VIOPX vs. FSISX

Last updated Aug 1, 2026

VIOPX (VALIC Company I International Opportunities Fund) and FSISX (Fidelity SAI International Small Cap Index Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, VIOPX returned 3.21%/yr vs 5.71%/yr for FSISX. Their correlation of 0.93 means they have usually moved in the same direction. VIOPX charges 0.95%/yr vs 0.10%/yr for FSISX.

Performance

VIOPX vs. FSISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I International Opportunities Fund (VIOPX) and Fidelity SAI International Small Cap Index Fund (FSISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIOPX having a 10.12% return and FSISX slightly higher at 10.59%.

VIOPX

• 1D: 2.11%
• 1M: 3.34%
• 6M: 5.23%
• YTD: 10.12%
• 1Y: 18.20%
• 3Y*: 12.12%
• 5Y*: 3.21%
• 10Y*: —
• ALL TIME*: 2.92%

FSISX

• 1D: 2.13%
• 1M: 1.59%
• 6M: 5.03%
• YTD: 10.59%
• 1Y: 20.79%
• 3Y*: 15.34%
• 5Y*: 5.71%
• 10Y*: —
• ALL TIME*: 5.61%

*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)
FSISX Fidelity SAI International Small Cap Index Fund	$0.00	$0.00	$0.00
VIOPX VALIC Company I International Opportunities Fund	$0.00	$0.00	$0.00

VIOPX vs. FSISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOPX VALIC Company I International Opportunities Fund	10.12%	24.22%	-2.38%	14.07%	-23.96%	0.04%
FSISX Fidelity SAI International Small Cap Index Fund	10.59%	32.61%	1.74%	13.23%	-21.18%	-2.16%

Correlation

The correlation between VIOPX and FSISX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.93

The correlation between VIOPX and FSISX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

VIOPX vs. FSISX — Risk / Return Rank

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

VIOPX

VIOPX Risk / Return Rank: 37
VIOPX Sharpe Ratio Rank: 38
VIOPX Sortino Ratio Rank: 39
VIOPX Omega Ratio Rank: 37
VIOPX Calmar Ratio Rank: 33
VIOPX Martin Ratio Rank: 35

FSISX

FSISX Risk / Return Rank: 55
FSISX Sharpe Ratio Rank: 61
FSISX Sortino Ratio Rank: 62
FSISX Omega Ratio Rank: 61
FSISX Calmar Ratio Rank: 48
FSISX Martin Ratio Rank: 45

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.

VIOPX vs. FSISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I International Opportunities Fund (VIOPX) and Fidelity SAI International Small Cap Index Fund (FSISX). 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	FSISX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.49	-0.25
Sortino ratio: Return per unit of downside risk	1.84	2.14	-0.30
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.53	1.80	-0.26
Martin ratio: Return relative to average drawdown	5.36	6.31	-0.96

VIOPX vs. FSISX - Sharpe Ratio Comparison

The current VIOPX Sharpe Ratio is 1.24, which is comparable to the FSISX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of VIOPX and FSISX, 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. FSISX - Drawdown Comparison

The maximum VIOPX drawdown since its inception was -36.14%, roughly equal to the maximum FSISX drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for VIOPX and FSISX.

Drawdown Indicators

	VIOPX	FSISX	Difference
Max Drawdown Largest peak-to-trough decline	-36.14%	-36.84%	+0.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-11.73%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.83%	-14.32%	-5.51%
Max Drawdown (5Y) Largest decline over 5 years	-36.14%	-36.84%	+0.70%
Current Drawdown Current decline from peak	0.00%	-1.03%	+1.03%
Average Drawdown Average peak-to-trough decline	-14.57%	-12.80%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.33%	-0.02%

Volatility

VIOPX vs. FSISX - Volatility Comparison

The current volatility for VALIC Company I International Opportunities Fund (VIOPX) is 3.86%, while Fidelity SAI International Small Cap Index Fund (FSISX) has a volatility of 4.39%. This indicates that VIOPX experiences smaller price fluctuations and is considered to be less risky than FSISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOPX	FSISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	4.39%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	11.84%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	14.24%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	15.98%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	15.86%	+0.02%

VIOPX vs. FSISX - Expense Ratio Comparison

VIOPX has a 0.95% expense ratio, which is higher than FSISX's 0.10% expense ratio.

Dividends

VIOPX vs. FSISX - Dividend Comparison

VIOPX's dividend yield for the trailing twelve months is around 3.97%, more than FSISX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021
FSISX Fidelity SAI International Small Cap Index Fund	3.34%	3.70%	3.33%	3.13%	3.02%	1.30%
VIOPX VALIC Company I International Opportunities Fund	3.97%	0.00%	0.98%	12.80%	20.70%	0.00%

Frequently Asked Questions

Can I hold both VIOPX and FSISX in my portfolio?

With a correlation of 0.92, VIOPX and FSISX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIOPX or FSISX?

FSISX has higher volatility (4.39%) compared to VIOPX (3.86%). In terms of maximum drawdown, VIOPX dropped -36.14% vs FSISX's -36.84%.

Which has better risk-adjusted returns?

FSISX currently has the higher Sharpe Ratio (1.49 vs 1.24), 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.