FIWCX vs. GTMIX

Last updated Jun 25, 2026

FIWCX (Fidelity SAI International Value Index Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FIWCX returned 13.21%/yr vs 10.97%/yr for GTMIX. Their correlation of 0.94 suggests significant overlap in exposure. FIWCX charges 0.17%/yr vs 0.68%/yr for GTMIX.

Performance

FIWCX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI International Value Index Fund (FIWCX) and GMO Tax-Managed International Equities Fund (GTMIX). 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 FIWCX having a 12.55% return and GTMIX slightly lower at 12.14%.

FIWCX

• 1D: -1.67%
• 1M: -0.56%
• YTD: 12.55%
• 6M: 12.73%
• 1Y: 33.30%
• 3Y*: 22.55%
• 5Y*: 13.21%
• 10Y*: —

GTMIX

• 1D: -0.86%
• 1M: -1.66%
• YTD: 12.14%
• 6M: 11.80%
• 1Y: 35.88%
• 3Y*: 21.47%
• 5Y*: 10.97%
• 10Y*: 10.68%

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

FIWCX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIWCX Fidelity SAI International Value Index Fund	12.55%	43.38%	4.94%	18.99%	-5.96%	13.88%	-3.94%	17.30%	-16.13%	0.77%
GTMIX GMO Tax-Managed International Equities Fund	12.14%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	0.83%

Correlation

The correlation between FIWCX and GTMIX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
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 Dec 19, 2017	0.94

The correlation between FIWCX and GTMIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FIWCX vs. GTMIX — Risk / Return Rank

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

FIWCX

FIWCX Risk / Return Rank: 72
FIWCX Sharpe Ratio Rank: 76
FIWCX Sortino Ratio Rank: 71
FIWCX Omega Ratio Rank: 70
FIWCX Calmar Ratio Rank: 74
FIWCX Martin Ratio Rank: 69

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 93
GTMIX Sortino Ratio Rank: 89
GTMIX Omega Ratio Rank: 85
GTMIX Calmar Ratio Rank: 93
GTMIX 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.

FIWCX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International Value Index Fund (FIWCX) 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.

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.

	FIWCX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.86	-0.54
Sortino ratio: Return per unit of downside risk	3.17	3.95	-0.77
Omega ratio: Gain probability vs. loss probability	1.42	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	3.15	4.71	-1.56
Martin ratio: Return relative to average drawdown	12.17	18.14	-5.97

FIWCX vs. GTMIX - Sharpe Ratio Comparison

The current FIWCX Sharpe Ratio is 2.32, which is comparable to the GTMIX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of FIWCX 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.

Drawdowns

FIWCX vs. GTMIX - Drawdown Comparison

The maximum FIWCX drawdown since its inception was -42.73%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for FIWCX and GTMIX.

Drawdown Indicators

	FIWCX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-58.31%	+15.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-7.90%	-3.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-14.11%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-28.49%	-27.34%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-2.41%	-2.44%	+0.03%
Average Drawdown Average peak-to-trough decline	-9.03%	-12.65%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.05%	+0.82%

Volatility

FIWCX vs. GTMIX - Volatility Comparison

Fidelity SAI International Value Index Fund (FIWCX) has a higher volatility of 4.89% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.54%. This indicates that FIWCX'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

	FIWCX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	3.54%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	9.99%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	13.02%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	14.93%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	15.81%	+2.41%

FIWCX vs. GTMIX - Expense Ratio Comparison

FIWCX has a 0.17% expense ratio, which is lower than GTMIX's 0.68% expense ratio.

Dividends

FIWCX vs. GTMIX - Dividend Comparison

FIWCX's dividend yield for the trailing twelve months is around 6.20%, less than GTMIX's 20.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIWCX Fidelity SAI International Value Index Fund	6.20%	6.97%	4.26%	5.88%	4.66%	8.74%	1.58%	3.40%	2.18%	0.07%	0.00%	0.00%
GTMIX GMO Tax-Managed International Equities Fund	20.01%	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 FIWCX and GTMIX in my portfolio?

With a correlation of 0.96, FIWCX and GTMIX 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, FIWCX or GTMIX?

FIWCX has higher volatility (4.89%) compared to GTMIX (3.54%). In terms of maximum drawdown, FIWCX dropped -42.73% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.86 vs 2.32), 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.