BTMKX vs. GTMIX
BTMKX (iShares MSCI EAFE International Index Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, BTMKX returned 10.27%/yr vs 10.78%/yr for GTMIX. With a 0.96 correlation, they move nearly in lockstep. BTMKX charges 0.05%/yr vs 0.68%/yr for GTMIX.
Performance
BTMKX vs. GTMIX - Performance Comparison
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Returns By Period
In the year-to-date period, BTMKX achieves a 10.89% return, which is significantly lower than GTMIX's 13.12% return. Both investments have delivered pretty close results over the past 10 years, with BTMKX having a 10.27% annualized return and GTMIX not far ahead at 10.78%.
BTMKX
- 1D
- 0.19%
- 1M
- 2.19%
- YTD
- 10.89%
- 6M
- 10.37%
- 1Y
- 24.72%
- 3Y*
- 17.72%
- 5Y*
- 9.42%
- 10Y*
- 10.27%
GTMIX
- 1D
- -0.27%
- 1M
- -0.80%
- YTD
- 13.12%
- 6M
- 12.71%
- 1Y
- 38.22%
- 3Y*
- 21.82%
- 5Y*
- 11.38%
- 10Y*
- 10.78%
BTMKX vs. GTMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTMKX iShares MSCI EAFE International Index Fund | 10.89% | 31.70% | 3.70% | 18.37% | -14.04% | 11.30% | 8.07% | 21.96% | -13.38% | 25.17% |
GTMIX GMO Tax-Managed International Equities Fund | 13.12% | 46.17% | 1.54% | 14.96% | -10.13% | 10.71% | 7.50% | 23.35% | -21.23% | 28.45% |
Correlation
The correlation between BTMKX and GTMIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.96 |
The correlation between BTMKX and GTMIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
BTMKX vs. GTMIX — Risk / Return Rank
BTMKX
GTMIX
BTMKX vs. GTMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (BTMKX) and GMO Tax-Managed International Equities Fund (GTMIX). 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.
| BTMKX | GTMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.54 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 4.93 | -2.64 |
| Martin ratioReturn relative to average drawdown | 8.54 | 19.02 | -10.48 |
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Drawdowns
BTMKX vs. GTMIX - Drawdown Comparison
The maximum BTMKX drawdown since its inception was -33.92%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for BTMKX and GTMIX.
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Drawdown Indicators
| BTMKX | GTMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.92% | -58.31% | +24.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.30% | -7.90% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.66% | -14.11% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | -27.34% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -33.92% | -40.32% | +6.40% |
Current DrawdownCurrent decline from peak | 0.00% | -1.59% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -12.65% | +4.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.04% | +0.98% |
Volatility
BTMKX vs. GTMIX - Volatility Comparison
iShares MSCI EAFE International Index Fund (BTMKX) has a higher volatility of 4.81% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.48%. This indicates that BTMKX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTMKX | GTMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | 3.48% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 9.95% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.58% | 13.01% | +2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 14.93% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.64% | 16.00% | +0.64% |
BTMKX vs. GTMIX - Expense Ratio Comparison
BTMKX has a 0.05% expense ratio, which is lower than GTMIX's 0.68% expense ratio.
Dividends
BTMKX vs. GTMIX - Dividend Comparison
BTMKX's dividend yield for the trailing twelve months is around 3.38%, less than GTMIX's 19.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTMKX iShares MSCI EAFE International Index Fund | 3.38% | 3.74% | 3.43% | 3.19% | 2.80% | 3.06% | 1.99% | 3.34% | 4.58% | 2.45% | 2.85% | 2.42% |
GTMIX GMO Tax-Managed International Equities Fund | 19.83% | 22.43% | 5.94% | 0.36% | 5.44% | 16.55% | 2.25% | 4.13% | 7.25% | 2.96% | 4.05% | 3.26% |
Frequently Asked Questions
With a correlation of 0.91, BTMKX and GTMIX 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.
BTMKX has higher volatility (4.81%) compared to GTMIX (3.48%). In terms of maximum drawdown, BTMKX dropped -33.92% vs GTMIX's -58.31%.
GTMIX currently has the higher Sharpe Ratio (3.00 vs 1.66), 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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