QMGYX vs. GTMIX

Last updated Jun 27, 2026

QMGYX (Invesco Advantage International Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, QMGYX returned 8.90%/yr vs 10.99%/yr for GTMIX. Their correlation of 0.86 suggests significant overlap in exposure. QMGYX charges 0.64%/yr vs 0.68%/yr for GTMIX.

Performance

QMGYX vs. GTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Advantage International Fund (QMGYX) 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, QMGYX achieves a 14.38% return, which is significantly higher than GTMIX's 12.26% return. Over the past 10 years, QMGYX has underperformed GTMIX with an annualized return of 8.90%, while GTMIX has yielded a comparatively higher 10.99% annualized return.

QMGYX

• 1D: 0.00%
• 1M: -1.07%
• YTD: 14.38%
• 6M: 14.38%
• 1Y: 26.83%
• 3Y*: 16.87%
• 5Y*: 8.09%
• 10Y*: 8.90%

GTMIX

• 1D: 0.55%
• 1M: -1.92%
• YTD: 12.26%
• 6M: 11.79%
• 1Y: 34.74%
• 3Y*: 21.34%
• 5Y*: 10.92%
• 10Y*: 10.99%

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

QMGYX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QMGYX Invesco Advantage International Fund	14.38%	32.08%	5.74%	4.14%	-11.26%	6.82%	12.06%	21.53%	-13.00%	19.20%
GTMIX GMO Tax-Managed International Equities Fund	12.26%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Correlation

The correlation between QMGYX and GTMIX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between QMGYX and GTMIX shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QMGYX vs. GTMIX — Risk / Return Rank

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

QMGYX

QMGYX Risk / Return Rank: 73
QMGYX Sharpe Ratio Rank: 72
QMGYX Sortino Ratio Rank: 74
QMGYX Omega Ratio Rank: 74
QMGYX Calmar Ratio Rank: 74
QMGYX Martin Ratio Rank: 71

GTMIX

GTMIX Risk / Return Rank: 92
GTMIX Sharpe Ratio Rank: 94
GTMIX Sortino Ratio Rank: 90
GTMIX Omega Ratio Rank: 86
GTMIX Calmar Ratio Rank: 94
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.

QMGYX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Advantage International Fund (QMGYX) 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.

	QMGYX	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.83	-0.76
Sortino ratio: Return per unit of downside risk	3.00	3.91	-0.91
Omega ratio: Gain probability vs. loss probability	1.40	1.51	-0.11
Calmar ratio: Return relative to maximum drawdown	2.92	4.66	-1.74
Martin ratio: Return relative to average drawdown	11.29	17.81	-6.52

QMGYX vs. GTMIX - Sharpe Ratio Comparison

The current QMGYX Sharpe Ratio is 2.07, which is comparable to the GTMIX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of QMGYX 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

QMGYX vs. GTMIX - Drawdown Comparison

The maximum QMGYX drawdown since its inception was -29.88%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for QMGYX and GTMIX.

Drawdown Indicators

	QMGYX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-29.88%	-58.31%	+28.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-7.90%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-14.11%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-27.34%	+9.02%
Max Drawdown (10Y) Largest decline over 10 years	-29.88%	-40.32%	+10.44%
Current Drawdown Current decline from peak	-1.26%	-2.34%	+1.08%
Average Drawdown Average peak-to-trough decline	-5.72%	-12.65%	+6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.06%	+0.69%

Volatility

QMGYX vs. GTMIX - Volatility Comparison

Invesco Advantage International Fund (QMGYX) and GMO Tax-Managed International Equities Fund (GTMIX) have volatilities of 3.56% and 3.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QMGYX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.55%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	9.98%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	13.02%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	14.93%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	15.81%	-1.61%

QMGYX vs. GTMIX - Expense Ratio Comparison

QMGYX has a 0.64% expense ratio, which is lower than GTMIX's 0.68% expense ratio.

Dividends

QMGYX vs. GTMIX - Dividend Comparison

QMGYX's dividend yield for the trailing twelve months is around 49.36%, more than GTMIX's 15.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTMIX GMO Tax-Managed International Equities Fund	15.89%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%
QMGYX Invesco Advantage International Fund	49.36%	3.29%	4.68%	5.46%	0.00%	13.85%	0.07%	1.07%	6.12%	2.36%	5.03%	0.00%

Frequently Asked Questions

Can I hold both QMGYX and GTMIX in my portfolio?

QMGYX and GTMIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QMGYX or GTMIX?

QMGYX has higher volatility (3.56%) compared to GTMIX (3.55%). In terms of maximum drawdown, QMGYX dropped -29.88% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.83 vs 2.07), 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.