NPCT vs. GUGAX

Last updated Jul 15, 2026

NPCT (Nuveen Core Plus Impact Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, NPCT returned -3.31%/yr vs -0.55%/yr for GUGAX. At a 0.44 correlation, their price movements are largely independent. NPCT charges 5.08%/yr vs 0.45%/yr for GUGAX.

Performance

NPCT vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Core Plus Impact Fund (NPCT) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPCT achieves a 3.56% return, which is significantly higher than GUGAX's 0.96% return.

NPCT

• 1D: 0.40%
• 1M: 0.60%
• 6M: 2.75%
• YTD: 3.56%
• 1Y: -0.08%
• 3Y*: 11.53%
• 5Y*: -3.31%
• 10Y*: —

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%

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

NPCT vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NPCT Nuveen Core Plus Impact Fund	3.56%	9.87%	17.23%	7.78%	-37.50%	-4.98%
GUGAX GMO Multi-Sector Fixed Income Fund	0.96%	7.29%	0.96%	6.02%	-14.52%	-0.01%

Correlation

The correlation between NPCT and GUGAX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 28, 2021	0.44

Over the past year, the correlation between NPCT and GUGAX has dropped to 0.22 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

NPCT vs. GUGAX — Risk / Return Rank

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

NPCT

NPCT Risk / Return Rank: 3
NPCT Sharpe Ratio Rank: 3
NPCT Sortino Ratio Rank: 3
NPCT Omega Ratio Rank: 3
NPCT Calmar Ratio Rank: 3
NPCT Martin Ratio Rank: 3

GUGAX

GUGAX Risk / Return Rank: 89
GUGAX Sharpe Ratio Rank: 79
GUGAX Sortino Ratio Rank: 87
GUGAX Omega Ratio Rank: 87
GUGAX Calmar Ratio Rank: 97
GUGAX 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.

NPCT vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Plus Impact Fund (NPCT) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

	NPCT	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	2.03	-2.04
Sortino ratio: Return per unit of downside risk	0.06	3.44	-3.38
Omega ratio: Gain probability vs. loss probability	1.01	1.49	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.01	5.38	-5.39
Martin ratio: Return relative to average drawdown	-0.03	15.19	-15.21

NPCT vs. GUGAX - Sharpe Ratio Comparison

The current NPCT Sharpe Ratio is -0.01, which is lower than the GUGAX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of NPCT and GUGAX, 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

NPCT vs. GUGAX - Drawdown Comparison

The maximum NPCT drawdown since its inception was -46.77%, which is greater than GUGAX's maximum drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for NPCT and GUGAX.

Drawdown Indicators

	NPCT	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.77%	-38.57%	-8.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-1.00%	-5.79%
Max Drawdown (3Y) Largest decline over 3 years	-12.59%	-6.12%	-6.47%
Max Drawdown (5Y) Largest decline over 5 years	-46.77%	-20.53%	-26.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-23.06%	—
Current Drawdown Current decline from peak	-15.93%	-6.72%	-9.21%
Average Drawdown Average peak-to-trough decline	-25.03%	-11.26%	-13.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	0.38%	+2.62%

Volatility

NPCT vs. GUGAX - Volatility Comparison

Nuveen Core Plus Impact Fund (NPCT) has a higher volatility of 2.37% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that NPCT's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPCT	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	0.00%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	7.48%	1.16%	+6.32%
Volatility (1Y) Calculated over the trailing 1-year period	9.78%	2.65%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	6.57%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	5.42%	+7.57%

NPCT vs. GUGAX - Expense Ratio Comparison

NPCT has a 5.08% expense ratio, which is higher than GUGAX's 0.45% expense ratio.

Dividends

NPCT vs. GUGAX - Dividend Comparison

NPCT's dividend yield for the trailing twelve months is around 12.26%, more than GUGAX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NPCT Nuveen Core Plus Impact Fund	12.26%	13.15%	12.20%	10.28%	11.93%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NPCT and GUGAX in my portfolio?

NPCT and GUGAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPCT or GUGAX?

NPCT has higher volatility (2.37%) compared to GUGAX (0.00%). In terms of maximum drawdown, NPCT dropped -46.77% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GUGAX currently has the higher Sharpe Ratio (2.03 vs -0.01), 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.