FNMIX vs. GMCDX

Last updated Aug 1, 2026

FNMIX (Fidelity New Markets Income Fund) and GMCDX (GMO Emerging Country Debt Fund) are both Emerging Markets Bonds funds. Over the past 10 years, FNMIX returned 3.39%/yr vs 7.35%/yr for GMCDX. Their correlation of 0.82 means they have usually moved in the same direction. FNMIX charges 0.80%/yr vs 0.53%/yr for GMCDX.

Performance

FNMIX vs. GMCDX - Performance Comparison

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

Returns By Period

In the year-to-date period, FNMIX achieves a 2.66% return, which is significantly lower than GMCDX's 8.12% return. Over the past 10 years, FNMIX has underperformed GMCDX with an annualized return of 3.39%, while GMCDX has yielded a comparatively higher 7.35% annualized return.

FNMIX

• 1D: -0.22%
• 1M: -1.50%
• 6M: 1.15%
• YTD: 2.66%
• 1Y: 10.22%
• 3Y*: 10.65%
• 5Y*: 3.44%
• 10Y*: 3.39%
• ALL TIME*: 8.35%

GMCDX

• 1D: -0.41%
• 1M: -1.06%
• 6M: 4.10%
• YTD: 8.12%
• 1Y: 19.70%
• 3Y*: 17.38%
• 5Y*: 9.30%
• 10Y*: 7.35%
• ALL TIME*: 4.46%

*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)
FNMIX Fidelity New Markets Income Fund	$0.00	$0.00	$0.00
GMCDX GMO Emerging Country Debt Fund	$0.00	$0.00	$0.00

FNMIX vs. GMCDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNMIX Fidelity New Markets Income Fund	2.66%	14.86%	6.80%	14.00%	-16.09%	-2.42%	4.62%	10.93%	-7.77%	10.16%
GMCDX GMO Emerging Country Debt Fund	8.12%	22.34%	13.39%	17.63%	-16.30%	6.56%	7.25%	14.28%	-5.89%	12.49%

Correlation

The correlation between FNMIX and GMCDX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.82

The correlation between FNMIX and GMCDX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

FNMIX vs. GMCDX — Risk / Return Rank

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

FNMIX

FNMIX Risk / Return Rank: 90
FNMIX Sharpe Ratio Rank: 93
FNMIX Sortino Ratio Rank: 95
FNMIX Omega Ratio Rank: 90
FNMIX Calmar Ratio Rank: 84
FNMIX Martin Ratio Rank: 89

GMCDX

GMCDX Risk / Return Rank: 98
GMCDX Sharpe Ratio Rank: 99
GMCDX Sortino Ratio Rank: 99
GMCDX Omega Ratio Rank: 98
GMCDX Calmar Ratio Rank: 97
GMCDX Martin Ratio Rank: 98

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.

FNMIX vs. GMCDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Markets Income Fund (FNMIX) and GMO Emerging Country Debt Fund (GMCDX). 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.

	FNMIX	GMCDX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	3.74	-1.32
Sortino ratio: Return per unit of downside risk	3.97	6.62	-2.65
Omega ratio: Gain probability vs. loss probability	1.49	1.89	-0.40
Calmar ratio: Return relative to maximum drawdown	2.81	5.14	-2.33
Martin ratio: Return relative to average drawdown	11.63	21.50	-9.88

FNMIX vs. GMCDX - Sharpe Ratio Comparison

The current FNMIX Sharpe Ratio is 2.42, which is lower than the GMCDX Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of FNMIX and GMCDX, 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

FNMIX vs. GMCDX - Drawdown Comparison

The maximum FNMIX drawdown since its inception was -42.76%, smaller than the maximum GMCDX drawdown of -68.24%. Use the drawdown chart below to compare losses from any high point for FNMIX and GMCDX.

Drawdown Indicators

	FNMIX	GMCDX	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-68.24%	+25.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.85%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-9.00%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-27.16%	-26.02%	-1.14%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-26.02%	-1.14%
Current Drawdown Current decline from peak	-1.81%	-1.46%	-0.35%
Average Drawdown Average peak-to-trough decline	-5.67%	-17.57%	+11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.92%	+0.01%

Volatility

FNMIX vs. GMCDX - Volatility Comparison

The current volatility for Fidelity New Markets Income Fund (FNMIX) is 0.89%, while GMO Emerging Country Debt Fund (GMCDX) has a volatility of 0.99%. This indicates that FNMIX experiences smaller price fluctuations and is considered to be less risky than GMCDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNMIX	GMCDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.99%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	4.00%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	5.29%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	11.22%	-4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.88%	9.30%	-2.42%

FNMIX vs. GMCDX - Expense Ratio Comparison

FNMIX has a 0.80% expense ratio, which is higher than GMCDX's 0.53% expense ratio.

Dividends

FNMIX vs. GMCDX - Dividend Comparison

FNMIX's dividend yield for the trailing twelve months is around 4.58%, more than GMCDX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNMIX Fidelity New Markets Income Fund	4.58%	5.07%	4.71%	5.15%	3.93%	3.48%	4.06%	4.87%	4.98%	5.77%	6.93%	4.95%
GMCDX GMO Emerging Country Debt Fund	4.52%	6.27%	6.88%	10.26%	13.73%	17.75%	9.66%	6.60%	7.76%	7.06%	6.00%	2.50%

Frequently Asked Questions

Can I hold both FNMIX and GMCDX in my portfolio?

With a correlation of 0.90, FNMIX and GMCDX 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, FNMIX or GMCDX?

GMCDX has higher volatility (0.99%) compared to FNMIX (0.89%). In terms of maximum drawdown, FNMIX dropped -42.76% vs GMCDX's -68.24%.

Which has better risk-adjusted returns?

GMCDX currently has the higher Sharpe Ratio (3.74 vs 2.42), 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.