APHEX vs. GMAQX

Last updated Jun 4, 2026

APHEX (Artisan Sustainable Emerging Markets Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 3 years, APHEX returned 24.92%/yr vs 34.94%/yr for GMAQX. Their correlation of 0.82 suggests significant overlap in exposure. APHEX charges 1.07%/yr vs 0.67%/yr for GMAQX.

Performance

APHEX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Artisan Sustainable Emerging Markets Fund (APHEX) and GMO Emerging Markets ex-China Fund (GMAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APHEX achieves a 21.88% return, which is significantly lower than GMAQX's 57.96% return.

APHEX

• 1D: 0.68%
• 1M: 6.33%
• YTD: 21.88%
• 6M: 24.35%
• 1Y: 52.28%
• 3Y*: 24.92%
• 5Y*: 7.90%
• 10Y*: 11.27%

GMAQX

• 1D: 1.05%
• 1M: 28.51%
• YTD: 57.96%
• 6M: 64.09%
• 1Y: 93.54%
• 3Y*: 34.94%
• 5Y*: —
• 10Y*: —

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

APHEX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APHEX Artisan Sustainable Emerging Markets Fund	21.88%	42.86%	7.10%	18.50%	-28.37%	-2.37%
GMAQX GMO Emerging Markets ex-China Fund	57.96%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between APHEX and GMAQX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.82

The correlation between APHEX and GMAQX has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

APHEX vs. GMAQX — Risk / Return Rank

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

APHEX

APHEX Risk / Return Rank: 83
APHEX Sharpe Ratio Rank: 93
APHEX Sortino Ratio Rank: 86
APHEX Omega Ratio Rank: 83
APHEX Calmar Ratio Rank: 80
APHEX Martin Ratio Rank: 72

GMAQX

GMAQX Risk / Return Rank: 97
GMAQX Sharpe Ratio Rank: 99
GMAQX Sortino Ratio Rank: 97
GMAQX Omega Ratio Rank: 97
GMAQX Calmar Ratio Rank: 97
GMAQX Martin Ratio Rank: 97

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.

APHEX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Artisan Sustainable Emerging Markets Fund (APHEX) and GMO Emerging Markets ex-China Fund (GMAQX). 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.

	APHEX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	3.20	4.51	-1.32
Sortino ratio: Return per unit of downside risk	4.06	6.03	-1.96
Omega ratio: Gain probability vs. loss probability	1.56	1.94	-0.38
Calmar ratio: Return relative to maximum drawdown	3.67	6.82	-3.15
Martin ratio: Return relative to average drawdown	13.76	26.25	-12.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APHEX vs. GMAQX - Sharpe Ratio Comparison

The current APHEX Sharpe Ratio is 3.20, which is comparable to the GMAQX Sharpe Ratio of 4.51. The chart below compares the historical Sharpe Ratios of APHEX and GMAQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APHEX	GMAQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	4.51	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.81	-0.51

Drawdowns

APHEX vs. GMAQX - Drawdown Comparison

The maximum APHEX drawdown since its inception was -66.36%, which is greater than GMAQX's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for APHEX and GMAQX.

Drawdown Indicators

	APHEX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-66.36%	-41.97%	-24.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-13.77%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.59%	-19.64%	+3.05%
Max Drawdown (5Y) Largest decline over 5 years	-41.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.84%	-16.74%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.57%	+0.28%

Volatility

APHEX vs. GMAQX - Volatility Comparison

The current volatility for Artisan Sustainable Emerging Markets Fund (APHEX) is 6.03%, while GMO Emerging Markets ex-China Fund (GMAQX) has a volatility of 12.47%. This indicates that APHEX experiences smaller price fluctuations and is considered to be less risky than GMAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APHEX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	12.47%	-6.44%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	18.53%	-4.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	20.81%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.22%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	17.22%	+0.85%

APHEX vs. GMAQX - Expense Ratio Comparison

APHEX has a 1.07% expense ratio, which is higher than GMAQX's 0.67% expense ratio.

Dividends

APHEX vs. GMAQX - Dividend Comparison

APHEX's dividend yield for the trailing twelve months is around 1.33%, less than GMAQX's 5.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APHEX Artisan Sustainable Emerging Markets Fund	1.33%	1.62%	1.23%	0.49%	1.05%	0.87%	1.23%	1.04%	0.57%	0.47%	0.75%
GMAQX GMO Emerging Markets ex-China Fund	5.97%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APHEX and GMAQX in my portfolio?

APHEX and GMAQX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APHEX or GMAQX?

GMAQX has higher volatility (12.47%) compared to APHEX (6.03%). In terms of maximum drawdown, APHEX dropped -66.36% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (4.51 vs 3.20), 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.