GTMIX vs. TRERX

Last updated Jun 23, 2026

GTMIX (GMO Tax-Managed International Equities Fund) and TRERX (Nuveen International Equity Fund Retirement Class) are both Foreign Large Cap Equities funds. Over the past 10 years, GTMIX returned 10.27%/yr vs 8.46%/yr for TRERX. Their correlation of 0.91 suggests significant overlap in exposure. GTMIX charges 0.68%/yr vs 0.70%/yr for TRERX.

Performance

GTMIX vs. TRERX - Performance Comparison

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

Returns By Period

In the year-to-date period, GTMIX achieves a 13.42% return, which is significantly higher than TRERX's 8.52% return. Over the past 10 years, GTMIX has outperformed TRERX with an annualized return of 10.27%, while TRERX has yielded a comparatively lower 8.46% annualized return.

GTMIX

• 1D: -0.38%
• 1M: -0.54%
• YTD: 13.42%
• 6M: 13.84%
• 1Y: 39.10%
• 3Y*: 20.69%
• 5Y*: 11.56%
• 10Y*: 10.27%

TRERX

• 1D: 1.13%
• 1M: 2.98%
• YTD: 8.52%
• 6M: 9.45%
• 1Y: 26.43%
• 3Y*: 15.34%
• 5Y*: 8.00%
• 10Y*: 8.46%

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

GTMIX vs. TRERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTMIX GMO Tax-Managed International Equities Fund	13.42%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%
TRERX Nuveen International Equity Fund Retirement Class	8.52%	32.87%	3.71%	16.63%	-17.52%	10.54%	15.51%	22.95%	-23.69%	31.53%

Correlation

The correlation between GTMIX and TRERX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.91

The correlation between GTMIX and TRERX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

GTMIX vs. TRERX — Risk / Return Rank

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

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 93
GTMIX Sortino Ratio Rank: 90
GTMIX Omega Ratio Rank: 84
GTMIX Calmar Ratio Rank: 93
GTMIX Martin Ratio Rank: 94

TRERX

TRERX Risk / Return Rank: 30
TRERX Sharpe Ratio Rank: 30
TRERX Sortino Ratio Rank: 29
TRERX Omega Ratio Rank: 29
TRERX Calmar Ratio Rank: 30
TRERX Martin Ratio Rank: 31

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. TRERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Tax-Managed International Equities Fund (GTMIX) and Nuveen International Equity Fund Retirement Class (TRERX). 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.

	GTMIX	TRERX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	1.46	+1.49
Sortino ratio: Return per unit of downside risk	4.05	2.07	+1.98
Omega ratio: Gain probability vs. loss probability	1.53	1.26	+0.26
Calmar ratio: Return relative to maximum drawdown	4.85	1.95	+2.90
Martin ratio: Return relative to average drawdown	18.73	6.62	+12.11

GTMIX vs. TRERX - Sharpe Ratio Comparison

The current GTMIX Sharpe Ratio is 2.94, which is higher than the TRERX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GTMIX and TRERX, 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

GTMIX vs. TRERX - Drawdown Comparison

The maximum GTMIX drawdown since its inception was -58.31%, smaller than the maximum TRERX drawdown of -64.73%. Use the drawdown chart below to compare losses from any high point for GTMIX and TRERX.

Drawdown Indicators

	GTMIX	TRERX	Difference
Max Drawdown Largest peak-to-trough decline	-58.31%	-64.73%	+6.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-13.26%	+5.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.11%	-15.69%	+1.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-32.21%	+4.87%
Max Drawdown (10Y) Largest decline over 10 years	-40.32%	-42.32%	+2.00%
Current Drawdown Current decline from peak	-1.33%	-1.27%	-0.06%
Average Drawdown Average peak-to-trough decline	-12.66%	-14.44%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	3.88%	-1.84%

Volatility

GTMIX vs. TRERX - Volatility Comparison

The current volatility for GMO Tax-Managed International Equities Fund (GTMIX) is 3.61%, while Nuveen International Equity Fund Retirement Class (TRERX) has a volatility of 5.91%. This indicates that GTMIX experiences smaller price fluctuations and is considered to be less risky than TRERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTMIX	TRERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	5.91%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	14.95%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	17.72%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	17.46%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	18.13%	-2.10%

GTMIX vs. TRERX - Expense Ratio Comparison

GTMIX has a 0.68% expense ratio, which is lower than TRERX's 0.70% expense ratio.

Dividends

GTMIX vs. TRERX - Dividend Comparison

GTMIX's dividend yield for the trailing twelve months is around 19.78%, more than TRERX's 10.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	19.78%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
TRERX Nuveen International Equity Fund Retirement Class	10.03%	10.88%	2.17%	2.28%	1.85%	2.47%	0.93%	1.39%	7.06%	1.25%	1.20%	0.95%

Frequently Asked Questions

Can I hold both GTMIX and TRERX in my portfolio?

GTMIX and TRERX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTMIX or TRERX?

TRERX has higher volatility (5.91%) compared to GTMIX (3.61%). In terms of maximum drawdown, GTMIX dropped -58.31% vs TRERX's -64.73%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.94 vs 1.46), 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.