GMAQX vs. GUSTX

Last updated Apr 2, 2026

Compare and contrast key facts about GMO Emerging Markets ex-China Fund (GMAQX) and GMO U.S. Treasury Fund (GUSTX).

GMAQX is managed by GMO. It was launched on Oct 17, 2021. GUSTX is managed by GMO. It was launched on Mar 16, 2009.

Performance

GMAQX vs. GUSTX - Performance Comparison

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

GMAQX vs. GUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	8.07%	32.09%	0.62%	27.41%	-32.38%	0.47%
GUSTX GMO U.S. Treasury Fund	0.51%	4.45%	2.21%	2.52%	-0.73%	0.09%

Returns By Period

In the year-to-date period, GMAQX achieves a 8.07% return, which is significantly higher than GUSTX's 0.51% return.

GMAQX

• 1D: 2.85%
• 1M: -9.88%
• YTD: 8.07%
• 6M: 17.42%
• 1Y: 43.23%
• 3Y*: 20.20%
• 5Y*: —
• 10Y*: —

GUSTX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.51%
• 6M: 1.51%
• 1Y: 3.69%
• 3Y*: 3.15%
• 5Y*: 1.76%
• 10Y*: -13.82%

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

GMAQX vs. GUSTX - Expense Ratio Comparison

GMAQX has a 0.67% expense ratio, which is higher than GUSTX's 0.01% expense ratio.

GMAQX

GMO Emerging Markets ex-China Fund

GUSTX

GMO U.S. Treasury Fund

Return for Risk

GMAQX vs. GUSTX — Risk / Return Rank

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

GMAQX

GMAQX Risk / Return Rank: 94
GMAQX Sharpe Ratio Rank: 97
GMAQX Sortino Ratio Rank: 95
GMAQX Omega Ratio Rank: 94
GMAQX Calmar Ratio Rank: 93
GMAQX Martin Ratio Rank: 93

GUSTX

GUSTX Risk / Return Rank: 99
GUSTX Sharpe Ratio Rank: 98
GUSTX Sortino Ratio Rank: 100
GUSTX Omega Ratio Rank: 100
GUSTX Calmar Ratio Rank: 100
GUSTX Martin Ratio Rank: 100

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. GUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Markets ex-China Fund (GMAQX) and GMO U.S. Treasury Fund (GUSTX). 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	GUSTX	Difference
Sharpe ratio Return per unit of total volatility	2.61	3.18	-0.58
Sortino ratio Return per unit of downside risk	3.15	10.74	-7.59
Omega ratio Gain probability vs. loss probability	1.49	7.08	-5.59
Calmar ratio Return relative to maximum drawdown	3.19	20.50	-17.31
Martin ratio Return relative to average drawdown	12.47	58.55	-46.08
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. GUSTX - Sharpe Ratio Comparison

The current GMAQX Sharpe Ratio is 2.61, which is comparable to the GUSTX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of GMAQX and GUSTX, 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	GUSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	3.18	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	-0.44	+0.76

Correlation

The correlation between GMAQX and GUSTX is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GMAQX vs. GUSTX - Dividend Comparison

GMAQX's dividend yield for the trailing twelve months is around 8.72%, more than GUSTX's 3.62% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMAQX GMO Emerging Markets ex-China Fund	8.72%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GUSTX GMO U.S. Treasury Fund	3.62%	4.15%	1.98%	2.28%	0.26%	0.14%	0.09%	0.14%	8.96%	0.50%	0.05%	0.04%

Drawdowns

GMAQX vs. GUSTX - Drawdown Comparison

The maximum GMAQX drawdown since its inception was -41.97%, smaller than the maximum GUSTX drawdown of -79.98%. Use the drawdown chart below to compare losses from any high point for GMAQX and GUSTX.

Drawdown Indicators

	GMAQX	GUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-79.98%	+38.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-0.20%	-13.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-79.98%	—
Current Drawdown Current decline from peak	-11.31%	-77.89%	+66.58%
Average Drawdown Average peak-to-trough decline	-17.30%	-35.61%	+18.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	0.07%	+3.45%

Volatility

GMAQX vs. GUSTX - Volatility Comparison

GMO Emerging Markets ex-China Fund (GMAQX) has a higher volatility of 9.28% compared to GMO U.S. Treasury Fund (GUSTX) at 0.29%. This indicates that GMAQX's price experiences larger fluctuations and is considered to be riskier than GUSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMAQX	GUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.28%	0.29%	+8.99%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	0.83%	+12.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	1.27%	+15.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	1.73%	+14.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	25.44%	-9.47%