GTMIX vs. FINVX

Last updated Jun 5, 2026

GTMIX (GMO Tax-Managed International Equities Fund) and FINVX (Fidelity Series International Value Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, GTMIX returned 10.11%/yr vs 10.55%/yr for FINVX. Their correlation of 0.95 suggests significant overlap in exposure. GTMIX charges 0.68%/yr vs 0.01%/yr for FINVX.

Performance

GTMIX vs. FINVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Tax-Managed International Equities Fund (GTMIX) and Fidelity Series International Value Fund (FINVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTMIX achieves a 13.73% return, which is significantly higher than FINVX's 6.86% return. Both investments have delivered pretty close results over the past 10 years, with GTMIX having a 10.11% annualized return and FINVX not far ahead at 10.55%.

GTMIX

• 1D: -0.53%
• 1M: 1.64%
• YTD: 13.73%
• 6M: 17.66%
• 1Y: 38.38%
• 3Y*: 22.26%
• 5Y*: 10.75%
• 10Y*: 10.11%

FINVX

• 1D: -0.60%
• 1M: 1.34%
• YTD: 6.86%
• 6M: 10.58%
• 1Y: 23.85%
• 3Y*: 22.73%
• 5Y*: 13.16%
• 10Y*: 10.55%

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

GTMIX vs. FINVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTMIX GMO Tax-Managed International Equities Fund	13.73%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%
FINVX Fidelity Series International Value Fund	6.86%	45.75%	6.20%	20.35%	-7.21%	16.39%	4.87%	19.85%	-16.40%	20.41%

Correlation

The correlation between GTMIX and FINVX 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 7, 2009	0.95

The correlation between GTMIX and FINVX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

GTMIX vs. FINVX — Risk / Return Rank

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

GTMIX

GTMIX Risk / Return Rank: 88
GTMIX Sharpe Ratio Rank: 90
GTMIX Sortino Ratio Rank: 86
GTMIX Omega Ratio Rank: 81
GTMIX Calmar Ratio Rank: 92
GTMIX Martin Ratio Rank: 92

FINVX

FINVX Risk / Return Rank: 35
FINVX Sharpe Ratio Rank: 32
FINVX Sortino Ratio Rank: 31
FINVX Omega Ratio Rank: 31
FINVX Calmar Ratio Rank: 38
FINVX Martin Ratio Rank: 41

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.

GTMIX vs. FINVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Tax-Managed International Equities Fund (GTMIX) and Fidelity Series International Value Fund (FINVX). 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.

	GTMIX	FINVX	Difference
Sharpe ratio: Return per unit of total volatility	3.00	1.64	+1.37
Sortino ratio: Return per unit of downside risk	4.11	2.32	+1.79
Omega ratio: Gain probability vs. loss probability	1.54	1.29	+0.25
Calmar ratio: Return relative to maximum drawdown	4.87	2.33	+2.54
Martin ratio: Return relative to average drawdown	18.77	8.66	+10.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTMIX vs. FINVX - Sharpe Ratio Comparison

The current GTMIX Sharpe Ratio is 3.00, which is higher than the FINVX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of GTMIX and FINVX, 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

	GTMIX	FINVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	1.64	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.79	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.59	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.37	+0.04

Drawdowns

GTMIX vs. FINVX - Drawdown Comparison

The maximum GTMIX drawdown since its inception was -58.31%, which is greater than FINVX's maximum drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for GTMIX and FINVX.

Drawdown Indicators

	GTMIX	FINVX	Difference
Max Drawdown Largest peak-to-trough decline	-58.31%	-42.48%	-15.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-10.38%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-14.60%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.81%	-27.13%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-42.48%	+2.16%
Current Drawdown Current decline from peak	-0.80%	-1.71%	+0.91%
Average Drawdown Average peak-to-trough decline	-12.68%	-9.04%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.79%	-0.74%

Volatility

GTMIX vs. FINVX - Volatility Comparison

The current volatility for GMO Tax-Managed International Equities Fund (GTMIX) is 3.31%, while Fidelity Series International Value Fund (FINVX) has a volatility of 4.64%. This indicates that GTMIX experiences smaller price fluctuations and is considered to be less risky than FINVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTMIX	FINVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.64%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	11.95%	-2.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	14.83%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	16.71%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	18.06%	-2.01%

GTMIX vs. FINVX - Expense Ratio Comparison

GTMIX has a 0.68% expense ratio, which is higher than FINVX's 0.01% expense ratio.

Dividends

GTMIX vs. FINVX - Dividend Comparison

GTMIX's dividend yield for the trailing twelve months is around 19.73%, more than FINVX's 10.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FINVX Fidelity Series International Value Fund	10.48%	11.20%	4.14%	3.29%	3.33%	5.01%	2.83%	4.05%	4.05%	3.14%	2.62%	2.14%
GTMIX GMO Tax-Managed International Equities Fund	19.73%	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

Can I hold both GTMIX and FINVX in my portfolio?

With a correlation of 0.91, GTMIX and FINVX 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, GTMIX or FINVX?

FINVX has higher volatility (4.64%) compared to GTMIX (3.31%). In terms of maximum drawdown, GTMIX dropped -58.31% vs FINVX's -42.48%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (3.00 vs 1.64), 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.