CAMIX vs. GTMIX

Last updated Jun 4, 2026

CAMIX (Cambiar International Equity Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, CAMIX returned 4.73%/yr vs 10.16%/yr for GTMIX. Their correlation of 0.88 suggests significant overlap in exposure. CAMIX charges 0.98%/yr vs 0.68%/yr for GTMIX.

Performance

CAMIX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambiar International Equity Fund (CAMIX) and GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAMIX achieves a 0.28% return, which is significantly lower than GTMIX's 14.34% return. Over the past 10 years, CAMIX has underperformed GTMIX with an annualized return of 4.73%, while GTMIX has yielded a comparatively higher 10.16% annualized return.

CAMIX

• 1D: -0.03%
• 1M: 2.00%
• YTD: 0.28%
• 6M: 1.10%
• 1Y: 9.93%
• 3Y*: 12.05%
• 5Y*: 3.70%
• 10Y*: 4.73%

GTMIX

• 1D: 0.75%
• 1M: 3.02%
• YTD: 14.34%
• 6M: 18.93%
• 1Y: 39.04%
• 3Y*: 22.47%
• 5Y*: 11.01%
• 10Y*: 10.16%

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

CAMIX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAMIX Cambiar International Equity Fund	0.28%	26.19%	8.21%	12.71%	-17.61%	5.14%	-0.23%	19.77%	-18.21%	21.26%
GTMIX GMO Tax-Managed International Equities Fund	14.34%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between CAMIX and GTMIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 10, 2002	0.88

The correlation between CAMIX and GTMIX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

CAMIX vs. GTMIX — Risk / Return Rank

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

CAMIX

CAMIX Risk / Return Rank: 9
CAMIX Sharpe Ratio Rank: 9
CAMIX Sortino Ratio Rank: 8
CAMIX Omega Ratio Rank: 8
CAMIX Calmar Ratio Rank: 8
CAMIX Martin Ratio Rank: 9

GTMIX

GTMIX Risk / Return Rank: 88
GTMIX Sharpe Ratio Rank: 90
GTMIX Sortino Ratio Rank: 86
GTMIX Omega Ratio Rank: 81
GTMIX Calmar Ratio Rank: 91
GTMIX Martin Ratio Rank: 91

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.

CAMIX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambiar International Equity Fund (CAMIX) 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.

	CAMIX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.98	-2.28
Sortino ratio: Return per unit of downside risk	1.06	4.08	-3.02
Omega ratio: Gain probability vs. loss probability	1.13	1.54	-0.41
Calmar ratio: Return relative to maximum drawdown	0.83	4.84	-4.01
Martin ratio: Return relative to average drawdown	2.70	18.65	-15.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAMIX vs. GTMIX - Sharpe Ratio Comparison

The current CAMIX Sharpe Ratio is 0.70, which is lower than the GTMIX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of CAMIX and GTMIX, 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

	CAMIX	GTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	2.98	-2.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.74	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.64	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.41	-0.07

Drawdowns

CAMIX vs. GTMIX - Drawdown Comparison

The maximum CAMIX drawdown since its inception was -62.67%, which is greater than GTMIX's maximum drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for CAMIX and GTMIX.

Drawdown Indicators

	CAMIX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.67%	-58.31%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-7.90%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.52%	-14.11%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.14%	-28.81%	-6.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-40.32%	-1.39%
Current Drawdown Current decline from peak	-4.40%	-0.27%	-4.13%
Average Drawdown Average peak-to-trough decline	-12.90%	-12.68%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.05%	+1.35%

Volatility

CAMIX vs. GTMIX - Volatility Comparison

Cambiar International Equity Fund (CAMIX) and GMO Tax-Managed International Equities Fund (GTMIX) have volatilities of 3.66% and 3.49%, 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

	CAMIX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.49%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	9.67%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	13.20%	12.85%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	14.93%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	16.05%	+0.44%

CAMIX vs. GTMIX - Expense Ratio Comparison

CAMIX has a 0.98% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

CAMIX vs. GTMIX - Dividend Comparison

CAMIX's dividend yield for the trailing twelve months is around 1.80%, less than GTMIX's 19.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAMIX Cambiar International Equity Fund	1.80%	1.80%	1.56%	1.71%	2.64%	1.37%	1.18%	3.40%	0.88%	2.09%	1.67%	0.79%
GTMIX GMO Tax-Managed International Equities Fund	19.62%	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

Can I hold both CAMIX and GTMIX in my portfolio?

CAMIX and GTMIX 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, CAMIX or GTMIX?

CAMIX has higher volatility (3.66%) compared to GTMIX (3.49%). In terms of maximum drawdown, CAMIX dropped -62.67% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.98 vs 0.70), 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.