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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in GMO Emerging Markets ex-China Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
GMO Emerging Markets ex-China Fund (GMAQX) has returned 5.07% so far this year and 40.47% over the past 12 months.
GMO Emerging Markets ex-China Fund
- 1D
- -1.01%
- 1M
- -13.26%
- YTD
- 5.07%
- 6M
- 14.82%
- 1Y
- 40.47%
- 3Y*
- 19.08%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Oct 18, 2021, GMAQX's average daily return is +0.02%, while the average monthly return is +0.52%. At this rate, your investment would double in approximately 11.1 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2022 with a return of +12.9%, 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 Apr 9, 2025 with a return of +4.1%, 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% | -13.26% | 5.07% | |||||||||
| 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 -0.00%, beta of 0.59, and R² of 0.42 versus S&P 500 Index. Calculated based on daily prices since October 19, 2021.
- This fund participated in 96.83% of S&P 500 Index downside but only 80.90% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.59 may look defensive, but with R² of 0.42 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 0.42 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
- -0.00%
- Beta
- 0.59
- R²
- 0.42
- Upside Capture
- 80.90%
- Downside Capture
- 96.83%
Expense Ratio
GMAQX has an expense ratio of 0.67%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GMAQX ranks 93 for risk / return — in the top 93% 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 a chosen benchmark (S&P 500 Index).
| GMAQX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.36 | 0.90 | +1.47 |
Sortino ratioReturn per unit of downside risk | 2.88 | 1.39 | +1.49 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
Calmar ratioReturn relative to maximum drawdown | 2.73 | 1.40 | +1.33 |
Martin ratioReturn relative to average drawdown | 10.91 | 6.61 | +4.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore GMAQX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
GMO Emerging Markets ex-China Fund provided a 8.97% 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 | 8.97% | 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 | |||||||||
| 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 13.77%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -41.97% | Jan 13, 2022 | 179 | Sep 29, 2022 | 735 | Sep 5, 2025 | 914 |
| -13.77% | Feb 27, 2026 | 22 | Mar 30, 2026 | — | — | — |
| -5.93% | Nov 10, 2021 | 12 | Nov 26, 2021 | 20 | Dec 27, 2021 | 32 |
| -4.75% | Nov 4, 2025 | 14 | Nov 21, 2025 | 12 | Dec 10, 2025 | 26 |
| -3.31% | Oct 9, 2025 | 2 | Oct 10, 2025 | 4 | Oct 16, 2025 | 6 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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