GBATX vs. TIBAX

Last updated Jun 5, 2026

GBATX (GMO Strategic Opportunities Allocation Fund) and TIBAX (Thornburg Investment Income Builder Fund) are both Global Allocation funds. Over the past 10 years, GBATX returned 9.37%/yr vs 12.40%/yr for TIBAX. Their correlation of 0.86 suggests significant overlap in exposure. GBATX charges 0.32%/yr vs 1.14%/yr for TIBAX.

Performance

GBATX vs. TIBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Strategic Opportunities Allocation Fund (GBATX) and Thornburg Investment Income Builder Fund (TIBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBATX achieves a 13.68% return, which is significantly lower than TIBAX's 17.67% return. Over the past 10 years, GBATX has underperformed TIBAX with an annualized return of 9.37%, while TIBAX has yielded a comparatively higher 12.40% annualized return.

GBATX

• 1D: -0.05%
• 1M: 3.60%
• YTD: 13.68%
• 6M: 15.34%
• 1Y: 31.63%
• 3Y*: 18.65%
• 5Y*: 8.67%
• 10Y*: 9.37%

TIBAX

• 1D: -0.21%
• 1M: 2.31%
• YTD: 17.67%
• 6M: 20.83%
• 1Y: 38.85%
• 3Y*: 26.43%
• 5Y*: 16.07%
• 10Y*: 12.40%

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

GBATX vs. TIBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBATX GMO Strategic Opportunities Allocation Fund	13.68%	24.71%	5.50%	17.36%	-11.27%	12.12%	4.83%	19.59%	-9.41%	19.30%
TIBAX Thornburg Investment Income Builder Fund	17.67%	36.62%	13.23%	18.01%	-7.95%	20.08%	-0.67%	17.72%	-4.54%	14.83%

Correlation

The correlation between GBATX and TIBAX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 1, 2005	0.86

The correlation between GBATX and TIBAX shifts across timeframes, from 0.69 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GBATX vs. TIBAX — Risk / Return Rank

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

GBATX

GBATX Risk / Return Rank: 92
GBATX Sharpe Ratio Rank: 96
GBATX Sortino Ratio Rank: 94
GBATX Omega Ratio Rank: 90
GBATX Calmar Ratio Rank: 90
GBATX Martin Ratio Rank: 90

TIBAX

TIBAX Risk / Return Rank: 98
TIBAX Sharpe Ratio Rank: 99
TIBAX Sortino Ratio Rank: 98
TIBAX Omega Ratio Rank: 97
TIBAX Calmar Ratio Rank: 97
TIBAX Martin Ratio Rank: 97

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. TIBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Strategic Opportunities Allocation Fund (GBATX) and Thornburg Investment Income Builder Fund (TIBAX). 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.

	GBATX	TIBAX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	4.68	-1.23
Sortino ratio: Return per unit of downside risk	4.85	6.73	-1.88
Omega ratio: Gain probability vs. loss probability	1.66	1.94	-0.28
Calmar ratio: Return relative to maximum drawdown	4.53	7.25	-2.72
Martin ratio: Return relative to average drawdown	17.41	28.29	-10.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBATX vs. TIBAX - Sharpe Ratio Comparison

The current GBATX Sharpe Ratio is 3.45, which is comparable to the TIBAX Sharpe Ratio of 4.68. The chart below compares the historical Sharpe Ratios of GBATX and TIBAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBATX	TIBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	4.68	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.45	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.92	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.79	-0.15

Drawdowns

GBATX vs. TIBAX - Drawdown Comparison

The maximum GBATX drawdown since its inception was -35.37%, smaller than the maximum TIBAX drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for GBATX and TIBAX.

Drawdown Indicators

	GBATX	TIBAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.37%	-49.12%	+13.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.06%	-5.43%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	-9.20%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-20.94%	-1.64%
Max Drawdown (10Y) Largest decline over 10 years	-29.68%	-34.85%	+5.17%
Current Drawdown Current decline from peak	-0.05%	-0.21%	+0.16%
Average Drawdown Average peak-to-trough decline	-5.57%	-5.99%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.39%	+0.44%

Volatility

GBATX vs. TIBAX - Volatility Comparison

The current volatility for GMO Strategic Opportunities Allocation Fund (GBATX) is 2.90%, while Thornburg Investment Income Builder Fund (TIBAX) has a volatility of 3.08%. This indicates that GBATX experiences smaller price fluctuations and is considered to be less risky than TIBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBATX	TIBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	3.08%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	6.93%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	8.41%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	11.12%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.07%	13.46%	-1.39%

GBATX vs. TIBAX - Expense Ratio Comparison

GBATX has a 0.32% expense ratio, which is lower than TIBAX's 1.14% expense ratio.

Dividends

GBATX vs. TIBAX - Dividend Comparison

GBATX's dividend yield for the trailing twelve months is around 12.00%, more than TIBAX's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBATX GMO Strategic Opportunities Allocation Fund	12.00%	13.65%	5.97%	6.04%	10.08%	24.22%	4.29%	5.17%	9.77%	2.98%	2.84%	9.67%
TIBAX Thornburg Investment Income Builder Fund	4.86%	5.64%	5.44%	4.67%	5.62%	5.10%	4.11%	4.23%	4.49%	4.22%	3.83%	4.31%

Frequently Asked Questions

Can I hold both GBATX and TIBAX in my portfolio?

GBATX and TIBAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBATX or TIBAX?

TIBAX has higher volatility (3.08%) compared to GBATX (2.90%). In terms of maximum drawdown, GBATX dropped -35.37% vs TIBAX's -49.12%.

Which has better risk-adjusted returns?

TIBAX currently has the higher Sharpe Ratio (4.68 vs 3.45), 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.