FCEEX vs. GMOEX

Last updated Jun 23, 2026

FCEEX (Franklin Emerging Market Core Equity (IU) Fund Advisor) and GMOEX (GMO Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 5 years, FCEEX returned 10.79%/yr vs 7.85%/yr for GMOEX. Their correlation of 0.91 suggests significant overlap in exposure. FCEEX charges 0.17%/yr vs 0.90%/yr for GMOEX.

Performance

FCEEX vs. GMOEX - 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 Fund (GMOEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCEEX achieves a 30.02% return, which is significantly lower than GMOEX's 40.62% return.

FCEEX

• 1D: 2.96%
• 1M: 6.82%
• YTD: 30.02%
• 6M: 31.93%
• 1Y: 54.98%
• 3Y*: 25.96%
• 5Y*: 10.79%
• 10Y*: —

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)

FCEEX vs. GMOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	30.02%	34.81%	10.51%	12.52%	-16.96%	-1.29%	10.19%	9.77%
GMOEX GMO Emerging Markets Fund	40.62%	33.86%	1.95%	17.68%	-31.57%	2.05%	5.50%	10.87%

Correlation

The correlation between FCEEX and GMOEX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.91

The correlation between FCEEX and GMOEX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FCEEX vs. GMOEX — Risk / Return Rank

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

FCEEX

FCEEX Risk / Return Rank: 86
FCEEX Sharpe Ratio Rank: 90
FCEEX Sortino Ratio Rank: 79
FCEEX Omega Ratio Rank: 84
FCEEX Calmar Ratio Rank: 89
FCEEX Martin Ratio Rank: 89

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.

FCEEX vs. GMOEX - 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 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.

	FCEEX	GMOEX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	3.06	-0.30
Sortino ratio: Return per unit of downside risk	3.43	4.23	-0.80
Omega ratio: Gain probability vs. loss probability	1.51	1.64	-0.12
Calmar ratio: Return relative to maximum drawdown	4.23	4.89	-0.66
Martin ratio: Return relative to average drawdown	15.97	17.34	-1.37

FCEEX vs. GMOEX - Sharpe Ratio Comparison

The current FCEEX Sharpe Ratio is 2.76, which is comparable to the GMOEX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of FCEEX 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

FCEEX vs. GMOEX - Drawdown Comparison

The maximum FCEEX drawdown since its inception was -34.68%, smaller than the maximum GMOEX drawdown of -76.43%. Use the drawdown chart below to compare losses from any high point for FCEEX and GMOEX.

Drawdown Indicators

	FCEEX	GMOEX	Difference
Max Drawdown Largest peak-to-trough decline	-34.68%	-76.43%	+41.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-13.38%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.92%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.39%	-42.52%	+9.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.50%	—
Current Drawdown Current decline from peak	-0.58%	-4.12%	+3.54%
Average Drawdown Average peak-to-trough decline	-11.20%	-37.39%	+26.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.77%	-0.35%

Volatility

FCEEX vs. GMOEX - Volatility Comparison

Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) has a higher volatility of 10.46% compared to GMO Emerging Markets Fund (GMOEX) at 9.66%. This indicates that FCEEX's price experiences larger fluctuations and is considered to be riskier than GMOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCEEX	GMOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	9.66%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	19.24%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	21.41%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	17.34%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	17.32%	+1.32%

FCEEX vs. GMOEX - Expense Ratio Comparison

FCEEX has a 0.17% expense ratio, which is lower than GMOEX's 0.90% expense ratio.

Dividends

FCEEX vs. GMOEX - Dividend Comparison

FCEEX's dividend yield for the trailing twelve months is around 2.27%, less than GMOEX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	2.27%	3.29%	4.17%	4.36%	4.08%	3.38%	2.98%	0.40%	0.00%	0.00%	0.00%	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 FCEEX and GMOEX in my portfolio?

With a correlation of 0.93, FCEEX and GMOEX 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 GMOEX?

FCEEX has higher volatility (10.46%) compared to GMOEX (9.66%). In terms of maximum drawdown, FCEEX dropped -34.68% vs GMOEX's -76.43%.

Which has better risk-adjusted returns?

GMOEX currently has the higher Sharpe Ratio (3.06 vs 2.76), 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.