GUGAX vs. AMFIX
GUGAX (GMO Multi-Sector Fixed Income Fund) and AMFIX (AAMA Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, GUGAX returned -0.70%/yr vs 0.74%/yr for AMFIX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. GUGAX charges 0.45%/yr vs 0.92%/yr for AMFIX.
Performance
GUGAX vs. AMFIX - Performance Comparison
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Returns By Period
In the year-to-date period, GUGAX achieves a 0.96% return, which is significantly higher than AMFIX's 0.46% return.
GUGAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.38%
- YTD
- 0.96%
- 1Y
- 3.41%
- 3Y*
- 4.15%
- 5Y*
- -0.70%
- 10Y*
- 1.36%
- ALL TIME*
- 0.48%
AMFIX
- 1D
- 0.03%
- 1M
- -0.01%
- 6M
- 0.33%
- YTD
- 0.46%
- 1Y
- 1.91%
- 3Y*
- 3.35%
- 5Y*
- 0.74%
- 10Y*
- —
- ALL TIME*
- 0.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
AMFIX AAMA Income Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
GUGAX vs. AMFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.08% |
AMFIX AAMA Income Fund | 0.46% | 3.74% | 3.48% | 3.84% | -6.26% | -1.37% | 2.24% | 2.47% | 0.89% | -0.44% |
Correlation
The correlation between GUGAX and AMFIX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2017 | 0.74 |
Over the past year, the correlation between GUGAX and AMFIX has dropped to 0.39 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.
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Return for Risk
GUGAX vs. AMFIX — Risk / Return Rank
GUGAX
AMFIX
GUGAX vs. AMFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GMO Multi-Sector Fixed Income Fund (GUGAX) and AAMA Income Fund (AMFIX). 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.
| GUGAX | AMFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.39 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 3.05 | +1.76 |
| Martin ratioReturn relative to average drawdown | 13.57 | 8.64 | +4.93 |
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Drawdowns
GUGAX vs. AMFIX - Drawdown Comparison
The maximum GUGAX drawdown since its inception was -38.57%, which is greater than AMFIX's maximum drawdown of -9.35%. Use the drawdown chart below to compare losses from any high point for GUGAX and AMFIX.
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Drawdown Indicators
| GUGAX | AMFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.57% | -9.35% | -29.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.00% | -0.74% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -5.81% | -0.75% | -5.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.53% | -8.91% | -11.62% |
Max Drawdown (10Y)Largest decline over 10 years | -23.06% | — | — |
Current DrawdownCurrent decline from peak | -6.72% | -0.24% | -6.48% |
Average DrawdownAverage peak-to-trough decline | -11.25% | -1.99% | -9.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.26% | +0.12% |
Volatility
GUGAX vs. AMFIX - Volatility Comparison
The current volatility for GMO Multi-Sector Fixed Income Fund (GUGAX) is 0.00%, while AAMA Income Fund (AMFIX) has a volatility of 0.37%. This indicates that GUGAX experiences smaller price fluctuations and is considered to be less risky than AMFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUGAX | AMFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.37% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.01% | 0.99% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.51% | 1.17% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 2.18% | +4.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 1.74% | +3.68% |
GUGAX vs. AMFIX - Expense Ratio Comparison
GUGAX has a 0.45% expense ratio, which is lower than AMFIX's 0.92% expense ratio.
Dividends
GUGAX vs. AMFIX - Dividend Comparison
GUGAX's dividend yield for the trailing twelve months is around 3.45%, more than AMFIX's 2.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMFIX AAMA Income Fund | 2.23% | 2.08% | 2.44% | 1.70% | 0.83% | 0.57% | 0.83% | 1.24% | 1.24% | 0.40% | 0.00% | 0.00% |
GUGAX GMO Multi-Sector Fixed Income Fund | 3.45% | 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
GUGAX and AMFIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMFIX has higher volatility (0.37%) compared to GUGAX (0.00%). In terms of maximum drawdown, GUGAX dropped -38.57% vs AMFIX's -9.35%.
AMFIX currently has the higher Sharpe Ratio (1.93 vs 1.93), 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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