PPYPX vs. GTMIX

Last updated Jun 24, 2026

PPYPX (PIMCO RAE International Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PPYPX returned 9.24%/yr vs 10.78%/yr for GTMIX. Their correlation of 0.94 suggests significant overlap in exposure. PPYPX charges 0.60%/yr vs 0.68%/yr for GTMIX.

Performance

PPYPX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE International Fund (PPYPX) and GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPYPX achieves a 10.21% return, which is significantly lower than GTMIX's 13.12% return. Over the past 10 years, PPYPX has underperformed GTMIX with an annualized return of 9.24%, while GTMIX has yielded a comparatively higher 10.78% annualized return.

PPYPX

• 1D: 0.10%
• 1M: -3.06%
• YTD: 10.21%
• 6M: 6.05%
• 1Y: 23.88%
• 3Y*: 16.43%
• 5Y*: 8.54%
• 10Y*: 9.24%

GTMIX

• 1D: -0.27%
• 1M: -0.80%
• YTD: 13.12%
• 6M: 12.71%
• 1Y: 38.22%
• 3Y*: 21.82%
• 5Y*: 11.38%
• 10Y*: 10.78%

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

PPYPX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPYPX PIMCO RAE International Fund	10.21%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%
GTMIX GMO Tax-Managed International Equities Fund	13.12%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between PPYPX and GTMIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.94

The correlation between PPYPX and GTMIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

PPYPX vs. GTMIX — Risk / Return Rank

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

PPYPX

PPYPX Risk / Return Rank: 55
PPYPX Sharpe Ratio Rank: 50
PPYPX Sortino Ratio Rank: 44
PPYPX Omega Ratio Rank: 46
PPYPX Calmar Ratio Rank: 77
PPYPX Martin Ratio Rank: 56

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 94
GTMIX Sortino Ratio Rank: 91
GTMIX Omega Ratio Rank: 85
GTMIX Calmar Ratio Rank: 93
GTMIX Martin Ratio Rank: 94

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.

PPYPX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE International Fund (PPYPX) 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.

	PPYPX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.00	-1.09
Sortino ratio: Return per unit of downside risk	2.57	4.12	-1.55
Omega ratio: Gain probability vs. loss probability	1.34	1.54	-0.20
Calmar ratio: Return relative to maximum drawdown	3.30	4.93	-1.63
Martin ratio: Return relative to average drawdown	10.59	19.02	-8.43

PPYPX vs. GTMIX - Sharpe Ratio Comparison

The current PPYPX Sharpe Ratio is 1.91, which is lower than the GTMIX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of PPYPX 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

PPYPX vs. GTMIX - Drawdown Comparison

The maximum PPYPX drawdown since its inception was -42.48%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for PPYPX and GTMIX.

Drawdown Indicators

	PPYPX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.48%	-58.31%	+15.83%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-7.90%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-14.11%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-35.65%	-27.34%	-8.31%
Max Drawdown (10Y) Largest decline over 10 years	-42.48%	-40.32%	-2.16%
Current Drawdown Current decline from peak	-4.57%	-1.59%	-2.98%
Average Drawdown Average peak-to-trough decline	-10.11%	-12.65%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.04%	+0.28%

Volatility

PPYPX vs. GTMIX - Volatility Comparison

The current volatility for PIMCO RAE International Fund (PPYPX) is 3.21%, while GMO Tax-Managed International Equities Fund (GTMIX) has a volatility of 3.48%. This indicates that PPYPX experiences smaller price fluctuations and is considered to be less risky than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPYPX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.48%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	9.95%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	13.01%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	14.93%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	16.00%	+2.96%

PPYPX vs. GTMIX - Expense Ratio Comparison

PPYPX has a 0.60% expense ratio, which is lower than GTMIX's 0.68% expense ratio.

Dividends

PPYPX vs. GTMIX - Dividend Comparison

PPYPX's dividend yield for the trailing twelve months is around 7.06%, less than GTMIX's 19.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	19.83%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
PPYPX PIMCO RAE International Fund	7.06%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%	0.00%

Frequently Asked Questions

Can I hold both PPYPX and GTMIX in my portfolio?

With a correlation of 0.90, PPYPX and GTMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PPYPX or GTMIX?

GTMIX has higher volatility (3.48%) compared to PPYPX (3.21%). In terms of maximum drawdown, PPYPX dropped -42.48% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (3.00 vs 1.91), 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.