- Issuer
- GMO
- Inception Date
- Oct 17, 2021
- Category
- Emerging Markets Diversified
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
GMAQX Performance Chart
GMO Emerging Markets ex-China Fund (GMAQX) is up 53.5% since the beginning of the year. GMAQX is currently trading at $22 per share.
Loading charts...
Returns By Period
GMO Emerging Markets ex-China Fund (GMAQX) has returned 53.53% so far this year and 84.30% over the past 12 months.
GMO Emerging Markets ex-China Fund
- 1D
- 3.12%
- 1M
- 6.96%
- YTD
- 53.53%
- 6M
- 58.63%
- 1Y
- 84.30%
- 3Y*
- 31.69%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
GMAQX Monthly Returns History
Based on dividend-adjusted daily data since Oct 18, 2021, GMAQX's average daily return is +0.05%, while the average monthly return is +1.21%. At this rate, an investment would double in approximately 4.8 years.
Historically, 61% of months were positive and 39% 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 55% 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% | 1.65% | 53.53% | ||||||
| 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 5.89%, beta of 0.64, and R2 of 0.39 versus S&P 500 Index. Calculated based on daily prices since October 18, 2021.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (99.19%) than losses (94.10%) - typical of diversified or defensive assets.
- Beta of 0.64 may look defensive, but with R2 of 0.39 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 0.39 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
- 5.89%
- Beta
- 0.64
- R²
- 0.39
- Upside Capture
- 99.19%
- Downside Capture
- 94.10%
Expense Ratio
GMAQX has an expense ratio of 0.67%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GMAQX ranks 96 for risk / return — in the top 96% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by 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 | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.37 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 5.97 | 2.78 | +3.19 |
| Martin ratioReturn relative to average drawdown | 21.26 | 12.44 | +8.82 |
Dividends
Dividend History
GMO Emerging Markets ex-China Fund provided a 6.14% dividend yield over the last twelve months, with an annual payout of $1.32 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $1.32 | $1.32 | $3.76 | $1.03 | $0.64 | $0.13 |
Dividend yield | 6.14% | 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 | $0.00 | ||||||
| 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.
Loading charts...
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 2.80%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -41.97%Sep 2022 | 8mo 19d | 2y 11mo | 3y 7moJan 2022 - Sep 2025 |
2026 correction2026 | -13.77%Mar 2026 | 1mo 1d | 28d | 1mo 29dFeb 2026 - Apr 2026 |
2026 correction2026 | -11.34%Jun 2026 | 7d | — | 20d 13hJun 2026 - now |
2021 pullback2021 | -5.93%Nov 2021 | 16d | 1mo 1d | 1mo 17dNov 2021 - Dec 2021 |
2026 pullback2026 | -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 | -13.77% | -9.10% | -4.67% |
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 | -2.80% | -1.80% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -16.62% | -10.71% | -5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 2.03% | +1.83% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with GMAQX
Add GMO Emerging Markets ex-China Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with GMAQX