PAGDX vs. GQEFX

Last updated Jun 24, 2026

PAGDX (Permanent Portfolio Aggressive Growth Fund Class A) and GQEFX (GMO Quality Fund Class IV) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 5 years, PAGDX returned 18.19%/yr vs 12.90%/yr for GQEFX. Their correlation of 0.80 suggests significant overlap in exposure. PAGDX charges 1.46%/yr vs 0.47%/yr for GQEFX.

Performance

PAGDX vs. GQEFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Aggressive Growth Fund Class A (PAGDX) and GMO Quality Fund Class IV (GQEFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAGDX achieves a 10.47% return, which is significantly higher than GQEFX's 3.93% return.

PAGDX

• 1D: -1.38%
• 1M: 1.31%
• YTD: 10.47%
• 6M: 7.92%
• 1Y: 34.02%
• 3Y*: 36.82%
• 5Y*: 18.19%
• 10Y*: —

GQEFX

• 1D: -0.60%
• 1M: -0.76%
• YTD: 3.93%
• 6M: 3.63%
• 1Y: 19.62%
• 3Y*: 16.44%
• 5Y*: 12.90%
• 10Y*: —

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

PAGDX vs. GQEFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAGDX Permanent Portfolio Aggressive Growth Fund Class A	10.47%	36.58%	44.15%	38.39%	-26.25%	24.53%	37.32%	40.01%	-12.62%	14.39%
GQEFX GMO Quality Fund Class IV	3.93%	19.64%	17.54%	28.95%	-15.30%	31.76%	18.39%	31.87%	0.54%	10.45%

Correlation

The correlation between PAGDX and GQEFX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017	0.80

The correlation between PAGDX and GQEFX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

PAGDX vs. GQEFX — Risk / Return Rank

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

PAGDX

PAGDX Risk / Return Rank: 63
PAGDX Sharpe Ratio Rank: 51
PAGDX Sortino Ratio Rank: 46
PAGDX Omega Ratio Rank: 46
PAGDX Calmar Ratio Rank: 85
PAGDX Martin Ratio Rank: 85

GQEFX

GQEFX Risk / Return Rank: 32
GQEFX Sharpe Ratio Rank: 38
GQEFX Sortino Ratio Rank: 36
GQEFX Omega Ratio Rank: 34
GQEFX Calmar Ratio Rank: 23
GQEFX Martin Ratio Rank: 30

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.

PAGDX vs. GQEFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Aggressive Growth Fund Class A (PAGDX) and GMO Quality Fund Class IV (GQEFX). 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.

	PAGDX	GQEFX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.65	+0.31
Sortino ratio: Return per unit of downside risk	2.63	2.34	+0.30
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	3.83	1.64	+2.20
Martin ratio: Return relative to average drawdown	14.88	6.47	+8.42

PAGDX vs. GQEFX - Sharpe Ratio Comparison

The current PAGDX Sharpe Ratio is 1.96, which is comparable to the GQEFX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PAGDX and GQEFX, 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

PAGDX vs. GQEFX - Drawdown Comparison

The maximum PAGDX drawdown since its inception was -38.03%, which is greater than GQEFX's maximum drawdown of -30.42%. Use the drawdown chart below to compare losses from any high point for PAGDX and GQEFX.

Drawdown Indicators

	PAGDX	GQEFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.03%	-30.42%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-12.74%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.37%	-15.55%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-36.66%	-24.22%	-12.44%
Current Drawdown Current decline from peak	-4.93%	-2.07%	-2.86%
Average Drawdown Average peak-to-trough decline	-7.34%	-4.15%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	3.22%	-0.87%

Volatility

PAGDX vs. GQEFX - Volatility Comparison

Permanent Portfolio Aggressive Growth Fund Class A (PAGDX) has a higher volatility of 7.11% compared to GMO Quality Fund Class IV (GQEFX) at 4.18%. This indicates that PAGDX's price experiences larger fluctuations and is considered to be riskier than GQEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAGDX	GQEFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	4.18%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	10.07%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	12.66%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.57%	15.94%	+8.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.97%	17.76%	+7.21%

PAGDX vs. GQEFX - Expense Ratio Comparison

PAGDX has a 1.46% expense ratio, which is higher than GQEFX's 0.47% expense ratio.

Dividends

PAGDX vs. GQEFX - Dividend Comparison

PAGDX's dividend yield for the trailing twelve months is around 0.03%, less than GQEFX's 10.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQEFX GMO Quality Fund Class IV	10.73%	11.15%	3.70%	3.43%	11.84%	10.23%	13.62%	8.09%	21.69%	7.08%
PAGDX Permanent Portfolio Aggressive Growth Fund Class A	0.03%	0.03%	5.48%	2.59%	7.53%	6.80%	14.94%	16.97%	12.25%	8.50%

Frequently Asked Questions

Can I hold both PAGDX and GQEFX in my portfolio?

PAGDX and GQEFX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAGDX or GQEFX?

PAGDX has higher volatility (7.11%) compared to GQEFX (4.18%). In terms of maximum drawdown, PAGDX dropped -38.03% vs GQEFX's -30.42%.

Which has better risk-adjusted returns?

PAGDX currently has the higher Sharpe Ratio (1.96 vs 1.65), 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.