GHTMX vs. STEZX

Last updated Jun 4, 2026

GHTMX (Goldman Sachs International Tax- Managed Equity Fund) and STEZX (AB International Strategic Equities Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, GHTMX returned 10.60%/yr vs 11.07%/yr for STEZX. Their correlation of 0.94 suggests significant overlap in exposure. GHTMX charges 0.90%/yr vs 0.71%/yr for STEZX.

Performance

GHTMX vs. STEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs International Tax- Managed Equity Fund (GHTMX) and AB International Strategic Equities Portfolio (STEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHTMX achieves a 13.30% return, which is significantly lower than STEZX's 21.69% return. Both investments have delivered pretty close results over the past 10 years, with GHTMX having a 10.60% annualized return and STEZX not far ahead at 11.07%.

GHTMX

• 1D: 0.47%
• 1M: 5.76%
• YTD: 13.30%
• 6M: 15.69%
• 1Y: 30.21%
• 3Y*: 22.89%
• 5Y*: 11.95%
• 10Y*: 10.60%

STEZX

• 1D: 0.56%
• 1M: 5.25%
• YTD: 21.69%
• 6M: 25.95%
• 1Y: 45.94%
• 3Y*: 27.86%
• 5Y*: 13.07%
• 10Y*: 11.07%

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

GHTMX vs. STEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHTMX Goldman Sachs International Tax- Managed Equity Fund	13.30%	39.51%	6.30%	20.20%	-15.00%	12.41%	10.14%	19.01%	-16.52%	29.42%
STEZX AB International Strategic Equities Portfolio	21.69%	43.11%	12.75%	13.56%	-17.62%	10.32%	4.38%	19.93%	-14.94%	29.96%

Correlation

The correlation between GHTMX and STEZX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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 5, 2016	0.94

The correlation between GHTMX and STEZX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

GHTMX vs. STEZX — Risk / Return Rank

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

GHTMX

GHTMX Risk / Return Rank: 42
GHTMX Sharpe Ratio Rank: 43
GHTMX Sortino Ratio Rank: 40
GHTMX Omega Ratio Rank: 41
GHTMX Calmar Ratio Rank: 41
GHTMX Martin Ratio Rank: 43

STEZX

STEZX Risk / Return Rank: 82
STEZX Sharpe Ratio Rank: 85
STEZX Sortino Ratio Rank: 76
STEZX Omega Ratio Rank: 79
STEZX Calmar Ratio Rank: 82
STEZX Martin Ratio Rank: 85

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.

GHTMX vs. STEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs International Tax- Managed Equity Fund (GHTMX) and AB International Strategic Equities Portfolio (STEZX). 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.

	GHTMX	STEZX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.78	-0.85
Sortino ratio: Return per unit of downside risk	2.68	3.66	-0.99
Omega ratio: Gain probability vs. loss probability	1.35	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	2.39	3.81	-1.41
Martin ratio: Return relative to average drawdown	9.08	16.17	-7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHTMX vs. STEZX - Sharpe Ratio Comparison

The current GHTMX Sharpe Ratio is 1.93, which is lower than the STEZX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of GHTMX and STEZX, 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

	GHTMX	STEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.78	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.80	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.68	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.67	-0.17

Drawdowns

GHTMX vs. STEZX - Drawdown Comparison

The maximum GHTMX drawdown since its inception was -38.64%, which is greater than STEZX's maximum drawdown of -36.51%. Use the drawdown chart below to compare losses from any high point for GHTMX and STEZX.

Drawdown Indicators

	GHTMX	STEZX	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-36.51%	-2.13%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-12.02%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.60%	-14.01%	+0.41%
Max Drawdown (5Y) Largest decline over 5 years	-29.93%	-29.85%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	-36.51%	-2.13%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-7.60%	-7.31%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.82%	+0.44%

Volatility

GHTMX vs. STEZX - Volatility Comparison

The current volatility for Goldman Sachs International Tax- Managed Equity Fund (GHTMX) is 5.02%, while AB International Strategic Equities Portfolio (STEZX) has a volatility of 5.88%. This indicates that GHTMX experiences smaller price fluctuations and is considered to be less risky than STEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHTMX	STEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.88%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	14.08%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	16.50%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	16.34%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	16.27%	+0.28%

GHTMX vs. STEZX - Expense Ratio Comparison

GHTMX has a 0.90% expense ratio, which is higher than STEZX's 0.71% expense ratio.

Dividends

GHTMX vs. STEZX - Dividend Comparison

GHTMX's dividend yield for the trailing twelve months is around 1.92%, less than STEZX's 10.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHTMX Goldman Sachs International Tax- Managed Equity Fund	1.92%	2.18%	2.18%	2.33%	3.56%	3.00%	1.44%	1.95%	1.65%	1.86%	1.85%	1.47%
STEZX AB International Strategic Equities Portfolio	10.32%	12.56%	2.45%	3.08%	4.12%	5.96%	1.29%	2.05%	3.23%	2.92%	1.72%	0.00%

Frequently Asked Questions

Can I hold both GHTMX and STEZX in my portfolio?

With a correlation of 0.91, GHTMX and STEZX 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, GHTMX or STEZX?

STEZX has higher volatility (5.88%) compared to GHTMX (5.02%). In terms of maximum drawdown, GHTMX dropped -38.64% vs STEZX's -36.51%.

Which has better risk-adjusted returns?

STEZX currently has the higher Sharpe Ratio (2.78 vs 1.93), 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.