EICOX vs. GMAQX

Last updated Aug 1, 2026

EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Equities funds. Over the past 3 years, EICOX returned 20.87%/yr vs 25.92%/yr for GMAQX. Their correlation of 0.81 means they have usually moved in the same direction. EICOX charges 1.31%/yr vs 0.67%/yr for GMAQX.

Performance

EICOX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) 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, EICOX achieves a 16.70% return, which is significantly lower than GMAQX's 37.39% return.

EICOX

• 1D: 4.24%
• 1M: -3.95%
• 6M: 5.58%
• YTD: 16.70%
• 1Y: 30.87%
• 3Y*: 20.87%
• 5Y*: 14.29%
• 10Y*: 11.94%
• ALL TIME*: 9.50%

GMAQX

• 1D: 3.87%
• 1M: -3.47%
• 6M: 24.02%
• YTD: 37.39%
• 1Y: 60.19%
• 3Y*: 25.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	$0.00	$0.00	$0.00
GMAQX GMO Emerging Markets ex-China Fund	$0.00	$0.00	$0.00

EICOX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	16.70%	33.22%	11.99%	25.78%	-14.59%	2.73%
GMAQX GMO Emerging Markets ex-China Fund	37.39%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between EICOX and GMAQX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.81

The correlation between EICOX and GMAQX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

EICOX vs. GMAQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EICOX

EICOX Risk / Return Rank: 54
EICOX Sharpe Ratio Rank: 54
EICOX Sortino Ratio Rank: 49
EICOX Omega Ratio Rank: 63
EICOX Calmar Ratio Rank: 60
EICOX Martin Ratio Rank: 46

GMAQX

GMAQX Risk / Return Rank: 87
GMAQX Sharpe Ratio Rank: 89
GMAQX Sortino Ratio Rank: 83
GMAQX Omega Ratio Rank: 87
GMAQX Calmar Ratio Rank: 91
GMAQX Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EICOX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) 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.

	EICOX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.23	-0.84
Sortino ratio: Return per unit of downside risk	1.92	2.99	-1.07
Omega ratio: Gain probability vs. loss probability	1.28	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.05	3.49	-1.44
Martin ratio: Return relative to average drawdown	6.48	11.14	-4.66

EICOX vs. GMAQX - Sharpe Ratio Comparison

The current EICOX Sharpe Ratio is 1.40, which is lower than the GMAQX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of EICOX 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

EICOX vs. GMAQX - Drawdown Comparison

The maximum EICOX drawdown since its inception was -38.75%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for EICOX and GMAQX.

Drawdown Indicators

	EICOX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-38.75%	-41.97%	+3.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.22%	-16.27%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.22%	-19.64%	+5.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.75%	—	—
Current Drawdown Current decline from peak	-10.58%	-13.02%	+2.44%
Average Drawdown Average peak-to-trough decline	-8.65%	-16.45%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	5.09%	-0.61%

Volatility

EICOX vs. GMAQX - Volatility Comparison

Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 9.46% and 9.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EICOX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	9.63%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	23.87%	-4.28%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	25.42%	-4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	18.28%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	18.28%	-4.11%

EICOX vs. GMAQX - Expense Ratio Comparison

EICOX has a 1.31% expense ratio, which is higher than GMAQX's 0.67% expense ratio.

Dividends

EICOX vs. GMAQX - Dividend Comparison

EICOX's dividend yield for the trailing twelve months is around 3.16%, less than GMAQX's 12.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	3.16%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
GMAQX GMO Emerging Markets ex-China Fund	12.03%	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

Can I hold both EICOX and GMAQX in my portfolio?

EICOX and GMAQX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EICOX or GMAQX?

GMAQX has higher volatility (9.63%) compared to EICOX (9.46%). In terms of maximum drawdown, EICOX dropped -38.75% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (2.23 vs 1.40), 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.