TFAQX vs. GIPIX

Last updated Jun 5, 2026

TFAQX (TFA Quantitative Fund) and GIPIX (Goldman Sachs Balanced Strategy Portfolio) are both Tactical Allocation funds. Over the past 5 years, TFAQX returned 8.20%/yr vs 4.51%/yr for GIPIX. A 0.80 correlation means they provide meaningful diversification when combined. TFAQX charges 1.98%/yr vs 0.19%/yr for GIPIX.

Performance

TFAQX vs. GIPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TFA Quantitative Fund (TFAQX) and Goldman Sachs Balanced Strategy Portfolio (GIPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFAQX achieves a 10.10% return, which is significantly higher than GIPIX's 5.02% return.

TFAQX

• 1D: -0.32%
• 1M: 7.43%
• YTD: 10.10%
• 6M: 8.72%
• 1Y: 26.64%
• 3Y*: 17.52%
• 5Y*: 8.20%
• 10Y*: —

GIPIX

• 1D: -0.38%
• 1M: 1.85%
• YTD: 5.02%
• 6M: 5.47%
• 1Y: 14.09%
• 3Y*: 10.52%
• 5Y*: 4.51%
• 10Y*: 6.12%

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

TFAQX vs. GIPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TFAQX TFA Quantitative Fund	10.10%	11.41%	22.12%	23.25%	-25.11%	10.88%	18.19%
GIPIX Goldman Sachs Balanced Strategy Portfolio	5.02%	10.80%	8.51%	12.49%	-14.43%	7.94%	15.33%

Correlation

The correlation between TFAQX and GIPIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 19, 2020	0.80

The correlation between TFAQX and GIPIX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

TFAQX vs. GIPIX — Risk / Return Rank

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

TFAQX

TFAQX Risk / Return Rank: 36
TFAQX Sharpe Ratio Rank: 41
TFAQX Sortino Ratio Rank: 35
TFAQX Omega Ratio Rank: 40
TFAQX Calmar Ratio Rank: 34
TFAQX Martin Ratio Rank: 33

GIPIX

GIPIX Risk / Return Rank: 57
GIPIX Sharpe Ratio Rank: 59
GIPIX Sortino Ratio Rank: 60
GIPIX Omega Ratio Rank: 62
GIPIX Calmar Ratio Rank: 48
GIPIX Martin Ratio Rank: 58

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.

TFAQX vs. GIPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TFA Quantitative Fund (TFAQX) and Goldman Sachs Balanced Strategy Portfolio (GIPIX). 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.

	TFAQX	GIPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.25	-0.44
Sortino ratio: Return per unit of downside risk	2.39	3.23	-0.85
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.11	2.62	-0.51
Martin ratio: Return relative to average drawdown	7.25	11.46	-4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFAQX vs. GIPIX - Sharpe Ratio Comparison

The current TFAQX Sharpe Ratio is 1.81, which is comparable to the GIPIX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TFAQX and GIPIX, 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

	TFAQX	GIPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.25	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.57	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.67	-0.06

Drawdowns

TFAQX vs. GIPIX - Drawdown Comparison

The maximum TFAQX drawdown since its inception was -27.78%, smaller than the maximum GIPIX drawdown of -29.46%. Use the drawdown chart below to compare losses from any high point for TFAQX and GIPIX.

Drawdown Indicators

	TFAQX	GIPIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.78%	-29.46%	+1.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-5.59%	-7.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.59%	-9.11%	-12.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.78%	-20.65%	-7.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.65%	—
Current Drawdown Current decline from peak	-0.32%	-0.38%	+0.06%
Average Drawdown Average peak-to-trough decline	-8.49%	-3.68%	-4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	1.27%	+2.45%

Volatility

TFAQX vs. GIPIX - Volatility Comparison

TFA Quantitative Fund (TFAQX) has a higher volatility of 3.93% compared to Goldman Sachs Balanced Strategy Portfolio (GIPIX) at 2.18%. This indicates that TFAQX's price experiences larger fluctuations and is considered to be riskier than GIPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFAQX	GIPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.18%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	5.33%	+5.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	6.51%	+8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	8.00%	+9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	8.11%	+9.18%

TFAQX vs. GIPIX - Expense Ratio Comparison

TFAQX has a 1.98% expense ratio, which is higher than GIPIX's 0.19% expense ratio.

Dividends

TFAQX vs. GIPIX - Dividend Comparison

TFAQX's dividend yield for the trailing twelve months is around 9.23%, more than GIPIX's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIPIX Goldman Sachs Balanced Strategy Portfolio	5.53%	5.22%	4.06%	2.12%	4.56%	6.37%	2.25%	2.51%	4.70%	4.51%	1.46%	5.73%
TFAQX TFA Quantitative Fund	9.23%	10.16%	0.00%	0.03%	5.06%	20.52%	4.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TFAQX and GIPIX in my portfolio?

TFAQX and GIPIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFAQX or GIPIX?

TFAQX has higher volatility (3.93%) compared to GIPIX (2.18%). In terms of maximum drawdown, TFAQX dropped -27.78% vs GIPIX's -29.46%.

Which has better risk-adjusted returns?

GIPIX currently has the higher Sharpe Ratio (2.25 vs 1.81), 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.