FGZMX vs. GMOQX

Last updated Jun 5, 2026

FGZMX (Fidelity Advisor New Markets Income Fund Class I) and GMOQX (GMO Emerging Country Debt Fund Class VI) are both Emerging Markets Bonds funds. Over the past 3 years, FGZMX returned 12.83%/yr vs 20.06%/yr for GMOQX. Their correlation of 0.88 suggests significant overlap in exposure. FGZMX charges 0.83%/yr vs 0.51%/yr for GMOQX.

Performance

FGZMX vs. GMOQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class I (FGZMX) 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, FGZMX achieves a 3.72% return, which is significantly lower than GMOQX's 8.55% return.

FGZMX

• 1D: -0.21%
• 1M: 0.55%
• YTD: 3.72%
• 6M: 4.26%
• 1Y: 15.15%
• 3Y*: 12.83%
• 5Y*: 3.78%
• 10Y*: —

GMOQX

• 1D: -0.16%
• 1M: 1.29%
• YTD: 8.55%
• 6M: 9.19%
• 1Y: 25.84%
• 3Y*: 20.06%
• 5Y*: —
• 10Y*: —

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

FGZMX vs. GMOQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FGZMX Fidelity Advisor New Markets Income Fund Class I	3.72%	14.73%	6.85%	13.99%	-16.15%	-1.58%
GMOQX GMO Emerging Country Debt Fund Class VI	8.55%	22.45%	12.60%	17.76%	-16.26%	-2.20%

Correlation

The correlation between FGZMX 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	0.87
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.88

The correlation between FGZMX and GMOQX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

FGZMX vs. GMOQX — Risk / Return Rank

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

FGZMX

FGZMX Risk / Return Rank: 93
FGZMX Sharpe Ratio Rank: 97
FGZMX Sortino Ratio Rank: 97
FGZMX Omega Ratio Rank: 94
FGZMX Calmar Ratio Rank: 87
FGZMX Martin Ratio Rank: 91

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: 97
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.

FGZMX vs. GMOQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class I (FGZMX) 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.

	FGZMX	GMOQX	Difference
Sharpe ratio: Return per unit of total volatility	3.58	5.02	-1.44
Sortino ratio: Return per unit of downside risk	5.94	8.97	-3.03
Omega ratio: Gain probability vs. loss probability	1.76	2.24	-0.48
Calmar ratio: Return relative to maximum drawdown	4.07	6.99	-2.92
Martin ratio: Return relative to average drawdown	17.92	30.35	-12.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGZMX vs. GMOQX - Sharpe Ratio Comparison

The current FGZMX Sharpe Ratio is 3.58, which is comparable to the GMOQX Sharpe Ratio of 5.02. The chart below compares the historical Sharpe Ratios of FGZMX 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.

Sharpe Ratios by Period

	FGZMX	GMOQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	5.02	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.73	-0.13

Drawdowns

FGZMX vs. GMOQX - Drawdown Comparison

The maximum FGZMX drawdown since its inception was -27.17%, smaller than the maximum GMOQX drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for FGZMX and GMOQX.

Drawdown Indicators

	FGZMX	GMOQX	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-31.41%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.82%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-9.02%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.16%	-0.05%
Average Drawdown Average peak-to-trough decline	-6.17%	-9.70%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.88%	-0.01%

Volatility

FGZMX vs. GMOQX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class I (FGZMX) and GMO Emerging Country Debt Fund Class VI (GMOQX) have volatilities of 1.52% and 1.50%, 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

	FGZMX	GMOQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	1.50%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	4.38%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	5.33%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	10.87%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.29%	10.87%	-3.58%

FGZMX vs. GMOQX - Expense Ratio Comparison

FGZMX has a 0.83% expense ratio, which is higher than GMOQX's 0.51% expense ratio.

Dividends

FGZMX vs. GMOQX - Dividend Comparison

FGZMX's dividend yield for the trailing twelve months is around 4.86%, less than GMOQX's 5.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGZMX Fidelity Advisor New Markets Income Fund Class I	4.86%	5.04%	4.68%	5.14%	3.93%	3.46%	4.05%	4.85%	0.42%
GMOQX GMO Emerging Country Debt Fund Class VI	5.87%	6.37%	6.23%	10.36%	13.87%	7.44%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGZMX and GMOQX in my portfolio?

With a correlation of 0.91, FGZMX 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, FGZMX or GMOQX?

FGZMX has higher volatility (1.52%) compared to GMOQX (1.50%). In terms of maximum drawdown, FGZMX dropped -27.17% vs GMOQX's -31.41%.

Which has better risk-adjusted returns?

GMOQX currently has the higher Sharpe Ratio (5.02 vs 3.58), 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.