CIVIX vs. GTMIX

Last updated Jun 4, 2026

CIVIX (Causeway International Value Instl) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, CIVIX returned 10.22%/yr vs 10.16%/yr for GTMIX. Their correlation of 0.89 suggests significant overlap in exposure. CIVIX charges 0.85%/yr vs 0.68%/yr for GTMIX.

Performance

CIVIX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Value Instl (CIVIX) 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, CIVIX achieves a 6.21% return, which is significantly lower than GTMIX's 14.34% return. Both investments have delivered pretty close results over the past 10 years, with CIVIX having a 10.22% annualized return and GTMIX not far behind at 10.16%.

CIVIX

• 1D: 0.65%
• 1M: 6.71%
• YTD: 6.21%
• 6M: 11.22%
• 1Y: 25.35%
• 3Y*: 18.44%
• 5Y*: 11.87%
• 10Y*: 10.22%

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)

CIVIX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIVIX Causeway International Value Instl	6.21%	39.13%	3.73%	27.29%	-6.77%	9.12%	5.41%	20.11%	-18.62%	27.20%
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 CIVIX and GTMIX is 0.80, 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	0.80
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	0.86
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.89

The correlation between CIVIX and GTMIX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

CIVIX vs. GTMIX — Risk / Return Rank

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

CIVIX

CIVIX Risk / Return Rank: 24
CIVIX Sharpe Ratio Rank: 27
CIVIX Sortino Ratio Rank: 27
CIVIX Omega Ratio Rank: 29
CIVIX Calmar Ratio Rank: 19
CIVIX Martin Ratio Rank: 19

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.

CIVIX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Value Instl (CIVIX) 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.

	CIVIX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.98	-1.49
Sortino ratio: Return per unit of downside risk	2.17	4.08	-1.91
Omega ratio: Gain probability vs. loss probability	1.28	1.54	-0.26
Calmar ratio: Return relative to maximum drawdown	1.56	4.84	-3.28
Martin ratio: Return relative to average drawdown	5.16	18.65	-13.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIVIX vs. GTMIX - Sharpe Ratio Comparison

The current CIVIX Sharpe Ratio is 1.48, which is lower than the GTMIX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of CIVIX 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

	CIVIX	GTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.98	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.74	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.64	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.41	0.00

Drawdowns

CIVIX vs. GTMIX - Drawdown Comparison

The maximum CIVIX drawdown since its inception was -60.93%, roughly equal to the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for CIVIX and GTMIX.

Drawdown Indicators

	CIVIX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.93%	-58.31%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-16.19%	-7.90%	-8.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.30%	-14.11%	-3.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-28.81%	+0.30%
Max Drawdown (10Y) Largest decline over 10 years	-44.87%	-40.32%	-4.55%
Current Drawdown Current decline from peak	-3.33%	-0.27%	-3.06%
Average Drawdown Average peak-to-trough decline	-10.99%	-12.68%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	2.05%	+2.83%

Volatility

CIVIX vs. GTMIX - Volatility Comparison

Causeway International Value Instl (CIVIX) has a higher volatility of 5.71% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.49%. This indicates that CIVIX'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.

Volatility by Period

	CIVIX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	3.49%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	14.34%	9.67%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	12.85%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	14.93%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.43%	16.05%	+3.38%

CIVIX vs. GTMIX - Expense Ratio Comparison

CIVIX has a 0.85% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

CIVIX vs. GTMIX - Dividend Comparison

CIVIX's dividend yield for the trailing twelve months is around 9.15%, less than GTMIX's 19.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIVIX Causeway International Value Instl	9.15%	9.72%	9.25%	3.61%	1.78%	1.82%	1.37%	4.63%	3.55%	1.83%	1.96%	1.95%
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 CIVIX and GTMIX in my portfolio?

CIVIX and GTMIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIVIX or GTMIX?

CIVIX has higher volatility (5.71%) compared to GTMIX (3.49%). In terms of maximum drawdown, CIVIX dropped -60.93% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.98 vs 1.48), 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.