PIEQ vs. GMOI

Last updated Jun 23, 2026

PIEQ (Principal International Equity ETF) and GMOI (GMO International Value ETF) are both Foreign Large Cap Equities funds. PIEQ is actively managed, while GMOI is passively managed. Over the past year, PIEQ returned 29.79% vs 37.44% for GMOI. A 0.74 correlation means they provide meaningful diversification when combined. PIEQ charges 0.48%/yr vs 0.60%/yr for GMOI.

Performance

PIEQ vs. GMOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal International Equity ETF (PIEQ) and GMO International Value ETF (GMOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIEQ achieves a 9.31% return, which is significantly lower than GMOI's 12.69% return.

PIEQ

• 1D: -0.93%
• 1M: 2.59%
• YTD: 9.31%
• 6M: 10.51%
• 1Y: 29.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GMOI

• 1D: -0.08%
• 1M: -0.73%
• YTD: 12.69%
• 6M: 13.04%
• 1Y: 37.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIEQ vs. GMOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PIEQ Principal International Equity ETF	9.31%	38.10%	-2.98%
GMOI GMO International Value ETF	12.69%	45.64%	-4.90%

Correlation

The correlation between PIEQ and GMOI is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024	0.74

The correlation between PIEQ and GMOI has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

PIEQ vs. GMOI — Risk / Return Rank

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

PIEQ

PIEQ Risk / Return Rank: 59
PIEQ Sharpe Ratio Rank: 54
PIEQ Sortino Ratio Rank: 53
PIEQ Omega Ratio Rank: 55
PIEQ Calmar Ratio Rank: 65
PIEQ Martin Ratio Rank: 68

GMOI

GMOI Risk / Return Rank: 87
GMOI Sharpe Ratio Rank: 89
GMOI Sortino Ratio Rank: 89
GMOI Omega Ratio Rank: 85
GMOI Calmar Ratio Rank: 85
GMOI Martin Ratio Rank: 87

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.

PIEQ vs. GMOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal International Equity ETF (PIEQ) and GMO International Value ETF (GMOI). 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.

	PIEQ	GMOI	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.82	-1.03
Sortino ratio: Return per unit of downside risk	2.51	3.87	-1.36
Omega ratio: Gain probability vs. loss probability	1.33	1.50	-0.17
Calmar ratio: Return relative to maximum drawdown	3.14	4.50	-1.36
Martin ratio: Return relative to average drawdown	12.26	17.76	-5.50

PIEQ vs. GMOI - Sharpe Ratio Comparison

The current PIEQ Sharpe Ratio is 1.79, which is lower than the GMOI Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of PIEQ and GMOI, 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

PIEQ vs. GMOI - Drawdown Comparison

The maximum PIEQ drawdown since its inception was -15.17%, roughly equal to the maximum GMOI drawdown of -14.67%. Use the drawdown chart below to compare losses from any high point for PIEQ and GMOI.

Drawdown Indicators

	PIEQ	GMOI	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-14.67%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-8.36%	-1.17%
Current Drawdown Current decline from peak	-1.56%	-1.62%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.94%	-1.68%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.11%	+0.33%

Volatility

PIEQ vs. GMOI - Volatility Comparison

Principal International Equity ETF (PIEQ) has a higher volatility of 6.66% compared to GMO International Value ETF (GMOI) at 3.90%. This indicates that PIEQ's price experiences larger fluctuations and is considered to be riskier than GMOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIEQ	GMOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	3.90%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	10.61%	+4.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.74%	13.38%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	15.56%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	15.56%	+2.13%

PIEQ vs. GMOI - Expense Ratio Comparison

PIEQ has a 0.48% expense ratio, which is lower than GMOI's 0.60% expense ratio.

Dividends

PIEQ vs. GMOI - Dividend Comparison

PIEQ's dividend yield for the trailing twelve months is around 1.17%, less than GMOI's 2.43% yield.

Position	TTM	2025	2024
GMOI GMO International Value ETF	2.43%	2.74%	0.54%
PIEQ Principal International Equity ETF	1.17%	1.28%	0.10%

Frequently Asked Questions

Can I hold both PIEQ and GMOI in my portfolio?

PIEQ and GMOI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIEQ or GMOI?

PIEQ has higher volatility (6.66%) compared to GMOI (3.90%). In terms of maximum drawdown, PIEQ dropped -15.17% vs GMOI's -14.67%.

Which ETF is better, PIEQ or GMOI?

On 1-year performance, GMOI leads with 37.44% vs 29.79% for PIEQ. On fees, PIEQ is cheaper at 0.48% per year. On volatility, GMOI has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIEQ or GMOI?

Over the 1-year period, GMOI has performed better with a 37.44% return vs 29.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIEQ or GMOI?

PIEQ is cheaper with a 0.48% expense ratio, compared with 0.60% for GMOI.

Which ETF pays a higher dividend yield, PIEQ or GMOI?

GMOI has the higher dividend yield at 2.43%, compared with 1.17% for PIEQ.

What is the main difference between PIEQ and GMOI?

They also come from different issuers: Principal and GMO. Their fees differ too: 0.48% for PIEQ and 0.60% for GMOI.

Which has better risk-adjusted returns?

GMOI currently has the higher Sharpe Ratio (2.82 vs 1.79), 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.