GOFIX vs. GUGAX

Last updated Jun 4, 2026

GOFIX (GMO Resources Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both mutual funds - GOFIX is a Energy Equities fund managed by GMO, while GUGAX is a Intermediate Core-Plus Bond fund managed by GMO. Over the past 10 years, GOFIX returned 14.42%/yr vs 1.52%/yr for GUGAX. At a correlation of -0.04, they often move in opposite directions. GOFIX charges 0.72%/yr vs 0.45%/yr for GUGAX.

Performance

GOFIX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Resources Fund (GOFIX) 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, GOFIX achieves a 36.01% return, which is significantly higher than GUGAX's 0.96% return. Over the past 10 years, GOFIX has outperformed GUGAX with an annualized return of 14.42%, while GUGAX has yielded a comparatively lower 1.52% annualized return.

GOFIX

• 1D: 1.59%
• 1M: 2.05%
• YTD: 36.01%
• 6M: 36.89%
• 1Y: 77.40%
• 3Y*: 12.17%
• 5Y*: 7.85%
• 10Y*: 14.42%

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)

GOFIX vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOFIX GMO Resources Fund	36.01%	23.10%	-17.91%	-1.38%	-0.80%	32.01%	22.47%	20.10%	-6.73%	28.42%
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 GOFIX and GUGAX is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	-0.04

The correlation between GOFIX and GUGAX shifts across timeframes, from -0.05 (1 year) to 0.12 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GOFIX vs. GUGAX — Risk / Return Rank

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

GOFIX

GOFIX Risk / Return Rank: 96
GOFIX Sharpe Ratio Rank: 98
GOFIX Sortino Ratio Rank: 94
GOFIX Omega Ratio Rank: 90
GOFIX Calmar Ratio Rank: 99
GOFIX Martin Ratio Rank: 99

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.

GOFIX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Resources Fund (GOFIX) 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.

	GOFIX	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	4.03	2.13	+1.90
Sortino ratio: Return per unit of downside risk	4.93	3.47	+1.45
Omega ratio: Gain probability vs. loss probability	1.64	1.47	+0.17
Calmar ratio: Return relative to maximum drawdown	13.39	5.57	+7.82
Martin ratio: Return relative to average drawdown	41.88	16.20	+25.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOFIX vs. GUGAX - Sharpe Ratio Comparison

The current GOFIX Sharpe Ratio is 4.03, which is higher than the GUGAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of GOFIX 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

	GOFIX	GUGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	2.13	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.05	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.28	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.08	+0.27

Drawdowns

GOFIX vs. GUGAX - Drawdown Comparison

The maximum GOFIX drawdown since its inception was -51.77%, which is greater than GUGAX's maximum drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for GOFIX and GUGAX.

Drawdown Indicators

	GOFIX	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.77%	-38.57%	-13.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.04%	-1.16%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-41.28%	-6.12%	-35.16%
Max Drawdown (5Y) Largest decline over 5 years	-45.10%	-20.53%	-24.57%
Max Drawdown (10Y) Largest decline over 10 years	-45.98%	-23.06%	-22.92%
Current Drawdown Current decline from peak	0.00%	-6.72%	+6.72%
Average Drawdown Average peak-to-trough decline	-13.59%	-11.27%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	0.43%	+1.50%

Volatility

GOFIX vs. GUGAX - Volatility Comparison

GMO Resources Fund (GOFIX) has a higher volatility of 3.96% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that GOFIX'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

	GOFIX	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	0.00%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	1.43%	+12.62%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	3.05%	+17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	6.57%	+18.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.33%	5.43%	+19.90%

GOFIX vs. GUGAX - Expense Ratio Comparison

GOFIX has a 0.72% expense ratio, which is higher than GUGAX's 0.45% expense ratio.

Dividends

GOFIX vs. GUGAX - Dividend Comparison

GOFIX's dividend yield for the trailing twelve months is around 3.22%, less than GUGAX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOFIX GMO Resources Fund	3.22%	4.38%	3.01%	5.90%	10.25%	17.81%	3.66%	2.99%	4.06%	3.86%	2.89%	3.30%
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 GOFIX and GUGAX in my portfolio?

GOFIX and GUGAX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOFIX or GUGAX?

GOFIX has higher volatility (3.96%) compared to GUGAX (0.00%). In terms of maximum drawdown, GOFIX dropped -51.77% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GOFIX currently has the higher Sharpe Ratio (4.03 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.