MAHIX vs. GMODX

Last updated Jun 23, 2026

MAHIX (iMGP High Income Alternatives Fund) and GMODX (GMO Opportunistic Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, MAHIX returned 4.84%/yr vs 3.84%/yr for GMODX. At a 0.26 correlation, their price movements are largely independent. MAHIX charges 0.98%/yr vs 0.47%/yr for GMODX.

Performance

MAHIX vs. GMODX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iMGP High Income Alternatives Fund (MAHIX) and GMO Opportunistic Income Fund (GMODX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAHIX achieves a 2.21% return, which is significantly higher than GMODX's 1.18% return.

MAHIX

• 1D: 0.10%
• 1M: 0.72%
• YTD: 2.21%
• 6M: 2.52%
• 1Y: 7.02%
• 3Y*: 8.44%
• 5Y*: 4.84%
• 10Y*: —

GMODX

• 1D: 0.04%
• 1M: 0.32%
• YTD: 1.18%
• 6M: 1.32%
• 1Y: 4.45%
• 3Y*: 5.87%
• 5Y*: 3.84%
• 10Y*: 4.23%

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

MAHIX vs. GMODX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MAHIX iMGP High Income Alternatives Fund	2.21%	7.37%	8.84%	12.32%	-7.05%	5.48%	5.63%	8.37%	-2.98%
GMODX GMO Opportunistic Income Fund	1.18%	6.47%	6.11%	7.07%	-2.09%	2.83%	3.34%	3.83%	1.27%

Correlation

The correlation between MAHIX and GMODX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.26

Over the past year, MAHIX and GMODX have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

MAHIX vs. GMODX — Risk / Return Rank

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

MAHIX

MAHIX Risk / Return Rank: 95
MAHIX Sharpe Ratio Rank: 98
MAHIX Sortino Ratio Rank: 97
MAHIX Omega Ratio Rank: 96
MAHIX Calmar Ratio Rank: 89
MAHIX Martin Ratio Rank: 96

GMODX

GMODX Risk / Return Rank: 97
GMODX Sharpe Ratio Rank: 98
GMODX Sortino Ratio Rank: 98
GMODX Omega Ratio Rank: 95
GMODX Calmar Ratio Rank: 98
GMODX Martin Ratio Rank: 98

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.

MAHIX vs. GMODX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iMGP High Income Alternatives Fund (MAHIX) and GMO Opportunistic Income Fund (GMODX). 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.

	MAHIX	GMODX	Difference
Sharpe ratio: Return per unit of total volatility	3.50	3.44	+0.06
Sortino ratio: Return per unit of downside risk	5.58	6.09	-0.51
Omega ratio: Gain probability vs. loss probability	1.81	1.75	+0.06
Calmar ratio: Return relative to maximum drawdown	4.19	6.97	-2.77
Martin ratio: Return relative to average drawdown	21.00	29.28	-8.28

MAHIX vs. GMODX - Sharpe Ratio Comparison

The current MAHIX Sharpe Ratio is 3.50, which is comparable to the GMODX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of MAHIX and GMODX, 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

MAHIX vs. GMODX - Drawdown Comparison

The maximum MAHIX drawdown since its inception was -20.00%, which is greater than GMODX's maximum drawdown of -8.79%. Use the drawdown chart below to compare losses from any high point for MAHIX and GMODX.

Drawdown Indicators

	MAHIX	GMODX	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-8.79%	-11.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-0.65%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-2.97%	-4.97%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	-5.79%	-3.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.79%	—
Current Drawdown Current decline from peak	-0.10%	-0.12%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.70%	-0.70%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.16%	+0.18%

Volatility

MAHIX vs. GMODX - Volatility Comparison

iMGP High Income Alternatives Fund (MAHIX) has a higher volatility of 0.72% compared to GMO Opportunistic Income Fund (GMODX) at 0.45%. This indicates that MAHIX's price experiences larger fluctuations and is considered to be riskier than GMODX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAHIX	GMODX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.45%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	0.95%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	1.32%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	3.82%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	3.04%	+1.55%

MAHIX vs. GMODX - Expense Ratio Comparison

MAHIX has a 0.98% expense ratio, which is higher than GMODX's 0.47% expense ratio.

Dividends

MAHIX vs. GMODX - Dividend Comparison

MAHIX's dividend yield for the trailing twelve months is around 7.75%, more than GMODX's 5.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMODX GMO Opportunistic Income Fund	5.01%	4.99%	5.28%	6.17%	5.44%	2.10%	4.15%	5.69%	4.35%	2.66%	2.55%	1.71%
MAHIX iMGP High Income Alternatives Fund	7.75%	7.16%	5.98%	6.28%	4.25%	4.80%	3.75%	3.65%	0.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAHIX and GMODX in my portfolio?

MAHIX and GMODX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAHIX or GMODX?

MAHIX has higher volatility (0.72%) compared to GMODX (0.45%). In terms of maximum drawdown, MAHIX dropped -20.00% vs GMODX's -8.79%.

Which has better risk-adjusted returns?

MAHIX currently has the higher Sharpe Ratio (3.50 vs 3.44), 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.