FCEEX vs. GMAQX

Last updated Aug 1, 2026

FCEEX (Franklin Emerging Market Core Equity (IU) Fund Advisor) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Equities funds. Over the past 3 years, FCEEX returned 20.78%/yr vs 25.92%/yr for GMAQX. Their correlation of 0.85 means they have usually moved in the same direction. FCEEX charges 0.17%/yr vs 0.67%/yr for GMAQX.

Performance

FCEEX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) 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, FCEEX achieves a 17.90% return, which is significantly lower than GMAQX's 37.39% return.

FCEEX

• 1D: 4.25%
• 1M: -2.41%
• 6M: 8.36%
• YTD: 17.90%
• 1Y: 35.94%
• 3Y*: 20.78%
• 5Y*: 9.45%
• 10Y*: —
• ALL TIME*: 10.33%

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)
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	$0.00	$0.00	$0.00
GMAQX GMO Emerging Markets ex-China Fund	$0.00	$0.00	$0.00

FCEEX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	17.90%	34.81%	10.51%	12.52%	-16.96%	-3.10%
GMAQX GMO Emerging Markets ex-China Fund	37.39%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between FCEEX and GMAQX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.85

The correlation between FCEEX and GMAQX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

FCEEX vs. GMAQX — Risk / Return Rank

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

FCEEX

FCEEX Risk / Return Rank: 64
FCEEX Sharpe Ratio Rank: 62
FCEEX Sortino Ratio Rank: 54
FCEEX Omega Ratio Rank: 64
FCEEX Calmar Ratio Rank: 77
FCEEX Martin Ratio Rank: 62

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.

FCEEX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) 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.

	FCEEX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.23	-0.76
Sortino ratio: Return per unit of downside risk	1.98	2.99	-1.01
Omega ratio: Gain probability vs. loss probability	1.28	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.48	3.49	-1.01
Martin ratio: Return relative to average drawdown	7.86	11.14	-3.28

FCEEX vs. GMAQX - Sharpe Ratio Comparison

The current FCEEX Sharpe Ratio is 1.48, which is lower than the GMAQX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FCEEX 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

FCEEX vs. GMAQX - Drawdown Comparison

The maximum FCEEX drawdown since its inception was -34.68%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for FCEEX and GMAQX.

Drawdown Indicators

	FCEEX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-34.68%	-41.97%	+7.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-16.27%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-19.64%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-30.92%	—	—
Current Drawdown Current decline from peak	-9.85%	-13.02%	+3.17%
Average Drawdown Average peak-to-trough decline	-11.13%	-16.45%	+5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	5.09%	-0.84%

Volatility

FCEEX vs. GMAQX - Volatility Comparison

Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 9.78% 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

	FCEEX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.78%	9.63%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	20.57%	23.87%	-3.30%
Volatility (1Y) Calculated over the trailing 1-year period	22.69%	25.42%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	18.28%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	18.28%	+0.71%

FCEEX vs. GMAQX - Expense Ratio Comparison

FCEEX has a 0.17% expense ratio, which is lower than GMAQX's 0.67% expense ratio.

Dividends

FCEEX vs. GMAQX - Dividend Comparison

FCEEX's dividend yield for the trailing twelve months is around 3.61%, less than GMAQX's 12.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	3.61%	3.29%	4.17%	4.36%	4.08%	3.38%	2.98%	0.40%
GMAQX GMO Emerging Markets ex-China Fund	12.03%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCEEX and GMAQX in my portfolio?

With a correlation of 0.91, FCEEX and GMAQX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FCEEX or GMAQX?

FCEEX has higher volatility (9.78%) compared to GMAQX (9.63%). In terms of maximum drawdown, FCEEX dropped -34.68% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (2.23 vs 1.48), 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.