GUGAX vs. CPBYX
GUGAX (GMO Multi-Sector Fixed Income Fund) and CPBYX (Invesco Core Plus Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, GUGAX returned 1.37%/yr vs 2.29%/yr for CPBYX. A 0.78 correlation means they provide meaningful diversification when combined. GUGAX charges 0.45%/yr vs 0.50%/yr for CPBYX.
Performance
GUGAX vs. CPBYX - Performance Comparison
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Returns By Period
Over the past 10 years, GUGAX has underperformed CPBYX with an annualized return of 1.37%, while CPBYX has yielded a comparatively higher 2.29% annualized return.
GUGAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.55%
- YTD
- 0.96%
- 1Y
- 4.85%
- 3Y*
- 4.09%
- 5Y*
- -0.55%
- 10Y*
- 1.37%
CPBYX
- 1D
- -0.33%
- 1M
- -0.60%
- 6M
- -0.21%
- YTD
- 0.00%
- 1Y
- 4.69%
- 3Y*
- 4.90%
- 5Y*
- -0.06%
- 10Y*
- 2.29%
GUGAX vs. CPBYX - 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% | 4.44% |
CPBYX Invesco Core Plus Bond Fund | 0.00% | 7.38% | 3.52% | 5.51% | -14.41% | -0.34% | 9.85% | 12.26% | -2.43% | 5.38% |
Correlation
The correlation between GUGAX and CPBYX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2009 | 0.78 |
Over the past year, the correlation between GUGAX and CPBYX has dropped to 0.55 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.
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Return for Risk
GUGAX vs. CPBYX — Risk / Return Rank
GUGAX
CPBYX
GUGAX vs. CPBYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GMO Multi-Sector Fixed Income Fund (GUGAX) and Invesco Core Plus Bond Fund (CPBYX). 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 | CPBYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.23 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 5.38 | 1.51 | +3.87 |
| Martin ratioReturn relative to average drawdown | 15.19 | 4.64 | +10.55 |
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Drawdowns
GUGAX vs. CPBYX - Drawdown Comparison
The maximum GUGAX drawdown since its inception was -38.57%, which is greater than CPBYX's maximum drawdown of -20.73%. Use the drawdown chart below to compare losses from any high point for GUGAX and CPBYX.
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Drawdown Indicators
| GUGAX | CPBYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.57% | -20.73% | -17.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.00% | -3.07% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -6.12% | -6.08% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -20.53% | -20.73% | +0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -23.06% | -20.73% | -2.33% |
Current DrawdownCurrent decline from peak | -6.72% | -1.80% | -4.92% |
Average DrawdownAverage peak-to-trough decline | -11.26% | -3.23% | -8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.00% | -0.62% |
Volatility
GUGAX vs. CPBYX - Volatility Comparison
The current volatility for GMO Multi-Sector Fixed Income Fund (GUGAX) is 0.00%, while Invesco Core Plus Bond Fund (CPBYX) has a volatility of 1.08%. This indicates that GUGAX experiences smaller price fluctuations and is considered to be less risky than CPBYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GUGAX | CPBYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 1.08% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.16% | 2.93% | -1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 3.67% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.57% | 5.52% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 4.69% | +0.73% |
GUGAX vs. CPBYX - Expense Ratio Comparison
GUGAX has a 0.45% expense ratio, which is lower than CPBYX's 0.50% expense ratio.
Dividends
GUGAX vs. CPBYX - Dividend Comparison
GUGAX's dividend yield for the trailing twelve months is around 3.45%, less than CPBYX's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPBYX Invesco Core Plus Bond Fund | 4.66% | 4.68% | 4.90% | 3.87% | 3.76% | 3.16% | 5.94% | 4.13% | 3.74% | 3.10% | 3.20% | 3.81% |
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 CPBYX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPBYX has higher volatility (1.08%) compared to GUGAX (0.00%). In terms of maximum drawdown, GUGAX dropped -38.57% vs CPBYX's -20.73%.
GUGAX currently has the higher Sharpe Ratio (2.03 vs 1.27), 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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