GMAQX vs. GTMIX

Last updated Aug 4, 2026

GMAQX (GMO Emerging Markets ex-China Fund) and GTMIX (GMO Tax-Managed International Equities Fund) are both mutual funds - GMAQX is a Emerging Markets Equities fund managed by GMO, while GTMIX is a Foreign Large Cap Equities fund managed by GMO. Over the past 3 years, GMAQX returned 27.34%/yr vs 22.27%/yr for GTMIX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. GMAQX charges 0.67%/yr vs 0.68%/yr for GTMIX.

Performance

GMAQX vs. GTMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, GMAQX achieves a 40.55% return, which is significantly higher than GTMIX's 21.02% return.

GMAQX

• 1D: 2.30%
• 1M: -1.25%
• 6M: 26.63%
• YTD: 40.55%
• 1Y: 63.89%
• 3Y*: 27.34%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.57%

GTMIX

• 1D: -0.84%
• 1M: 6.02%
• 6M: 13.22%
• YTD: 21.02%
• 1Y: 43.83%
• 3Y*: 22.27%
• 5Y*: 13.04%
• 10Y*: 10.90%
• ALL TIME*: 7.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMAQX GMO Emerging Markets ex-China Fund	$0.00	$0.00	$0.00
GTMIX GMO Tax-Managed International Equities Fund	$0.00	$0.00	$0.00

GMAQX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	40.55%	32.09%	0.62%	27.41%	-32.38%	0.47%
GTMIX GMO Tax-Managed International Equities Fund	21.02%	46.17%	1.54%	14.96%	-10.13%	-0.36%

Correlation

The correlation between GMAQX and GTMIX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.65

The correlation between GMAQX and GTMIX shifts across timeframes, from 0.47 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMAQX vs. GTMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GMAQX

GMAQX Risk / Return Rank: 90
GMAQX Sharpe Ratio Rank: 93
GMAQX Sortino Ratio Rank: 87
GMAQX Omega Ratio Rank: 90
GMAQX Calmar Ratio Rank: 92
GMAQX Martin Ratio Rank: 88

GTMIX

GTMIX Risk / Return Rank: 97
GTMIX Sharpe Ratio Rank: 99
GTMIX Sortino Ratio Rank: 97
GTMIX Omega Ratio Rank: 96
GTMIX Calmar Ratio Rank: 97
GTMIX Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GMAQX vs. GTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and GMO Tax-Managed International Equities Fund (GTMIX). 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	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	3.47	-1.03
Sortino ratio: Return per unit of downside risk	3.21	4.74	-1.53
Omega ratio: Gain probability vs. loss probability	1.48	1.62	-0.14
Calmar ratio: Return relative to maximum drawdown	3.82	5.57	-1.75
Martin ratio: Return relative to average drawdown	12.10	22.08	-9.98

GMAQX vs. GTMIX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 2.44, which is comparable to the GTMIX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of GMAQX and GTMIX, 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. GTMIX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for GMAQX and GTMIX.

Drawdown Indicators

	GMAQX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-58.31%	+16.34%
Max Drawdown (1Y) Largest decline over 1 year	-16.27%	-7.90%	-8.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-14.11%	-5.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-11.02%	-0.84%	-10.18%
Average Drawdown Average peak-to-trough decline	-16.45%	-12.61%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	1.99%	+3.14%

Volatility

GMAQX vs. GTMIX - Volatility Comparison

GMO Emerging Markets ex-China Fund (GMAQX) has a higher volatility of 9.63% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.74%. This indicates that GMAQX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAQX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	3.74%	+5.89%
Volatility (6M) Calculated over the trailing 6-month period	23.96%	10.11%	+13.85%
Volatility (1Y) Calculated over the trailing 1-year period	25.51%	12.71%	+12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	14.89%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	15.76%	+2.54%

GMAQX vs. GTMIX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is lower than GTMIX's 0.68% expense ratio.

Dividends

GMAQX vs. GTMIX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 11.76%, less than GTMIX's 20.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMAQX GMO Emerging Markets ex-China Fund	11.76%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GTMIX GMO Tax-Managed International Equities Fund	20.87%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%

Frequently Asked Questions

Can I hold both GMAQX and GTMIX in my portfolio?

GMAQX and GTMIX have a correlation of 0.47, 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 GTMIX?

GMAQX has higher volatility (9.63%) compared to GTMIX (3.74%). In terms of maximum drawdown, GMAQX dropped -41.97% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (3.47 vs 2.44), 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.