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GMF vs. EPP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GMF vs. EPP

Last updated Jun 26, 2026

GMF (SPDR S&P Emerging Asia Pacific ETF) and EPP (iShares MSCI Pacific ex Japan ETF) are both Asia Pacific Equities funds - GMF tracks the S&P Asia Pacific Emerging BMI Index while EPP tracks the MSCI Pacific ex-Japan Index. Both are passively managed. Over the past 10 years, GMF returned 10.31%/yr vs 7.84%/yr for EPP. A 0.80 correlation means they provide meaningful diversification when combined. GMF charges 0.49%/yr vs 0.48%/yr for EPP.

Performance

GMF vs. EPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Asia Pacific ETF (GMF) and iShares MSCI Pacific ex Japan ETF (EPP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GMF achieves a 11.36% return, which is significantly higher than EPP's 6.76% return. Over the past 10 years, GMF has outperformed EPP with an annualized return of 10.31%, while EPP has yielded a comparatively lower 7.84% annualized return.

GMF

1D
-0.40%
1M
-0.77%
YTD
11.36%
6M
11.27%
1Y
23.99%
3Y*
18.52%
5Y*
5.05%
10Y*
10.31%

EPP

1D
0.13%
1M
-2.27%
YTD
6.76%
6M
5.13%
1Y
12.44%
3Y*
12.62%
5Y*
4.53%
10Y*
7.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GMF vs. EPP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GMF
SPDR S&P Emerging Asia Pacific ETF		11.36%21.99%16.55%8.20%-18.99%-1.93%24.96%19.92%-14.25%41.71%
EPP
iShares MSCI Pacific ex Japan ETF		6.76%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%

Correlation

The correlation between GMF and EPP is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.68

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2007

0.80

The correlation between GMF and EPP shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

GMF vs. EPP - Sectors Allocation Comparison

Sectors
GMF
EPP

Technology

40.8%
1.0%

Financial Services

15.4%
44.9%

Consumer Cyclical

10.7%
6.2%

Industrials

7.3%
8.5%

Communication Services

6.4%
2.6%

Basic Materials

5.8%
17.0%

Healthcare

4.5%
3.3%

Energy

3.1%
2.7%

Consumer Defensive

2.9%
2.9%

Utilities

2.0%
3.5%

Real Estate

1.0%
7.4%

Technology

GMF
40.8%
EPP
1.0%

Financial Services

GMF
15.4%
EPP
44.9%

Consumer Cyclical

GMF
10.7%
EPP
6.2%

Industrials

GMF
7.3%
EPP
8.5%

Communication Services

GMF
6.4%
EPP
2.6%

Basic Materials

GMF
5.8%
EPP
17.0%

Healthcare

GMF
4.5%
EPP
3.3%

Energy

GMF
3.1%
EPP
2.7%

Consumer Defensive

GMF
2.9%
EPP
2.9%

Utilities

GMF
2.0%
EPP
3.5%

Real Estate

GMF
1.0%
EPP
7.4%

Compare stocks, funds, or ETFs

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SPDR S&P Emerging Asia Pacific ETF

iShares MSCI Pacific ex Japan ETF

Often compared with GMF:
GMF vs. EEMAGMF vs. AIAGMF vs. SPEUGMF vs. BBAXGMF vs. MGKGMF vs. IEMGGMF vs. INCO
Often compared with EPP:
EPP vs. EWTEPP vs. AAXJEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPL

Return for Risk

GMF vs. EPP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GMF
GMF Risk / Return Rank: 4444
Overall Rank
GMF Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GMF Sortino Ratio Rank: 4242
Sortino Ratio Rank
GMF Omega Ratio Rank: 4444
Omega Ratio Rank
GMF Calmar Ratio Rank: 4343
Calmar Ratio Rank
GMF Martin Ratio Rank: 4646
Martin Ratio Rank
EPP
EPP Risk / Return Rank: 2727
Overall Rank
EPP Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 2424
Sortino Ratio Rank
EPP Omega Ratio Rank: 2424
Omega Ratio Rank
EPP Calmar Ratio Rank: 3131
Calmar Ratio Rank
EPP Martin Ratio Rank: 3131
Martin Ratio Rank
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.

GMF vs. EPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Asia Pacific ETF (GMF) and iShares MSCI Pacific ex Japan ETF (EPP). 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.

GMFEPPDifference
Sharpe ratioReturn per unit of total volatility
1.37
0.83

+0.54

Sortino ratioReturn per unit of downside risk
1.95
1.23

+0.72

Omega ratioGain probability vs. loss probability

1.26

1.16

+0.10

Calmar ratioReturn relative to maximum drawdown

1.91

1.42

+0.49

Martin ratioReturn relative to average drawdown

6.90

4.12

+2.78

GMF vs. EPP - Sharpe Ratio Comparison

The current GMF Sharpe Ratio is 1.37, which is higher than the EPP Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of GMF and EPP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GMF vs. EPP - Drawdown Comparison

The maximum GMF drawdown since its inception was -67.18%, roughly equal to the maximum EPP drawdown of -66.01%. Use the drawdown chart below to compare losses from any high point for GMF and EPP.

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Drawdown Indicators

GMFEPPDifference

Max Drawdown

Largest peak-to-trough decline

-67.18%

-66.01%

-1.17%

Max Drawdown (1Y)

Largest decline over 1 year

-12.62%

-8.79%

-3.83%

Max Drawdown (3Y)

Largest decline over 3 years

-21.43%

-19.29%

-2.14%

Max Drawdown (5Y)

Largest decline over 5 years

-35.76%

-24.79%

-10.97%

Max Drawdown (10Y)

Largest decline over 10 years

-40.18%

-39.30%

-0.88%

Current Drawdown

Current decline from peak

-4.23%

-5.29%

+1.06%

Average Drawdown

Average peak-to-trough decline

-16.55%

-10.60%

-5.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.49%

3.02%

+0.47%

Volatility

GMF vs. EPP - Volatility Comparison

SPDR S&P Emerging Asia Pacific ETF (GMF) has a higher volatility of 7.93% compared to iShares MSCI Pacific ex Japan ETF (EPP) at 5.33%. This indicates that GMF's price experiences larger fluctuations and is considered to be riskier than EPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GMFEPPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.93%

5.33%

+2.60%

Volatility (6M)

Calculated over the trailing 6-month period

15.27%

12.76%

+2.51%

Volatility (1Y)

Calculated over the trailing 1-year period

17.63%

15.11%

+2.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.78%

17.52%

+1.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.22%

19.05%

+0.17%

GMF vs. EPP - Expense Ratio Comparison

GMF has a 0.49% expense ratio, which is higher than EPP's 0.48% expense ratio.

Dividends

GMF vs. EPP - Dividend Comparison

GMF's dividend yield for the trailing twelve months is around 1.21%, less than EPP's 3.52% yield.

PositionTTM20252024202320222021202020192018201720162015
EPP
iShares MSCI Pacific ex Japan ETF		3.52%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%
GMF
SPDR S&P Emerging Asia Pacific ETF		1.21%1.49%1.92%2.75%2.54%2.71%1.32%1.75%2.26%1.70%2.49%3.76%

Frequently Asked Questions

GMF and EPP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GMF has higher volatility (7.93%) compared to EPP (5.33%). In terms of maximum drawdown, GMF dropped -67.18% vs EPP's -66.01%.

On 10-year performance, GMF leads with 10.31% vs 7.84% for EPP. On fees, EPP is cheaper at 0.48% per year. On volatility, EPP has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GMF has performed better with a 10.31% return vs 7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPP is cheaper with a 0.48% expense ratio, compared with 0.49% for GMF.

EPP has the higher dividend yield at 3.52%, compared with 1.21% for GMF.

GMF tracks S&P Asia Pacific Emerging BMI Index, while EPP tracks MSCI Pacific ex-Japan Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.49% for GMF and 0.48% for EPP.

GMF currently has the higher Sharpe Ratio (1.37 vs 0.83), 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.

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