FCENX vs. GIOTX

Last updated Jul 17, 2026

FCENX (Franklin International Core Equity (IU) Fund Advisor) and GIOTX (GMO International Developed Equity Allocation Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FCENX returned 10.15%/yr vs 15.03%/yr for GIOTX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.00% expense ratio.

Performance

FCENX vs. GIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin International Core Equity (IU) Fund Advisor (FCENX) and GMO International Developed Equity Allocation Fund (GIOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCENX achieves a 11.66% return, which is significantly lower than GIOTX's 19.22% return.

FCENX

• 1D: 0.60%
• 1M: 0.87%
• 6M: 8.32%
• YTD: 11.66%
• 1Y: 24.94%
• 3Y*: 18.23%
• 5Y*: 10.15%
• 10Y*: —

GIOTX

• 1D: 0.64%
• 1M: 0.17%
• 6M: 14.56%
• YTD: 19.22%
• 1Y: 40.94%
• 3Y*: 26.10%
• 5Y*: 15.03%
• 10Y*: 12.10%

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

FCENX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCENX Franklin International Core Equity (IU) Fund Advisor	11.66%	32.40%	6.04%	20.70%	-17.25%	14.98%	9.38%	8.79%
GIOTX GMO International Developed Equity Allocation Fund	19.22%	43.70%	10.66%	21.03%	-12.41%	11.14%	7.43%	11.92%

Correlation

The correlation between FCENX and GIOTX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.94

The correlation between FCENX and GIOTX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FCENX vs. GIOTX — Risk / Return Rank

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

FCENX

FCENX Risk / Return Rank: 47
FCENX Sharpe Ratio Rank: 48
FCENX Sortino Ratio Rank: 47
FCENX Omega Ratio Rank: 46
FCENX Calmar Ratio Rank: 46
FCENX Martin Ratio Rank: 46

GIOTX

GIOTX Risk / Return Rank: 90
GIOTX Sharpe Ratio Rank: 93
GIOTX Sortino Ratio Rank: 87
GIOTX Omega Ratio Rank: 86
GIOTX Calmar Ratio Rank: 92
GIOTX Martin Ratio Rank: 93

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.

FCENX vs. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin International Core Equity (IU) Fund Advisor (FCENX) and GMO International Developed Equity Allocation Fund (GIOTX). 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.

	FCENX	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.61	-0.99
Sortino ratio: Return per unit of downside risk	2.30	3.55	-1.25
Omega ratio: Gain probability vs. loss probability	1.29	1.47	-0.18
Calmar ratio: Return relative to maximum drawdown	2.19	3.93	-1.74
Martin ratio: Return relative to average drawdown	7.98	15.19	-7.21

FCENX vs. GIOTX - Sharpe Ratio Comparison

The current FCENX Sharpe Ratio is 1.62, which is lower than the GIOTX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of FCENX and GIOTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCENX vs. GIOTX - Drawdown Comparison

The maximum FCENX drawdown since its inception was -31.53%, smaller than the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for FCENX and GIOTX.

Drawdown Indicators

	FCENX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-56.51%	+24.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-10.66%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-13.40%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-30.59%	-28.34%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.29%	—
Current Drawdown Current decline from peak	-0.85%	-0.31%	-0.54%
Average Drawdown Average peak-to-trough decline	-6.17%	-14.16%	+7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.75%	+0.45%

Volatility

FCENX vs. GIOTX - Volatility Comparison

The current volatility for Franklin International Core Equity (IU) Fund Advisor (FCENX) is 4.10%, while GMO International Developed Equity Allocation Fund (GIOTX) has a volatility of 4.59%. This indicates that FCENX experiences smaller price fluctuations and is considered to be less risky than GIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCENX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.59%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	13.25%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	16.08%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	15.52%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	16.14%	+1.48%

FCENX vs. GIOTX - Expense Ratio Comparison

FCENX has a 0.00% expense ratio, which is lower than GIOTX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FCENX vs. GIOTX - Dividend Comparison

FCENX's dividend yield for the trailing twelve months is around 11.44%, more than GIOTX's 8.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCENX Franklin International Core Equity (IU) Fund Advisor	11.44%	13.50%	5.30%	4.11%	2.75%	8.56%	2.14%	0.83%	0.00%	0.00%	0.00%	0.00%
GIOTX GMO International Developed Equity Allocation Fund	8.54%	8.04%	5.07%	6.54%	4.45%	6.67%	4.48%	3.74%	3.90%	3.15%	4.04%	3.39%

Frequently Asked Questions

Can I hold both FCENX and GIOTX in my portfolio?

With a correlation of 0.94, FCENX and GIOTX 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.

Which is riskier, FCENX or GIOTX?

GIOTX has higher volatility (4.59%) compared to FCENX (4.10%). In terms of maximum drawdown, FCENX dropped -31.53% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GIOTX currently has the higher Sharpe Ratio (2.61 vs 1.62), 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.