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TGRNX vs. GUGAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TGRNX vs. GUGAX

Last updated Jun 23, 2026

TGRNX (TIAA-CREF Green Bond Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, TGRNX returned 0.29%/yr vs -0.52%/yr for GUGAX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.45% expense ratio.

Performance

TGRNX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Green Bond Fund (TGRNX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TGRNX achieves a 0.68% return, which is significantly lower than GUGAX's 0.96% return.

TGRNX

1D
0.11%
1M
0.80%
YTD
0.68%
6M
1.03%
1Y
4.93%
3Y*
4.77%
5Y*
0.29%
10Y*
—

GUGAX

1D
0.00%
1M
0.00%
YTD
0.96%
6M
1.13%
1Y
5.13%
3Y*
4.30%
5Y*
-0.52%
10Y*
1.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TGRNX vs. GUGAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
TGRNX
TIAA-CREF Green Bond Fund		0.68%6.76%3.08%5.73%-13.43%-0.60%8.57%9.15%1.43%
GUGAX
GMO Multi-Sector Fixed Income Fund		0.96%7.29%0.96%6.02%-14.52%-3.17%4.91%9.66%3.12%

Correlation

The correlation between TGRNX and GUGAX is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2018

0.84

Over the past year, the correlation between TGRNX and GUGAX has dropped to 0.58 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

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TIAA-CREF Green Bond Fund

GMO Multi-Sector Fixed Income Fund

Often compared with TGRNX:
TGRNX vs. HOBIXTGRNX vs. JCPUXTGRNX vs. SAMFXTGRNX vs. PTSAXTGRNX vs. NPCTTGRNX vs. ANBAXTGRNX vs. AMFIX
Often compared with GUGAX:
GUGAX vs. GMGEXGUGAX vs. JCPUXGUGAX vs. BCPIXGUGAX vs. ARINXGUGAX vs. GMCDXGUGAX vs. AMFIXGUGAX vs. IYW

Return for Risk

TGRNX vs. GUGAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TGRNX
TGRNX Risk / Return Rank: 3535
Overall Rank
TGRNX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
TGRNX Sortino Ratio Rank: 4141
Sortino Ratio Rank
TGRNX Omega Ratio Rank: 3636
Omega Ratio Rank
TGRNX Calmar Ratio Rank: 3232
Calmar Ratio Rank
TGRNX Martin Ratio Rank: 2929
Martin Ratio Rank
GUGAX
GUGAX Risk / Return Rank: 7676
Overall Rank
GUGAX Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
GUGAX Sortino Ratio Rank: 7676
Sortino Ratio Rank
GUGAX Omega Ratio Rank: 7676
Omega Ratio Rank
GUGAX Calmar Ratio Rank: 9393
Calmar Ratio Rank
GUGAX Martin Ratio Rank: 8282
Martin Ratio Rank
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.

TGRNX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Green Bond Fund (TGRNX) 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.

TGRNXGUGAXDifference
Sharpe ratioReturn per unit of total volatility
1.59
2.00

-0.41

Sortino ratioReturn per unit of downside risk
2.48
3.32

-0.84

Omega ratioGain probability vs. loss probability

1.30

1.45

-0.15

Calmar ratioReturn relative to maximum drawdown

2.01

4.82

-2.81

Martin ratioReturn relative to average drawdown

6.37

14.23

-7.86

TGRNX vs. GUGAX - Sharpe Ratio Comparison

The current TGRNX Sharpe Ratio is 1.59, which is comparable to the GUGAX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TGRNX 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.

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Drawdowns

TGRNX vs. GUGAX - Drawdown Comparison

The maximum TGRNX drawdown since its inception was -17.85%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for TGRNX and GUGAX.

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Drawdown Indicators

TGRNXGUGAXDifference

Max Drawdown

Largest peak-to-trough decline

-17.85%

-38.57%

+20.72%

Max Drawdown (1Y)

Largest decline over 1 year

-2.47%

-1.16%

-1.31%

Max Drawdown (3Y)

Largest decline over 3 years

-3.99%

-6.12%

+2.13%

Max Drawdown (5Y)

Largest decline over 5 years

-17.85%

-20.53%

+2.68%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.06%

—

Current Drawdown

Current decline from peak

-0.78%

-6.72%

+5.94%

Average Drawdown

Average peak-to-trough decline

-5.20%

-11.26%

+6.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.39%

+0.39%

Volatility

TGRNX vs. GUGAX - Volatility Comparison

TIAA-CREF Green Bond Fund (TGRNX) has a higher volatility of 1.01% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that TGRNX'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.

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Volatility by Period

TGRNXGUGAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

0.00%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

2.35%

1.30%

+1.05%

Volatility (1Y)

Calculated over the trailing 1-year period

3.12%

2.80%

+0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.84%

6.57%

-1.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.81%

5.42%

-0.61%

TGRNX vs. GUGAX - Expense Ratio Comparison

Both TGRNX and GUGAX have an expense ratio of 0.45%.

Dividends

TGRNX vs. GUGAX - Dividend Comparison

TGRNX's dividend yield for the trailing twelve months is around 4.29%, less than GUGAX's 4.52% yield.

PositionTTM20252024202320222021202020192018201720162015
GUGAX
GMO Multi-Sector Fixed Income Fund		4.52%3.69%4.34%0.00%1.94%2.90%7.96%5.74%5.08%2.43%3.29%1.76%
TGRNX
TIAA-CREF Green Bond Fund		4.29%4.31%4.48%3.30%2.69%2.76%4.20%4.38%0.43%0.00%0.00%0.00%

Frequently Asked Questions

TGRNX and GUGAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TGRNX has higher volatility (1.01%) compared to GUGAX (0.00%). In terms of maximum drawdown, TGRNX dropped -17.85% vs GUGAX's -38.57%.

GUGAX currently has the higher Sharpe Ratio (2.00 vs 1.59), 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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