GWOAX vs. SPGEX

Last updated Jun 25, 2026

GWOAX (GMO Global Developed Equity Allocation Fund) and SPGEX (Symmetry Panoramic Global Equity Fund) are both Global Equities funds. Over the past 5 years, GWOAX returned 10.72%/yr vs 10.35%/yr for SPGEX. Their correlation of 0.92 suggests significant overlap in exposure. GWOAX charges 0.01%/yr vs 0.56%/yr for SPGEX.

Performance

GWOAX vs. SPGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Global Developed Equity Allocation Fund (GWOAX) and Symmetry Panoramic Global Equity Fund (SPGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GWOAX having a 13.73% return and SPGEX slightly lower at 13.45%.

GWOAX

• 1D: -1.57%
• 1M: -0.54%
• YTD: 13.73%
• 6M: 12.81%
• 1Y: 32.48%
• 3Y*: 19.75%
• 5Y*: 10.72%
• 10Y*: 12.43%

SPGEX

• 1D: -1.95%
• 1M: 1.36%
• YTD: 13.45%
• 6M: 12.25%
• 1Y: 25.37%
• 3Y*: 19.68%
• 5Y*: 10.35%
• 10Y*: —

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

GWOAX vs. SPGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GWOAX GMO Global Developed Equity Allocation Fund	13.73%	28.37%	6.14%	22.49%	-14.10%	18.53%	10.53%	26.56%	-7.93%
SPGEX Symmetry Panoramic Global Equity Fund	13.45%	19.76%	11.36%	18.90%	-14.00%	20.68%	8.79%	22.96%	-6.07%

Correlation

The correlation between GWOAX and SPGEX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 12, 2018	0.92

The correlation between GWOAX and SPGEX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

GWOAX vs. SPGEX — Risk / Return Rank

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

GWOAX

GWOAX Risk / Return Rank: 86
GWOAX Sharpe Ratio Rank: 89
GWOAX Sortino Ratio Rank: 85
GWOAX Omega Ratio Rank: 81
GWOAX Calmar Ratio Rank: 87
GWOAX Martin Ratio Rank: 88

SPGEX

SPGEX Risk / Return Rank: 70
SPGEX Sharpe Ratio Rank: 69
SPGEX Sortino Ratio Rank: 65
SPGEX Omega Ratio Rank: 65
SPGEX Calmar Ratio Rank: 73
SPGEX Martin Ratio Rank: 78

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.

GWOAX vs. SPGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Global Developed Equity Allocation Fund (GWOAX) and Symmetry Panoramic Global Equity Fund (SPGEX). 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.

	GWOAX	SPGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.09	+0.55
Sortino ratio: Return per unit of downside risk	3.63	2.90	+0.73
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	3.89	3.00	+0.89
Martin ratio: Return relative to average drawdown	15.37	12.84	+2.53

GWOAX vs. SPGEX - Sharpe Ratio Comparison

The current GWOAX Sharpe Ratio is 2.64, which is comparable to the SPGEX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of GWOAX and SPGEX, 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

GWOAX vs. SPGEX - Drawdown Comparison

The maximum GWOAX drawdown since its inception was -49.84%, which is greater than SPGEX's maximum drawdown of -35.03%. Use the drawdown chart below to compare losses from any high point for GWOAX and SPGEX.

Drawdown Indicators

	GWOAX	SPGEX	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-35.03%	-14.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-8.97%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.11%	-16.00%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	-23.48%	-2.73%
Max Drawdown (10Y) Largest decline over 10 years	-35.28%	—	—
Current Drawdown Current decline from peak	-2.38%	-1.95%	-0.43%
Average Drawdown Average peak-to-trough decline	-8.97%	-5.17%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.09%	+0.13%

Volatility

GWOAX vs. SPGEX - Volatility Comparison

The current volatility for GMO Global Developed Equity Allocation Fund (GWOAX) is 4.57%, while Symmetry Panoramic Global Equity Fund (SPGEX) has a volatility of 5.33%. This indicates that GWOAX experiences smaller price fluctuations and is considered to be less risky than SPGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWOAX	SPGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.33%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	10.57%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	12.86%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	15.15%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	16.54%	-0.12%

GWOAX vs. SPGEX - Expense Ratio Comparison

GWOAX has a 0.01% expense ratio, which is lower than SPGEX's 0.56% expense ratio.

Dividends

GWOAX vs. SPGEX - Dividend Comparison

GWOAX's dividend yield for the trailing twelve months is around 3.92%, less than SPGEX's 8.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWOAX GMO Global Developed Equity Allocation Fund	3.92%	4.46%	0.60%	6.10%	7.27%	12.75%	3.85%	4.33%	3.02%	3.05%	6.43%	12.47%
SPGEX Symmetry Panoramic Global Equity Fund	8.04%	9.12%	17.40%	3.71%	3.64%	4.84%	1.20%	2.33%	0.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GWOAX and SPGEX in my portfolio?

With a correlation of 0.96, GWOAX and SPGEX 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, GWOAX or SPGEX?

SPGEX has higher volatility (5.33%) compared to GWOAX (4.57%). In terms of maximum drawdown, GWOAX dropped -49.84% vs SPGEX's -35.03%.

Which has better risk-adjusted returns?

GWOAX currently has the higher Sharpe Ratio (2.64 vs 2.09), 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.