PGEKX vs. GWOAX

Last updated Jun 5, 2026

PGEKX (Victory Pioneer Global Equity Fund Class R6) and GWOAX (GMO Global Developed Equity Allocation Fund) are both Global Equities funds. Over the past 10 years, PGEKX returned 14.32%/yr vs 12.12%/yr for GWOAX. Their correlation of 0.93 suggests significant overlap in exposure. PGEKX charges 0.73%/yr vs 0.01%/yr for GWOAX.

Performance

PGEKX vs. GWOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Global Equity Fund Class R6 (PGEKX) and GMO Global Developed Equity Allocation Fund (GWOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PGEKX having a 15.17% return and GWOAX slightly higher at 15.86%. Over the past 10 years, PGEKX has outperformed GWOAX with an annualized return of 14.32%, while GWOAX has yielded a comparatively lower 12.12% annualized return.

PGEKX

• 1D: -0.90%
• 1M: 3.67%
• YTD: 15.17%
• 6M: 16.87%
• 1Y: 40.20%
• 3Y*: 25.86%
• 5Y*: 15.27%
• 10Y*: 14.32%

GWOAX

• 1D: -0.44%
• 1M: 4.06%
• YTD: 15.86%
• 6M: 17.59%
• 1Y: 37.23%
• 3Y*: 21.01%
• 5Y*: 10.73%
• 10Y*: 12.12%

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

PGEKX vs. GWOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGEKX Victory Pioneer Global Equity Fund Class R6	15.17%	41.73%	11.88%	17.16%	-9.41%	23.83%	18.36%	23.81%	-15.89%	22.43%
GWOAX GMO Global Developed Equity Allocation Fund	15.86%	28.37%	6.14%	22.49%	-14.10%	18.53%	10.53%	26.56%	-12.95%	25.63%

Correlation

The correlation between PGEKX and GWOAX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.93

The correlation between PGEKX and GWOAX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

PGEKX vs. GWOAX — Risk / Return Rank

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

PGEKX

PGEKX Risk / Return Rank: 87
PGEKX Sharpe Ratio Rank: 92
PGEKX Sortino Ratio Rank: 86
PGEKX Omega Ratio Rank: 83
PGEKX Calmar Ratio Rank: 87
PGEKX Martin Ratio Rank: 88

GWOAX

GWOAX Risk / Return Rank: 87
GWOAX Sharpe Ratio Rank: 91
GWOAX Sortino Ratio Rank: 87
GWOAX Omega Ratio Rank: 82
GWOAX Calmar Ratio Rank: 88
GWOAX Martin Ratio Rank: 89

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.

PGEKX vs. GWOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Global Equity Fund Class R6 (PGEKX) and GMO Global Developed Equity Allocation Fund (GWOAX). 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.

	PGEKX	GWOAX	Difference
Sharpe ratio: Return per unit of total volatility	3.07	3.03	+0.04
Sortino ratio: Return per unit of downside risk	4.06	4.17	-0.11
Omega ratio: Gain probability vs. loss probability	1.55	1.55	0.00
Calmar ratio: Return relative to maximum drawdown	4.08	4.27	-0.19
Martin ratio: Return relative to average drawdown	16.45	17.06	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGEKX vs. GWOAX - Sharpe Ratio Comparison

The current PGEKX Sharpe Ratio is 3.07, which is comparable to the GWOAX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of PGEKX and GWOAX, 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

	PGEKX	GWOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	3.03	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.71	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.74	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.47	+0.27

Drawdowns

PGEKX vs. GWOAX - Drawdown Comparison

The maximum PGEKX drawdown since its inception was -33.42%, smaller than the maximum GWOAX drawdown of -49.84%. Use the drawdown chart below to compare losses from any high point for PGEKX and GWOAX.

Drawdown Indicators

	PGEKX	GWOAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-49.84%	+16.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-8.78%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-16.11%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.53%	-26.21%	+2.68%
Max Drawdown (10Y) Largest decline over 10 years	-33.42%	-35.28%	+1.86%
Current Drawdown Current decline from peak	-0.90%	-0.44%	-0.46%
Average Drawdown Average peak-to-trough decline	-5.94%	-9.00%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.19%	+0.28%

Volatility

PGEKX vs. GWOAX - Volatility Comparison

Victory Pioneer Global Equity Fund Class R6 (PGEKX) has a higher volatility of 4.42% compared to GMO Global Developed Equity Allocation Fund (GWOAX) at 3.26%. This indicates that PGEKX's price experiences larger fluctuations and is considered to be riskier than GWOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGEKX	GWOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	3.26%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	9.47%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	12.40%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.22%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	16.50%	+0.35%

PGEKX vs. GWOAX - Expense Ratio Comparison

PGEKX has a 0.73% expense ratio, which is higher than GWOAX's 0.01% expense ratio.

Dividends

PGEKX vs. GWOAX - Dividend Comparison

PGEKX's dividend yield for the trailing twelve months is around 10.25%, more than GWOAX's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWOAX GMO Global Developed Equity Allocation Fund	3.85%	4.46%	0.60%	6.10%	7.27%	12.75%	3.85%	4.33%	3.02%	3.05%	6.43%	12.47%
PGEKX Victory Pioneer Global Equity Fund Class R6	10.25%	11.80%	8.09%	1.91%	6.18%	21.47%	1.26%	1.37%	11.04%	1.83%	1.76%	1.10%

Frequently Asked Questions

Can I hold both PGEKX and GWOAX in my portfolio?

PGEKX and GWOAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGEKX or GWOAX?

PGEKX has higher volatility (4.42%) compared to GWOAX (3.26%). In terms of maximum drawdown, PGEKX dropped -33.42% vs GWOAX's -49.84%.

Which has better risk-adjusted returns?

PGEKX currently has the higher Sharpe Ratio (3.07 vs 3.03), 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.