XPMIX vs. GAAVX

Last updated Jun 19, 2026

XPMIX (StepStone Private Markets Fund Class I) and GAAVX (GMO Alternative Allocation Fund) are both Multistrategy funds. Over the past 5 years, XPMIX returned 13.02%/yr vs 2.93%/yr for GAAVX. At a 0.11 correlation, their price movements are largely independent. XPMIX charges 2.34%/yr vs 0.61%/yr for GAAVX.

Performance

XPMIX vs. GAAVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in StepStone Private Markets Fund Class I (XPMIX) and GMO Alternative Allocation Fund (GAAVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPMIX achieves a 5.39% return, which is significantly higher than GAAVX's 1.36% return.

XPMIX

• 1D: -0.34%
• 1M: 0.97%
• YTD: 5.39%
• 6M: 6.07%
• 1Y: 11.07%
• 3Y*: 12.58%
• 5Y*: 13.02%
• 10Y*: —

GAAVX

• 1D: -0.64%
• 1M: -1.80%
• YTD: 1.36%
• 6M: 1.44%
• 1Y: 13.75%
• 3Y*: 5.31%
• 5Y*: 2.93%
• 10Y*: —

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

XPMIX vs. GAAVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XPMIX StepStone Private Markets Fund Class I	5.39%	11.78%	12.97%	12.21%	8.77%	30.00%	24.92%
GAAVX GMO Alternative Allocation Fund	1.36%	15.19%	-5.70%	6.07%	3.63%	-5.12%	2.90%

Correlation

The correlation between XPMIX and GAAVX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.11

The correlation between XPMIX and GAAVX shifts across timeframes, from -0.01 (1 year) to 0.15 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

XPMIX vs. GAAVX — Risk / Return Rank

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

XPMIX

XPMIX Risk / Return Rank: 91
XPMIX Sharpe Ratio Rank: 90
XPMIX Sortino Ratio Rank: 93
XPMIX Omega Ratio Rank: 87
XPMIX Calmar Ratio Rank: 91
XPMIX Martin Ratio Rank: 92

GAAVX

GAAVX Risk / Return Rank: 70
GAAVX Sharpe Ratio Rank: 61
GAAVX Sortino Ratio Rank: 78
GAAVX Omega Ratio Rank: 63
GAAVX Calmar Ratio Rank: 89
GAAVX Martin Ratio Rank: 59

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.

XPMIX vs. GAAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for StepStone Private Markets Fund Class I (XPMIX) and GMO Alternative Allocation Fund (GAAVX). 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.

	XPMIX	GAAVX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.07	+0.61
Sortino ratio: Return per unit of downside risk	4.39	3.37	+1.02
Omega ratio: Gain probability vs. loss probability	1.56	1.39	+0.17
Calmar ratio: Return relative to maximum drawdown	4.32	4.07	+0.25
Martin ratio: Return relative to average drawdown	16.93	10.86	+6.07

XPMIX vs. GAAVX - Sharpe Ratio Comparison

The current XPMIX Sharpe Ratio is 2.68, which is comparable to the GAAVX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of XPMIX and GAAVX, 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

XPMIX vs. GAAVX - Drawdown Comparison

The maximum XPMIX drawdown since its inception was -3.71%, smaller than the maximum GAAVX drawdown of -9.59%. Use the drawdown chart below to compare losses from any high point for XPMIX and GAAVX.

Drawdown Indicators

	XPMIX	GAAVX	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-9.59%	+5.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-3.39%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-3.13%	-7.73%	+4.60%
Max Drawdown (5Y) Largest decline over 5 years	-3.13%	-7.73%	+4.60%
Current Drawdown Current decline from peak	-0.45%	-3.08%	+2.63%
Average Drawdown Average peak-to-trough decline	-0.44%	-3.07%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.27%	-0.61%

Volatility

XPMIX vs. GAAVX - Volatility Comparison

The current volatility for StepStone Private Markets Fund Class I (XPMIX) is 1.39%, while GMO Alternative Allocation Fund (GAAVX) has a volatility of 2.21%. This indicates that XPMIX experiences smaller price fluctuations and is considered to be less risky than GAAVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPMIX	GAAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	2.21%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	5.09%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.19%	6.70%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	5.92%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	5.92%	+4.03%

XPMIX vs. GAAVX - Expense Ratio Comparison

XPMIX has a 2.34% expense ratio, which is higher than GAAVX's 0.61% expense ratio.

Dividends

XPMIX vs. GAAVX - Dividend Comparison

XPMIX's dividend yield for the trailing twelve months is around 0.80%, less than GAAVX's 8.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GAAVX GMO Alternative Allocation Fund	8.66%	8.78%	0.00%	5.18%	0.91%	4.10%	2.41%	2.61%
XPMIX StepStone Private Markets Fund Class I	0.80%	0.85%	1.31%	0.33%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPMIX and GAAVX in my portfolio?

XPMIX and GAAVX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPMIX or GAAVX?

GAAVX has higher volatility (2.21%) compared to XPMIX (1.39%). In terms of maximum drawdown, XPMIX dropped -3.71% vs GAAVX's -9.59%.

Which has better risk-adjusted returns?

XPMIX currently has the higher Sharpe Ratio (2.68 vs 2.07), 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.