GMCDX vs. SHMDX

Last updated Jun 5, 2026

GMCDX (GMO Emerging Country Debt Fund) and SHMDX (Virtus Stone Harbor Emerging Mkts Debt) are both Emerging Markets Bonds funds. Over the past 10 years, GMCDX returned 7.84%/yr vs 4.36%/yr for SHMDX. Their correlation of 0.85 suggests significant overlap in exposure. GMCDX charges 0.53%/yr vs 0.73%/yr for SHMDX.

Performance

GMCDX vs. SHMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Emerging Country Debt Fund (GMCDX) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMCDX achieves a 8.52% return, which is significantly higher than SHMDX's 3.80% return. Over the past 10 years, GMCDX has outperformed SHMDX with an annualized return of 7.84%, while SHMDX has yielded a comparatively lower 4.36% annualized return.

GMCDX

• 1D: -0.16%
• 1M: 1.28%
• YTD: 8.52%
• 6M: 9.15%
• 1Y: 25.77%
• 3Y*: 20.27%
• 5Y*: 9.58%
• 10Y*: 7.84%

SHMDX

• 1D: -0.25%
• 1M: 0.86%
• YTD: 3.80%
• 6M: 4.49%
• 1Y: 15.28%
• 3Y*: 13.48%
• 5Y*: 3.38%
• 10Y*: 4.36%

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

GMCDX vs. SHMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMCDX GMO Emerging Country Debt Fund	8.52%	22.34%	13.39%	17.63%	-16.30%	6.56%	7.25%	14.28%	-5.89%	12.49%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	3.80%	15.13%	8.90%	14.81%	-19.74%	-2.52%	7.06%	15.20%	-7.86%	11.58%

Correlation

The correlation between GMCDX and SHMDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	0.85

The correlation between GMCDX and SHMDX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

GMCDX vs. SHMDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

SHMDX

SHMDX Risk / Return Rank: 91
SHMDX Sharpe Ratio Rank: 96
SHMDX Sortino Ratio Rank: 97
SHMDX Omega Ratio Rank: 94
SHMDX Calmar Ratio Rank: 82
SHMDX Martin Ratio Rank: 87

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.

GMCDX vs. SHMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Country Debt Fund (GMCDX) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX). 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.

	GMCDX	SHMDX	Difference
Sharpe ratio: Return per unit of total volatility	5.02	3.42	+1.60
Sortino ratio: Return per unit of downside risk	8.99	5.66	+3.32
Omega ratio: Gain probability vs. loss probability	2.26	1.76	+0.49
Calmar ratio: Return relative to maximum drawdown	6.90	3.65	+3.25
Martin ratio: Return relative to average drawdown	29.90	16.20	+13.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMCDX vs. SHMDX - Sharpe Ratio Comparison

The current GMCDX Sharpe Ratio is 5.02, which is higher than the SHMDX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of GMCDX and SHMDX, 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

	GMCDX	SHMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.02	3.42	+1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.49	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.58	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.53	-0.21

Drawdowns

GMCDX vs. SHMDX - Drawdown Comparison

The maximum GMCDX drawdown since its inception was -68.24%, which is greater than SHMDX's maximum drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for GMCDX and SHMDX.

Drawdown Indicators

	GMCDX	SHMDX	Difference
Max Drawdown Largest peak-to-trough decline	-68.24%	-35.83%	-32.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-4.33%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-9.00%	-6.23%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	-26.02%	-31.98%	+5.96%
Max Drawdown (10Y) Largest decline over 10 years	-26.02%	-31.98%	+5.96%
Current Drawdown Current decline from peak	-0.16%	-0.25%	+0.09%
Average Drawdown Average peak-to-trough decline	-17.65%	-5.94%	-11.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.97%	-0.08%

Volatility

GMCDX vs. SHMDX - Volatility Comparison

GMO Emerging Country Debt Fund (GMCDX) and Virtus Stone Harbor Emerging Mkts Debt (SHMDX) have volatilities of 1.52% and 1.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMCDX	SHMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	1.55%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	3.86%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	5.30%	4.63%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	6.94%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	7.60%	+1.73%

GMCDX vs. SHMDX - Expense Ratio Comparison

GMCDX has a 0.53% expense ratio, which is lower than SHMDX's 0.73% expense ratio.

Dividends

GMCDX vs. SHMDX - Dividend Comparison

GMCDX's dividend yield for the trailing twelve months is around 5.78%, less than SHMDX's 6.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMCDX GMO Emerging Country Debt Fund	5.78%	6.27%	6.88%	10.26%	13.73%	17.75%	9.66%	6.60%	7.76%	7.06%	6.00%	2.50%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	6.16%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%

Frequently Asked Questions

Can I hold both GMCDX and SHMDX in my portfolio?

With a correlation of 0.92, GMCDX and SHMDX 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 SHMDX?

SHMDX has higher volatility (1.55%) compared to GMCDX (1.52%). In terms of maximum drawdown, GMCDX dropped -68.24% vs SHMDX's -35.83%.

Which has better risk-adjusted returns?

GMCDX currently has the higher Sharpe Ratio (5.02 vs 3.42), 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.