GIMDX vs. GICIX

Last updated Jun 4, 2026

GIMDX (Goldman Sachs Local Emerging Markets Debt Fund) and GICIX (Goldman Sachs International Small Cap Insights Fund) are both mutual funds - GIMDX is a Emerging Markets Bonds fund managed by Goldman Sachs, while GICIX is a Foreign Small & Mid Cap Equities fund managed by Goldman Sachs. Over the past 10 years, GIMDX returned 2.76%/yr vs 9.94%/yr for GICIX. A 0.58 correlation means they provide meaningful diversification when combined. GIMDX charges 0.92%/yr vs 0.87%/yr for GICIX.

Performance

GIMDX vs. GICIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Local Emerging Markets Debt Fund (GIMDX) and Goldman Sachs International Small Cap Insights Fund (GICIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIMDX achieves a 1.82% return, which is significantly lower than GICIX's 14.40% return. Over the past 10 years, GIMDX has underperformed GICIX with an annualized return of 2.76%, while GICIX has yielded a comparatively higher 9.94% annualized return.

GIMDX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.82%
• 6M: 2.91%
• 1Y: 9.08%
• 3Y*: 7.64%
• 5Y*: 2.12%
• 10Y*: 2.76%

GICIX

• 1D: -0.16%
• 1M: 4.64%
• YTD: 14.40%
• 6M: 17.91%
• 1Y: 34.09%
• 3Y*: 23.39%
• 5Y*: 9.70%
• 10Y*: 9.94%

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

GIMDX vs. GICIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIMDX Goldman Sachs Local Emerging Markets Debt Fund	1.82%	10.32%	6.69%	7.75%	-9.25%	-8.00%	3.88%	12.95%	-10.15%	16.75%
GICIX Goldman Sachs International Small Cap Insights Fund	14.40%	42.83%	5.57%	15.11%	-18.53%	13.03%	7.69%	21.59%	-18.80%	33.05%

Correlation

The correlation between GIMDX and GICIX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	0.58

Over the past year, the correlation between GIMDX and GICIX has dropped to 0.34 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Return for Risk

GIMDX vs. GICIX — Risk / Return Rank

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

GIMDX

GIMDX Risk / Return Rank: 83
GIMDX Sharpe Ratio Rank: 85
GIMDX Sortino Ratio Rank: 95
GIMDX Omega Ratio Rank: 96
GIMDX Calmar Ratio Rank: 66
GIMDX Martin Ratio Rank: 70

GICIX

GICIX Risk / Return Rank: 50
GICIX Sharpe Ratio Rank: 55
GICIX Sortino Ratio Rank: 52
GICIX Omega Ratio Rank: 53
GICIX Calmar Ratio Rank: 44
GICIX Martin Ratio Rank: 44

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.

GIMDX vs. GICIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Local Emerging Markets Debt Fund (GIMDX) and Goldman Sachs International Small Cap Insights Fund (GICIX). 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.

	GIMDX	GICIX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.20	+0.60
Sortino ratio: Return per unit of downside risk	5.14	3.04	+2.10
Omega ratio: Gain probability vs. loss probability	1.89	1.40	+0.48
Calmar ratio: Return relative to maximum drawdown	3.13	2.50	+0.63
Martin ratio: Return relative to average drawdown	13.48	9.35	+4.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIMDX vs. GICIX - Sharpe Ratio Comparison

The current GIMDX Sharpe Ratio is 2.79, which is comparable to the GICIX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of GIMDX and GICIX, 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

	GIMDX	GICIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.20	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.59	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.59	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.41	-0.11

Drawdowns

GIMDX vs. GICIX - Drawdown Comparison

The maximum GIMDX drawdown since its inception was -36.65%, smaller than the maximum GICIX drawdown of -56.71%. Use the drawdown chart below to compare losses from any high point for GIMDX and GICIX.

Drawdown Indicators

	GIMDX	GICIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.65%	-56.71%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-13.39%	+10.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.22%	-13.39%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-34.53%	+9.73%
Max Drawdown (10Y) Largest decline over 10 years	-27.00%	-43.84%	+16.84%
Current Drawdown Current decline from peak	-3.56%	-1.02%	-2.54%
Average Drawdown Average peak-to-trough decline	-14.65%	-10.93%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	3.56%	-2.88%

Volatility

GIMDX vs. GICIX - Volatility Comparison

The current volatility for Goldman Sachs Local Emerging Markets Debt Fund (GIMDX) is 1.15%, while Goldman Sachs International Small Cap Insights Fund (GICIX) has a volatility of 4.40%. This indicates that GIMDX experiences smaller price fluctuations and is considered to be less risky than GICIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIMDX	GICIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	4.40%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	12.68%	-10.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	15.28%	-12.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	16.54%	-5.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	16.80%	-5.71%

GIMDX vs. GICIX - Expense Ratio Comparison

GIMDX has a 0.92% expense ratio, which is higher than GICIX's 0.87% expense ratio.

Dividends

GIMDX vs. GICIX - Dividend Comparison

GIMDX's dividend yield for the trailing twelve months is around 6.70%, less than GICIX's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GICIX Goldman Sachs International Small Cap Insights Fund	7.07%	8.08%	4.77%	3.04%	3.10%	3.39%	1.87%	3.47%	1.68%	8.29%	2.79%	1.69%
GIMDX Goldman Sachs Local Emerging Markets Debt Fund	6.70%	6.73%	6.25%	20.28%	9.59%	4.30%	3.50%	4.30%	5.83%	5.80%	6.14%	6.46%

Frequently Asked Questions

Can I hold both GIMDX and GICIX in my portfolio?

GIMDX and GICIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIMDX or GICIX?

GICIX has higher volatility (4.40%) compared to GIMDX (1.15%). In terms of maximum drawdown, GIMDX dropped -36.65% vs GICIX's -56.71%.

Which has better risk-adjusted returns?

GIMDX currently has the higher Sharpe Ratio (2.79 vs 2.20), 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.