PISIX vs. GTMIX

Last updated Jun 25, 2026

PISIX (PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged)) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PISIX returned 12.96%/yr vs 10.68%/yr for GTMIX. A 0.72 correlation means they provide meaningful diversification when combined. PISIX charges 0.76%/yr vs 0.68%/yr for GTMIX.

Performance

PISIX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) (PISIX) 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 investments are quite close, with PISIX having a 11.74% return and GTMIX slightly higher at 12.14%. Over the past 10 years, PISIX has outperformed GTMIX with an annualized return of 12.96%, while GTMIX has yielded a comparatively lower 10.68% annualized return.

PISIX

• 1D: -1.35%
• 1M: 3.06%
• YTD: 11.74%
• 6M: 5.24%
• 1Y: 21.43%
• 3Y*: 17.70%
• 5Y*: 11.80%
• 10Y*: 12.96%

GTMIX

• 1D: -0.86%
• 1M: -1.66%
• YTD: 12.14%
• 6M: 11.80%
• 1Y: 35.88%
• 3Y*: 21.47%
• 5Y*: 10.97%
• 10Y*: 10.68%

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

PISIX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PISIX PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged)	11.74%	17.68%	14.87%	21.70%	-8.86%	18.37%	4.29%	26.40%	-10.00%	18.81%
GTMIX GMO Tax-Managed International Equities Fund	12.14%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between PISIX and GTMIX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 16, 2004	0.72

Over the past year, the correlation between PISIX and GTMIX has dropped to 0.43 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

PISIX vs. GTMIX — Risk / Return Rank

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

PISIX

PISIX Risk / Return Rank: 38
PISIX Sharpe Ratio Rank: 36
PISIX Sortino Ratio Rank: 32
PISIX Omega Ratio Rank: 45
PISIX Calmar Ratio Rank: 38
PISIX Martin Ratio Rank: 38

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.

PISIX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) (PISIX) 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.

	PISIX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.86	-1.26
Sortino ratio: Return per unit of downside risk	2.16	3.95	-1.79
Omega ratio: Gain probability vs. loss probability	1.33	1.51	-0.18
Calmar ratio: Return relative to maximum drawdown	2.19	4.71	-2.52
Martin ratio: Return relative to average drawdown	7.80	18.14	-10.34

PISIX vs. GTMIX - Sharpe Ratio Comparison

The current PISIX Sharpe Ratio is 1.60, which is lower than the GTMIX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of PISIX 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

PISIX vs. GTMIX - Drawdown Comparison

The maximum PISIX drawdown since its inception was -57.47%, roughly equal to the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for PISIX and GTMIX.

Drawdown Indicators

	PISIX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.47%	-58.31%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-7.90%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.21%	-14.11%	-1.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.93%	-27.34%	+8.41%
Max Drawdown (10Y) Largest decline over 10 years	-35.44%	-40.32%	+4.88%
Current Drawdown Current decline from peak	-1.35%	-2.44%	+1.09%
Average Drawdown Average peak-to-trough decline	-7.18%	-12.65%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.05%	+0.95%

Volatility

PISIX vs. GTMIX - Volatility Comparison

PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) (PISIX) has a higher volatility of 3.88% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.54%. This indicates that PISIX'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

	PISIX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.54%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.06%	9.99%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.71%	13.02%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	14.93%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.45%	15.81%	-1.36%

PISIX vs. GTMIX - Expense Ratio Comparison

PISIX has a 0.76% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

PISIX vs. GTMIX - Dividend Comparison

PISIX's dividend yield for the trailing twelve months is around 4.96%, less than GTMIX's 20.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	20.01%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
PISIX PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged)	4.96%	5.14%	11.81%	10.04%	10.11%	7.31%	1.42%	11.47%	7.99%	7.36%	1.02%	8.16%

Frequently Asked Questions

Can I hold both PISIX and GTMIX in my portfolio?

PISIX and GTMIX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PISIX or GTMIX?

PISIX has higher volatility (3.88%) compared to GTMIX (3.54%). In terms of maximum drawdown, PISIX dropped -57.47% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.86 vs 1.60), 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.