AVEEX vs. GMAQX

Last updated Jun 25, 2026

AVEEX (Avantis Emerging Markets Equity Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 3 years, AVEEX returned 23.30%/yr vs 30.42%/yr for GMAQX. Their correlation of 0.88 suggests significant overlap in exposure. AVEEX charges 0.33%/yr vs 0.67%/yr for GMAQX.

Performance

AVEEX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity Fund (AVEEX) 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, AVEEX achieves a 20.99% return, which is significantly lower than GMAQX's 44.54% return.

AVEEX

• 1D: -4.95%
• 1M: 1.48%
• YTD: 20.99%
• 6M: 21.40%
• 1Y: 38.73%
• 3Y*: 23.30%
• 5Y*: 8.67%
• 10Y*: —

GMAQX

• 1D: -5.77%
• 1M: 0.70%
• YTD: 44.54%
• 6M: 46.95%
• 1Y: 69.93%
• 3Y*: 30.42%
• 5Y*: —
• 10Y*: —

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

AVEEX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVEEX Avantis Emerging Markets Equity Fund	20.99%	32.09%	7.68%	15.15%	-18.15%	-2.09%
GMAQX GMO Emerging Markets ex-China Fund	44.54%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between AVEEX and GMAQX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.88

The correlation between AVEEX and GMAQX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

AVEEX vs. GMAQX — Risk / Return Rank

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

AVEEX

AVEEX Risk / Return Rank: 72
AVEEX Sharpe Ratio Rank: 74
AVEEX Sortino Ratio Rank: 59
AVEEX Omega Ratio Rank: 75
AVEEX Calmar Ratio Rank: 79
AVEEX Martin Ratio Rank: 73

GMAQX

GMAQX Risk / Return Rank: 94
GMAQX Sharpe Ratio Rank: 97
GMAQX Sortino Ratio Rank: 91
GMAQX Omega Ratio Rank: 93
GMAQX Calmar Ratio Rank: 96
GMAQX Martin Ratio Rank: 95

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.

AVEEX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity Fund (AVEEX) 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.

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.

	AVEEX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	3.14	-0.85
Sortino ratio: Return per unit of downside risk	2.89	3.99	-1.10
Omega ratio: Gain probability vs. loss probability	1.44	1.65	-0.21
Calmar ratio: Return relative to maximum drawdown	3.34	5.41	-2.07
Martin ratio: Return relative to average drawdown	12.72	19.05	-6.33

AVEEX vs. GMAQX - Sharpe Ratio Comparison

The current AVEEX Sharpe Ratio is 2.29, which is comparable to the GMAQX Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of AVEEX 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.

Drawdowns

AVEEX vs. GMAQX - Drawdown Comparison

The maximum AVEEX drawdown since its inception was -36.45%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for AVEEX and GMAQX.

Drawdown Indicators

	AVEEX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-36.45%	-41.97%	+5.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-13.77%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-19.64%	+2.30%
Max Drawdown (5Y) Largest decline over 5 years	-33.68%	—	—
Current Drawdown Current decline from peak	-4.95%	-8.50%	+3.55%
Average Drawdown Average peak-to-trough decline	-10.25%	-16.60%	+6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.90%	-0.59%

Volatility

AVEEX vs. GMAQX - Volatility Comparison

The current volatility for Avantis Emerging Markets Equity Fund (AVEEX) is 10.39%, while GMO Emerging Markets ex-China Fund (GMAQX) has a volatility of 12.79%. This indicates that AVEEX 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

	AVEEX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	12.79%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	16.46%	21.88%	-5.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	23.71%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	17.90%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	17.90%	+1.12%

AVEEX vs. GMAQX - Expense Ratio Comparison

AVEEX has a 0.33% expense ratio, which is lower than GMAQX's 0.67% expense ratio.

Dividends

AVEEX vs. GMAQX - Dividend Comparison

AVEEX's dividend yield for the trailing twelve months is around 2.89%, less than GMAQX's 6.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEEX Avantis Emerging Markets Equity Fund	2.89%	3.50%	2.93%	3.51%	3.48%	1.92%	1.52%	0.26%
GMAQX GMO Emerging Markets ex-China Fund	6.52%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVEEX and GMAQX in my portfolio?

With a correlation of 0.90, AVEEX and GMAQX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AVEEX or GMAQX?

GMAQX has higher volatility (12.79%) compared to AVEEX (10.39%). In terms of maximum drawdown, AVEEX dropped -36.45% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (3.14 vs 2.29), 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.