MGRAX vs. GIOTX

Last updated Jul 15, 2026

MGRAX (MFS International Growth Fund) and GIOTX (GMO International Developed Equity Allocation Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, MGRAX returned 9.42%/yr vs 11.91%/yr for GIOTX. Their correlation of 0.90 suggests significant overlap in exposure. MGRAX charges 1.06%/yr vs 0.00%/yr for GIOTX.

Performance

MGRAX vs. GIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International Growth Fund (MGRAX) and GMO International Developed Equity Allocation Fund (GIOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGRAX achieves a 1.99% return, which is significantly lower than GIOTX's 17.22% return. Over the past 10 years, MGRAX has underperformed GIOTX with an annualized return of 9.42%, while GIOTX has yielded a comparatively higher 11.91% annualized return.

MGRAX

• 1D: -0.64%
• 1M: 0.25%
• 6M: -1.07%
• YTD: 1.99%
• 1Y: 7.57%
• 3Y*: 10.01%
• 5Y*: 5.48%
• 10Y*: 9.42%

GIOTX

• 1D: -0.83%
• 1M: -0.97%
• 6M: 13.93%
• YTD: 17.22%
• 1Y: 37.52%
• 3Y*: 25.39%
• 5Y*: 14.25%
• 10Y*: 11.91%

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

MGRAX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGRAX MFS International Growth Fund	1.99%	20.73%	8.82%	14.54%	-15.31%	9.20%	15.45%	26.83%	-9.09%	32.15%
GIOTX GMO International Developed Equity Allocation Fund	17.22%	43.70%	10.66%	21.03%	-12.41%	11.14%	7.43%	24.45%	-19.66%	26.38%

Correlation

The correlation between MGRAX and GIOTX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.90

The correlation between MGRAX and GIOTX shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MGRAX vs. GIOTX — Risk / Return Rank

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

MGRAX

MGRAX Risk / Return Rank: 9
MGRAX Sharpe Ratio Rank: 9
MGRAX Sortino Ratio Rank: 9
MGRAX Omega Ratio Rank: 9
MGRAX Calmar Ratio Rank: 9
MGRAX Martin Ratio Rank: 9

GIOTX

GIOTX Risk / Return Rank: 87
GIOTX Sharpe Ratio Rank: 88
GIOTX Sortino Ratio Rank: 85
GIOTX Omega Ratio Rank: 83
GIOTX Calmar Ratio Rank: 89
GIOTX Martin Ratio Rank: 90

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.

MGRAX vs. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International Growth Fund (MGRAX) and GMO International Developed Equity Allocation Fund (GIOTX). 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.

	MGRAX	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	2.35	-1.84
Sortino ratio: Return per unit of downside risk	0.81	3.23	-2.43
Omega ratio: Gain probability vs. loss probability	1.10	1.43	-0.33
Calmar ratio: Return relative to maximum drawdown	0.58	3.54	-2.96
Martin ratio: Return relative to average drawdown	1.80	13.69	-11.89

MGRAX vs. GIOTX - Sharpe Ratio Comparison

The current MGRAX Sharpe Ratio is 0.51, which is lower than the GIOTX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of MGRAX and GIOTX, 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

MGRAX vs. GIOTX - Drawdown Comparison

The maximum MGRAX drawdown since its inception was -55.29%, roughly equal to the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for MGRAX and GIOTX.

Drawdown Indicators

	MGRAX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-55.29%	-56.51%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-10.66%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-13.66%	-13.40%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	-30.58%	-28.34%	-2.24%
Max Drawdown (10Y) Largest decline over 10 years	-30.58%	-39.29%	+8.71%
Current Drawdown Current decline from peak	-4.69%	-1.98%	-2.71%
Average Drawdown Average peak-to-trough decline	-10.83%	-14.17%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	2.75%	+1.26%

Volatility

MGRAX vs. GIOTX - Volatility Comparison

The current volatility for MFS International Growth Fund (MGRAX) is 4.59%, while GMO International Developed Equity Allocation Fund (GIOTX) has a volatility of 5.44%. This indicates that MGRAX experiences smaller price fluctuations and is considered to be less risky than GIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGRAX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	5.44%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	13.23%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.13%	16.08%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	15.52%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.56%	16.14%	-0.58%

MGRAX vs. GIOTX - Expense Ratio Comparison

MGRAX has a 1.06% expense ratio, which is higher than GIOTX's 0.00% expense ratio.

Dividends

MGRAX vs. GIOTX - Dividend Comparison

MGRAX's dividend yield for the trailing twelve months is around 5.25%, less than GIOTX's 8.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOTX GMO International Developed Equity Allocation Fund	8.69%	8.04%	5.07%	6.54%	4.45%	6.67%	4.48%	3.74%	3.90%	3.15%	4.04%	3.39%
MGRAX MFS International Growth Fund	5.25%	5.35%	5.99%	2.56%	2.69%	6.62%	0.56%	1.42%	3.82%	2.26%	1.01%	1.06%

Frequently Asked Questions

Can I hold both MGRAX and GIOTX in my portfolio?

MGRAX and GIOTX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGRAX or GIOTX?

GIOTX has higher volatility (5.44%) compared to MGRAX (4.59%). In terms of maximum drawdown, MGRAX dropped -55.29% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GIOTX currently has the higher Sharpe Ratio (2.35 vs 0.51), 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.