GMOQX vs. AGEPX

Last updated Jun 5, 2026

GMOQX (GMO Emerging Country Debt Fund Class VI) and AGEPX (American Beacon Frontier Markets Income Fund) are both Emerging Markets Bonds funds. Over the past 3 years, GMOQX returned 20.06%/yr vs 16.96%/yr for AGEPX. A 0.73 correlation means they provide meaningful diversification when combined. GMOQX charges 0.51%/yr vs 1.38%/yr for AGEPX.

Performance

GMOQX vs. AGEPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Emerging Country Debt Fund Class VI (GMOQX) and American Beacon Frontier Markets Income Fund (AGEPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMOQX achieves a 8.55% return, which is significantly higher than AGEPX's 6.76% return.

GMOQX

• 1D: -0.16%
• 1M: 1.29%
• YTD: 8.55%
• 6M: 9.19%
• 1Y: 25.84%
• 3Y*: 20.06%
• 5Y*: —
• 10Y*: —

AGEPX

• 1D: 0.00%
• 1M: 1.25%
• YTD: 6.76%
• 6M: 8.20%
• 1Y: 20.49%
• 3Y*: 16.96%
• 5Y*: 7.87%
• 10Y*: 7.64%

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

GMOQX vs. AGEPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMOQX GMO Emerging Country Debt Fund Class VI	8.55%	22.45%	12.60%	17.76%	-16.26%	-2.20%
AGEPX American Beacon Frontier Markets Income Fund	6.76%	18.76%	15.58%	12.83%	-12.84%	0.13%

Correlation

The correlation between GMOQX and AGEPX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.73

The correlation between GMOQX and AGEPX has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Return for Risk

GMOQX vs. AGEPX — Risk / Return Rank

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

GMOQX

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

AGEPX

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

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.

GMOQX vs. AGEPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Country Debt Fund Class VI (GMOQX) and American Beacon Frontier Markets Income Fund (AGEPX). 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.

	GMOQX	AGEPX	Difference
Sharpe ratio: Return per unit of total volatility	5.02	5.75	-0.73
Sortino ratio: Return per unit of downside risk	8.97	9.78	-0.81
Omega ratio: Gain probability vs. loss probability	2.24	2.57	-0.33
Calmar ratio: Return relative to maximum drawdown	6.99	6.65	+0.34
Martin ratio: Return relative to average drawdown	30.35	30.13	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMOQX vs. AGEPX - Sharpe Ratio Comparison

The current GMOQX Sharpe Ratio is 5.02, which is comparable to the AGEPX Sharpe Ratio of 5.75. The chart below compares the historical Sharpe Ratios of GMOQX and AGEPX, 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

	GMOQX	AGEPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.02	5.75	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.33	-0.60

Drawdowns

GMOQX vs. AGEPX - Drawdown Comparison

The maximum GMOQX drawdown since its inception was -31.41%, which is greater than AGEPX's maximum drawdown of -22.47%. Use the drawdown chart below to compare losses from any high point for GMOQX and AGEPX.

Drawdown Indicators

	GMOQX	AGEPX	Difference
Max Drawdown Largest peak-to-trough decline	-31.41%	-22.47%	-8.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-3.17%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-9.02%	-4.80%	-4.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.47%	—
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-9.70%	-3.64%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.70%	+0.18%

Volatility

GMOQX vs. AGEPX - Volatility Comparison

GMO Emerging Country Debt Fund Class VI (GMOQX) has a higher volatility of 1.50% compared to American Beacon Frontier Markets Income Fund (AGEPX) at 0.83%. This indicates that GMOQX's price experiences larger fluctuations and is considered to be riskier than AGEPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMOQX	AGEPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	0.83%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	2.99%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.33%	3.67%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	5.16%	+5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	4.98%	+5.89%

GMOQX vs. AGEPX - Expense Ratio Comparison

GMOQX has a 0.51% expense ratio, which is lower than AGEPX's 1.38% expense ratio.

Dividends

GMOQX vs. AGEPX - Dividend Comparison

GMOQX's dividend yield for the trailing twelve months is around 5.87%, less than AGEPX's 9.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGEPX American Beacon Frontier Markets Income Fund	9.58%	9.79%	11.92%	9.40%	7.26%	7.65%	7.07%	8.38%	9.55%	7.09%	8.28%	6.80%
GMOQX GMO Emerging Country Debt Fund Class VI	5.87%	6.37%	6.23%	10.36%	13.87%	7.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMOQX and AGEPX in my portfolio?

GMOQX and AGEPX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMOQX or AGEPX?

GMOQX has higher volatility (1.50%) compared to AGEPX (0.83%). In terms of maximum drawdown, GMOQX dropped -31.41% vs AGEPX's -22.47%.

Which has better risk-adjusted returns?

AGEPX currently has the higher Sharpe Ratio (5.75 vs 5.02), 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.