: 34.02%
• 1Y: 33.65%
• 3Y*: 22.29%
• 5Y*: —
• 10Y*: —

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

VIOPX vs. CSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VIOPX VALIC Company I International Opportunities Fund	5.74%	24.22%	-2.38%	14.07%	-15.39%
CSGIX Calamos International Small Cap Growth Fund	32.95%	15.11%	10.21%	13.62%	-20.14%

Correlation

The correlation between VIOPX and CSGIX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	0.82

The correlation between VIOPX and CSGIX shifts across timeframes, from 0.71 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VIOPX vs. CSGIX — Risk / Return Rank

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

VIOPX

VIOPX Risk / Return Rank: 17
VIOPX Sharpe Ratio Rank: 16
VIOPX Sortino Ratio Rank: 17
VIOPX Omega Ratio Rank: 16
VIOPX Calmar Ratio Rank: 15
VIOPX Martin Ratio Rank: 19

CSGIX

CSGIX Risk / Return Rank: 35
CSGIX Sharpe Ratio Rank: 35
CSGIX Sortino Ratio Rank: 32
CSGIX Omega Ratio Rank: 35
CSGIX Calmar Ratio Rank: 44
CSGIX Martin Ratio Rank: 28

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.

VIOPX vs. CSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I International Opportunities Fund (VIOPX) 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.

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.

	VIOPX	CSGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.58	-0.52
Sortino ratio: Return per unit of downside risk	1.62	2.18	-0.56
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.29	2.39	-1.10
Martin ratio: Return relative to average drawdown	4.60	6.16	-1.56

VIOPX vs. CSGIX - Sharpe Ratio Comparison

The current VIOPX Sharpe Ratio is 1.06, which is lower than the CSGIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of VIOPX 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.

Drawdowns

VIOPX vs. CSGIX - Drawdown Comparison

The maximum VIOPX drawdown since its inception was -36.14%, which is greater than CSGIX's maximum drawdown of -26.50%. Use the drawdown chart below to compare losses from any high point for VIOPX and CSGIX.

Drawdown Indicators

	VIOPX	CSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.14%	-26.50%	-9.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-13.68%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.83%	-20.13%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-36.14%	—	—
Current Drawdown Current decline from peak	-2.55%	-4.03%	+1.48%
Average Drawdown Average peak-to-trough decline	-14.85%	-10.20%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	5.31%	-2.06%

Volatility

VIOPX vs. CSGIX - Volatility Comparison

The current volatility for VALIC Company I International Opportunities Fund (VIOPX) is 4.56%, while Calamos International Small Cap Growth Fund (CSGIX) has a volatility of 9.26%. This indicates that VIOPX 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

	VIOPX	CSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	9.26%	-4.70%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	18.20%	-6.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	20.71%	-6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	17.93%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	17.93%	-2.01%

VIOPX vs. CSGIX - Expense Ratio Comparison

VIOPX has a 0.95% expense ratio, which is lower than CSGIX's 2.67% expense ratio.

Dividends

VIOPX vs. CSGIX - Dividend Comparison

VIOPX's dividend yield for the trailing twelve months is around 4.13%, more than CSGIX's 0.92% yield.

Position	TTM	2025	2024	2023	2022
CSGIX Calamos International Small Cap Growth Fund	0.92%	1.22%	0.00%	0.00%	0.71%
VIOPX VALIC Company I International Opportunities Fund	4.13%	0.00%	0.98%	12.80%	20.70%

Frequently Asked Questions

Can I hold both VIOPX and CSGIX in my portfolio?

VIOPX and CSGIX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOPX or CSGIX?

CSGIX has higher volatility (9.26%) compared to VIOPX (4.56%). In terms of maximum drawdown, VIOPX dropped -36.14% vs CSGIX's -26.50%.

Which has better risk-adjusted returns?

CSGIX currently has the higher Sharpe Ratio (1.58 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.