GMAQX vs. DFETX

Last updated Jul 15, 2026

GMAQX (GMO Emerging Markets ex-China Fund) and DFETX (DFA Emerging Markets II Portfolio) are both Emerging Markets Diversified funds. Over the past 3 years, GMAQX returned 27.80%/yr vs 20.27%/yr for DFETX. Their correlation of 0.86 suggests significant overlap in exposure. GMAQX charges 0.67%/yr vs 0.37%/yr for DFETX.

Performance

GMAQX vs. DFETX - Performance Comparison

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

Returns By Period

In the year-to-date period, GMAQX achieves a 41.31% return, which is significantly higher than DFETX's 20.12% return.

GMAQX

• 1D: -2.55%
• 1M: -4.59%
• 6M: 32.96%
• YTD: 41.31%
• 1Y: 62.14%
• 3Y*: 27.80%
• 5Y*: —
• 10Y*: —

DFETX

• 1D: -3.26%
• 1M: -4.62%
• 6M: 14.60%
• YTD: 20.12%
• 1Y: 38.02%
• 3Y*: 20.27%
• 5Y*: 8.96%
• 10Y*: 9.86%

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

GMAQX vs. DFETX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	41.31%	32.09%	0.62%	27.41%	-32.38%	0.47%
DFETX DFA Emerging Markets II Portfolio	20.12%	33.54%	6.86%	13.11%	-16.84%	-2.09%

Correlation

The correlation between GMAQX and DFETX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.86

The correlation between GMAQX and DFETX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

GMAQX vs. DFETX — Risk / Return Rank

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

GMAQX

GMAQX Risk / Return Rank: 91
GMAQX Sharpe Ratio Rank: 93
GMAQX Sortino Ratio Rank: 86
GMAQX Omega Ratio Rank: 89
GMAQX Calmar Ratio Rank: 95
GMAQX Martin Ratio Rank: 92

DFETX

DFETX Risk / Return Rank: 72
DFETX Sharpe Ratio Rank: 72
DFETX Sortino Ratio Rank: 57
DFETX Omega Ratio Rank: 75
DFETX Calmar Ratio Rank: 82
DFETX Martin Ratio Rank: 75

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. DFETX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and DFA Emerging Markets II Portfolio (DFETX). 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.

	GMAQX	DFETX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.87	+0.69
Sortino ratio: Return per unit of downside risk	3.35	2.38	+0.96
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.16
Calmar ratio: Return relative to maximum drawdown	4.56	3.03	+1.53
Martin ratio: Return relative to average drawdown	14.42	10.67	+3.75

GMAQX vs. DFETX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 2.56, which is higher than the DFETX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of GMAQX and DFETX, 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

GMAQX vs. DFETX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, smaller than the maximum DFETX drawdown of -62.33%. Use the drawdown chart below to compare losses from any high point for GMAQX and DFETX.

Drawdown Indicators

	GMAQX	DFETX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-62.33%	+20.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-12.84%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-16.13%	-3.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.20%	—
Current Drawdown Current decline from peak	-10.54%	-8.86%	-1.68%
Average Drawdown Average peak-to-trough decline	-16.51%	-15.63%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.62%	+0.73%

Volatility

GMAQX vs. DFETX - Volatility Comparison

GMO Emerging Markets ex-China Fund (GMAQX) and DFA Emerging Markets II Portfolio (DFETX) have volatilities of 11.40% and 10.96%, 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

	GMAQX	DFETX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.40%	10.96%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	22.87%	19.35%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	24.55%	20.82%	+3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	16.72%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	16.93%	+1.15%

GMAQX vs. DFETX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is higher than DFETX's 0.37% expense ratio.

Dividends

GMAQX vs. DFETX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 11.70%, more than DFETX's 6.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFETX DFA Emerging Markets II Portfolio	6.86%	8.24%	3.50%	3.84%	9.30%	19.29%	11.79%	12.48%	8.49%	1.93%	2.40%	3.40%
GMAQX GMO Emerging Markets ex-China Fund	11.70%	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

Can I hold both GMAQX and DFETX in my portfolio?

GMAQX and DFETX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAQX or DFETX?

GMAQX has higher volatility (11.40%) compared to DFETX (10.96%). In terms of maximum drawdown, GMAQX dropped -41.97% vs DFETX's -62.33%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (2.56 vs 1.87), 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.