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GHVIX vs. GUSTX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GHVIX vs. GUSTX

Last updated Jun 24, 2026

GHVIX (GMO High Yield Fund) and GUSTX (GMO U.S. Treasury Fund) are both mutual funds - GHVIX is a High Yield Bonds fund managed by GMO, while GUSTX is a Government Bonds fund managed by GMO. Over the past 5 years, GHVIX returned 4.72%/yr vs 1.91%/yr for GUSTX. At a 0.03 correlation, their price movements are largely independent. GHVIX charges 0.46%/yr vs 0.01%/yr for GUSTX.

Performance

GHVIX vs. GUSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO High Yield Fund (GHVIX) and GMO U.S. Treasury Fund (GUSTX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GHVIX achieves a 1.74% return, which is significantly higher than GUSTX's 1.26% return.

GHVIX

1D
-0.11%
1M
0.63%
YTD
1.74%
6M
1.98%
1Y
6.56%
3Y*
7.01%
5Y*
4.72%
10Y*
—

GUSTX

1D
0.00%
1M
0.14%
YTD
1.26%
6M
1.59%
1Y
3.69%
3Y*
3.32%
5Y*
1.91%
10Y*
-13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHVIX vs. GUSTX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
GHVIX
GMO High Yield Fund		1.74%9.39%1.41%12.94%-8.06%10.90%5.38%8.91%3.98%
GUSTX
GMO U.S. Treasury Fund		1.26%4.45%2.21%2.52%-0.73%-0.06%0.89%0.14%-79.73%

Correlation

The correlation between GHVIX and GUSTX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.09

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2018

0.03

Compare stocks, funds, or ETFs

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GMO High Yield Fund

GMO U.S. Treasury Fund

Often compared with GHVIX:
GHVIX vs. TAHTXGHVIX vs. HYLDGHVIX vs. PDIGHVIX vs. PEYGHVIX vs. SPYGHVIX vs. GIOTXGHVIX vs. GMOQX
Often compared with GUSTX:
GUSTX vs. PRXCXGUSTX vs. SGOVGUSTX vs. TFLOGUSTX vs. CBFSXGUSTX vs. BNDGUSTX vs. VSGBXGUSTX vs. SPTS

Return for Risk

GHVIX vs. GUSTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GHVIX
GHVIX Risk / Return Rank: 7373
Overall Rank
GHVIX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
GHVIX Sortino Ratio Rank: 7878
Sortino Ratio Rank
GHVIX Omega Ratio Rank: 7878
Omega Ratio Rank
GHVIX Calmar Ratio Rank: 6060
Calmar Ratio Rank
GHVIX Martin Ratio Rank: 7777
Martin Ratio Rank
GUSTX
GUSTX Risk / Return Rank: 9999
Overall Rank
GUSTX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
GUSTX Sortino Ratio Rank: 9999
Sortino Ratio Rank
GUSTX Omega Ratio Rank: 100100
Omega Ratio Rank
GUSTX Calmar Ratio Rank: 100100
Calmar Ratio Rank
GUSTX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

GHVIX vs. GUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO High Yield Fund (GHVIX) and GMO U.S. Treasury Fund (GUSTX). 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.

GHVIXGUSTXDifference
Sharpe ratioReturn per unit of total volatility
2.27
3.11

-0.84

Sortino ratioReturn per unit of downside risk
3.43
9.30

-5.87

Omega ratioGain probability vs. loss probability

1.46

5.56

-4.09

Calmar ratioReturn relative to maximum drawdown

2.86

19.28

-16.43

Martin ratioReturn relative to average drawdown

13.50

53.96

-40.47

GHVIX vs. GUSTX - Sharpe Ratio Comparison

The current GHVIX Sharpe Ratio is 2.27, which is comparable to the GUSTX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of GHVIX and GUSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GHVIX vs. GUSTX - Drawdown Comparison

The maximum GHVIX drawdown since its inception was -20.48%, smaller than the maximum GUSTX drawdown of -79.98%. Use the drawdown chart below to compare losses from any high point for GHVIX and GUSTX.

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Drawdown Indicators

GHVIXGUSTXDifference

Max Drawdown

Largest peak-to-trough decline

-20.48%

-79.98%

+59.50%

Max Drawdown (1Y)

Largest decline over 1 year

-2.42%

-0.20%

-2.22%

Max Drawdown (3Y)

Largest decline over 3 years

-9.29%

-1.19%

-8.10%

Max Drawdown (5Y)

Largest decline over 5 years

-13.54%

-1.19%

-12.35%

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.98%

—

Current Drawdown

Current decline from peak

-0.17%

-77.72%

+77.55%

Average Drawdown

Average peak-to-trough decline

-2.62%

-36.16%

+33.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.51%

0.07%

+0.44%

Volatility

GHVIX vs. GUSTX - Volatility Comparison

GMO High Yield Fund (GHVIX) has a higher volatility of 0.79% compared to GMO U.S. Treasury Fund (GUSTX) at 0.49%. This indicates that GHVIX's price experiences larger fluctuations and is considered to be riskier than GUSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GHVIXGUSTXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.79%

0.49%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

2.46%

0.89%

+1.57%

Volatility (1Y)

Calculated over the trailing 1-year period

3.04%

1.24%

+1.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.62%

1.76%

+6.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.82%

25.46%

-16.64%

GHVIX vs. GUSTX - Expense Ratio Comparison

GHVIX has a 0.46% expense ratio, which is higher than GUSTX's 0.01% expense ratio.

Dividends

GHVIX vs. GUSTX - Dividend Comparison

GHVIX's dividend yield for the trailing twelve months is around 5.59%, more than GUSTX's 3.83% yield.

PositionTTM20252024202320222021202020192018201720162015
GHVIX
GMO High Yield Fund		5.59%5.68%7.96%4.37%8.11%19.00%2.10%7.76%3.83%0.00%0.00%0.00%
GUSTX
GMO U.S. Treasury Fund		3.83%4.15%1.98%2.28%0.26%0.14%0.09%0.14%8.96%0.50%0.05%0.04%

Frequently Asked Questions

GHVIX and GUSTX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GHVIX has higher volatility (0.79%) compared to GUSTX (0.49%). In terms of maximum drawdown, GHVIX dropped -20.48% vs GUSTX's -79.98%.

GUSTX currently has the higher Sharpe Ratio (3.11 vs 2.27), 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.

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