CEFA vs. GMOI

Last updated Jun 4, 2026

CEFA (Global X S&P Catholic Values Developed ex-U.S. ETF) and GMOI (GMO International Value ETF) are both Foreign Large Cap Equities funds - CEFA tracks the S&P Developed ex-U.S. Catholic Values Index while GMOI tracks the MSCI World ex USA Value. Both are passively managed. Over the past year, CEFA returned 20.44% vs 36.69% for GMOI. Their correlation of 0.88 suggests significant overlap in exposure. CEFA charges 0.35%/yr vs 0.60%/yr for GMOI.

Performance

CEFA vs. GMOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) and GMO International Value ETF (GMOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFA achieves a 7.81% return, which is significantly lower than GMOI's 13.04% return.

CEFA

• 1D: -0.77%
• 1M: 3.62%
• YTD: 7.81%
• 6M: 9.59%
• 1Y: 20.44%
• 3Y*: 15.15%
• 5Y*: 6.64%
• 10Y*: —

GMOI

• 1D: -0.73%
• 1M: 2.82%
• YTD: 13.04%
• 6M: 17.00%
• 1Y: 36.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFA vs. GMOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	7.81%	26.46%	-3.40%
GMOI GMO International Value ETF	13.04%	45.64%	-4.57%

Correlation

The correlation between CEFA and GMOI is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.88

The correlation between CEFA and GMOI has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

CEFA vs. GMOI — Risk / Return Rank

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

CEFA

CEFA Risk / Return Rank: 38
CEFA Sharpe Ratio Rank: 37
CEFA Sortino Ratio Rank: 37
CEFA Omega Ratio Rank: 37
CEFA Calmar Ratio Rank: 36
CEFA Martin Ratio Rank: 41

GMOI

GMOI Risk / Return Rank: 84
GMOI Sharpe Ratio Rank: 85
GMOI Sortino Ratio Rank: 85
GMOI Omega Ratio Rank: 82
GMOI Calmar Ratio Rank: 83
GMOI Martin Ratio Rank: 85

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.

CEFA vs. GMOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) and GMO International Value ETF (GMOI). 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.

	CEFA	GMOI	Difference
Sharpe ratio Return per unit of total volatility	1.34	2.81	-1.47
Sortino ratio Return per unit of downside risk	1.94	3.86	-1.91
Omega ratio Gain probability vs. loss probability	1.24	1.50	-0.25
Calmar ratio Return relative to maximum drawdown	1.78	4.41	-2.63
Martin ratio Return relative to average drawdown	6.54	17.44	-10.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEFA vs. GMOI - Sharpe Ratio Comparison

The current CEFA Sharpe Ratio is 1.34, which is lower than the GMOI Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of CEFA and GMOI, 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

	CEFA	GMOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.81	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	2.13	-1.49

Drawdowns

CEFA vs. GMOI - Drawdown Comparison

The maximum CEFA drawdown since its inception was -31.97%, which is greater than GMOI's maximum drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for CEFA and GMOI.

Drawdown Indicators

	CEFA	GMOI	Difference
Max Drawdown Largest peak-to-trough decline	-31.97%	-14.67%	-17.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-8.36%	-3.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.97%	—	—
Current Drawdown Current decline from peak	-1.47%	-0.99%	-0.48%
Average Drawdown Average peak-to-trough decline	-7.05%	-1.70%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.11%	+1.02%

Volatility

CEFA vs. GMOI - Volatility Comparison

Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) has a higher volatility of 5.01% compared to GMO International Value ETF (GMOI) at 3.93%. This indicates that CEFA's price experiences larger fluctuations and is considered to be riskier than GMOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFA	GMOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	3.93%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	10.28%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	13.16%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	15.59%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	15.59%	+1.62%

CEFA vs. GMOI - Expense Ratio Comparison

CEFA has a 0.35% expense ratio, which is lower than GMOI's 0.60% expense ratio.

Dividends

CEFA vs. GMOI - Dividend Comparison

CEFA's dividend yield for the trailing twelve months is around 2.65%, more than GMOI's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	2.65%	2.86%	3.26%	2.35%	2.35%	3.49%	0.84%
GMOI GMO International Value ETF	2.42%	2.74%	0.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFA and GMOI in my portfolio?

CEFA and GMOI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFA or GMOI?

CEFA has higher volatility (5.01%) compared to GMOI (3.93%). In terms of maximum drawdown, CEFA dropped -31.97% vs GMOI's -14.67%.

Which ETF is better, CEFA or GMOI?

On 1-year performance, GMOI leads with 36.69% vs 20.44% for CEFA. On fees, CEFA is cheaper at 0.35% per year. On volatility, GMOI has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFA or GMOI?

Over the 1-year period, GMOI has performed better with a 36.69% return vs 20.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFA or GMOI?

CEFA is cheaper with a 0.35% expense ratio, compared with 0.60% for GMOI.

Which ETF pays a higher dividend yield, CEFA or GMOI?

CEFA has the higher dividend yield at 2.65%, compared with 2.42% for GMOI.

What is the main difference between CEFA and GMOI?

CEFA tracks S&P Developed ex-U.S. Catholic Values Index, while GMOI tracks MSCI World ex USA Value. They also come from different issuers: Global X and GMO. Their fees differ too: 0.35% for CEFA and 0.60% for GMOI.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.81 vs 1.34), 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.