EMKIX vs. GMCDX

Last updated Jun 4, 2026

EMKIX (Ashmore Emerging Markets Total Return Fund) and GMCDX (GMO Emerging Country Debt Fund) are both Emerging Markets Bonds funds. Over the past 10 years, EMKIX returned 1.05%/yr vs 7.86%/yr for GMCDX. A 0.75 correlation means they provide meaningful diversification when combined. EMKIX charges 1.02%/yr vs 0.53%/yr for GMCDX.

Performance

EMKIX vs. GMCDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Total Return Fund (EMKIX) and GMO Emerging Country Debt Fund (GMCDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMKIX achieves a 2.85% return, which is significantly lower than GMCDX's 8.70% return. Over the past 10 years, EMKIX has underperformed GMCDX with an annualized return of 1.05%, while GMCDX has yielded a comparatively higher 7.86% annualized return.

EMKIX

• 1D: 0.19%
• 1M: 0.68%
• YTD: 2.85%
• 6M: 4.48%
• 1Y: 14.11%
• 3Y*: 10.61%
• 5Y*: -1.22%
• 10Y*: 1.05%

GMCDX

• 1D: 0.33%
• 1M: 1.66%
• YTD: 8.70%
• 6M: 9.24%
• 1Y: 26.65%
• 3Y*: 20.34%
• 5Y*: 9.64%
• 10Y*: 7.86%

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

EMKIX vs. GMCDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMKIX Ashmore Emerging Markets Total Return Fund	2.85%	18.51%	1.06%	11.08%	-22.93%	-11.27%	2.19%	9.73%	-5.31%	10.29%
GMCDX GMO Emerging Country Debt Fund	8.70%	22.34%	13.39%	17.63%	-16.30%	6.56%	7.25%	14.28%	-5.89%	12.49%

Correlation

The correlation between EMKIX and GMCDX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2011	0.75

The correlation between EMKIX and GMCDX has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

EMKIX vs. GMCDX — Risk / Return Rank

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

EMKIX

EMKIX Risk / Return Rank: 66
EMKIX Sharpe Ratio Rank: 63
EMKIX Sortino Ratio Rank: 79
EMKIX Omega Ratio Rank: 77
EMKIX Calmar Ratio Rank: 56
EMKIX Martin Ratio Rank: 53

GMCDX

GMCDX Risk / Return Rank: 98
GMCDX Sharpe Ratio Rank: 99
GMCDX Sortino Ratio Rank: 99
GMCDX Omega Ratio Rank: 98
GMCDX Calmar Ratio Rank: 97
GMCDX 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.

EMKIX vs. GMCDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Total Return Fund (EMKIX) and GMO Emerging Country Debt Fund (GMCDX). 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.

	EMKIX	GMCDX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	5.17	-2.83
Sortino ratio: Return per unit of downside risk	3.75	9.25	-5.50
Omega ratio: Gain probability vs. loss probability	1.51	2.30	-0.80
Calmar ratio: Return relative to maximum drawdown	2.87	7.12	-4.24
Martin ratio: Return relative to average drawdown	10.84	30.83	-19.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMKIX vs. GMCDX - Sharpe Ratio Comparison

The current EMKIX Sharpe Ratio is 2.34, which is lower than the GMCDX Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of EMKIX and GMCDX, 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

	EMKIX	GMCDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	5.17	-2.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.86	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.85	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.32	-0.41

Drawdowns

EMKIX vs. GMCDX - Drawdown Comparison

The maximum EMKIX drawdown since its inception was -47.14%, smaller than the maximum GMCDX drawdown of -68.24%. Use the drawdown chart below to compare losses from any high point for EMKIX and GMCDX.

Drawdown Indicators

	EMKIX	GMCDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.14%	-68.24%	+21.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.01%	-3.85%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-7.53%	-9.00%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-40.22%	-26.02%	-14.20%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-26.02%	-14.20%
Current Drawdown Current decline from peak	-17.64%	0.00%	-17.64%
Average Drawdown Average peak-to-trough decline	-21.07%	-17.66%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	0.89%	+0.44%

Volatility

EMKIX vs. GMCDX - Volatility Comparison

Ashmore Emerging Markets Total Return Fund (EMKIX) has a higher volatility of 1.78% compared to GMO Emerging Country Debt Fund (GMCDX) at 1.52%. This indicates that EMKIX's price experiences larger fluctuations and is considered to be riskier than GMCDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMKIX	GMCDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	1.52%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	5.23%	4.37%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	6.14%	5.30%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.56%	11.20%	-3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.20%	9.33%	-1.13%

EMKIX vs. GMCDX - Expense Ratio Comparison

EMKIX has a 1.02% expense ratio, which is higher than GMCDX's 0.53% expense ratio.

Dividends

EMKIX vs. GMCDX - Dividend Comparison

EMKIX's dividend yield for the trailing twelve months is around 7.24%, more than GMCDX's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMKIX Ashmore Emerging Markets Total Return Fund	7.24%	6.42%	5.17%	5.18%	3.78%	3.99%	4.23%	5.45%	4.89%	4.58%	0.00%	0.00%
GMCDX GMO Emerging Country Debt Fund	5.77%	6.27%	6.88%	10.26%	13.73%	17.75%	9.66%	6.60%	7.76%	7.06%	6.00%	2.50%

Frequently Asked Questions

Can I hold both EMKIX and GMCDX in my portfolio?

EMKIX and GMCDX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMKIX or GMCDX?

EMKIX has higher volatility (1.78%) compared to GMCDX (1.52%). In terms of maximum drawdown, EMKIX dropped -47.14% vs GMCDX's -68.24%.

Which has better risk-adjusted returns?

GMCDX currently has the higher Sharpe Ratio (5.17 vs 2.34), 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.