GMAQX vs. DEMIX

Last updated Apr 1, 2026

Compare and contrast key facts about GMO Emerging Markets ex-China Fund (GMAQX) and Delaware Emerging Markets Fund (DEMIX).

GMAQX is managed by GMO. It was launched on Oct 17, 2021. DEMIX is managed by Delaware Funds. It was launched on Jun 9, 1996.

Performance

GMAQX vs. DEMIX - Performance Comparison

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

GMAQX vs. DEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	5.07%	32.09%	0.62%	27.41%	-32.38%	0.47%
DEMIX Delaware Emerging Markets Fund	13.36%	86.79%	6.52%	17.59%	-28.66%	0.30%

Returns By Period

In the year-to-date period, GMAQX achieves a 5.07% return, which is significantly lower than DEMIX's 13.36% return.

GMAQX

• 1D: -1.01%
• 1M: -13.26%
• YTD: 5.07%
• 6M: 14.82%
• 1Y: 40.47%
• 3Y*: 19.08%
• 5Y*: —
• 10Y*: —

DEMIX

• 1D: 0.99%
• 1M: -18.24%
• YTD: 13.36%
• 6M: 43.46%
• 1Y: 104.80%
• 3Y*: 35.24%
• 5Y*: 12.50%
• 10Y*: 14.40%

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

GMAQX vs. DEMIX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is lower than DEMIX's 1.26% expense ratio.

DEMIX

Delaware Emerging Markets Fund

GMAQX

GMO Emerging Markets ex-China Fund

Return for Risk

GMAQX vs. DEMIX — Risk / Return Rank

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

GMAQX

GMAQX Risk / Return Rank: 93
GMAQX Sharpe Ratio Rank: 96
GMAQX Sortino Ratio Rank: 93
GMAQX Omega Ratio Rank: 92
GMAQX Calmar Ratio Rank: 92
GMAQX Martin Ratio Rank: 92

DEMIX

DEMIX Risk / Return Rank: 97
DEMIX Sharpe Ratio Rank: 98
DEMIX Sortino Ratio Rank: 95
DEMIX Omega Ratio Rank: 95
DEMIX Calmar Ratio Rank: 98
DEMIX 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.

GMAQX vs. DEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and Delaware Emerging Markets Fund (DEMIX). 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.

	GMAQX	DEMIX	Difference
Sharpe ratio Return per unit of total volatility	2.36	3.11	-0.75
Sortino ratio Return per unit of downside risk	2.88	3.29	-0.41
Omega ratio Gain probability vs. loss probability	1.44	1.51	-0.06
Calmar ratio Return relative to maximum drawdown	2.73	4.81	-2.08
Martin ratio Return relative to average drawdown	10.91	18.57	-7.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMAQX vs. DEMIX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 2.36, which is comparable to the DEMIX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of GMAQX and DEMIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMAQX	DEMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	3.11	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.44	-0.17

Correlation

The correlation between GMAQX and DEMIX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GMAQX vs. DEMIX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 8.97%, less than DEMIX's 16.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMAQX GMO Emerging Markets ex-China Fund	8.97%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DEMIX Delaware Emerging Markets Fund	16.74%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%

Drawdowns

GMAQX vs. DEMIX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, smaller than the maximum DEMIX drawdown of -63.15%. Use the drawdown chart below to compare losses from any high point for GMAQX and DEMIX.

Drawdown Indicators

	GMAQX	DEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-63.15%	+21.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-20.32%	+6.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.29%	—
Current Drawdown Current decline from peak	-13.77%	-19.53%	+5.76%
Average Drawdown Average peak-to-trough decline	-17.31%	-18.54%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	5.26%	-1.82%

Volatility

GMAQX vs. DEMIX - Volatility Comparison

The current volatility for GMO Emerging Markets ex-China Fund (GMAQX) is 8.61%, while Delaware Emerging Markets Fund (DEMIX) has a volatility of 19.15%. This indicates that GMAQX experiences smaller price fluctuations and is considered to be less risky than DEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAQX	DEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	19.15%	-10.54%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	28.50%	-15.63%
Volatility (1Y) Calculated over the trailing 1-year period	16.98%	33.36%	-16.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.92%	23.11%	-7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	21.94%	-6.02%