GMODX vs. GTMIX
GMODX (GMO Opportunistic Income Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both mutual funds - GMODX is a Nontraditional Bonds fund managed by GMO, while GTMIX is a Foreign Large Cap Equities fund managed by GMO. Over the past 10 years, GMODX returned 4.20%/yr vs 10.39%/yr for GTMIX. At a correlation of -0.06, they often move in opposite directions. GMODX charges 0.47%/yr vs 0.68%/yr for GTMIX.
Performance
GMODX vs. GTMIX - Performance Comparison
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Returns By Period
In the year-to-date period, GMODX achieves a 1.17% return, which is significantly lower than GTMIX's 14.91% return. Over the past 10 years, GMODX has underperformed GTMIX with an annualized return of 4.20%, while GTMIX has yielded a comparatively higher 10.39% annualized return.
GMODX
- 1D
- -0.08%
- 1M
- 0.03%
- 6M
- 1.09%
- YTD
- 1.17%
- 1Y
- 4.18%
- 3Y*
- 5.77%
- 5Y*
- 3.80%
- 10Y*
- 4.20%
GTMIX
- 1D
- 0.00%
- 1M
- 0.12%
- 6M
- 12.50%
- YTD
- 14.91%
- 1Y
- 35.64%
- 3Y*
- 20.60%
- 5Y*
- 11.62%
- 10Y*
- 10.39%
GMODX vs. GTMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GMODX GMO Opportunistic Income Fund | 1.17% | 6.47% | 6.11% | 7.07% | -2.09% | 2.83% | 3.34% | 3.83% | 4.01% | 6.41% |
GTMIX GMO Tax-Managed International Equities Fund | 14.91% | 46.17% | 1.54% | 14.96% | -10.13% | 10.71% | 7.50% | 23.35% | -21.23% | 28.45% |
Correlation
The correlation between GMODX and GTMIX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | -0.06 |
The correlation between GMODX and GTMIX shifts across timeframes, from -0.06 (10 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GMODX vs. GTMIX — Risk / Return Rank
GMODX
GTMIX
GMODX vs. GTMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GMO Opportunistic Income Fund (GMODX) and GMO Tax-Managed International Equities Fund (GTMIX). 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.
| GMODX | GTMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.49 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 6.49 | 4.49 | +2.00 |
| Martin ratioReturn relative to average drawdown | 27.28 | 17.15 | +10.13 |
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Drawdowns
GMODX vs. GTMIX - Drawdown Comparison
The maximum GMODX drawdown since its inception was -8.79%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for GMODX and GTMIX.
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Drawdown Indicators
| GMODX | GTMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.79% | -58.31% | +49.52% |
Max Drawdown (1Y)Largest decline over 1 year | -0.65% | -7.90% | +7.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.97% | -14.11% | +9.14% |
Max Drawdown (5Y)Largest decline over 5 years | -5.79% | -27.34% | +21.55% |
Max Drawdown (10Y)Largest decline over 10 years | -8.79% | -40.32% | +31.53% |
Current DrawdownCurrent decline from peak | -0.26% | -0.41% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -12.63% | +11.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 2.07% | -1.91% |
Volatility
GMODX vs. GTMIX - Volatility Comparison
The current volatility for GMO Opportunistic Income Fund (GMODX) is 0.38%, while GMO Tax-Managed International Equities Fund (GTMIX) has a volatility of 3.66%. This indicates that GMODX experiences smaller price fluctuations and is considered to be less risky than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMODX | GTMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 3.66% | -3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 10.15% | -9.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.32% | 12.97% | -11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.83% | 14.91% | -11.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 15.75% | -12.71% |
GMODX vs. GTMIX - Expense Ratio Comparison
GMODX has a 0.47% expense ratio, which is lower than GTMIX's 0.68% expense ratio.
Dividends
GMODX vs. GTMIX - Dividend Comparison
GMODX's dividend yield for the trailing twelve months is around 5.02%, less than GTMIX's 21.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMODX GMO Opportunistic Income Fund | 5.02% | 4.99% | 5.28% | 6.17% | 5.44% | 2.10% | 4.15% | 5.69% | 4.35% | 2.66% | 2.55% | 1.71% |
GTMIX GMO Tax-Managed International Equities Fund | 21.98% | 22.43% | 5.94% | 0.36% | 5.44% | 16.55% | 2.25% | 4.13% | 7.25% | 2.96% | 4.05% | 3.26% |
Frequently Asked Questions
GMODX and GTMIX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GTMIX has higher volatility (3.66%) compared to GMODX (0.38%). In terms of maximum drawdown, GMODX dropped -8.79% vs GTMIX's -58.31%.
GMODX currently has the higher Sharpe Ratio (3.22 vs 2.74), 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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