SSIRX vs. GUGAX

Last updated Jul 29, 2026

SSIRX (Ocean Park Tactical Core Income Fund Institutional Class) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, SSIRX returned 2.57%/yr vs 1.33%/yr for GUGAX. Their 0.48 correlation means their historical movements had little consistent relationship. SSIRX charges 1.45%/yr vs 0.45%/yr for GUGAX.

Performance

SSIRX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ocean Park Tactical Core Income Fund Institutional Class (SSIRX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSIRX achieves a 0.32% return, which is significantly lower than GUGAX's 0.96% return. Over the past 10 years, SSIRX has outperformed GUGAX with an annualized return of 2.57%, while GUGAX has yielded a comparatively lower 1.33% annualized return.

SSIRX

• 1D: 0.16%
• 1M: -0.64%
• 6M: -0.49%
• YTD: 0.32%
• 1Y: 3.70%
• 3Y*: 4.15%
• 5Y*: 1.19%
• 10Y*: 2.57%
• ALL TIME*: 3.25%

GUGAX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.32%
• YTD: 0.96%
• 1Y: 4.55%
• 3Y*: 4.17%
• 5Y*: -0.71%
• 10Y*: 1.33%
• ALL TIME*: 0.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GUGAX GMO Multi-Sector Fixed Income Fund	$0.00	$0.00	$0.00
SSIRX Ocean Park Tactical Core Income Fund Institutional Class	$0.00	$0.00	$0.00

SSIRX vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSIRX Ocean Park Tactical Core Income Fund Institutional Class	0.32%	3.82%	4.15%	4.24%	-4.89%	0.58%	5.19%	8.37%	-1.08%	5.79%
GUGAX GMO Multi-Sector Fixed Income Fund	0.96%	7.29%	0.96%	6.02%	-14.52%	-3.17%	4.91%	9.66%	2.13%	4.44%

Correlation

The correlation between SSIRX and GUGAX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.54
Correlation (All Time) Calculated using the full available price history since Dec 21, 2011	0.48

The correlation between SSIRX and GUGAX shifts across timeframes, from 0.48 (1 year) to 0.65 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SSIRX vs. GUGAX — Risk / Return Rank

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

SSIRX

SSIRX Risk / Return Rank: 37
SSIRX Sharpe Ratio Rank: 44
SSIRX Sortino Ratio Rank: 40
SSIRX Omega Ratio Rank: 44
SSIRX Calmar Ratio Rank: 28
SSIRX Martin Ratio Rank: 26

GUGAX

GUGAX Risk / Return Rank: 90
GUGAX Sharpe Ratio Rank: 81
GUGAX Sortino Ratio Rank: 89
GUGAX Omega Ratio Rank: 89
GUGAX Calmar Ratio Rank: 97
GUGAX 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.

SSIRX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ocean Park Tactical Core Income Fund Institutional Class (SSIRX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

	SSIRX	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.93	-0.64
Sortino ratio: Return per unit of downside risk	1.76	3.31	-1.54
Omega ratio: Gain probability vs. loss probability	1.24	1.48	-0.24
Calmar ratio: Return relative to maximum drawdown	1.28	4.95	-3.67
Martin ratio: Return relative to average drawdown	3.75	13.96	-10.21

SSIRX vs. GUGAX - Sharpe Ratio Comparison

The current SSIRX Sharpe Ratio is 1.29, which is lower than the GUGAX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SSIRX and GUGAX, 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

SSIRX vs. GUGAX - Drawdown Comparison

The maximum SSIRX drawdown since its inception was -8.53%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for SSIRX and GUGAX.

Drawdown Indicators

	SSIRX	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.53%	-38.57%	+30.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-1.00%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-3.54%	-5.81%	+2.27%
Max Drawdown (5Y) Largest decline over 5 years	-8.53%	-20.53%	+12.00%
Max Drawdown (10Y) Largest decline over 10 years	-8.53%	-23.06%	+14.53%
Current Drawdown Current decline from peak	-1.49%	-6.72%	+5.23%
Average Drawdown Average peak-to-trough decline	-1.64%	-11.25%	+9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.38%	+0.58%

Volatility

SSIRX vs. GUGAX - Volatility Comparison

Ocean Park Tactical Core Income Fund Institutional Class (SSIRX) has a higher volatility of 0.66% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that SSIRX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSIRX	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.00%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	1.03%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	2.57%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.07%	6.57%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	5.42%	-2.82%

SSIRX vs. GUGAX - Expense Ratio Comparison

SSIRX has a 1.45% expense ratio, which is higher than GUGAX's 0.45% expense ratio.

Dividends

SSIRX vs. GUGAX - Dividend Comparison

SSIRX's dividend yield for the trailing twelve months is around 4.53%, more than GUGAX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUGAX GMO Multi-Sector Fixed Income Fund	3.45%	3.69%	4.34%	0.00%	1.94%	2.90%	7.96%	5.74%	5.08%	2.43%	3.29%	1.76%
SSIRX Ocean Park Tactical Core Income Fund Institutional Class	4.53%	4.91%	4.74%	4.18%	1.81%	2.93%	2.75%	3.18%	3.05%	3.53%	3.03%	3.81%

Frequently Asked Questions

Can I hold both SSIRX and GUGAX in my portfolio?

SSIRX and GUGAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSIRX or GUGAX?

SSIRX has higher volatility (0.66%) compared to GUGAX (0.00%). In terms of maximum drawdown, SSIRX dropped -8.53% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GUGAX currently has the higher Sharpe Ratio (1.93 vs 1.29), 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.