ESCIX vs. GMOEX

Last updated Jun 23, 2026

ESCIX (Ashmore Emerging Markets Small Cap Equity Fund) and GMOEX (GMO Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, ESCIX returned 9.82%/yr vs 9.47%/yr for GMOEX. A 0.74 correlation means they provide meaningful diversification when combined. ESCIX charges 1.52%/yr vs 0.90%/yr for GMOEX.

Performance

ESCIX vs. GMOEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and GMO Emerging Markets Fund (GMOEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESCIX achieves a 8.91% return, which is significantly lower than GMOEX's 40.62% return. Both investments have delivered pretty close results over the past 10 years, with ESCIX having a 9.82% annualized return and GMOEX not far behind at 9.47%.

ESCIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 8.91%
• 6M: 10.36%
• 1Y: 26.39%
• 3Y*: 13.96%
• 5Y*: 4.41%
• 10Y*: 9.82%

GMOEX

• 1D: 2.39%
• 1M: 5.18%
• YTD: 40.62%
• 6M: 43.28%
• 1Y: 67.42%
• 3Y*: 27.88%
• 5Y*: 7.85%
• 10Y*: 9.47%

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

ESCIX vs. GMOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	8.91%	26.07%	3.55%	19.64%	-24.45%	11.93%	43.41%	15.24%	-22.01%	28.57%
GMOEX GMO Emerging Markets Fund	40.62%	33.86%	1.95%	17.68%	-31.57%	2.05%	5.50%	22.15%	-12.82%	32.05%

Correlation

The correlation between ESCIX and GMOEX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.74

Over the past year, the correlation between ESCIX and GMOEX has dropped to 0.49 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

ESCIX vs. GMOEX — Risk / Return Rank

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

ESCIX

ESCIX Risk / Return Rank: 87
ESCIX Sharpe Ratio Rank: 80
ESCIX Sortino Ratio Rank: 82
ESCIX Omega Ratio Rank: 86
ESCIX Calmar Ratio Rank: 93
ESCIX Martin Ratio Rank: 92

GMOEX

GMOEX Risk / Return Rank: 93
GMOEX Sharpe Ratio Rank: 95
GMOEX Sortino Ratio Rank: 91
GMOEX Omega Ratio Rank: 91
GMOEX Calmar Ratio Rank: 93
GMOEX Martin Ratio Rank: 92

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.

ESCIX vs. GMOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and GMO Emerging Markets Fund (GMOEX). 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.

	ESCIX	GMOEX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	3.06	-0.63
Sortino ratio: Return per unit of downside risk	3.56	4.23	-0.66
Omega ratio: Gain probability vs. loss probability	1.54	1.64	-0.10
Calmar ratio: Return relative to maximum drawdown	4.78	4.89	-0.11
Martin ratio: Return relative to average drawdown	17.81	17.34	+0.47

ESCIX vs. GMOEX - Sharpe Ratio Comparison

The current ESCIX Sharpe Ratio is 2.43, which is comparable to the GMOEX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of ESCIX and GMOEX, 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

ESCIX vs. GMOEX - Drawdown Comparison

The maximum ESCIX drawdown since its inception was -48.76%, smaller than the maximum GMOEX drawdown of -76.43%. Use the drawdown chart below to compare losses from any high point for ESCIX and GMOEX.

Drawdown Indicators

	ESCIX	GMOEX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-76.43%	+27.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-13.38%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.97%	-16.92%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.59%	-42.52%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-48.76%	-43.50%	-5.26%
Current Drawdown Current decline from peak	-0.74%	-4.12%	+3.38%
Average Drawdown Average peak-to-trough decline	-13.29%	-37.39%	+24.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	3.77%	-2.25%

Volatility

ESCIX vs. GMOEX - Volatility Comparison

The current volatility for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) is 0.00%, while GMO Emerging Markets Fund (GMOEX) has a volatility of 9.66%. This indicates that ESCIX experiences smaller price fluctuations and is considered to be less risky than GMOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESCIX	GMOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	9.66%	-9.66%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	19.24%	-12.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	21.41%	-10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	17.34%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	17.32%	+0.25%

ESCIX vs. GMOEX - Expense Ratio Comparison

ESCIX has a 1.52% expense ratio, which is higher than GMOEX's 0.90% expense ratio.

Dividends

ESCIX vs. GMOEX - Dividend Comparison

ESCIX's dividend yield for the trailing twelve months is around 0.42%, less than GMOEX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	0.42%	0.91%	0.00%	0.56%	0.60%	0.00%	0.00%	0.13%	0.11%	1.66%	1.16%	0.00%
GMOEX GMO Emerging Markets Fund	3.56%	5.01%	3.79%	6.00%	8.08%	4.48%	3.71%	4.63%	3.36%	2.56%	2.21%	1.15%

Frequently Asked Questions

Can I hold both ESCIX and GMOEX in my portfolio?

ESCIX and GMOEX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESCIX or GMOEX?

GMOEX has higher volatility (9.66%) compared to ESCIX (0.00%). In terms of maximum drawdown, ESCIX dropped -48.76% vs GMOEX's -76.43%.

Which has better risk-adjusted returns?

GMOEX currently has the higher Sharpe Ratio (3.06 vs 2.43), 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.