FGNSX vs. GCMFX

Last updated Aug 4, 2026

FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) and GCMFX (PIMCO California Municipal Opportunistic Value Fund) are both Municipal Bonds funds. Over the past 5 years, FGNSX returned 2.09%/yr vs 1.48%/yr for GCMFX. Their 0.46 correlation means their historical movements had little consistent relationship. FGNSX charges 0.07%/yr vs 0.63%/yr for GCMFX.

Performance

FGNSX vs. GCMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) and PIMCO California Municipal Opportunistic Value Fund (GCMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FGNSX having a 0.82% return and GCMFX slightly lower at 0.79%.

FGNSX

• 1D: 0.00%
• 1M: -0.20%
• 6M: 0.62%
• YTD: 0.82%
• 1Y: 1.90%
• 3Y*: 3.06%
• 5Y*: 2.09%
• 10Y*: —
• ALL TIME*: 1.76%

GCMFX

• 1D: -0.10%
• 1M: -1.83%
• 6M: 0.50%
• YTD: 0.79%
• 1Y: 5.39%
• 3Y*: 2.86%
• 5Y*: 1.48%
• 10Y*: 1.89%
• ALL TIME*: 1.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	$0.00	$0.00	$0.00
GCMFX PIMCO California Municipal Opportunistic Value Fund	$0.00	$0.00	$0.00

FGNSX vs. GCMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.82%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	2.11%	1.47%	-0.10%
GCMFX PIMCO California Municipal Opportunistic Value Fund	0.79%	2.76%	2.24%	5.22%	-3.47%	1.76%	2.69%	5.06%	1.83%	0.28%

Correlation

The correlation between FGNSX and GCMFX is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.49
Correlation (All Time) Calculated using the full available price history since Dec 28, 2017	0.46

The correlation between FGNSX and GCMFX shifts across timeframes, from 0.36 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FGNSX vs. GCMFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGNSX

FGNSX Risk / Return Rank: 95
FGNSX Sharpe Ratio Rank: 89
FGNSX Sortino Ratio Rank: 98
FGNSX Omega Ratio Rank: 98
FGNSX Calmar Ratio Rank: 95
FGNSX Martin Ratio Rank: 97

GCMFX

GCMFX Risk / Return Rank: 84
GCMFX Sharpe Ratio Rank: 90
GCMFX Sortino Ratio Rank: 93
GCMFX Omega Ratio Rank: 95
GCMFX Calmar Ratio Rank: 75
GCMFX Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGNSX vs. GCMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) and PIMCO California Municipal Opportunistic Value Fund (GCMFX). 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.

	FGNSX	GCMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.29	-0.04
Sortino ratio: Return per unit of downside risk	5.08	3.65	+1.43
Omega ratio: Gain probability vs. loss probability	2.18	1.57	+0.62
Calmar ratio: Return relative to maximum drawdown	4.41	2.58	+1.83
Martin ratio: Return relative to average drawdown	18.64	9.03	+9.60

FGNSX vs. GCMFX - Sharpe Ratio Comparison

The current FGNSX Sharpe Ratio is 2.25, which is comparable to the GCMFX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FGNSX and GCMFX, 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

FGNSX vs. GCMFX - Drawdown Comparison

The maximum FGNSX drawdown since its inception was -2.35%, smaller than the maximum GCMFX drawdown of -7.08%. Use the drawdown chart below to compare losses from any high point for FGNSX and GCMFX.

Drawdown Indicators

	FGNSX	GCMFX	Difference
Max Drawdown Largest peak-to-trough decline	-2.35%	-7.08%	+4.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-2.24%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-2.35%	-4.96%	+2.61%
Max Drawdown (5Y) Largest decline over 5 years	-2.35%	-7.08%	+4.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-7.08%	—
Current Drawdown Current decline from peak	-0.20%	-1.83%	+1.63%
Average Drawdown Average peak-to-trough decline	-0.24%	-1.02%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.64%	-0.53%

Volatility

FGNSX vs. GCMFX - Volatility Comparison

The current volatility for Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) is 0.25%, while PIMCO California Municipal Opportunistic Value Fund (GCMFX) has a volatility of 0.76%. This indicates that FGNSX experiences smaller price fluctuations and is considered to be less risky than GCMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGNSX	GCMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.76%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	0.68%	2.05%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	2.57%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	3.23%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	2.78%	-1.14%

FGNSX vs. GCMFX - Expense Ratio Comparison

FGNSX has a 0.07% expense ratio, which is lower than GCMFX's 0.63% expense ratio.

Dividends

FGNSX vs. GCMFX - Dividend Comparison

FGNSX's dividend yield for the trailing twelve months is around 2.08%, less than GCMFX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.08%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%	0.00%	0.00%
GCMFX PIMCO California Municipal Opportunistic Value Fund	3.17%	3.39%	3.34%	2.59%	1.91%	2.34%	2.65%	2.56%	2.40%	1.51%	0.17%

Frequently Asked Questions

Can I hold both FGNSX and GCMFX in my portfolio?

FGNSX and GCMFX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGNSX or GCMFX?

GCMFX has higher volatility (0.76%) compared to FGNSX (0.25%). In terms of maximum drawdown, FGNSX dropped -2.35% vs GCMFX's -7.08%.

Which has better risk-adjusted returns?

GCMFX currently has the higher Sharpe Ratio (2.29 vs 2.25), 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.