- Issuer
- GMO
- Inception Date
- Oct 17, 2021
- Category
- Emerging Markets Equities
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
GMAQX Performance Chart
GMO Emerging Markets ex-China Fund (GMAQX) is up 37.4% since the beginning of the year. GMAQX is currently trading at $18 per share.
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Returns By Period
GMO Emerging Markets ex-China Fund (GMAQX) has returned 37.39% so far this year and 60.19% over the past 12 months.
GMO Emerging Markets ex-China Fund
- 1D
- 3.87%
- 1M
- -3.47%
- 6M
- 24.02%
- YTD
- 37.39%
- 1Y
- 60.19%
- 3Y*
- 25.92%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.05%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
GMAQX Monthly Returns History
Based on dividend-adjusted daily data since Oct 18, 2021, GMAQX's average daily return is +0.04%, while the average monthly return is +1.00%. At this rate, an investment would double in approximately 5.8 years.
Historically, 59% of months were positive and 41% were negative. The best month was May 2026 with a return of +24.1%, while the worst month was Feb 2022 at -13.6%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, GMAQX closed higher 54% of trading days. The best single day was May 5, 2026 with a return of +11.2%, while the worst single day was Feb 28, 2022 at -7.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 10.78% | 9.34% | -10.78% | 12.62% | 24.11% | -2.17% | -7.01% | 37.39% | |||||
| 2025 | 1.37% | -4.15% | 1.68% | 2.69% | 5.49% | 6.09% | 0.99% | 1.37% | 3.98% | 5.70% | -1.57% | 5.04% | 32.09% |
| 2024 | -1.05% | 2.31% | 1.16% | -1.02% | 1.49% | 1.90% | 1.17% | 2.73% | 0.73% | -4.82% | -1.04% | -2.68% | 0.62% |
| 2023 | 8.40% | -4.30% | 1.57% | 0.52% | 0.22% | 3.88% | 5.68% | -5.01% | -0.57% | -2.29% | 9.90% | 7.80% | 27.41% |
| 2022 | -2.91% | -13.62% | -6.15% | -6.87% | 1.71% | -12.70% | 3.70% | -0.75% | -10.93% | 5.33% | 12.85% | -4.65% | -32.38% |
| 2021 | -0.75% | -3.93% | 5.37% | 0.47% |
Benchmark Metrics
GMO Emerging Markets ex-China Fund has an annualized alpha of 3.36%, beta of 0.66, and R2 of 0.38 versus S&P 500 Index. Calculated based on daily prices since October 18, 2021.
- Beta of 0.66 may look defensive, but with R2 of 0.38 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.38 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 3.36%
- Beta
- 0.66
- R²
- 0.38
- Upside Capture
- 99.19%
- Downside Capture
- 104.02%
Expense Ratio
GMAQX has an expense ratio of 0.67%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GMAQX ranks 87 for risk / return — above 87% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and compare them to S&P 500 Index.
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.
| GMAQX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 2.00 | +1.48 |
| Martin ratioReturn relative to average drawdown | 11.14 | 8.49 | +2.65 |
Dividends
Dividend History
GMO Emerging Markets ex-China Fund provided a 12.03% dividend yield over the last twelve months, with an annual payout of $2.19 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $2.19 | $1.32 | $3.76 | $1.03 | $0.64 | $0.13 |
Dividend yield | 12.03% | 9.43% | 32.28% | 6.76% | 4.94% | 0.66% |
Monthly Dividends
The table displays the monthly dividend distributions for GMO Emerging Markets ex-China Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.09 | $1.09 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.00 | $0.00 | $1.10 | $1.32 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.32 | $1.20 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.24 | $3.76 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.00 | $0.00 | $0.84 | $1.03 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.00 | $0.00 | $0.54 | $0.64 |
| 2021 | $0.13 | $0.13 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the GMO Emerging Markets ex-China Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the GMO Emerging Markets ex-China Fund was 41.97%, occurring on Sep 29, 2022. Recovery took 735 trading sessions.
The current GMO Emerging Markets ex-China Fund drawdown is 13.02%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-41.97%Sep 2022 | 8mo 19d | 2y 11mo | 3y 7moJan 2022 - Sep 2025 | Bear market2022 |
-16.27%Jul 2026 | 1mo 26d | — | 2moJun 2026 - now | — |
-13.77%Mar 2026 | 1mo 1d | 28d | 1mo 29dFeb 2026 - Apr 2026 | — |
-5.93%Nov 2021 | 16d | 1mo 1d | 1mo 17dNov 2021 - Dec 2021 | — |
-5.28%May 2026 | 4d | 7d | 11dMay 2026 - May 2026 | — |
Drawdown Indicators
| GMAQX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.97% | -56.78% | +14.81% |
Max Drawdown (1Y)Largest decline over 1 year | -16.27% | -9.10% | -7.17% |
Max Drawdown (3Y)Largest decline over 3 years | -19.64% | -18.90% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -13.02% | -1.58% | -11.44% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -10.70% | -5.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.09% | 2.14% | +2.95% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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