GMCDX vs. APFOX

Last updated Aug 1, 2026

GMCDX (GMO Emerging Country Debt Fund) and APFOX (Artisan Emerging Markets Debt Opportunities Fund) are both Emerging Markets Bonds funds. Over the past 3 years, GMCDX returned 17.38%/yr vs 11.13%/yr for APFOX. Their 0.55 correlation means they have sometimes moved together and sometimes differently. GMCDX charges 0.53%/yr vs 1.25%/yr for APFOX.

Performance

GMCDX vs. APFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Emerging Country Debt Fund (GMCDX) and Artisan Emerging Markets Debt Opportunities Fund (APFOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMCDX achieves a 8.12% return, which is significantly higher than APFOX's 6.99% return.

GMCDX

• 1D: -0.41%
• 1M: -1.06%
• 6M: 4.10%
• YTD: 8.12%
• 1Y: 19.70%
• 3Y*: 17.38%
• 5Y*: 9.30%
• 10Y*: 7.35%
• ALL TIME*: 4.46%

APFOX

• 1D: 0.25%
• 1M: 0.61%
• 6M: 4.70%
• YTD: 6.99%
• 1Y: 14.86%
• 3Y*: 11.13%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

*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)
APFOX Artisan Emerging Markets Debt Opportunities Fund	$0.00	$0.00	$0.00
GMCDX GMO Emerging Country Debt Fund	$0.00	$0.00	$0.00

GMCDX vs. APFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GMCDX GMO Emerging Country Debt Fund	8.12%	22.34%	13.39%	17.63%	-3.54%
APFOX Artisan Emerging Markets Debt Opportunities Fund	6.99%	13.45%	10.61%	11.44%	7.85%

Correlation

The correlation between GMCDX and APFOX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.55

The correlation between GMCDX and APFOX shifts across timeframes, from 0.55 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GMCDX vs. APFOX — Risk / Return Rank

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

GMCDX

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

APFOX

APFOX Risk / Return Rank: 98
APFOX Sharpe Ratio Rank: 100
APFOX Sortino Ratio Rank: 99
APFOX Omega Ratio Rank: 99
APFOX Calmar Ratio Rank: 96
APFOX Martin Ratio Rank: 97

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.

GMCDX vs. APFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Country Debt Fund (GMCDX) and Artisan Emerging Markets Debt Opportunities Fund (APFOX). 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.

	GMCDX	APFOX	Difference
Sharpe ratio: Return per unit of total volatility	3.74	5.20	-1.46
Sortino ratio: Return per unit of downside risk	6.62	7.89	-1.26
Omega ratio: Gain probability vs. loss probability	1.89	2.29	-0.41
Calmar ratio: Return relative to maximum drawdown	5.14	4.64	+0.50
Martin ratio: Return relative to average drawdown	21.50	19.49	+2.01

GMCDX vs. APFOX - Sharpe Ratio Comparison

The current GMCDX Sharpe Ratio is 3.74, which is comparable to the APFOX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of GMCDX and APFOX, 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

GMCDX vs. APFOX - Drawdown Comparison

The maximum GMCDX drawdown since its inception was -68.24%, which is greater than APFOX's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for GMCDX and APFOX.

Drawdown Indicators

	GMCDX	APFOX	Difference
Max Drawdown Largest peak-to-trough decline	-68.24%	-5.69%	-62.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.21%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	-5.69%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-26.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.02%	—	—
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-17.57%	-0.69%	-16.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.76%	+0.16%

Volatility

GMCDX vs. APFOX - Volatility Comparison

GMO Emerging Country Debt Fund (GMCDX) has a higher volatility of 0.99% compared to Artisan Emerging Markets Debt Opportunities Fund (APFOX) at 0.59%. This indicates that GMCDX's price experiences larger fluctuations and is considered to be riskier than APFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMCDX	APFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.59%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	2.50%	+1.50%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	2.86%	+2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.22%	3.69%	+7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	3.69%	+5.61%

GMCDX vs. APFOX - Expense Ratio Comparison

GMCDX has a 0.53% expense ratio, which is lower than APFOX's 1.25% expense ratio.

Dividends

GMCDX vs. APFOX - Dividend Comparison

GMCDX's dividend yield for the trailing twelve months is around 4.52%, less than APFOX's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APFOX Artisan Emerging Markets Debt Opportunities Fund	7.51%	5.71%	9.39%	9.03%	7.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GMCDX GMO Emerging Country Debt Fund	4.52%	6.27%	6.88%	10.26%	13.73%	17.75%	9.66%	6.60%	7.76%	7.06%	6.00%	2.50%

Frequently Asked Questions

Can I hold both GMCDX and APFOX in my portfolio?

GMCDX and APFOX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMCDX or APFOX?

GMCDX has higher volatility (0.99%) compared to APFOX (0.59%). In terms of maximum drawdown, GMCDX dropped -68.24% vs APFOX's -5.69%.

Which has better risk-adjusted returns?

APFOX currently has the higher Sharpe Ratio (5.20 vs 3.74), 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.