GBATX vs. GIOTX

Last updated Jun 23, 2026

GBATX (GMO Strategic Opportunities Allocation Fund) and GIOTX (GMO International Developed Equity Allocation Fund) are both mutual funds - GBATX is a Global Allocation fund managed by GMO, while GIOTX is a Foreign Large Cap Equities fund managed by GMO. Over the past 10 years, GBATX returned 9.33%/yr vs 12.13%/yr for GIOTX. Their correlation of 0.95 suggests significant overlap in exposure. GBATX charges 0.32%/yr vs 0.00%/yr for GIOTX.

Performance

GBATX vs. GIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Strategic Opportunities Allocation Fund (GBATX) 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, GBATX achieves a 12.85% return, which is significantly lower than GIOTX's 19.20% return. Over the past 10 years, GBATX has underperformed GIOTX with an annualized return of 9.33%, while GIOTX has yielded a comparatively higher 12.13% annualized return.

GBATX

• 1D: 0.50%
• 1M: 0.95%
• YTD: 12.85%
• 6M: 13.13%
• 1Y: 30.59%
• 3Y*: 17.28%
• 5Y*: 9.39%
• 10Y*: 9.33%

GIOTX

• 1D: 0.44%
• 1M: 2.17%
• YTD: 19.20%
• 6M: 19.41%
• 1Y: 44.26%
• 3Y*: 26.69%
• 5Y*: 14.85%
• 10Y*: 12.13%

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

GBATX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBATX GMO Strategic Opportunities Allocation Fund	12.85%	24.71%	5.50%	17.36%	-11.27%	12.12%	4.83%	19.59%	-9.41%	19.30%
GIOTX GMO International Developed Equity Allocation Fund	19.20%	43.70%	10.66%	21.03%	-12.41%	11.14%	7.43%	24.45%	-19.66%	26.38%

Correlation

The correlation between GBATX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.95

The correlation between GBATX and GIOTX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

GBATX vs. GIOTX — Risk / Return Rank

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

GBATX

GBATX Risk / Return Rank: 91
GBATX Sharpe Ratio Rank: 96
GBATX Sortino Ratio Rank: 93
GBATX Omega Ratio Rank: 89
GBATX Calmar Ratio Rank: 89
GBATX Martin Ratio Rank: 90

GIOTX

GIOTX Risk / Return Rank: 87
GIOTX Sharpe Ratio Rank: 90
GIOTX Sortino Ratio Rank: 86
GIOTX Omega Ratio Rank: 83
GIOTX Calmar Ratio Rank: 88
GIOTX 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.

GBATX vs. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Strategic Opportunities Allocation Fund (GBATX) 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.

	GBATX	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	3.13	2.77	+0.37
Sortino ratio: Return per unit of downside risk	4.39	3.79	+0.59
Omega ratio: Gain probability vs. loss probability	1.60	1.50	+0.09
Calmar ratio: Return relative to maximum drawdown	4.27	4.08	+0.19
Martin ratio: Return relative to average drawdown	16.25	16.00	+0.25

GBATX vs. GIOTX - Sharpe Ratio Comparison

The current GBATX Sharpe Ratio is 3.13, which is comparable to the GIOTX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of GBATX 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

GBATX vs. GIOTX - Drawdown Comparison

The maximum GBATX drawdown since its inception was -35.37%, smaller than the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for GBATX and GIOTX.

Drawdown Indicators

	GBATX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-35.37%	-56.51%	+21.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.06%	-10.66%	+3.60%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	-13.40%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-28.34%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-29.68%	-39.29%	+9.61%
Current Drawdown Current decline from peak	-0.78%	-0.22%	-0.56%
Average Drawdown Average peak-to-trough decline	-5.56%	-14.20%	+8.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.71%	-0.86%

Volatility

GBATX vs. GIOTX - Volatility Comparison

The current volatility for GMO Strategic Opportunities Allocation Fund (GBATX) is 3.29%, while GMO International Developed Equity Allocation Fund (GIOTX) has a volatility of 5.22%. This indicates that GBATX 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

	GBATX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	5.22%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	12.70%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.62%	15.72%	-6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	15.48%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.09%	16.35%	-4.26%

GBATX vs. GIOTX - Expense Ratio Comparison

GBATX has a 0.32% expense ratio, which is higher than GIOTX's 0.00% expense ratio.

Dividends

GBATX vs. GIOTX - Dividend Comparison

GBATX's dividend yield for the trailing twelve months is around 12.09%, more than GIOTX's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBATX GMO Strategic Opportunities Allocation Fund	12.09%	13.65%	5.97%	6.04%	10.08%	24.22%	4.29%	5.17%	9.77%	2.98%	2.84%	9.67%
GIOTX GMO International Developed Equity Allocation Fund	6.75%	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 GBATX and GIOTX in my portfolio?

With a correlation of 0.94, GBATX 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, GBATX or GIOTX?

GIOTX has higher volatility (5.22%) compared to GBATX (3.29%). In terms of maximum drawdown, GBATX dropped -35.37% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GBATX currently has the higher Sharpe Ratio (3.13 vs 2.77), 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.