MHESX vs. GIMFX

Last updated Jun 5, 2026

MHESX (MH Elite Select Portfolio of Funds Fund) and GIMFX (GMO Implementation Fund) are both Global Allocation funds. Over the past 10 years, MHESX returned 5.41%/yr vs 7.25%/yr for GIMFX. A 0.67 correlation means they provide meaningful diversification when combined. MHESX charges 0.21%/yr vs 0.02%/yr for GIMFX.

Performance

MHESX vs. GIMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MH Elite Select Portfolio of Funds Fund (MHESX) and GMO Implementation Fund (GIMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MHESX achieves a 9.63% return, which is significantly lower than GIMFX's 14.03% return. Over the past 10 years, MHESX has underperformed GIMFX with an annualized return of 5.41%, while GIMFX has yielded a comparatively higher 7.25% annualized return.

MHESX

• 1D: 0.28%
• 1M: 3.76%
• YTD: 9.63%
• 6M: 11.51%
• 1Y: 23.41%
• 3Y*: 11.44%
• 5Y*: 1.50%
• 10Y*: 5.41%

GIMFX

• 1D: -0.11%
• 1M: 3.19%
• YTD: 14.03%
• 6M: 16.16%
• 1Y: 32.28%
• 3Y*: 17.70%
• 5Y*: 9.49%
• 10Y*: 7.25%

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

MHESX vs. GIMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MHESX MH Elite Select Portfolio of Funds Fund	9.63%	17.63%	0.77%	12.54%	-26.14%	6.62%	20.24%	20.22%	-17.04%	21.72%
GIMFX GMO Implementation Fund	14.03%	25.37%	2.67%	14.75%	-1.24%	4.05%	-7.25%	13.24%	-5.58%	14.09%

Correlation

The correlation between MHESX and GIMFX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.67

The correlation between MHESX and GIMFX shifts across timeframes, from 0.38 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MHESX vs. GIMFX — Risk / Return Rank

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

MHESX

MHESX Risk / Return Rank: 58
MHESX Sharpe Ratio Rank: 60
MHESX Sortino Ratio Rank: 58
MHESX Omega Ratio Rank: 60
MHESX Calmar Ratio Rank: 56
MHESX Martin Ratio Rank: 54

GIMFX

GIMFX Risk / Return Rank: 95
GIMFX Sharpe Ratio Rank: 99
GIMFX Sortino Ratio Rank: 97
GIMFX Omega Ratio Rank: 96
GIMFX Calmar Ratio Rank: 92
GIMFX Martin Ratio Rank: 93

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.

MHESX vs. GIMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MH Elite Select Portfolio of Funds Fund (MHESX) and GMO Implementation Fund (GIMFX). 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.

	MHESX	GIMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	4.13	-1.89
Sortino ratio: Return per unit of downside risk	3.14	5.84	-2.70
Omega ratio: Gain probability vs. loss probability	1.42	1.83	-0.41
Calmar ratio: Return relative to maximum drawdown	2.82	5.01	-2.19
Martin ratio: Return relative to average drawdown	10.68	19.44	-8.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MHESX vs. GIMFX - Sharpe Ratio Comparison

The current MHESX Sharpe Ratio is 2.24, which is lower than the GIMFX Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of MHESX and GIMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MHESX	GIMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	4.13	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	1.11	-1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.81	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.70	-0.49

Drawdowns

MHESX vs. GIMFX - Drawdown Comparison

The maximum MHESX drawdown since its inception was -46.01%, which is greater than GIMFX's maximum drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for MHESX and GIMFX.

Drawdown Indicators

	MHESX	GIMFX	Difference
Max Drawdown Largest peak-to-trough decline	-46.01%	-25.87%	-20.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-6.53%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-8.02%	-11.45%
Max Drawdown (5Y) Largest decline over 5 years	-36.05%	-14.02%	-22.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-25.87%	-10.18%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-11.68%	-4.29%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.68%	+0.58%

Volatility

MHESX vs. GIMFX - Volatility Comparison

MH Elite Select Portfolio of Funds Fund (MHESX) has a higher volatility of 3.19% compared to GMO Implementation Fund (GIMFX) at 2.78%. This indicates that MHESX's price experiences larger fluctuations and is considered to be riskier than GIMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MHESX	GIMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.78%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	6.21%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	7.92%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	8.58%	+6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	8.98%	+5.85%

MHESX vs. GIMFX - Expense Ratio Comparison

MHESX has a 0.21% expense ratio, which is higher than GIMFX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MHESX vs. GIMFX - Dividend Comparison

MHESX has not paid dividends to shareholders, while GIMFX's dividend yield for the trailing twelve months is around 3.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIMFX GMO Implementation Fund	3.75%	4.28%	3.39%	5.93%	3.59%	3.28%	2.25%	3.99%	4.59%	2.95%	1.98%	0.00%
MHESX MH Elite Select Portfolio of Funds Fund	0.00%	0.00%	0.94%	0.20%	6.43%	4.56%	4.72%	1.74%	0.75%	2.41%	3.16%	2.85%

Frequently Asked Questions

Can I hold both MHESX and GIMFX in my portfolio?

MHESX and GIMFX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MHESX or GIMFX?

MHESX has higher volatility (3.19%) compared to GIMFX (2.78%). In terms of maximum drawdown, MHESX dropped -46.01% vs GIMFX's -25.87%.

Which has better risk-adjusted returns?

GIMFX currently has the higher Sharpe Ratio (4.13 vs 2.24), 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.