WAIOX vs. GISOX

Last updated Jun 4, 2026

WAIOX (Wasatch International Opportunities Fund) and GISOX (Grandeur Peak International Stalwarts Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, WAIOX returned 4.20%/yr vs 7.93%/yr for GISOX. A 0.79 correlation means they provide meaningful diversification when combined. WAIOX charges 1.96%/yr vs 1.15%/yr for GISOX.

Performance

WAIOX vs. GISOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch International Opportunities Fund (WAIOX) and Grandeur Peak International Stalwarts Fund (GISOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAIOX achieves a 9.50% return, which is significantly lower than GISOX's 20.07% return. Over the past 10 years, WAIOX has underperformed GISOX with an annualized return of 4.20%, while GISOX has yielded a comparatively higher 7.93% annualized return.

WAIOX

• 1D: 1.55%
• 1M: 4.81%
• YTD: 9.50%
• 6M: 9.73%
• 1Y: -0.09%
• 3Y*: 5.75%
• 5Y*: -5.83%
• 10Y*: 4.20%

GISOX

• 1D: 0.00%
• 1M: 1.29%
• YTD: 20.07%
• 6M: 22.01%
• 1Y: 20.21%
• 3Y*: 9.26%
• 5Y*: -1.28%
• 10Y*: 7.93%

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

WAIOX vs. GISOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAIOX Wasatch International Opportunities Fund	9.50%	2.57%	-4.49%	10.64%	-36.63%	-1.36%	41.75%	32.19%	-14.69%	27.69%
GISOX Grandeur Peak International Stalwarts Fund	20.07%	9.82%	-10.00%	14.58%	-37.61%	24.41%	38.16%	31.57%	-17.66%	36.78%

Correlation

The correlation between WAIOX and GISOX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.79

The correlation between WAIOX and GISOX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

WAIOX vs. GISOX — Risk / Return Rank

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

WAIOX

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

GISOX

GISOX Risk / Return Rank: 20
GISOX Sharpe Ratio Rank: 17
GISOX Sortino Ratio Rank: 19
GISOX Omega Ratio Rank: 18
GISOX Calmar Ratio Rank: 27
GISOX Martin Ratio Rank: 18

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.

WAIOX vs. GISOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch International Opportunities Fund (WAIOX) and Grandeur Peak International Stalwarts Fund (GISOX). 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.

	WAIOX	GISOX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	1.17	-1.22
Sortino ratio Return per unit of downside risk	0.03	1.83	-1.80
Omega ratio Gain probability vs. loss probability	1.00	1.22	-0.22
Calmar ratio Return relative to maximum drawdown	-0.03	1.92	-1.95
Martin ratio Return relative to average drawdown	-0.07	4.81	-4.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAIOX vs. GISOX - Sharpe Ratio Comparison

The current WAIOX Sharpe Ratio is -0.05, which is lower than the GISOX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of WAIOX and GISOX, 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

	WAIOX	GISOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	1.17	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.06	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.42	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.45	-0.03

Drawdowns

WAIOX vs. GISOX - Drawdown Comparison

The maximum WAIOX drawdown since its inception was -68.04%, which is greater than GISOX's maximum drawdown of -47.98%. Use the drawdown chart below to compare losses from any high point for WAIOX and GISOX.

Drawdown Indicators

	WAIOX	GISOX	Difference
Max Drawdown Largest peak-to-trough decline	-68.04%	-47.98%	-20.06%
Max Drawdown (1Y) Largest decline over 1 year	-21.23%	-10.42%	-10.81%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-22.45%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-50.21%	-47.98%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-50.21%	-47.98%	-2.23%
Current Drawdown Current decline from peak	-31.99%	-18.50%	-13.49%
Average Drawdown Average peak-to-trough decline	-16.81%	-17.48%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	4.15%	+6.33%

Volatility

WAIOX vs. GISOX - Volatility Comparison

The current volatility for Wasatch International Opportunities Fund (WAIOX) is 3.99%, while Grandeur Peak International Stalwarts Fund (GISOX) has a volatility of 5.76%. This indicates that WAIOX experiences smaller price fluctuations and is considered to be less risky than GISOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAIOX	GISOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	5.76%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	14.32%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	17.09%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.10%	20.12%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	18.85%	-2.30%

WAIOX vs. GISOX - Expense Ratio Comparison

WAIOX has a 1.96% expense ratio, which is higher than GISOX's 1.15% expense ratio.

Dividends

WAIOX vs. GISOX - Dividend Comparison

WAIOX's dividend yield for the trailing twelve months is around 62.37%, more than GISOX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GISOX Grandeur Peak International Stalwarts Fund	0.42%	0.50%	0.45%	0.54%	0.10%	8.61%	0.21%	0.14%	2.76%	1.38%	0.29%	0.00%
WAIOX Wasatch International Opportunities Fund	62.37%	68.29%	0.00%	0.00%	0.00%	14.35%	1.98%	2.38%	2.73%	7.00%	0.00%	4.76%

Frequently Asked Questions

Can I hold both WAIOX and GISOX in my portfolio?

WAIOX and GISOX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAIOX or GISOX?

GISOX has higher volatility (5.76%) compared to WAIOX (3.99%). In terms of maximum drawdown, WAIOX dropped -68.04% vs GISOX's -47.98%.

Which has better risk-adjusted returns?

GISOX currently has the higher Sharpe Ratio (1.17 vs -0.05), 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.