PEQUX vs. GTMIX

Last updated Jun 26, 2026

PEQUX (Putnam Focused International Equity Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PEQUX returned 10.97%/yr vs 10.63%/yr for GTMIX. Their correlation of 0.83 suggests significant overlap in exposure. PEQUX charges 1.07%/yr vs 0.68%/yr for GTMIX.

Performance

PEQUX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Focused International Equity Fund (PEQUX) and GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PEQUX having a 11.83% return and GTMIX slightly lower at 11.65%. Both investments have delivered pretty close results over the past 10 years, with PEQUX having a 10.97% annualized return and GTMIX not far behind at 10.63%.

PEQUX

• 1D: 0.05%
• 1M: 0.19%
• YTD: 11.83%
• 6M: 12.68%
• 1Y: 25.46%
• 3Y*: 19.38%
• 5Y*: 8.79%
• 10Y*: 10.97%

GTMIX

• 1D: -0.44%
• 1M: -2.61%
• YTD: 11.65%
• 6M: 11.31%
• 1Y: 35.86%
• 3Y*: 21.30%
• 5Y*: 10.80%
• 10Y*: 10.63%

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

PEQUX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEQUX Putnam Focused International Equity Fund	11.83%	36.14%	3.56%	19.05%	-18.17%	10.46%	10.12%	26.66%	-12.63%	28.08%
GTMIX GMO Tax-Managed International Equities Fund	11.65%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between PEQUX and GTMIX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.83

The correlation between PEQUX and GTMIX shifts across timeframes, from 0.71 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEQUX vs. GTMIX — Risk / Return Rank

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

PEQUX

PEQUX Risk / Return Rank: 43
PEQUX Sharpe Ratio Rank: 42
PEQUX Sortino Ratio Rank: 38
PEQUX Omega Ratio Rank: 44
PEQUX Calmar Ratio Rank: 42
PEQUX Martin Ratio Rank: 50

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 93
GTMIX Sortino Ratio Rank: 89
GTMIX Omega Ratio Rank: 85
GTMIX Calmar Ratio Rank: 93
GTMIX 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.

PEQUX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused International Equity Fund (PEQUX) and GMO Tax-Managed International Equities Fund (GTMIX). 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.

	PEQUX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.72	-1.15
Sortino ratio: Return per unit of downside risk	2.15	3.78	-1.64
Omega ratio: Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio: Return relative to maximum drawdown	2.16	4.49	-2.33
Martin ratio: Return relative to average drawdown	8.97	17.22	-8.25

PEQUX vs. GTMIX - Sharpe Ratio Comparison

The current PEQUX Sharpe Ratio is 1.57, which is lower than the GTMIX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of PEQUX and GTMIX, 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

PEQUX vs. GTMIX - Drawdown Comparison

The maximum PEQUX drawdown since its inception was -83.68%, which is greater than GTMIX's maximum drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for PEQUX and GTMIX.

Drawdown Indicators

	PEQUX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-83.68%	-58.31%	-25.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-7.90%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-11.80%	-14.11%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-33.42%	-27.34%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-40.32%	+4.57%
Current Drawdown Current decline from peak	-2.91%	-2.87%	-0.04%
Average Drawdown Average peak-to-trough decline	-33.91%	-12.65%	-21.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.06%	+0.78%

Volatility

PEQUX vs. GTMIX - Volatility Comparison

Putnam Focused International Equity Fund (PEQUX) has a higher volatility of 7.14% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.55%. This indicates that PEQUX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEQUX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	3.55%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	10.00%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	13.03%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	14.93%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	15.81%	+1.19%

PEQUX vs. GTMIX - Expense Ratio Comparison

PEQUX has a 1.07% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

PEQUX vs. GTMIX - Dividend Comparison

PEQUX's dividend yield for the trailing twelve months is around 6.23%, less than GTMIX's 15.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	15.98%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
PEQUX Putnam Focused International Equity Fund	6.23%	6.96%	3.75%	1.01%	2.79%	34.47%	0.53%	0.05%	0.00%	0.35%	1.59%	0.56%

Frequently Asked Questions

Can I hold both PEQUX and GTMIX in my portfolio?

PEQUX and GTMIX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEQUX or GTMIX?

PEQUX has higher volatility (7.14%) compared to GTMIX (3.55%). In terms of maximum drawdown, PEQUX dropped -83.68% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.72 vs 1.57), 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.