GQEFX vs. PAGDX

Last updated Aug 1, 2026

GQEFX (GMO Quality Fund Class IV) and PAGDX (Permanent Portfolio Aggressive Growth Fund Class A) are both mutual funds - GQEFX is a Quality Factor fund actively managed by GMO, while PAGDX is a Large Cap Blend Equities fund actively managed by Permanent Portfolio. Both are actively managed. Over the past 5 years, GQEFX returned 12.55%/yr vs 17.24%/yr for PAGDX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. GQEFX charges 0.47%/yr vs 1.46%/yr for PAGDX.

Performance

GQEFX vs. PAGDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Quality Fund Class IV (GQEFX) and Permanent Portfolio Aggressive Growth Fund Class A (PAGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GQEFX having a 6.55% return and PAGDX slightly higher at 6.76%.

GQEFX

• 1D: 0.86%
• 1M: -0.11%
• 6M: 4.99%
• YTD: 6.55%
• 1Y: 21.67%
• 3Y*: 15.73%
• 5Y*: 12.55%
• 10Y*: —
• ALL TIME*: 15.53%

PAGDX

• 1D: 1.18%
• 1M: -3.16%
• 6M: 3.35%
• YTD: 6.76%
• 1Y: 24.34%
• 3Y*: 30.89%
• 5Y*: 17.24%
• 10Y*: —
• ALL TIME*: 19.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GQEFX GMO Quality Fund Class IV	$0.00	$0.00	$0.00
PAGDX Permanent Portfolio Aggressive Growth Fund Class A	$0.00	$0.00	$0.00

GQEFX vs. PAGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQEFX GMO Quality Fund Class IV	6.55%	19.64%	17.54%	28.95%	-15.30%	31.76%	18.39%	31.87%	0.54%	10.45%
PAGDX Permanent Portfolio Aggressive Growth Fund Class A	6.76%	36.58%	44.15%	38.39%	-26.25%	24.53%	37.32%	40.01%	-12.62%	14.39%

Correlation

The correlation between GQEFX and PAGDX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017	0.80

The correlation between GQEFX and PAGDX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

GQEFX vs. PAGDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GQEFX

GQEFX Risk / Return Rank: 47
GQEFX Sharpe Ratio Rank: 58
GQEFX Sortino Ratio Rank: 56
GQEFX Omega Ratio Rank: 50
GQEFX Calmar Ratio Rank: 33
GQEFX Martin Ratio Rank: 39

PAGDX

PAGDX Risk / Return Rank: 46
PAGDX Sharpe Ratio Rank: 38
PAGDX Sortino Ratio Rank: 37
PAGDX Omega Ratio Rank: 36
PAGDX Calmar Ratio Rank: 70
PAGDX Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GQEFX vs. PAGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Quality Fund Class IV (GQEFX) and Permanent Portfolio Aggressive Growth Fund Class A (PAGDX). 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.

	GQEFX	PAGDX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.17	+0.33
Sortino ratio: Return per unit of downside risk	2.13	1.67	+0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	1.51	2.30	-0.79
Martin ratio: Return relative to average drawdown	5.97	6.78	-0.81

GQEFX vs. PAGDX - Sharpe Ratio Comparison

The current GQEFX Sharpe Ratio is 1.50, which is comparable to the PAGDX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of GQEFX and PAGDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GQEFX vs. PAGDX - Drawdown Comparison

The maximum GQEFX drawdown since its inception was -30.42%, smaller than the maximum PAGDX drawdown of -38.03%. Use the drawdown chart below to compare losses from any high point for GQEFX and PAGDX.

Drawdown Indicators

	GQEFX	PAGDX	Difference
Max Drawdown Largest peak-to-trough decline	-30.42%	-38.03%	+7.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-9.20%	-3.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.55%	-26.37%	+10.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-36.66%	+12.44%
Current Drawdown Current decline from peak	-0.36%	-8.13%	+7.77%
Average Drawdown Average peak-to-trough decline	-4.11%	-7.32%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.12%	+0.10%

Volatility

GQEFX vs. PAGDX - Volatility Comparison

The current volatility for GMO Quality Fund Class IV (GQEFX) is 3.14%, while Permanent Portfolio Aggressive Growth Fund Class A (PAGDX) has a volatility of 4.20%. This indicates that GQEFX experiences smaller price fluctuations and is considered to be less risky than PAGDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQEFX	PAGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	4.20%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	13.89%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	18.13%	-5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	24.54%	-8.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	24.88%	-7.19%

GQEFX vs. PAGDX - Expense Ratio Comparison

GQEFX has a 0.47% expense ratio, which is lower than PAGDX's 1.46% expense ratio.

Dividends

GQEFX vs. PAGDX - Dividend Comparison

GQEFX's dividend yield for the trailing twelve months is around 11.25%, more than PAGDX's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQEFX GMO Quality Fund Class IV	11.25%	11.15%	3.70%	3.43%	11.84%	10.23%	13.62%	8.09%	21.69%	7.08%
PAGDX Permanent Portfolio Aggressive Growth Fund Class A	0.03%	0.03%	5.48%	2.59%	7.53%	6.80%	14.94%	16.97%	12.25%	8.50%

Frequently Asked Questions

Can I hold both GQEFX and PAGDX in my portfolio?

GQEFX and PAGDX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQEFX or PAGDX?

PAGDX has higher volatility (4.20%) compared to GQEFX (3.14%). In terms of maximum drawdown, GQEFX dropped -30.42% vs PAGDX's -38.03%.

Which has better risk-adjusted returns?

GQEFX currently has the higher Sharpe Ratio (1.50 vs 1.17), 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.