TCIEX vs. GIOTX
TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) and GIOTX (GMO International Developed Equity Allocation Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, TCIEX returned 9.61%/yr vs 12.13%/yr for GIOTX. Their 0.96 correlation means they have historically moved very closely together. TCIEX charges 0.05%/yr vs 0.00%/yr for GIOTX.
Performance
TCIEX vs. GIOTX - Performance Comparison
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Returns By Period
In the year-to-date period, TCIEX achieves a 11.81% return, which is significantly lower than GIOTX's 20.64% return. Over the past 10 years, TCIEX has underperformed GIOTX with an annualized return of 9.61%, while GIOTX has yielded a comparatively higher 12.13% annualized return.
TCIEX
- 1D
- -0.76%
- 1M
- 1.27%
- 6M
- 5.70%
- YTD
- 11.81%
- 1Y
- 25.18%
- 3Y*
- 16.53%
- 5Y*
- 9.40%
- 10Y*
- 9.61%
- ALL TIME*
- 7.75%
GIOTX
- 1D
- -0.59%
- 1M
- 2.95%
- 6M
- 12.62%
- YTD
- 20.64%
- 1Y
- 40.94%
- 3Y*
- 26.35%
- 5Y*
- 15.19%
- 10Y*
- 12.13%
- ALL TIME*
- 6.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TCIEX vs. GIOTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 11.81% | 31.55% | 3.69% | 18.21% | -14.19% | 11.30% | 8.13% | 21.82% | -13.27% | 25.34% |
GIOTX GMO International Developed Equity Allocation Fund | 20.64% | 43.70% | 10.66% | 21.03% | -12.41% | 11.14% | 7.43% | 24.45% | -19.66% | 26.38% |
Correlation
The correlation between TCIEX and GIOTX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007 | 0.96 |
The correlation between TCIEX and GIOTX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
TCIEX vs. GIOTX — Risk / Return Rank
TCIEX
GIOTX
TCIEX vs. GIOTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and GMO International Developed Equity Allocation Fund (GIOTX). 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.
| TCIEX | GIOTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.46 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.89 | -1.65 |
| Martin ratioReturn relative to average drawdown | 8.45 | 15.11 | -6.66 |
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Drawdowns
TCIEX vs. GIOTX - Drawdown Comparison
The maximum TCIEX drawdown since its inception was -59.27%, roughly equal to the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for TCIEX and GIOTX.
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Drawdown Indicators
| TCIEX | GIOTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.27% | -56.51% | -2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.35% | -10.66% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.58% | -13.40% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -29.25% | -28.34% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -33.58% | -39.29% | +5.71% |
Current DrawdownCurrent decline from peak | -0.76% | -0.59% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -10.52% | -14.13% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 2.74% | +0.26% |
Volatility
TCIEX vs. GIOTX - Volatility Comparison
The current volatility for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) is 4.62%, while GMO International Developed Equity Allocation Fund (GIOTX) has a volatility of 5.03%. This indicates that TCIEX experiences smaller price fluctuations and is considered to be less risky than GIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCIEX | GIOTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 5.03% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 13.45% | 13.48% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 16.21% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.24% | 15.55% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 16.18% | +0.22% |
TCIEX vs. GIOTX - Expense Ratio Comparison
TCIEX has a 0.05% expense ratio, which is higher than GIOTX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TCIEX vs. GIOTX - Dividend Comparison
TCIEX's dividend yield for the trailing twelve months is around 3.48%, less than GIOTX's 8.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GIOTX GMO International Developed Equity Allocation Fund | 8.44% | 8.04% | 5.07% | 6.54% | 4.45% | 6.67% | 4.48% | 3.74% | 3.90% | 3.15% | 4.04% | 3.39% |
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 3.48% | 3.89% | 3.17% | 3.14% | 2.82% | 3.02% | 1.96% | 3.08% | 3.42% | 2.78% | 2.95% | 3.06% |
Frequently Asked Questions
With a correlation of 0.95, TCIEX and GIOTX 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.
GIOTX has higher volatility (5.03%) compared to TCIEX (4.62%). In terms of maximum drawdown, TCIEX dropped -59.27% vs GIOTX's -56.51%.
GIOTX currently has the higher Sharpe Ratio (2.56 vs 1.61), 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.
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