GIMFX vs. GUGAX

Last updated Jun 4, 2026

GIMFX (GMO Implementation Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both mutual funds - GIMFX is a Global Allocation fund managed by GMO, while GUGAX is a Intermediate Core-Plus Bond fund managed by GMO. Over the past 10 years, GIMFX returned 7.26%/yr vs 1.52%/yr for GUGAX. At a 0.05 correlation, their price movements are largely independent. GIMFX charges 0.02%/yr vs 0.45%/yr for GUGAX.

Performance

GIMFX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Implementation Fund (GIMFX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIMFX achieves a 14.16% return, which is significantly higher than GUGAX's 0.96% return. Over the past 10 years, GIMFX has outperformed GUGAX with an annualized return of 7.26%, while GUGAX has yielded a comparatively lower 1.52% annualized return.

GIMFX

• 1D: 0.40%
• 1M: 5.11%
• YTD: 14.16%
• 6M: 16.37%
• 1Y: 32.72%
• 3Y*: 17.75%
• 5Y*: 9.54%
• 10Y*: 7.26%

GUGAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.96%
• 6M: 0.82%
• 1Y: 5.93%
• 3Y*: 4.32%
• 5Y*: -0.35%
• 10Y*: 1.52%

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

GIMFX vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIMFX GMO Implementation Fund	14.16%	25.37%	2.67%	14.75%	-1.24%	4.05%	-7.25%	13.24%	-5.58%	14.09%
GUGAX GMO Multi-Sector Fixed Income Fund	0.96%	7.29%	0.96%	6.02%	-14.52%	-3.17%	4.91%	9.66%	2.13%	4.44%

Correlation

The correlation between GIMFX and GUGAX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.05

Over the past year, GIMFX and GUGAX have become more correlated (0.28) than their long-term average of 0.05, meaning their price movements have been converging.

Return for Risk

GIMFX vs. GUGAX — Risk / Return Rank

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

GIMFX

GIMFX Risk / Return Rank: 95
GIMFX Sharpe Ratio Rank: 98
GIMFX Sortino Ratio Rank: 97
GIMFX Omega Ratio Rank: 96
GIMFX Calmar Ratio Rank: 92
GIMFX Martin Ratio Rank: 92

GUGAX

GUGAX Risk / Return Rank: 74
GUGAX Sharpe Ratio Rank: 52
GUGAX Sortino Ratio Rank: 69
GUGAX Omega Ratio Rank: 70
GUGAX Calmar Ratio Rank: 94
GUGAX 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.

GIMFX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Implementation Fund (GIMFX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

	GIMFX	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	4.13	2.13	+2.00
Sortino ratio: Return per unit of downside risk	5.83	3.47	+2.36
Omega ratio: Gain probability vs. loss probability	1.83	1.47	+0.36
Calmar ratio: Return relative to maximum drawdown	5.00	5.57	-0.57
Martin ratio: Return relative to average drawdown	19.42	16.20	+3.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIMFX vs. GUGAX - Sharpe Ratio Comparison

The current GIMFX Sharpe Ratio is 4.13, which is higher than the GUGAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of GIMFX and GUGAX, 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

	GIMFX	GUGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	2.13	+2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	-0.05	+1.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.28	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.08	+0.63

Drawdowns

GIMFX vs. GUGAX - Drawdown Comparison

The maximum GIMFX drawdown since its inception was -25.87%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for GIMFX and GUGAX.

Drawdown Indicators

	GIMFX	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.87%	-38.57%	+12.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.53%	-1.16%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-8.02%	-6.12%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-14.02%	-20.53%	+6.51%
Max Drawdown (10Y) Largest decline over 10 years	-25.87%	-23.06%	-2.81%
Current Drawdown Current decline from peak	0.00%	-6.72%	+6.72%
Average Drawdown Average peak-to-trough decline	-4.29%	-11.27%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.43%	+1.25%

Volatility

GIMFX vs. GUGAX - Volatility Comparison

GMO Implementation Fund (GIMFX) has a higher volatility of 2.84% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that GIMFX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIMFX	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	0.00%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	6.22%	1.43%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	3.05%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.58%	6.57%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.98%	5.43%	+3.55%

GIMFX vs. GUGAX - Expense Ratio Comparison

GIMFX has a 0.02% expense ratio, which is lower than GUGAX's 0.45% expense ratio.

Dividends

GIMFX vs. GUGAX - Dividend Comparison

GIMFX's dividend yield for the trailing twelve months is around 3.75%, less than GUGAX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIMFX GMO Implementation Fund	3.75%	4.28%	3.39%	5.93%	3.59%	3.28%	2.25%	3.99%	4.59%	2.95%	1.98%	0.00%
GUGAX GMO Multi-Sector Fixed Income Fund	4.52%	3.69%	4.34%	0.00%	1.94%	2.90%	7.96%	5.74%	5.08%	2.43%	3.29%	1.76%

Frequently Asked Questions

Can I hold both GIMFX and GUGAX in my portfolio?

GIMFX and GUGAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIMFX or GUGAX?

GIMFX has higher volatility (2.84%) compared to GUGAX (0.00%). In terms of maximum drawdown, GIMFX dropped -25.87% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GIMFX currently has the higher Sharpe Ratio (4.13 vs 2.13), 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.