GMAQX vs. GQETX

Last updated Jun 3, 2026

GMAQX (GMO Emerging Markets ex-China Fund) and GQETX (GMO Quality Fund) are both mutual funds - GMAQX is a Emerging Markets Diversified fund managed by GMO, while GQETX is a Large Cap Blend Equities fund managed by GMO. Over the past 3 years, GMAQX returned 34.47%/yr vs 17.78%/yr for GQETX. A 0.65 correlation means they provide meaningful diversification when combined. GMAQX charges 0.67%/yr vs 0.49%/yr for GQETX.

Performance

GMAQX vs. GQETX - Performance Comparison

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

Returns By Period

In the year-to-date period, GMAQX achieves a 56.32% return, which is significantly higher than GQETX's 5.77% return.

GMAQX

• 1D: 3.50%
• 1M: 28.37%
• YTD: 56.32%
• 6M: 62.83%
• 1Y: 91.37%
• 3Y*: 34.47%
• 5Y*: —
• 10Y*: —

GQETX

• 1D: -0.27%
• 1M: 4.19%
• YTD: 5.77%
• 6M: 6.66%
• 1Y: 22.85%
• 3Y*: 17.78%
• 5Y*: 13.46%
• 10Y*: 16.18%

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

GMAQX vs. GQETX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	56.32%	32.09%	0.62%	27.41%	-32.38%	0.47%
GQETX GMO Quality Fund	5.77%	19.61%	17.76%	28.94%	-15.33%	9.70%

Correlation

The correlation between GMAQX and GQETX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.65

The correlation between GMAQX and GQETX has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

GMAQX vs. GQETX — Risk / Return Rank

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

GMAQX

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

GQETX

GQETX Risk / Return Rank: 35
GQETX Sharpe Ratio Rank: 41
GQETX Sortino Ratio Rank: 40
GQETX Omega Ratio Rank: 37
GQETX Calmar Ratio Rank: 23
GQETX Martin Ratio Rank: 31

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. GQETX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and GMO Quality Fund (GQETX). 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	GQETX	Difference
Sharpe ratio Return per unit of total volatility	4.49	1.88	+2.61
Sortino ratio Return per unit of downside risk	6.01	2.66	+3.35
Omega ratio Gain probability vs. loss probability	1.93	1.33	+0.61
Calmar ratio Return relative to maximum drawdown	6.62	1.80	+4.81
Martin ratio Return relative to average drawdown	25.51	7.13	+18.39
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. GQETX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 4.49, which is higher than the GQETX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of GMAQX and GQETX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GMAQX	GQETX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.49	1.88	+2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.71	+0.08

Drawdowns

GMAQX vs. GQETX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, roughly equal to the maximum GQETX drawdown of -39.99%. Use the drawdown chart below to compare losses from any high point for GMAQX and GQETX.

Drawdown Indicators

	GMAQX	GQETX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-39.99%	-1.98%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-12.76%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-15.54%	-4.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.44%	—
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-16.75%	-5.00%	-11.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.22%	+0.35%

Volatility

GMAQX vs. GQETX - Volatility Comparison

GMO Emerging Markets ex-China Fund (GMAQX) has a higher volatility of 12.53% compared to GMO Quality Fund (GQETX) at 2.81%. This indicates that GMAQX's price experiences larger fluctuations and is considered to be riskier than GQETX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAQX	GQETX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.53%	2.81%	+9.72%
Volatility (6M) Calculated over the trailing 6-month period	18.52%	9.48%	+9.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	12.24%	+8.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	15.86%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	17.07%	+0.15%

GMAQX vs. GQETX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is higher than GQETX's 0.49% expense ratio.

Dividends

GMAQX vs. GQETX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 6.03%, less than GQETX's 10.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMAQX GMO Emerging Markets ex-China Fund	6.03%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GQETX GMO Quality Fund	10.55%	11.16%	3.91%	3.43%	11.85%	10.19%	13.61%	8.08%	21.66%	8.10%	3.56%	17.25%

Frequently Asked Questions

Can I hold both GMAQX and GQETX in my portfolio?

GMAQX and GQETX have a correlation of 0.61, 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 GQETX?

GMAQX has higher volatility (12.53%) compared to GQETX (2.81%). In terms of maximum drawdown, GMAQX dropped -41.97% vs GQETX's -39.99%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (4.49 vs 1.88), 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.