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BBNIX vs. GUGAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BBNIX vs. GUGAX

Last updated Jun 25, 2026

BBNIX (BBH Income Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, BBNIX returned 1.10%/yr vs -0.50%/yr for GUGAX. Their correlation of 0.81 suggests significant overlap in exposure. BBNIX charges 0.47%/yr vs 0.45%/yr for GUGAX.

Performance

BBNIX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Income Fund (BBNIX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BBNIX achieves a 0.37% return, which is significantly lower than GUGAX's 0.96% return.

BBNIX

1D
0.11%
1M
0.74%
YTD
0.37%
6M
0.63%
1Y
4.35%
3Y*
5.83%
5Y*
1.10%
10Y*
—

GUGAX

1D
0.00%
1M
0.00%
YTD
0.96%
6M
0.84%
1Y
4.53%
3Y*
4.17%
5Y*
-0.50%
10Y*
1.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BBNIX vs. GUGAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
BBNIX
BBH Income Fund		0.37%7.86%3.87%9.07%-14.89%1.36%11.24%6.59%0.00%
GUGAX
GMO Multi-Sector Fixed Income Fund		0.96%7.29%0.96%6.02%-14.52%-3.17%4.91%9.66%2.61%

Correlation

The correlation between BBNIX and GUGAX is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jun 28, 2018

0.81

Over the past year, the correlation between BBNIX and GUGAX has dropped to 0.61 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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BBH Income Fund

GMO Multi-Sector Fixed Income Fund

Often compared with BBNIX:
BBNIX vs. AGGBBNIX vs. FTBFXBBNIX vs. DODIXBBNIX vs. BBIIXBBNIX vs. BIMIXBBNIX vs. BBHLXBBNIX vs. BBBMX
Often compared with GUGAX:
GUGAX vs. GMGEXGUGAX vs. JCPUXGUGAX vs. BCPIXGUGAX vs. ARINXGUGAX vs. GMCDXGUGAX vs. AMFIXGUGAX vs. IYW

Return for Risk

BBNIX vs. GUGAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BBNIX
BBNIX Risk / Return Rank: 2323
Overall Rank
BBNIX Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
BBNIX Sortino Ratio Rank: 2525
Sortino Ratio Rank
BBNIX Omega Ratio Rank: 2222
Omega Ratio Rank
BBNIX Calmar Ratio Rank: 2525
Calmar Ratio Rank
BBNIX Martin Ratio Rank: 2121
Martin Ratio Rank
GUGAX
GUGAX Risk / Return Rank: 7373
Overall Rank
GUGAX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
GUGAX Sortino Ratio Rank: 7171
Sortino Ratio Rank
GUGAX Omega Ratio Rank: 7373
Omega Ratio Rank
GUGAX Calmar Ratio Rank: 9292
Calmar Ratio Rank
GUGAX Martin Ratio Rank: 7979
Martin Ratio Rank
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.

BBNIX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Income Fund (BBNIX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

BBNIXGUGAXDifference
Sharpe ratioReturn per unit of total volatility
1.17
1.89

-0.72

Sortino ratioReturn per unit of downside risk
1.82
3.14

-1.32

Omega ratioGain probability vs. loss probability

1.21

1.43

-0.21

Calmar ratioReturn relative to maximum drawdown

1.63

4.55

-2.93

Martin ratioReturn relative to average drawdown

4.54

13.42

-8.88

BBNIX vs. GUGAX - Sharpe Ratio Comparison

The current BBNIX Sharpe Ratio is 1.17, which is lower than the GUGAX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of BBNIX and GUGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BBNIX vs. GUGAX - Drawdown Comparison

The maximum BBNIX drawdown since its inception was -18.96%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for BBNIX and GUGAX.

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Drawdown Indicators

BBNIXGUGAXDifference

Max Drawdown

Largest peak-to-trough decline

-18.96%

-38.57%

+19.61%

Max Drawdown (1Y)

Largest decline over 1 year

-2.90%

-1.16%

-1.74%

Max Drawdown (3Y)

Largest decline over 3 years

-5.10%

-6.12%

+1.02%

Max Drawdown (5Y)

Largest decline over 5 years

-18.96%

-20.53%

+1.57%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.06%

—

Current Drawdown

Current decline from peak

-1.51%

-6.72%

+5.21%

Average Drawdown

Average peak-to-trough decline

-4.31%

-11.26%

+6.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

0.39%

+0.65%

Volatility

BBNIX vs. GUGAX - Volatility Comparison

BBH Income Fund (BBNIX) has a higher volatility of 1.15% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that BBNIX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BBNIXGUGAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.15%

0.00%

+1.15%

Volatility (6M)

Calculated over the trailing 6-month period

3.01%

1.30%

+1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

4.04%

2.80%

+1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.66%

6.57%

-0.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.07%

5.43%

-0.36%

BBNIX vs. GUGAX - Expense Ratio Comparison

BBNIX has a 0.47% expense ratio, which is higher than GUGAX's 0.45% expense ratio.

Dividends

BBNIX vs. GUGAX - Dividend Comparison

BBNIX's dividend yield for the trailing twelve months is around 5.22%, more than GUGAX's 4.52% yield.

PositionTTM20252024202320222021202020192018201720162015
BBNIX
BBH Income Fund		5.22%5.28%5.76%5.23%2.93%2.87%7.07%4.60%0.00%0.00%0.00%0.00%
GUGAX
GMO Multi-Sector Fixed Income Fund		4.52%3.69%4.34%0.00%1.94%2.90%7.96%5.74%5.08%2.43%3.29%1.76%

Frequently Asked Questions

BBNIX and GUGAX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBNIX has higher volatility (1.15%) compared to GUGAX (0.00%). In terms of maximum drawdown, BBNIX dropped -18.96% vs GUGAX's -38.57%.

GUGAX currently has the higher Sharpe Ratio (1.89 vs 1.17), 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.

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