GCAVX vs. FESCX

Last updated Aug 4, 2026

GCAVX (GMO U.S. Small Cap Value Fund) and FESCX (First Eagle Small Cap Opportunity Fund) are both Small Cap Value Equities funds. Over the past 5 years, GCAVX returned 11.98%/yr vs 8.95%/yr for FESCX. Their correlation of 0.92 means they have usually moved in the same direction. GCAVX charges 0.42%/yr vs 1.00%/yr for FESCX.

Performance

GCAVX vs. FESCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO U.S. Small Cap Value Fund (GCAVX) and First Eagle Small Cap Opportunity Fund (FESCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCAVX achieves a 20.34% return, which is significantly lower than FESCX's 25.67% return.

GCAVX

• 1D: -0.49%
• 1M: 1.70%
• 6M: 11.86%
• YTD: 20.34%
• 1Y: 42.36%
• 3Y*: 18.08%
• 5Y*: 11.98%
• 10Y*: —
• ALL TIME*: 13.30%

FESCX

• 1D: 0.41%
• 1M: -2.47%
• 6M: 15.24%
• YTD: 25.67%
• 1Y: 44.09%
• 3Y*: 14.63%
• 5Y*: 8.95%
• 10Y*: —
• ALL TIME*: 8.94%

*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)
FESCX First Eagle Small Cap Opportunity Fund	$0.00	$0.00	$0.00
GCAVX GMO U.S. Small Cap Value Fund	$0.00	$0.00	$0.00

GCAVX vs. FESCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GCAVX GMO U.S. Small Cap Value Fund	20.34%	15.27%	11.16%	22.72%	-14.22%	9.05%
FESCX First Eagle Small Cap Opportunity Fund	25.67%	13.33%	6.47%	16.75%	-14.05%	1.23%

Correlation

The correlation between GCAVX and FESCX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.92

The correlation between GCAVX and FESCX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

GCAVX vs. FESCX — Risk / Return Rank

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

GCAVX

GCAVX Risk / Return Rank: 87
GCAVX Sharpe Ratio Rank: 87
GCAVX Sortino Ratio Rank: 86
GCAVX Omega Ratio Rank: 78
GCAVX Calmar Ratio Rank: 92
GCAVX Martin Ratio Rank: 91

FESCX

FESCX Risk / Return Rank: 87
FESCX Sharpe Ratio Rank: 86
FESCX Sortino Ratio Rank: 84
FESCX Omega Ratio Rank: 78
FESCX Calmar Ratio Rank: 94
FESCX Martin Ratio Rank: 92

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.

GCAVX vs. FESCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO U.S. Small Cap Value Fund (GCAVX) and First Eagle Small Cap Opportunity Fund (FESCX). 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.

	GCAVX	FESCX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.14	+0.02
Sortino ratio: Return per unit of downside risk	3.12	3.03	+0.10
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	3.78	4.14	-0.36
Martin ratio: Return relative to average drawdown	13.49	13.80	-0.31

GCAVX vs. FESCX - Sharpe Ratio Comparison

The current GCAVX Sharpe Ratio is 2.17, which is comparable to the FESCX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of GCAVX and FESCX, 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

GCAVX vs. FESCX - Drawdown Comparison

The maximum GCAVX drawdown since its inception was -48.22%, which is greater than FESCX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for GCAVX and FESCX.

Drawdown Indicators

	GCAVX	FESCX	Difference
Max Drawdown Largest peak-to-trough decline	-48.22%	-28.53%	-19.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-10.26%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-26.15%	-28.53%	+2.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.15%	-28.53%	+2.38%
Current Drawdown Current decline from peak	-2.00%	-5.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-8.38%	-8.64%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.07%	-0.09%

Volatility

GCAVX vs. FESCX - Volatility Comparison

The current volatility for GMO U.S. Small Cap Value Fund (GCAVX) is 4.33%, while First Eagle Small Cap Opportunity Fund (FESCX) has a volatility of 4.87%. This indicates that GCAVX experiences smaller price fluctuations and is considered to be less risky than FESCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCAVX	FESCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.87%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	14.38%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	19.87%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	22.53%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.43%	22.55%	+3.88%

GCAVX vs. FESCX - Expense Ratio Comparison

GCAVX has a 0.42% expense ratio, which is lower than FESCX's 1.00% expense ratio.

Dividends

GCAVX vs. FESCX - Dividend Comparison

GCAVX's dividend yield for the trailing twelve months is around 8.69%, more than FESCX's 0.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FESCX First Eagle Small Cap Opportunity Fund	0.82%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%
GCAVX GMO U.S. Small Cap Value Fund	8.69%	2.94%	1.68%	1.85%	10.92%	41.19%	1.54%	0.83%

Frequently Asked Questions

Can I hold both GCAVX and FESCX in my portfolio?

GCAVX and FESCX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAVX or FESCX?

FESCX has higher volatility (4.87%) compared to GCAVX (4.33%). In terms of maximum drawdown, GCAVX dropped -48.22% vs FESCX's -28.53%.

Which has better risk-adjusted returns?

GCAVX currently has the higher Sharpe Ratio (2.17 vs 2.14), 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.