PGAIX vs. GBFFX

Last updated Jun 5, 2026

PGAIX (PIMCO Global Core Asset Allocation Fund) and GBFFX (GMO Benchmark-Free Fund) are both Global Allocation funds. Over the past 10 years, PGAIX returned 9.23%/yr vs 7.18%/yr for GBFFX. A 0.76 correlation means they provide meaningful diversification when combined. PGAIX charges 1.00%/yr vs 0.35%/yr for GBFFX.

Performance

PGAIX vs. GBFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Core Asset Allocation Fund (PGAIX) and GMO Benchmark-Free Fund (GBFFX). 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 PGAIX having a 12.24% return and GBFFX slightly lower at 12.16%. Over the past 10 years, PGAIX has outperformed GBFFX with an annualized return of 9.23%, while GBFFX has yielded a comparatively lower 7.18% annualized return.

PGAIX

• 1D: -0.31%
• 1M: 4.13%
• YTD: 12.24%
• 6M: 14.17%
• 1Y: 28.05%
• 3Y*: 18.43%
• 5Y*: 8.47%
• 10Y*: 9.23%

GBFFX

• 1D: 0.04%
• 1M: 2.81%
• YTD: 12.16%
• 6M: 14.23%
• 1Y: 29.26%
• 3Y*: 15.79%
• 5Y*: 8.06%
• 10Y*: 7.18%

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

PGAIX vs. GBFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGAIX PIMCO Global Core Asset Allocation Fund	12.24%	20.68%	14.76%	12.48%	-17.38%	11.35%	14.57%	15.29%	-5.15%	14.78%
GBFFX GMO Benchmark-Free Fund	12.16%	24.07%	0.40%	15.24%	-3.36%	4.38%	-3.35%	13.79%	-7.12%	17.06%

Correlation

The correlation between PGAIX and GBFFX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 13, 2015	0.76

The correlation between PGAIX and GBFFX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

PGAIX vs. GBFFX — Risk / Return Rank

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

PGAIX

PGAIX Risk / Return Rank: 92
PGAIX Sharpe Ratio Rank: 97
PGAIX Sortino Ratio Rank: 95
PGAIX Omega Ratio Rank: 93
PGAIX Calmar Ratio Rank: 85
PGAIX Martin Ratio Rank: 89

GBFFX

GBFFX Risk / Return Rank: 96
GBFFX Sharpe Ratio Rank: 99
GBFFX Sortino Ratio Rank: 98
GBFFX Omega Ratio Rank: 96
GBFFX Calmar Ratio Rank: 93
GBFFX 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.

PGAIX vs. GBFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Global Core Asset Allocation Fund (PGAIX) and GMO Benchmark-Free Fund (GBFFX). 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.

	PGAIX	GBFFX	Difference
Sharpe ratio: Return per unit of total volatility	3.58	4.25	-0.68
Sortino ratio: Return per unit of downside risk	5.13	6.13	-1.00
Omega ratio: Gain probability vs. loss probability	1.73	1.86	-0.14
Calmar ratio: Return relative to maximum drawdown	3.94	5.24	-1.30
Martin ratio: Return relative to average drawdown	16.94	20.15	-3.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGAIX vs. GBFFX - Sharpe Ratio Comparison

The current PGAIX Sharpe Ratio is 3.58, which is comparable to the GBFFX Sharpe Ratio of 4.25. The chart below compares the historical Sharpe Ratios of PGAIX and GBFFX, 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

	PGAIX	GBFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	4.25	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	1.00	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.79	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.70	+0.02

Drawdowns

PGAIX vs. GBFFX - Drawdown Comparison

The maximum PGAIX drawdown since its inception was -26.75%, roughly equal to the maximum GBFFX drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for PGAIX and GBFFX.

Drawdown Indicators

	PGAIX	GBFFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.75%	-26.62%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-5.67%	-1.62%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-10.18%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-15.91%	-6.58%
Max Drawdown (10Y) Largest decline over 10 years	-26.75%	-26.62%	-0.13%
Current Drawdown Current decline from peak	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-4.67%	-4.37%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.47%	+0.22%

Volatility

PGAIX vs. GBFFX - Volatility Comparison

PIMCO Global Core Asset Allocation Fund (PGAIX) has a higher volatility of 2.71% compared to GMO Benchmark-Free Fund (GBFFX) at 2.28%. This indicates that PGAIX's price experiences larger fluctuations and is considered to be riskier than GBFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGAIX	GBFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.28%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	5.38%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	6.99%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.78%	8.07%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.26%	9.08%	+1.18%

PGAIX vs. GBFFX - Expense Ratio Comparison

PGAIX has a 1.00% expense ratio, which is higher than GBFFX's 0.35% expense ratio.

Dividends

PGAIX vs. GBFFX - Dividend Comparison

PGAIX's dividend yield for the trailing twelve months is around 2.27%, less than GBFFX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBFFX GMO Benchmark-Free Fund	4.56%	5.11%	1.81%	5.72%	5.48%	4.60%	3.32%	4.00%	3.92%	2.90%	2.72%	6.67%
PGAIX PIMCO Global Core Asset Allocation Fund	2.27%	1.78%	4.27%	1.54%	1.07%	1.10%	10.94%	2.49%	3.12%	1.67%	1.66%	0.00%

Frequently Asked Questions

Can I hold both PGAIX and GBFFX in my portfolio?

PGAIX and GBFFX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGAIX or GBFFX?

PGAIX has higher volatility (2.71%) compared to GBFFX (2.28%). In terms of maximum drawdown, PGAIX dropped -26.75% vs GBFFX's -26.62%.

Which has better risk-adjusted returns?

GBFFX currently has the higher Sharpe Ratio (4.25 vs 3.58), 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.