GMCDX vs. FNMIX

Last updated Aug 1, 2026

GMCDX (GMO Emerging Country Debt Fund) and FNMIX (Fidelity New Markets Income Fund) are both Emerging Markets Bonds funds. Over the past 10 years, GMCDX returned 7.35%/yr vs 3.39%/yr for FNMIX. Their correlation of 0.82 means they have usually moved in the same direction. GMCDX charges 0.53%/yr vs 0.80%/yr for FNMIX.

Performance

GMCDX vs. FNMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Emerging Country Debt Fund (GMCDX) and Fidelity New Markets Income Fund (FNMIX). 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 FNMIX's 2.66% return. Over the past 10 years, GMCDX has outperformed FNMIX with an annualized return of 7.35%, while FNMIX has yielded a comparatively lower 3.39% annualized 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%

FNMIX

• 1D: -0.22%
• 1M: -1.50%
• 6M: 1.15%
• YTD: 2.66%
• 1Y: 10.22%
• 3Y*: 10.65%
• 5Y*: 3.44%
• 10Y*: 3.39%
• ALL TIME*: 8.35%

*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)
FNMIX Fidelity New Markets Income Fund	$0.00	$0.00	$0.00
GMCDX GMO Emerging Country Debt Fund	$0.00	$0.00	$0.00

GMCDX vs. FNMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMCDX GMO Emerging Country Debt Fund	8.12%	22.34%	13.39%	17.63%	-16.30%	6.56%	7.25%	14.28%	-5.89%	12.49%
FNMIX Fidelity New Markets Income Fund	2.66%	14.86%	6.80%	14.00%	-16.09%	-2.42%	4.62%	10.93%	-7.77%	10.16%

Correlation

The correlation between GMCDX and FNMIX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.82

The correlation between GMCDX and FNMIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

GMCDX vs. FNMIX — 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

FNMIX

FNMIX Risk / Return Rank: 90
FNMIX Sharpe Ratio Rank: 93
FNMIX Sortino Ratio Rank: 95
FNMIX Omega Ratio Rank: 90
FNMIX Calmar Ratio Rank: 84
FNMIX Martin Ratio Rank: 89

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. FNMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Country Debt Fund (GMCDX) and Fidelity New Markets Income Fund (FNMIX). 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	FNMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.74	2.42	+1.32
Sortino ratio: Return per unit of downside risk	6.62	3.97	+2.65
Omega ratio: Gain probability vs. loss probability	1.89	1.49	+0.40
Calmar ratio: Return relative to maximum drawdown	5.14	2.81	+2.33
Martin ratio: Return relative to average drawdown	21.50	11.63	+9.88

GMCDX vs. FNMIX - Sharpe Ratio Comparison

The current GMCDX Sharpe Ratio is 3.74, which is higher than the FNMIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of GMCDX and FNMIX, 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. FNMIX - Drawdown Comparison

The maximum GMCDX drawdown since its inception was -68.24%, which is greater than FNMIX's maximum drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for GMCDX and FNMIX.

Drawdown Indicators

	GMCDX	FNMIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.24%	-42.76%	-25.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.85%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	-5.87%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-26.02%	-27.16%	+1.14%
Max Drawdown (10Y) Largest decline over 10 years	-26.02%	-27.16%	+1.14%
Current Drawdown Current decline from peak	-1.46%	-1.81%	+0.35%
Average Drawdown Average peak-to-trough decline	-17.57%	-5.67%	-11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.93%	-0.01%

Volatility

GMCDX vs. FNMIX - Volatility Comparison

GMO Emerging Country Debt Fund (GMCDX) has a higher volatility of 0.99% compared to Fidelity New Markets Income Fund (FNMIX) at 0.89%. This indicates that GMCDX's price experiences larger fluctuations and is considered to be riskier than FNMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMCDX	FNMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.89%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	3.60%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.29%	4.46%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.22%	6.64%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	6.88%	+2.42%

GMCDX vs. FNMIX - Expense Ratio Comparison

GMCDX has a 0.53% expense ratio, which is lower than FNMIX's 0.80% expense ratio.

Dividends

GMCDX vs. FNMIX - Dividend Comparison

GMCDX's dividend yield for the trailing twelve months is around 4.52%, less than FNMIX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNMIX Fidelity New Markets Income Fund	4.58%	5.07%	4.71%	5.15%	3.93%	3.48%	4.06%	4.87%	4.98%	5.77%	6.93%	4.95%
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 FNMIX in my portfolio?

With a correlation of 0.90, GMCDX and FNMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GMCDX or FNMIX?

GMCDX has higher volatility (0.99%) compared to FNMIX (0.89%). In terms of maximum drawdown, GMCDX dropped -68.24% vs FNMIX's -42.76%.

Which has better risk-adjusted returns?

GMCDX currently has the higher Sharpe Ratio (3.74 vs 2.42), 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.