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DFETX vs. GMAQX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFETX vs. GMAQX

Last updated Jun 24, 2026

DFETX (DFA Emerging Markets II Portfolio) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 3 years, DFETX returned 25.87%/yr vs 33.03%/yr for GMAQX. Their correlation of 0.86 suggests significant overlap in exposure. DFETX charges 0.37%/yr vs 0.67%/yr for GMAQX.

Performance

DFETX vs. GMAQX - Performance Comparison

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

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Returns By Period

In the year-to-date period, DFETX achieves a 31.79% return, which is significantly lower than GMAQX's 53.39% return.

DFETX

1D
0.28%
1M
7.84%
YTD
31.79%
6M
33.18%
1Y
57.89%
3Y*
25.87%
5Y*
10.80%
10Y*
11.80%

GMAQX

1D
-0.09%
1M
6.86%
YTD
53.39%
6M
57.21%
1Y
84.71%
3Y*
33.03%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFETX vs. GMAQX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
DFETX
DFA Emerging Markets II Portfolio		31.79%33.54%6.86%13.11%-16.84%-2.09%
GMAQX
GMO Emerging Markets ex-China Fund		53.39%32.09%0.62%27.41%-32.38%0.47%

Correlation

The correlation between DFETX and GMAQX is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2021

0.86

The correlation between DFETX and GMAQX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

DFA Emerging Markets II Portfolio

GMO Emerging Markets ex-China Fund

Often compared with DFETX:
DFETX vs. DFEMXDFETX vs. VWODFETX vs. DFAEDFETX vs. DFCEXDFETX vs. DRESXDFETX vs. GQGPXDFETX vs. EAEMX
Often compared with GMAQX:
GMAQX vs. CEMFXGMAQX vs. DWGAXGMAQX vs. DFESXGMAQX vs. GLLSXGMAQX vs. EITEXGMAQX vs. BADEXGMAQX vs. DEMIX

Return for Risk

DFETX vs. GMAQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFETX
DFETX Risk / Return Rank: 9191
Overall Rank
DFETX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
DFETX Sortino Ratio Rank: 8787
Sortino Ratio Rank
DFETX Omega Ratio Rank: 8989
Omega Ratio Rank
DFETX Calmar Ratio Rank: 9292
Calmar Ratio Rank
DFETX Martin Ratio Rank: 9292
Martin Ratio Rank
GMAQX
GMAQX Risk / Return Rank: 9696
Overall Rank
GMAQX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
GMAQX Sortino Ratio Rank: 9595
Sortino Ratio Rank
GMAQX Omega Ratio Rank: 9595
Omega Ratio Rank
GMAQX Calmar Ratio Rank: 9797
Calmar Ratio Rank
GMAQX Martin Ratio Rank: 9696
Martin Ratio Rank
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.

DFETX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets II Portfolio (DFETX) 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.

DFETXGMAQXDifference
Sharpe ratioReturn per unit of total volatility
3.11
3.69

-0.58

Sortino ratioReturn per unit of downside risk
3.84
4.75

-0.91

Omega ratioGain probability vs. loss probability

1.60

1.75

-0.16

Calmar ratioReturn relative to maximum drawdown

4.61

6.14

-1.54

Martin ratioReturn relative to average drawdown

17.56

21.86

-4.29

DFETX vs. GMAQX - Sharpe Ratio Comparison

The current DFETX Sharpe Ratio is 3.11, which is comparable to the GMAQX Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of DFETX 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.

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Drawdowns

DFETX vs. GMAQX - Drawdown Comparison

The maximum DFETX drawdown since its inception was -62.33%, which is greater than GMAQX's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for DFETX and GMAQX.

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Drawdown Indicators

DFETXGMAQXDifference

Max Drawdown

Largest peak-to-trough decline

-62.33%

-41.97%

-20.36%

Max Drawdown (1Y)

Largest decline over 1 year

-12.84%

-13.77%

+0.93%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

-19.64%

+3.51%

Max Drawdown (5Y)

Largest decline over 5 years

-31.29%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-40.20%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.89%

+2.89%

Average Drawdown

Average peak-to-trough decline

-15.65%

-16.60%

+0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

3.86%

-0.51%

Volatility

DFETX vs. GMAQX - Volatility Comparison

The current volatility for DFA Emerging Markets II Portfolio (DFETX) is 10.39%, while GMO Emerging Markets ex-China Fund (GMAQX) has a volatility of 11.46%. This indicates that DFETX 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.

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Volatility by Period

DFETXGMAQXDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.39%

11.46%

-1.07%

Volatility (6M)

Calculated over the trailing 6-month period

17.34%

20.95%

-3.61%

Volatility (1Y)

Calculated over the trailing 1-year period

19.08%

22.97%

-3.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.31%

17.70%

-1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

17.70%

-0.87%

DFETX vs. GMAQX - Expense Ratio Comparison

DFETX has a 0.37% expense ratio, which is lower than GMAQX's 0.67% expense ratio.

Dividends

DFETX vs. GMAQX - Dividend Comparison

DFETX's dividend yield for the trailing twelve months is around 6.25%, more than GMAQX's 6.15% yield.

PositionTTM20252024202320222021202020192018201720162015
DFETX
DFA Emerging Markets II Portfolio		6.25%8.24%3.50%3.84%9.30%19.29%11.79%12.48%8.49%1.93%2.40%3.40%
GMAQX
GMO Emerging Markets ex-China Fund		6.15%9.43%32.28%6.76%4.94%0.66%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DFETX and GMAQX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GMAQX has higher volatility (11.46%) compared to DFETX (10.39%). In terms of maximum drawdown, DFETX dropped -62.33% vs GMAQX's -41.97%.

GMAQX currently has the higher Sharpe Ratio (3.69 vs 3.11), 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.

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