GMAQX vs. GIOTX

Last updated Jun 24, 2026

GMAQX (GMO Emerging Markets ex-China Fund) and GIOTX (GMO International Developed Equity Allocation Fund) are both mutual funds - GMAQX is a Emerging Markets Diversified fund managed by GMO, while GIOTX is a Foreign Large Cap Equities fund managed by GMO. Over the past 3 years, GMAQX returned 33.03%/yr vs 26.90%/yr for GIOTX. A 0.72 correlation means they provide meaningful diversification when combined. GMAQX charges 0.67%/yr vs 0.00%/yr for GIOTX.

Performance

GMAQX vs. GIOTX - Performance Comparison

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

Returns By Period

In the year-to-date period, GMAQX achieves a 53.39% return, which is significantly higher than GIOTX's 16.53% return.

GMAQX

• 1D: -0.09%
• 1M: 6.86%
• YTD: 53.39%
• 6M: 57.21%
• 1Y: 84.71%
• 3Y*: 33.03%
• 5Y*: —
• 10Y*: —

GIOTX

• 1D: -2.56%
• 1M: -0.11%
• YTD: 16.53%
• 6M: 15.94%
• 1Y: 38.65%
• 3Y*: 26.90%
• 5Y*: 14.00%
• 10Y*: 12.44%

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

GMAQX vs. GIOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	53.39%	32.09%	0.62%	27.41%	-32.38%	0.47%
GIOTX GMO International Developed Equity Allocation Fund	16.53%	43.70%	10.66%	21.03%	-12.41%	0.02%

Correlation

The correlation between GMAQX and GIOTX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.72

The correlation between GMAQX and GIOTX has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

GMAQX vs. GIOTX — Risk / Return Rank

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

GMAQX

GMAQX Risk / Return Rank: 96
GMAQX Sharpe Ratio Rank: 98
GMAQX Sortino Ratio Rank: 95
GMAQX Omega Ratio Rank: 95
GMAQX Calmar Ratio Rank: 97
GMAQX Martin Ratio Rank: 96

GIOTX

GIOTX Risk / Return Rank: 84
GIOTX Sharpe Ratio Rank: 86
GIOTX Sortino Ratio Rank: 81
GIOTX Omega Ratio Rank: 80
GIOTX Calmar Ratio Rank: 86
GIOTX Martin Ratio Rank: 86

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. GIOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and GMO International Developed Equity Allocation Fund (GIOTX). 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	GIOTX	Difference
Sharpe ratio: Return per unit of total volatility	3.69	2.54	+1.15
Sortino ratio: Return per unit of downside risk	4.75	3.47	+1.28
Omega ratio: Gain probability vs. loss probability	1.75	1.46	+0.29
Calmar ratio: Return relative to maximum drawdown	6.14	3.79	+2.35
Martin ratio: Return relative to average drawdown	21.86	14.84	+7.02

GMAQX vs. GIOTX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 3.69, which is higher than the GIOTX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of GMAQX and GIOTX, 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. GIOTX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, smaller than the maximum GIOTX drawdown of -56.51%. Use the drawdown chart below to compare losses from any high point for GMAQX and GIOTX.

Drawdown Indicators

	GMAQX	GIOTX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-56.51%	+14.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-10.66%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-13.40%	-6.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.29%	—
Current Drawdown Current decline from peak	-2.89%	-2.56%	-0.33%
Average Drawdown Average peak-to-trough decline	-16.60%	-14.20%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.72%	+1.14%

Volatility

GMAQX vs. GIOTX - Volatility Comparison

GMO Emerging Markets ex-China Fund (GMAQX) has a higher volatility of 11.46% compared to GMO International Developed Equity Allocation Fund (GIOTX) at 5.81%. This indicates that GMAQX's price experiences larger fluctuations and is considered to be riskier than GIOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAQX	GIOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.46%	5.81%	+5.65%
Volatility (6M) Calculated over the trailing 6-month period	20.95%	12.95%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	22.97%	15.93%	+7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	15.52%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	16.17%	+1.53%

GMAQX vs. GIOTX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is higher than GIOTX's 0.00% expense ratio.

Dividends

GMAQX vs. GIOTX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 6.15%, less than GIOTX's 6.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOTX GMO International Developed Equity Allocation Fund	6.90%	8.04%	5.07%	6.54%	4.45%	6.67%	4.48%	3.74%	3.90%	3.15%	4.04%	3.39%
GMAQX GMO Emerging Markets ex-China Fund	6.15%	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 GIOTX in my portfolio?

GMAQX and GIOTX have a correlation of 0.62, 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 GIOTX?

GMAQX has higher volatility (11.46%) compared to GIOTX (5.81%). In terms of maximum drawdown, GMAQX dropped -41.97% vs GIOTX's -56.51%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (3.69 vs 2.54), 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.