GAPIX vs. GMGEX

Last updated Jun 25, 2026

GAPIX (Goldman Sachs Dynamic Global Equity Fund) and GMGEX (GMO Global Equity Allocation Fund) are both Global Equities funds. Over the past 10 years, GAPIX returned 13.77%/yr vs 11.47%/yr for GMGEX. Their correlation of 0.94 suggests significant overlap in exposure. GAPIX charges 0.19%/yr vs 0.01%/yr for GMGEX.

Performance

GAPIX vs. GMGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic Global Equity Fund (GAPIX) and GMO Global Equity Allocation Fund (GMGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAPIX achieves a 9.77% return, which is significantly lower than GMGEX's 16.34% return. Over the past 10 years, GAPIX has outperformed GMGEX with an annualized return of 13.77%, while GMGEX has yielded a comparatively lower 11.47% annualized return.

GAPIX

• 1D: -2.16%
• 1M: -0.31%
• YTD: 9.77%
• 6M: 8.76%
• 1Y: 24.94%
• 3Y*: 21.83%
• 5Y*: 11.39%
• 10Y*: 13.77%

GMGEX

• 1D: -2.04%
• 1M: -0.47%
• YTD: 16.34%
• 6M: 15.55%
• 1Y: 35.58%
• 3Y*: 20.32%
• 5Y*: 9.72%
• 10Y*: 11.47%

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

GAPIX vs. GMGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAPIX Goldman Sachs Dynamic Global Equity Fund	9.77%	21.72%	24.35%	20.67%	-18.97%	20.53%	13.61%	31.78%	-11.06%	26.49%
GMGEX GMO Global Equity Allocation Fund	16.34%	29.14%	4.12%	22.27%	-17.07%	14.99%	9.55%	25.45%	-13.04%	26.39%

Correlation

The correlation between GAPIX and GMGEX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.94

The correlation between GAPIX and GMGEX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

GAPIX vs. GMGEX — Risk / Return Rank

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

GAPIX

GAPIX Risk / Return Rank: 58
GAPIX Sharpe Ratio Rank: 57
GAPIX Sortino Ratio Rank: 52
GAPIX Omega Ratio Rank: 55
GAPIX Calmar Ratio Rank: 58
GAPIX Martin Ratio Rank: 67

GMGEX

GMGEX Risk / Return Rank: 88
GMGEX Sharpe Ratio Rank: 91
GMGEX Sortino Ratio Rank: 87
GMGEX Omega Ratio Rank: 84
GMGEX Calmar Ratio Rank: 88
GMGEX Martin Ratio Rank: 89

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.

GAPIX vs. GMGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic Global Equity Fund (GAPIX) and GMO Global Equity Allocation Fund (GMGEX). 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.

	GAPIX	GMGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.80	-0.88
Sortino ratio: Return per unit of downside risk	2.60	3.79	-1.19
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.16
Calmar ratio: Return relative to maximum drawdown	2.63	4.05	-1.42
Martin ratio: Return relative to average drawdown	11.39	15.79	-4.40

GAPIX vs. GMGEX - Sharpe Ratio Comparison

The current GAPIX Sharpe Ratio is 1.92, which is lower than the GMGEX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of GAPIX and GMGEX, 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

GAPIX vs. GMGEX - Drawdown Comparison

The maximum GAPIX drawdown since its inception was -58.36%, roughly equal to the maximum GMGEX drawdown of -58.47%. Use the drawdown chart below to compare losses from any high point for GAPIX and GMGEX.

Drawdown Indicators

	GAPIX	GMGEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.36%	-58.47%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.22%	-9.24%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-17.12%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-31.13%	-28.58%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.31%	-34.98%	-1.33%
Current Drawdown Current decline from peak	-2.76%	-2.93%	+0.17%
Average Drawdown Average peak-to-trough decline	-11.35%	-16.72%	+5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.37%	-0.02%

Volatility

GAPIX vs. GMGEX - Volatility Comparison

Goldman Sachs Dynamic Global Equity Fund (GAPIX) has a higher volatility of 5.96% compared to GMO Global Equity Allocation Fund (GMGEX) at 5.18%. This indicates that GAPIX's price experiences larger fluctuations and is considered to be riskier than GMGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAPIX	GMGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	5.18%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	10.87%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	13.38%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	14.92%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	16.00%	+2.01%

GAPIX vs. GMGEX - Expense Ratio Comparison

GAPIX has a 0.19% expense ratio, which is higher than GMGEX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GAPIX vs. GMGEX - Dividend Comparison

GAPIX's dividend yield for the trailing twelve months is around 13.20%, more than GMGEX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAPIX Goldman Sachs Dynamic Global Equity Fund	13.20%	14.49%	14.79%	5.27%	6.66%	12.60%	2.64%	10.09%	2.88%	2.33%	1.56%	1.39%
GMGEX GMO Global Equity Allocation Fund	4.03%	4.69%	0.29%	5.62%	7.81%	7.76%	3.83%	3.14%	3.14%	2.90%	3.71%	4.20%

Frequently Asked Questions

Can I hold both GAPIX and GMGEX in my portfolio?

With a correlation of 0.94, GAPIX and GMGEX 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, GAPIX or GMGEX?

GAPIX has higher volatility (5.96%) compared to GMGEX (5.18%). In terms of maximum drawdown, GAPIX dropped -58.36% vs GMGEX's -58.47%.

Which has better risk-adjusted returns?

GMGEX currently has the higher Sharpe Ratio (2.80 vs 1.92), 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.