GMLVX vs. GMSMX

Last updated Jun 3, 2026

GMLVX (GuideMark Emerging Markets Fund) and GMSMX (GuideMark Small/Mid Cap Core Fund) are both mutual funds - GMLVX is a Emerging Markets Diversified fund managed by GuideMark, while GMSMX is a Small Cap Blend Equities fund managed by GuideMark. Over the past 10 years, GMLVX returned 10.46%/yr vs 11.41%/yr for GMSMX. A 0.78 correlation means they provide meaningful diversification when combined. GMLVX charges 1.40%/yr vs 1.17%/yr for GMSMX.

Performance

GMLVX vs. GMSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GuideMark Emerging Markets Fund (GMLVX) and GuideMark Small/Mid Cap Core Fund (GMSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMLVX achieves a 29.70% return, which is significantly higher than GMSMX's 14.37% return. Over the past 10 years, GMLVX has underperformed GMSMX with an annualized return of 10.46%, while GMSMX has yielded a comparatively higher 11.41% annualized return.

GMLVX

• 1D: 2.77%
• 1M: 11.54%
• YTD: 29.70%
• 6M: 32.69%
• 1Y: 56.36%
• 3Y*: 24.92%
• 5Y*: 8.10%
• 10Y*: 10.46%

GMSMX

• 1D: -0.22%
• 1M: 2.29%
• YTD: 14.37%
• 6M: 15.96%
• 1Y: 29.50%
• 3Y*: 16.51%
• 5Y*: 6.59%
• 10Y*: 11.41%

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

GMLVX vs. GMSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMLVX GuideMark Emerging Markets Fund	29.70%	30.29%	7.90%	11.13%	-20.58%	-0.51%	15.41%	17.72%	-15.18%	38.23%
GMSMX GuideMark Small/Mid Cap Core Fund	14.37%	8.76%	11.29%	17.73%	-18.23%	24.45%	21.98%	23.25%	-9.38%	14.46%

Correlation

The correlation between GMLVX and GMSMX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 3, 2002	0.78

Over the past year, the correlation between GMLVX and GMSMX has dropped to 0.54 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

GMLVX vs. GMSMX — Risk / Return Rank

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

GMLVX

GMLVX Risk / Return Rank: 85
GMLVX Sharpe Ratio Rank: 92
GMLVX Sortino Ratio Rank: 83
GMLVX Omega Ratio Rank: 86
GMLVX Calmar Ratio Rank: 83
GMLVX Martin Ratio Rank: 83

GMSMX

GMSMX Risk / Return Rank: 44
GMSMX Sharpe Ratio Rank: 35
GMSMX Sortino Ratio Rank: 36
GMSMX Omega Ratio Rank: 33
GMSMX Calmar Ratio Rank: 65
GMSMX Martin Ratio Rank: 50

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.

GMLVX vs. GMSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GuideMark Emerging Markets Fund (GMLVX) and GuideMark Small/Mid Cap Core Fund (GMSMX). 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.

	GMLVX	GMSMX	Difference
Sharpe ratio Return per unit of total volatility	3.09	1.73	+1.37
Sortino ratio Return per unit of downside risk	3.93	2.52	+1.42
Omega ratio Gain probability vs. loss probability	1.58	1.30	+0.28
Calmar ratio Return relative to maximum drawdown	3.89	3.13	+0.75
Martin ratio Return relative to average drawdown	15.82	10.24	+5.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMLVX vs. GMSMX - Sharpe Ratio Comparison

The current GMLVX Sharpe Ratio is 3.09, which is higher than the GMSMX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GMLVX and GMSMX, 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

	GMLVX	GMSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	1.73	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.32	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.53	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.30	-0.05

Drawdowns

GMLVX vs. GMSMX - Drawdown Comparison

The maximum GMLVX drawdown since its inception was -70.50%, roughly equal to the maximum GMSMX drawdown of -70.55%. Use the drawdown chart below to compare losses from any high point for GMLVX and GMSMX.

Drawdown Indicators

	GMLVX	GMSMX	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-70.55%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.40%	-9.22%	-5.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.31%	-24.90%	+8.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.37%	-28.90%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	-39.40%	-41.31%	+1.91%
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-18.18%	-14.84%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	2.82%	+0.72%

Volatility

GMLVX vs. GMSMX - Volatility Comparison

GuideMark Emerging Markets Fund (GMLVX) has a higher volatility of 8.13% compared to GuideMark Small/Mid Cap Core Fund (GMSMX) at 4.79%. This indicates that GMLVX's price experiences larger fluctuations and is considered to be riskier than GMSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMLVX	GMSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	4.79%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	12.25%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	17.08%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	20.84%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	21.74%	-4.11%

GMLVX vs. GMSMX - Expense Ratio Comparison

GMLVX has a 1.40% expense ratio, which is higher than GMSMX's 1.17% expense ratio.

Dividends

GMLVX vs. GMSMX - Dividend Comparison

GMLVX's dividend yield for the trailing twelve months is around 1.15%, less than GMSMX's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMLVX GuideMark Emerging Markets Fund	1.15%	1.50%	3.01%	3.46%	17.44%	9.65%	0.19%	1.76%	15.38%	0.71%	0.35%	1.34%
GMSMX GuideMark Small/Mid Cap Core Fund	6.04%	6.91%	9.08%	0.67%	2.29%	11.71%	2.06%	1.43%	6.72%	34.90%	0.28%	2.83%

Frequently Asked Questions

Can I hold both GMLVX and GMSMX in my portfolio?

GMLVX and GMSMX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMLVX or GMSMX?

GMLVX has higher volatility (8.13%) compared to GMSMX (4.79%). In terms of maximum drawdown, GMLVX dropped -70.50% vs GMSMX's -70.55%.

Which has better risk-adjusted returns?

GMLVX currently has the higher Sharpe Ratio (3.09 vs 1.73), 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.