GIPIX vs. UTMAX

Last updated Jun 4, 2026

GIPIX (Goldman Sachs Balanced Strategy Portfolio) and UTMAX (USAA Target Managed Allocation Fund) are both Tactical Allocation funds. Over the past 10 years, GIPIX returned 6.16%/yr vs 9.16%/yr for UTMAX. Their correlation of 0.88 suggests significant overlap in exposure. GIPIX charges 0.19%/yr vs 0.69%/yr for UTMAX.

Performance

GIPIX vs. UTMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Balanced Strategy Portfolio (GIPIX) and USAA Target Managed Allocation Fund (UTMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIPIX achieves a 5.42% return, which is significantly lower than UTMAX's 9.47% return. Over the past 10 years, GIPIX has underperformed UTMAX with an annualized return of 6.16%, while UTMAX has yielded a comparatively higher 9.16% annualized return.

GIPIX

• 1D: 0.15%
• 1M: 2.79%
• YTD: 5.42%
• 6M: 5.79%
• 1Y: 14.90%
• 3Y*: 10.66%
• 5Y*: 4.72%
• 10Y*: 6.16%

UTMAX

• 1D: 0.40%
• 1M: 4.48%
• YTD: 9.47%
• 6M: 10.54%
• 1Y: 23.39%
• 3Y*: 15.97%
• 5Y*: 7.35%
• 10Y*: 9.16%

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

GIPIX vs. UTMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GIPIX Goldman Sachs Balanced Strategy Portfolio	5.42%	10.80%	8.51%	12.49%	-14.43%	7.94%	11.09%	15.68%	-6.52%	11.63%
UTMAX USAA Target Managed Allocation Fund	9.47%	15.25%	13.81%	14.40%	-20.44%	21.52%	13.42%	22.64%	-9.01%	13.54%

Correlation

The correlation between GIPIX and UTMAX 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 18, 2015	0.88

The correlation between GIPIX and UTMAX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

GIPIX vs. UTMAX — Risk / Return Rank

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

GIPIX

GIPIX Risk / Return Rank: 61
GIPIX Sharpe Ratio Rank: 64
GIPIX Sortino Ratio Rank: 64
GIPIX Omega Ratio Rank: 66
GIPIX Calmar Ratio Rank: 51
GIPIX Martin Ratio Rank: 60

UTMAX

UTMAX Risk / Return Rank: 42
UTMAX Sharpe Ratio Rank: 40
UTMAX Sortino Ratio Rank: 37
UTMAX Omega Ratio Rank: 38
UTMAX Calmar Ratio Rank: 42
UTMAX Martin Ratio Rank: 51

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.

GIPIX vs. UTMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Balanced Strategy Portfolio (GIPIX) and USAA Target Managed Allocation Fund (UTMAX). 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.

	GIPIX	UTMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.84	+0.50
Sortino ratio: Return per unit of downside risk	3.36	2.55	+0.80
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	2.72	2.46	+0.26
Martin ratio: Return relative to average drawdown	11.88	10.52	+1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIPIX vs. UTMAX - Sharpe Ratio Comparison

The current GIPIX Sharpe Ratio is 2.34, which is comparable to the UTMAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of GIPIX and UTMAX, 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

	GIPIX	UTMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	1.84	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.33	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.48	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.46	+0.21

Drawdowns

GIPIX vs. UTMAX - Drawdown Comparison

The maximum GIPIX drawdown since its inception was -29.46%, smaller than the maximum UTMAX drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for GIPIX and UTMAX.

Drawdown Indicators

	GIPIX	UTMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.46%	-40.49%	+11.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.59%	-9.41%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.11%	-17.43%	+8.32%
Max Drawdown (5Y) Largest decline over 5 years	-20.65%	-40.49%	+19.84%
Max Drawdown (10Y) Largest decline over 10 years	-20.65%	-40.49%	+19.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.68%	-10.92%	+7.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	2.20%	-0.93%

Volatility

GIPIX vs. UTMAX - Volatility Comparison

The current volatility for Goldman Sachs Balanced Strategy Portfolio (GIPIX) is 2.18%, while USAA Target Managed Allocation Fund (UTMAX) has a volatility of 3.11%. This indicates that GIPIX experiences smaller price fluctuations and is considered to be less risky than UTMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIPIX	UTMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	3.11%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	5.32%	9.76%	-4.44%
Volatility (1Y) Calculated over the trailing 1-year period	6.50%	12.61%	-6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.00%	22.39%	-14.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.11%	19.33%	-11.22%

GIPIX vs. UTMAX - Expense Ratio Comparison

GIPIX has a 0.19% expense ratio, which is lower than UTMAX's 0.69% expense ratio.

Dividends

GIPIX vs. UTMAX - Dividend Comparison

GIPIX's dividend yield for the trailing twelve months is around 5.51%, less than UTMAX's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIPIX Goldman Sachs Balanced Strategy Portfolio	5.51%	5.22%	4.06%	2.12%	4.56%	6.37%	2.25%	2.51%	4.70%	4.51%	1.46%	5.73%
UTMAX USAA Target Managed Allocation Fund	6.27%	6.87%	1.59%	1.41%	4.47%	27.44%	5.94%	4.84%	11.05%	1.13%	1.36%	1.23%

Frequently Asked Questions

Can I hold both GIPIX and UTMAX in my portfolio?

With a correlation of 0.91, GIPIX and UTMAX 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, GIPIX or UTMAX?

UTMAX has higher volatility (3.11%) compared to GIPIX (2.18%). In terms of maximum drawdown, GIPIX dropped -29.46% vs UTMAX's -40.49%.

Which has better risk-adjusted returns?

GIPIX currently has the higher Sharpe Ratio (2.34 vs 1.84), 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.