TWAAX vs. GIOTX

Last updated Jul 18, 2026

TWAAX (Thrivent International Allocation Fund) and GIOTX (GMO International Developed Equity Allocation Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, TWAAX returned 7.77%/yr vs 11.99%/yr for GIOTX. With a 0.96 correlation, they move nearly in lockstep. TWAAX charges 1.20%/yr vs 0.00%/yr for GIOTX.

Performance

TWAAX vs. GIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent International Allocation Fund (TWAAX) and GMO International Developed Equity Allocation Fund (GIOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWAAX achieves a 11.93% return, which is significantly lower than GIOTX's 18.20% return. Over the past 10 years, TWAAX has underperformed GIOTX with an annualized return of 7.77%, while GIOTX has yielded a comparatively higher 11.99% annualized return.

TWAAX

• 1D: -1.12%
• 1M: -2.16%
• 6M: 7.82%
• YTD: 11.93%
• 1Y: 23.30%
• 3Y*: 16.33%
• 5Y*: 8.42%
• 10Y*: 7.77%

GIOTX

• 1D: -0.86%
• 1M: -0.40%
• 6M: 13.43%
• YTD: 18.20%
• 1Y: 38.87%
• 3Y*: 25.72%
• 5Y*: 14.84%
• 10Y*: 11.99%

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

TWAAX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWAAX Thrivent International Allocation Fund	11.93%	30.28%	3.86%	17.51%	-18.59%	13.88%	3.38%	19.95%	-15.80%	21.50%
GIOTX GMO International Developed Equity Allocation Fund	18.20%	43.70%	10.66%	21.03%	-12.41%	11.14%	7.43%	24.45%	-19.66%	26.38%

Correlation

The correlation between TWAAX and GIOTX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 3, 2008	0.96

The correlation between TWAAX and GIOTX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

TWAAX vs. GIOTX — Risk / Return Rank

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

TWAAX

TWAAX Risk / Return Rank: 40
TWAAX Sharpe Ratio Rank: 40
TWAAX Sortino Ratio Rank: 37
TWAAX Omega Ratio Rank: 40
TWAAX Calmar Ratio Rank: 40
TWAAX Martin Ratio Rank: 42

GIOTX

GIOTX Risk / Return Rank: 88
GIOTX Sharpe Ratio Rank: 89
GIOTX Sortino Ratio Rank: 85
GIOTX Omega Ratio Rank: 83
GIOTX Calmar Ratio Rank: 90
GIOTX Martin Ratio Rank: 91

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.

TWAAX vs. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent International Allocation Fund (TWAAX) 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.

	TWAAX	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.49	-1.03
Sortino ratio: Return per unit of downside risk	2.01	3.40	-1.39
Omega ratio: Gain probability vs. loss probability	1.27	1.45	-0.18
Calmar ratio: Return relative to maximum drawdown	2.01	3.74	-1.73
Martin ratio: Return relative to average drawdown	7.47	14.48	-7.01

TWAAX vs. GIOTX - Sharpe Ratio Comparison

The current TWAAX Sharpe Ratio is 1.45, which is lower than the GIOTX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of TWAAX and GIOTX, 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

TWAAX vs. GIOTX - Drawdown Comparison

The maximum TWAAX drawdown since its inception was -54.24%, roughly equal to the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for TWAAX and GIOTX.

Drawdown Indicators

	TWAAX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-54.24%	-56.51%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-10.66%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-13.40%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.71%	-28.34%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-39.29%	+0.42%
Current Drawdown Current decline from peak	-4.09%	-1.16%	-2.93%
Average Drawdown Average peak-to-trough decline	-12.62%	-14.16%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.75%	+0.47%

Volatility

TWAAX vs. GIOTX - Volatility Comparison

Thrivent International Allocation Fund (TWAAX) has a higher volatility of 5.88% compared to GMO International Developed Equity Allocation Fund (GIOTX) at 4.58%. This indicates that TWAAX's price experiences larger fluctuations and is considered to be riskier than GIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWAAX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	4.58%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	13.27%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	16.05%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	15.52%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	16.14%	-0.18%

TWAAX vs. GIOTX - Expense Ratio Comparison

TWAAX has a 1.20% expense ratio, which is higher than GIOTX's 0.00% expense ratio.

Dividends

TWAAX vs. GIOTX - Dividend Comparison

TWAAX's dividend yield for the trailing twelve months is around 5.88%, less than GIOTX's 8.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOTX GMO International Developed Equity Allocation Fund	8.62%	8.04%	5.07%	6.54%	4.45%	6.67%	4.48%	3.74%	3.90%	3.15%	4.04%	3.39%
TWAAX Thrivent International Allocation Fund	5.88%	6.59%	2.66%	2.72%	1.72%	9.19%	1.25%	2.15%	5.56%	2.08%	2.00%	0.00%

Frequently Asked Questions

Can I hold both TWAAX and GIOTX in my portfolio?

With a correlation of 0.94, TWAAX 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.

Which is riskier, TWAAX or GIOTX?

TWAAX has higher volatility (5.88%) compared to GIOTX (4.58%). In terms of maximum drawdown, TWAAX dropped -54.24% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GIOTX currently has the higher Sharpe Ratio (2.49 vs 1.45), 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.