AGOCX vs. GWOAX

Last updated Aug 5, 2026

AGOCX (PGIM Jennison Global Equity Income Fund) and GWOAX (GMO Global Developed Equity Allocation Fund) are both mutual funds - AGOCX is a Dividend fund managed by PGIM, while GWOAX is a Global Equities fund managed by GMO. Over the past 10 years, AGOCX returned 9.86%/yr vs 12.16%/yr for GWOAX. Their correlation of 0.89 means they have usually moved in the same direction. AGOCX charges 1.94%/yr vs 0.01%/yr for GWOAX.

Performance

AGOCX vs. GWOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Global Equity Income Fund (AGOCX) and GMO Global Developed Equity Allocation Fund (GWOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGOCX achieves a 15.55% return, which is significantly lower than GWOAX's 18.74% return. Over the past 10 years, AGOCX has underperformed GWOAX with an annualized return of 9.86%, while GWOAX has yielded a comparatively higher 12.16% annualized return.

AGOCX

• 1D: -0.28%
• 1M: -3.02%
• 6M: 8.82%
• YTD: 15.55%
• 1Y: 27.38%
• 3Y*: 19.45%
• 5Y*: 11.02%
• 10Y*: 9.86%
• ALL TIME*: 7.60%

GWOAX

• 1D: 0.89%
• 1M: 3.14%
• 6M: 11.84%
• YTD: 18.74%
• 1Y: 34.89%
• 3Y*: 19.95%
• 5Y*: 11.78%
• 10Y*: 12.16%
• ALL TIME*: 8.34%

*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)
AGOCX PGIM Jennison Global Equity Income Fund	$0.00	$0.00	$0.00
GWOAX GMO Global Developed Equity Allocation Fund	$0.00	$0.00	$0.00

AGOCX vs. GWOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGOCX PGIM Jennison Global Equity Income Fund	15.55%	23.91%	13.75%	9.41%	-11.69%	20.27%	5.72%	21.02%	-7.69%	14.68%
GWOAX GMO Global Developed Equity Allocation Fund	18.74%	28.37%	6.14%	22.49%	-14.10%	18.53%	10.53%	26.56%	-12.95%	25.63%

Correlation

The correlation between AGOCX and GWOAX is 0.82, 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.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.89

The correlation between AGOCX and GWOAX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

AGOCX vs. GWOAX — Risk / Return Rank

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

AGOCX

AGOCX Risk / Return Rank: 85
AGOCX Sharpe Ratio Rank: 86
AGOCX Sortino Ratio Rank: 85
AGOCX Omega Ratio Rank: 82
AGOCX Calmar Ratio Rank: 88
AGOCX Martin Ratio Rank: 86

GWOAX

GWOAX Risk / Return Rank: 95
GWOAX Sharpe Ratio Rank: 97
GWOAX Sortino Ratio Rank: 95
GWOAX Omega Ratio Rank: 93
GWOAX Calmar Ratio Rank: 94
GWOAX Martin Ratio Rank: 95

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.

AGOCX vs. GWOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Global Equity Income Fund (AGOCX) and GMO Global Developed Equity Allocation Fund (GWOAX). 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.

	AGOCX	GWOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.86	-0.65
Sortino ratio: Return per unit of downside risk	3.12	3.90	-0.79
Omega ratio: Gain probability vs. loss probability	1.40	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	3.53	4.19	-0.66
Martin ratio: Return relative to average drawdown	12.33	16.63	-4.30

AGOCX vs. GWOAX - Sharpe Ratio Comparison

The current AGOCX Sharpe Ratio is 2.21, which is comparable to the GWOAX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of AGOCX and GWOAX, 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

AGOCX vs. GWOAX - Drawdown Comparison

The maximum AGOCX drawdown since its inception was -51.84%, roughly equal to the maximum GWOAX drawdown of -49.84%. Use the drawdown chart below to compare losses from any high point for AGOCX and GWOAX.

Drawdown Indicators

	AGOCX	GWOAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.84%	-49.84%	-2.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.25%	-8.78%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-11.39%	-16.11%	+4.72%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	-26.21%	+1.68%
Max Drawdown (10Y) Largest decline over 10 years	-34.69%	-35.28%	+0.59%
Current Drawdown Current decline from peak	-5.49%	0.00%	-5.49%
Average Drawdown Average peak-to-trough decline	-7.84%	-8.93%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.21%	+0.14%

Volatility

AGOCX vs. GWOAX - Volatility Comparison

PGIM Jennison Global Equity Income Fund (AGOCX) and GMO Global Developed Equity Allocation Fund (GWOAX) have volatilities of 3.13% and 3.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGOCX	GWOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	3.27%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	10.20%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.17%	12.88%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	15.23%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	16.40%	-0.48%

AGOCX vs. GWOAX - Expense Ratio Comparison

AGOCX has a 1.94% expense ratio, which is higher than GWOAX's 0.01% expense ratio.

Dividends

AGOCX vs. GWOAX - Dividend Comparison

AGOCX's dividend yield for the trailing twelve months is around 8.24%, more than GWOAX's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOCX PGIM Jennison Global Equity Income Fund	8.24%	9.59%	10.04%	9.74%	9.10%	5.29%	9.25%	12.44%	23.46%	5.31%	1.56%	12.12%
GWOAX GMO Global Developed Equity Allocation Fund	5.33%	4.46%	0.60%	6.10%	7.27%	12.75%	3.85%	4.33%	3.02%	3.05%	6.43%	12.47%

Frequently Asked Questions

Can I hold both AGOCX and GWOAX in my portfolio?

AGOCX and GWOAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGOCX or GWOAX?

GWOAX has higher volatility (3.27%) compared to AGOCX (3.13%). In terms of maximum drawdown, AGOCX dropped -51.84% vs GWOAX's -49.84%.

Which has better risk-adjusted returns?

GWOAX currently has the higher Sharpe Ratio (2.86 vs 2.21), 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.