PIUIX vs. GTMIX

Last updated Jun 4, 2026

PIUIX (Federated Hermes International Equity Fd) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PIUIX returned 9.73%/yr vs 10.16%/yr for GTMIX. Their correlation of 0.89 suggests significant overlap in exposure. PIUIX charges 0.94%/yr vs 0.68%/yr for GTMIX.

Performance

PIUIX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes International Equity Fd (PIUIX) 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 PIUIX having a 13.67% return and GTMIX slightly higher at 14.34%. Both investments have delivered pretty close results over the past 10 years, with PIUIX having a 9.73% annualized return and GTMIX not far ahead at 10.16%.

PIUIX

• 1D: 0.69%
• 1M: 5.14%
• YTD: 13.67%
• 6M: 18.21%
• 1Y: 29.16%
• 3Y*: 17.39%
• 5Y*: 5.95%
• 10Y*: 9.73%

GTMIX

• 1D: 0.75%
• 1M: 3.02%
• YTD: 14.34%
• 6M: 18.93%
• 1Y: 39.04%
• 3Y*: 22.47%
• 5Y*: 11.01%
• 10Y*: 10.16%

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

PIUIX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIUIX Federated Hermes International Equity Fd	13.67%	29.93%	3.31%	14.60%	-22.41%	8.04%	21.78%	22.53%	-12.55%	33.28%
GTMIX GMO Tax-Managed International Equities Fund	14.34%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between PIUIX and GTMIX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.89

Over the past year, the correlation between PIUIX and GTMIX has dropped to 0.64 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

PIUIX vs. GTMIX — Risk / Return Rank

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

PIUIX

PIUIX Risk / Return Rank: 57
PIUIX Sharpe Ratio Rank: 57
PIUIX Sortino Ratio Rank: 60
PIUIX Omega Ratio Rank: 54
PIUIX Calmar Ratio Rank: 59
PIUIX Martin Ratio Rank: 57

GTMIX

GTMIX Risk / Return Rank: 88
GTMIX Sharpe Ratio Rank: 90
GTMIX Sortino Ratio Rank: 86
GTMIX Omega Ratio Rank: 81
GTMIX Calmar Ratio Rank: 91
GTMIX Martin Ratio Rank: 91

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.

PIUIX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Equity Fd (PIUIX) 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.

	PIUIX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.98	-0.76
Sortino ratio: Return per unit of downside risk	3.25	4.08	-0.83
Omega ratio: Gain probability vs. loss probability	1.41	1.54	-0.13
Calmar ratio: Return relative to maximum drawdown	2.94	4.84	-1.90
Martin ratio: Return relative to average drawdown	11.51	18.65	-7.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIUIX vs. GTMIX - Sharpe Ratio Comparison

The current PIUIX Sharpe Ratio is 2.22, which is comparable to the GTMIX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of PIUIX 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.

Sharpe Ratios by Period

	PIUIX	GTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.98	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.74	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.64	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.41	-0.02

Drawdowns

PIUIX vs. GTMIX - Drawdown Comparison

The maximum PIUIX drawdown since its inception was -61.42%, which is greater than GTMIX's maximum drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for PIUIX and GTMIX.

Drawdown Indicators

	PIUIX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.42%	-58.31%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-7.90%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-14.11%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-36.07%	-28.81%	-7.26%
Max Drawdown (10Y) Largest decline over 10 years	-36.07%	-40.32%	+4.25%
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-15.36%	-12.68%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.05%	+1.41%

Volatility

PIUIX vs. GTMIX - Volatility Comparison

Federated Hermes International Equity Fd (PIUIX) has a higher volatility of 5.55% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.49%. This indicates that PIUIX'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

	PIUIX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	3.49%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	9.67%	+3.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	12.85%	+3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.51%	14.93%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	16.05%	+0.84%

PIUIX vs. GTMIX - Expense Ratio Comparison

PIUIX has a 0.94% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

PIUIX vs. GTMIX - Dividend Comparison

PIUIX's dividend yield for the trailing twelve months is around 176.74%, more than GTMIX's 19.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	19.62%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
PIUIX Federated Hermes International Equity Fd	176.74%	200.89%	14.99%	1.48%	6.69%	12.87%	1.13%	1.24%	3.03%	0.77%	0.97%	2.00%

Frequently Asked Questions

Can I hold both PIUIX and GTMIX in my portfolio?

PIUIX and GTMIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIUIX or GTMIX?

PIUIX has higher volatility (5.55%) compared to GTMIX (3.49%). In terms of maximum drawdown, PIUIX dropped -61.42% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.98 vs 2.22), 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.