BGELX vs. LCSMX

Last updated Jun 5, 2026

BGELX (Baillie Gifford Emerging Markets Equities Fund) and LCSMX (Martin Currie SMA-Shares Series EM Fund) are both Emerging Markets Diversified funds. Over the past 5 years, BGELX returned 4.46%/yr vs 12.08%/yr for LCSMX. A 0.73 correlation means they provide meaningful diversification when combined. BGELX charges 0.76%/yr vs 0.00%/yr for LCSMX.

Performance

BGELX vs. LCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baillie Gifford Emerging Markets Equities Fund (BGELX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGELX achieves a 15.73% return, which is significantly lower than LCSMX's 67.30% return.

BGELX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 15.73%
• 6M: 19.64%
• 1Y: 45.89%
• 3Y*: 21.98%
• 5Y*: 4.46%
• 10Y*: —

LCSMX

• 1D: -0.41%
• 1M: 16.86%
• YTD: 67.30%
• 6M: 76.06%
• 1Y: 129.10%
• 3Y*: 31.66%
• 5Y*: 12.08%
• 10Y*: —

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

BGELX vs. LCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BGELX Baillie Gifford Emerging Markets Equities Fund	15.73%	40.75%	6.04%	14.42%	-26.46%	-8.93%	29.66%	28.10%	-18.42%
LCSMX Martin Currie SMA-Shares Series EM Fund	67.30%	51.52%	-13.60%	16.26%	-27.25%	4.73%	35.72%	6.81%	1.42%

Correlation

The correlation between BGELX and LCSMX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.73

The correlation between BGELX and LCSMX has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

Return for Risk

BGELX vs. LCSMX — Risk / Return Rank

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

BGELX

BGELX Risk / Return Rank: 72
BGELX Sharpe Ratio Rank: 78
BGELX Sortino Ratio Rank: 59
BGELX Omega Ratio Rank: 79
BGELX Calmar Ratio Rank: 75
BGELX Martin Ratio Rank: 68

LCSMX

LCSMX Risk / Return Rank: 98
LCSMX Sharpe Ratio Rank: 99
LCSMX Sortino Ratio Rank: 96
LCSMX Omega Ratio Rank: 96
LCSMX Calmar Ratio Rank: 98
LCSMX Martin Ratio Rank: 98

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.

BGELX vs. LCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baillie Gifford Emerging Markets Equities Fund (BGELX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). 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.

	BGELX	LCSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	5.24	-2.69
Sortino ratio: Return per unit of downside risk	3.19	5.52	-2.32
Omega ratio: Gain probability vs. loss probability	1.52	1.90	-0.38
Calmar ratio: Return relative to maximum drawdown	3.31	8.61	-5.29
Martin ratio: Return relative to average drawdown	12.87	33.45	-20.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGELX vs. LCSMX - Sharpe Ratio Comparison

The current BGELX Sharpe Ratio is 2.55, which is lower than the LCSMX Sharpe Ratio of 5.24. The chart below compares the historical Sharpe Ratios of BGELX and LCSMX, 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

	BGELX	LCSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	5.24	-2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.63	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.67	-0.13

Drawdowns

BGELX vs. LCSMX - Drawdown Comparison

The maximum BGELX drawdown since its inception was -50.47%, which is greater than LCSMX's maximum drawdown of -39.72%. Use the drawdown chart below to compare losses from any high point for BGELX and LCSMX.

Drawdown Indicators

	BGELX	LCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-50.47%	-39.72%	-10.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.91%	-15.39%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.74%	-23.31%	+3.57%
Max Drawdown (5Y) Largest decline over 5 years	-45.82%	-39.72%	-6.10%
Current Drawdown Current decline from peak	-2.10%	-0.41%	-1.69%
Average Drawdown Average peak-to-trough decline	-18.57%	-13.73%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	3.95%	-0.17%

Volatility

BGELX vs. LCSMX - Volatility Comparison

The current volatility for Baillie Gifford Emerging Markets Equities Fund (BGELX) is 0.00%, while Martin Currie SMA-Shares Series EM Fund (LCSMX) has a volatility of 13.45%. This indicates that BGELX experiences smaller price fluctuations and is considered to be less risky than LCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGELX	LCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	13.45%	-13.45%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	22.67%	-6.76%
Volatility (1Y) Calculated over the trailing 1-year period	19.38%	25.30%	-5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.08%	19.25%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	20.02%	+1.65%

BGELX vs. LCSMX - Expense Ratio Comparison

BGELX has a 0.76% expense ratio, which is higher than LCSMX's 0.00% expense ratio.

Dividends

BGELX vs. LCSMX - Dividend Comparison

BGELX's dividend yield for the trailing twelve months is around 1.45%, more than LCSMX's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGELX Baillie Gifford Emerging Markets Equities Fund	1.45%	1.68%	3.52%	4.02%	5.46%	3.08%	1.31%	3.90%	10.14%	1.16%
LCSMX Martin Currie SMA-Shares Series EM Fund	0.60%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%	0.00%

Frequently Asked Questions

Can I hold both BGELX and LCSMX in my portfolio?

BGELX and LCSMX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGELX or LCSMX?

LCSMX has higher volatility (13.45%) compared to BGELX (0.00%). In terms of maximum drawdown, BGELX dropped -50.47% vs LCSMX's -39.72%.

Which has better risk-adjusted returns?

LCSMX currently has the higher Sharpe Ratio (5.24 vs 2.55), 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.