FGVMX vs. GMOQX

Last updated Jun 23, 2026

FGVMX (Fidelity Advisor New Markets Income Fund Class A) and GMOQX (GMO Emerging Country Debt Fund Class VI) are both Emerging Markets Bonds funds. Over the past 3 years, FGVMX returned 12.16%/yr vs 19.53%/yr for GMOQX. Their correlation of 0.89 suggests significant overlap in exposure. FGVMX charges 1.13%/yr vs 0.51%/yr for GMOQX.

Performance

FGVMX vs. GMOQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class A (FGVMX) and GMO Emerging Country Debt Fund Class VI (GMOQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGVMX achieves a 4.20% return, which is significantly lower than GMOQX's 9.53% return.

FGVMX

• 1D: 0.07%
• 1M: 1.98%
• YTD: 4.20%
• 6M: 4.66%
• 1Y: 15.43%
• 3Y*: 12.16%
• 5Y*: 3.55%
• 10Y*: —

GMOQX

• 1D: 0.08%
• 1M: 2.33%
• YTD: 9.53%
• 6M: 9.72%
• 1Y: 26.55%
• 3Y*: 19.53%
• 5Y*: —
• 10Y*: —

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

FGVMX vs. GMOQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FGVMX Fidelity Advisor New Markets Income Fund Class A	4.20%	14.54%	6.49%	13.64%	-16.28%	-1.71%
GMOQX GMO Emerging Country Debt Fund Class VI	9.53%	22.45%	12.60%	17.76%	-16.26%	-2.20%

Correlation

The correlation between FGVMX and GMOQX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.89

The correlation between FGVMX and GMOQX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

FGVMX vs. GMOQX — Risk / Return Rank

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

FGVMX

FGVMX Risk / Return Rank: 94
FGVMX Sharpe Ratio Rank: 98
FGVMX Sortino Ratio Rank: 98
FGVMX Omega Ratio Rank: 95
FGVMX Calmar Ratio Rank: 87
FGVMX Martin Ratio Rank: 92

GMOQX

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

FGVMX vs. GMOQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class A (FGVMX) and GMO Emerging Country Debt Fund Class VI (GMOQX). 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.

	FGVMX	GMOQX	Difference
Sharpe ratio: Return per unit of total volatility	3.48	4.96	-1.48
Sortino ratio: Return per unit of downside risk	5.79	8.85	-3.06
Omega ratio: Gain probability vs. loss probability	1.74	2.21	-0.47
Calmar ratio: Return relative to maximum drawdown	4.03	6.93	-2.91
Martin ratio: Return relative to average drawdown	17.67	30.08	-12.41

FGVMX vs. GMOQX - Sharpe Ratio Comparison

The current FGVMX Sharpe Ratio is 3.48, which is comparable to the GMOQX Sharpe Ratio of 4.96. The chart below compares the historical Sharpe Ratios of FGVMX and GMOQX, 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

FGVMX vs. GMOQX - Drawdown Comparison

The maximum FGVMX drawdown since its inception was -27.36%, smaller than the maximum GMOQX drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for FGVMX and GMOQX.

Drawdown Indicators

	FGVMX	GMOQX	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-31.41%	+4.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.80%	-3.82%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.47%	-9.02%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.20%	-0.01%
Average Drawdown Average peak-to-trough decline	-6.31%	-9.61%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.88%	-0.02%

Volatility

FGVMX vs. GMOQX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class A (FGVMX) has a higher volatility of 1.23% compared to GMO Emerging Country Debt Fund Class VI (GMOQX) at 1.17%. This indicates that FGVMX's price experiences larger fluctuations and is considered to be riskier than GMOQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGVMX	GMOQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.17%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.61%	4.41%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	5.34%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	10.83%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.26%	10.83%	-3.57%

FGVMX vs. GMOQX - Expense Ratio Comparison

FGVMX has a 1.13% expense ratio, which is higher than GMOQX's 0.51% expense ratio.

Dividends

FGVMX vs. GMOQX - Dividend Comparison

FGVMX's dividend yield for the trailing twelve months is around 4.59%, less than GMOQX's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGVMX Fidelity Advisor New Markets Income Fund Class A	4.59%	4.80%	4.42%	4.86%	3.68%	3.20%	3.76%	4.56%	0.40%
GMOQX GMO Emerging Country Debt Fund Class VI	5.82%	6.37%	6.23%	10.36%	13.87%	7.44%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGVMX and GMOQX in my portfolio?

With a correlation of 0.91, FGVMX and GMOQX 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, FGVMX or GMOQX?

FGVMX has higher volatility (1.23%) compared to GMOQX (1.17%). In terms of maximum drawdown, FGVMX dropped -27.36% vs GMOQX's -31.41%.

Which has better risk-adjusted returns?

GMOQX currently has the higher Sharpe Ratio (4.96 vs 3.48), 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.