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GABFX vs. GMAQX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GABFX vs. GMAQX

Last updated Jun 23, 2026

GABFX (GMO Asset Allocation Bond Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both mutual funds - GABFX is a Inflation-Protected Bonds fund managed by GMO, while GMAQX is a Emerging Markets Diversified fund managed by GMO. Over the past 3 years, GABFX returned -1.40%/yr vs 31.69%/yr for GMAQX. At a 0.07 correlation, their price movements are largely independent. GABFX charges 0.32%/yr vs 0.67%/yr for GMAQX.

Performance

GABFX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Asset Allocation Bond Fund (GABFX) and GMO Emerging Markets ex-China Fund (GMAQX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GABFX achieves a -4.23% return, which is significantly lower than GMAQX's 53.53% return.

GABFX

1D
0.17%
1M
1.47%
YTD
-4.23%
6M
-3.82%
1Y
0.34%
3Y*
-1.40%
5Y*
-3.46%
10Y*
0.47%

GMAQX

1D
3.12%
1M
6.96%
YTD
53.53%
6M
58.63%
1Y
84.30%
3Y*
31.69%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GABFX vs. GMAQX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GABFX
GMO Asset Allocation Bond Fund		-4.23%8.82%-12.60%8.33%-14.86%0.51%
GMAQX
GMO Emerging Markets ex-China Fund		53.53%32.09%0.62%27.41%-32.38%0.47%

Correlation

The correlation between GABFX and GMAQX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2021

0.07

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

GMO Asset Allocation Bond Fund

GMO Emerging Markets ex-China Fund

Often compared with GABFX:
GABFX vs. GABFGABFX vs. XLFGABFX vs. SPYGABFX vs. QQQGABFX vs. GMWAXGABFX vs. BONDGABFX vs. GMOQX
Often compared with GMAQX:
GMAQX vs. CEMFXGMAQX vs. DWGAXGMAQX vs. GLLSXGMAQX vs. DFESXGMAQX vs. EITEXGMAQX vs. BADEXGMAQX vs. DEMIX

Return for Risk

GABFX vs. GMAQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GABFX
GABFX Risk / Return Rank: 33
Overall Rank
GABFX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
GABFX Sortino Ratio Rank: 33
Sortino Ratio Rank
GABFX Omega Ratio Rank: 33
Omega Ratio Rank
GABFX Calmar Ratio Rank: 33
Calmar Ratio Rank
GABFX Martin Ratio Rank: 33
Martin Ratio Rank
GMAQX
GMAQX Risk / Return Rank: 9696
Overall Rank
GMAQX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
GMAQX Sortino Ratio Rank: 9595
Sortino Ratio Rank
GMAQX Omega Ratio Rank: 9595
Omega Ratio Rank
GMAQX Calmar Ratio Rank: 9696
Calmar Ratio Rank
GMAQX Martin Ratio Rank: 9696
Martin Ratio Rank
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.

GABFX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Asset Allocation Bond Fund (GABFX) 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.

GABFXGMAQXDifference
Sharpe ratioReturn per unit of total volatility
0.07
3.58

-3.50

Sortino ratioReturn per unit of downside risk
0.18
4.63

-4.45

Omega ratioGain probability vs. loss probability

1.02

1.73

-0.71

Calmar ratioReturn relative to maximum drawdown

0.08

5.97

-5.89

Martin ratioReturn relative to average drawdown

0.19

21.26

-21.07

GABFX vs. GMAQX - Sharpe Ratio Comparison

The current GABFX Sharpe Ratio is 0.07, which is lower than the GMAQX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of GABFX 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.

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Drawdowns

GABFX vs. GMAQX - Drawdown Comparison

The maximum GABFX drawdown since its inception was -27.84%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for GABFX and GMAQX.

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Drawdown Indicators

GABFXGMAQXDifference

Max Drawdown

Largest peak-to-trough decline

-27.84%

-41.97%

+14.13%

Max Drawdown (1Y)

Largest decline over 1 year

-9.58%

-13.77%

+4.19%

Max Drawdown (3Y)

Largest decline over 3 years

-19.48%

-19.64%

+0.16%

Max Drawdown (5Y)

Largest decline over 5 years

-27.84%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.84%

—

—

Current Drawdown

Current decline from peak

-18.03%

-2.80%

-15.23%

Average Drawdown

Average peak-to-trough decline

-7.33%

-16.62%

+9.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.89%

3.86%

+0.03%

Volatility

GABFX vs. GMAQX - Volatility Comparison

The current volatility for GMO Asset Allocation Bond Fund (GABFX) is 2.48%, while GMO Emerging Markets ex-China Fund (GMAQX) has a volatility of 11.50%. This indicates that GABFX experiences smaller price fluctuations and is considered to be less risky than GMAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GABFXGMAQXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.48%

11.50%

-9.02%

Volatility (6M)

Calculated over the trailing 6-month period

6.56%

20.96%

-14.40%

Volatility (1Y)

Calculated over the trailing 1-year period

10.18%

22.98%

-12.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.02%

17.71%

-3.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.36%

17.71%

-7.35%

GABFX vs. GMAQX - Expense Ratio Comparison

GABFX has a 0.32% expense ratio, which is lower than GMAQX's 0.67% expense ratio.

Dividends

GABFX vs. GMAQX - Dividend Comparison

GABFX's dividend yield for the trailing twelve months is around 2.81%, less than GMAQX's 6.14% yield.

PositionTTM20252024202320222021202020192018201720162015
GABFX
GMO Asset Allocation Bond Fund		2.81%2.69%4.19%5.03%0.71%1.81%1.20%4.72%5.13%1.07%0.00%7.43%
GMAQX
GMO Emerging Markets ex-China Fund		6.14%9.43%32.28%6.76%4.94%0.66%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GABFX and GMAQX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GMAQX has higher volatility (11.50%) compared to GABFX (2.48%). In terms of maximum drawdown, GABFX dropped -27.84% vs GMAQX's -41.97%.

GMAQX currently has the higher Sharpe Ratio (3.58 vs 0.07), 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.

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