PGAIX vs. GIMFX

Last updated Jun 5, 2026

PGAIX (PIMCO Global Core Asset Allocation Fund) and GIMFX (GMO Implementation Fund) are both Global Allocation funds. Over the past 10 years, PGAIX returned 9.23%/yr vs 7.25%/yr for GIMFX. A 0.73 correlation means they provide meaningful diversification when combined. PGAIX charges 1.00%/yr vs 0.02%/yr for GIMFX.

Performance

PGAIX vs. GIMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Global Core Asset Allocation Fund (PGAIX) 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, PGAIX achieves a 12.24% return, which is significantly lower than GIMFX's 14.03% return. Over the past 10 years, PGAIX has outperformed GIMFX with an annualized return of 9.23%, while GIMFX has yielded a comparatively lower 7.25% 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%

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)

PGAIX vs. GIMFX - 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%
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 PGAIX and GIMFX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.73

The correlation between PGAIX and GIMFX shifts across timeframes, from 0.67 (5 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PGAIX vs. GIMFX — 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

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.

PGAIX vs. GIMFX - Risk-Adjusted Trends Comparison

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

	PGAIX	GIMFX	Difference
Sharpe ratio: Return per unit of total volatility	3.58	4.13	-0.55
Sortino ratio: Return per unit of downside risk	5.13	5.84	-0.71
Omega ratio: Gain probability vs. loss probability	1.73	1.83	-0.11
Calmar ratio: Return relative to maximum drawdown	3.94	5.01	-1.07
Martin ratio: Return relative to average drawdown	16.94	19.44	-2.51
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. GIMFX - Sharpe Ratio Comparison

The current PGAIX Sharpe Ratio is 3.58, which is comparable to the GIMFX Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of PGAIX 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

	PGAIX	GIMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	4.13	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	1.11	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.81	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.70	+0.01

Drawdowns

PGAIX vs. GIMFX - Drawdown Comparison

The maximum PGAIX drawdown since its inception was -26.75%, roughly equal to the maximum GIMFX drawdown of -25.87%. Use the drawdown chart below to compare losses from any high point for PGAIX and GIMFX.

Drawdown Indicators

	PGAIX	GIMFX	Difference
Max Drawdown Largest peak-to-trough decline	-26.75%	-25.87%	-0.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-6.53%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-8.02%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-22.49%	-14.02%	-8.47%
Max Drawdown (10Y) Largest decline over 10 years	-26.75%	-25.87%	-0.88%
Current Drawdown Current decline from peak	-0.31%	-0.11%	-0.20%
Average Drawdown Average peak-to-trough decline	-4.67%	-4.29%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.68%	+0.01%

Volatility

PGAIX vs. GIMFX - Volatility Comparison

PIMCO Global Core Asset Allocation Fund (PGAIX) and GMO Implementation Fund (GIMFX) have volatilities of 2.71% and 2.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGAIX	GIMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.78%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	6.21%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	7.92%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.78%	8.58%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.26%	8.98%	+1.28%

PGAIX vs. GIMFX - Expense Ratio Comparison

PGAIX has a 1.00% expense ratio, which is higher than GIMFX's 0.02% expense ratio.

Dividends

PGAIX vs. GIMFX - Dividend Comparison

PGAIX's dividend yield for the trailing twelve months is around 2.27%, less than GIMFX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
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%

Frequently Asked Questions

Can I hold both PGAIX and GIMFX in my portfolio?

PGAIX and GIMFX have a correlation of 0.77, 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 GIMFX?

GIMFX has higher volatility (2.78%) compared to PGAIX (2.71%). In terms of maximum drawdown, PGAIX dropped -26.75% vs GIMFX's -25.87%.

Which has better risk-adjusted returns?

GIMFX currently has the higher Sharpe Ratio (4.13 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.