VZICX vs. GIOTX

Last updated Jul 17, 2026

VZICX (Vanguard International Core Stock Fund Admiral Shares) and GIOTX (GMO International Developed Equity Allocation Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, VZICX returned 12.45%/yr vs 15.03%/yr for GIOTX. Their correlation of 0.92 suggests significant overlap in exposure. VZICX charges 0.38%/yr vs 0.00%/yr for GIOTX.

Performance

VZICX vs. GIOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Core Stock Fund Admiral Shares (VZICX) 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, VZICX achieves a 13.67% return, which is significantly lower than GIOTX's 19.22% return.

VZICX

• 1D: 0.37%
• 1M: -1.00%
• 6M: 8.91%
• YTD: 13.67%
• 1Y: 31.19%
• 3Y*: 21.43%
• 5Y*: 12.45%
• 10Y*: —

GIOTX

• 1D: 0.64%
• 1M: 0.17%
• 6M: 14.56%
• YTD: 19.22%
• 1Y: 40.94%
• 3Y*: 26.10%
• 5Y*: 15.03%
• 10Y*: 12.10%

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

VZICX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VZICX Vanguard International Core Stock Fund Admiral Shares	13.67%	38.55%	8.74%	14.35%	-10.62%	11.85%	9.23%	7.37%
GIOTX GMO International Developed Equity Allocation Fund	19.22%	43.70%	10.66%	21.03%	-12.41%	11.14%	7.43%	11.24%

Correlation

The correlation between VZICX and GIOTX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019	0.92

The correlation between VZICX and GIOTX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

VZICX vs. GIOTX — Risk / Return Rank

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

VZICX

VZICX Risk / Return Rank: 75
VZICX Sharpe Ratio Rank: 75
VZICX Sortino Ratio Rank: 68
VZICX Omega Ratio Rank: 75
VZICX Calmar Ratio Rank: 80
VZICX Martin Ratio Rank: 78

GIOTX

GIOTX Risk / Return Rank: 90
GIOTX Sharpe Ratio Rank: 93
GIOTX Sortino Ratio Rank: 87
GIOTX Omega Ratio Rank: 86
GIOTX Calmar Ratio Rank: 92
GIOTX 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.

VZICX vs. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Core Stock Fund Admiral Shares (VZICX) 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.

	VZICX	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.61	-0.68
Sortino ratio: Return per unit of downside risk	2.59	3.55	-0.95
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	2.92	3.93	-1.01
Martin ratio: Return relative to average drawdown	11.04	15.19	-4.16

VZICX vs. GIOTX - Sharpe Ratio Comparison

The current VZICX Sharpe Ratio is 1.94, which is comparable to the GIOTX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VZICX 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

VZICX vs. GIOTX - Drawdown Comparison

The maximum VZICX drawdown since its inception was -34.37%, smaller than the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for VZICX and GIOTX.

Drawdown Indicators

	VZICX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-56.51%	+22.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.81%	-10.66%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.40%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-28.34%	+3.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.29%	—
Current Drawdown Current decline from peak	-2.14%	-0.31%	-1.83%
Average Drawdown Average peak-to-trough decline	-5.64%	-14.16%	+8.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.75%	+0.10%

Volatility

VZICX vs. GIOTX - Volatility Comparison

Vanguard International Core Stock Fund Admiral Shares (VZICX) has a higher volatility of 5.83% compared to GMO International Developed Equity Allocation Fund (GIOTX) at 4.59%. This indicates that VZICX'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

	VZICX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	4.59%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	13.25%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	16.08%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.52%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	16.14%	+1.88%

VZICX vs. GIOTX - Expense Ratio Comparison

VZICX has a 0.38% expense ratio, which is higher than GIOTX's 0.00% expense ratio.

Dividends

VZICX vs. GIOTX - Dividend Comparison

VZICX's dividend yield for the trailing twelve months is around 3.88%, less than GIOTX's 8.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOTX GMO International Developed Equity Allocation Fund	8.54%	8.04%	5.07%	6.54%	4.45%	6.67%	4.48%	3.74%	3.90%	3.15%	4.04%	3.39%
VZICX Vanguard International Core Stock Fund Admiral Shares	3.88%	4.41%	2.65%	2.20%	2.10%	4.37%	1.89%	0.11%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VZICX and GIOTX in my portfolio?

VZICX and GIOTX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VZICX or GIOTX?

VZICX has higher volatility (5.83%) compared to GIOTX (4.59%). In terms of maximum drawdown, VZICX dropped -34.37% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GIOTX currently has the higher Sharpe Ratio (2.61 vs 1.94), 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.