XPMIX vs. GAAVX
XPMIX (StepStone Private Markets Fund Class I) and GAAVX (GMO Alternative Allocation Fund) are both Multistrategy funds. Over the past 5 years, XPMIX returned 12.74%/yr vs 4.44%/yr for GAAVX. Their 0.10 correlation means their historical movements had little consistent relationship. XPMIX charges 2.34%/yr vs 0.61%/yr for GAAVX.
Performance
XPMIX vs. GAAVX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XPMIX having a 5.26% return and GAAVX slightly higher at 5.30%.
XPMIX
- 1D
- -0.25%
- 1M
- -0.22%
- 6M
- 3.65%
- YTD
- 5.26%
- 1Y
- 9.58%
- 3Y*
- 10.93%
- 5Y*
- 12.74%
- 10Y*
- —
- ALL TIME*
- 18.10%
GAAVX
- 1D
- 0.00%
- 1M
- 4.73%
- 6M
- 3.82%
- YTD
- 5.30%
- 1Y
- 16.28%
- 3Y*
- 5.75%
- 5Y*
- 4.44%
- 10Y*
- —
- ALL TIME*
- 2.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
XPMIX vs. GAAVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XPMIX StepStone Private Markets Fund Class I | 5.26% | 11.78% | 12.97% | 12.21% | 8.77% | 30.00% | 24.92% |
GAAVX GMO Alternative Allocation Fund | 5.30% | 15.19% | -5.70% | 6.07% | 3.63% | -5.12% | 2.90% |
Correlation
The correlation between XPMIX and GAAVX is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.10 |
The correlation between XPMIX and GAAVX shifts across timeframes, from -0.06 (1 year) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XPMIX vs. GAAVX — Risk / Return Rank
XPMIX
GAAVX
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 ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.45 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 3.75 | -0.08 |
| Martin ratioReturn relative to average drawdown | 14.12 | 10.59 | +3.53 |
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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.
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Drawdown Indicators
| XPMIX | GAAVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -9.59% | +5.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -4.29% | +1.70% |
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 DrawdownCurrent decline from peak | -0.65% | 0.00% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -3.06% | +2.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 1.52% | -0.84% |
Volatility
XPMIX vs. GAAVX - Volatility Comparison
The current volatility for StepStone Private Markets Fund Class I (XPMIX) is 0.81%, while GMO Alternative Allocation Fund (GAAVX) has a volatility of 1.97%. 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.
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Volatility by Period
| XPMIX | GAAVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.97% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.43% | 5.38% | -1.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 6.78% | -2.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 5.93% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.86% | 5.95% | +3.91% |
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 0.79%, less than GAAVX's 8.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GAAVX GMO Alternative Allocation Fund | 8.78% | 8.78% | 0.00% | 5.18% | 0.91% | 4.10% | 2.41% | 2.61% |
XPMIX StepStone Private Markets Fund Class I | 0.79% | 0.85% | 1.31% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XPMIX and GAAVX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAAVX has higher volatility (1.97%) compared to XPMIX (0.81%). In terms of maximum drawdown, XPMIX dropped -3.71% vs GAAVX's -9.59%.
GAAVX currently has the higher Sharpe Ratio (2.37 vs 2.24), 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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