GMOQX vs. GABFX

Last updated Jun 26, 2026

GMOQX (GMO Emerging Country Debt Fund Class VI) and GABFX (GMO Asset Allocation Bond Fund) are both mutual funds - GMOQX is a Emerging Markets Bonds fund actively managed by GMO, while GABFX is a Inflation-Protected Bonds fund managed by GMO. Over the past 3 years, GMOQX returned 19.16%/yr vs -1.26%/yr for GABFX. At a 0.41 correlation, their price movements are largely independent. GMOQX charges 0.51%/yr vs 0.32%/yr for GABFX.

Performance

GMOQX vs. GABFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Emerging Country Debt Fund Class VI (GMOQX) and GMO Asset Allocation Bond Fund (GABFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMOQX achieves a 9.31% return, which is significantly higher than GABFX's -3.48% return.

GMOQX

• 1D: 0.20%
• 1M: 1.74%
• YTD: 9.31%
• 6M: 9.45%
• 1Y: 24.96%
• 3Y*: 19.16%
• 5Y*: —
• 10Y*: —

GABFX

• 1D: 1.18%
• 1M: 1.12%
• YTD: -3.48%
• 6M: -3.69%
• 1Y: -0.23%
• 3Y*: -1.26%
• 5Y*: -3.20%
• 10Y*: 0.51%

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

GMOQX vs. GABFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMOQX GMO Emerging Country Debt Fund Class VI	9.31%	22.45%	12.60%	17.76%	-16.26%	-2.20%
GABFX GMO Asset Allocation Bond Fund	-3.48%	8.82%	-12.60%	8.33%	-14.86%	-1.59%

Correlation

The correlation between GMOQX and GABFX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.41

Return for Risk

GMOQX vs. GABFX — 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

GABFX

GABFX Risk / Return Rank: 3
GABFX Sharpe Ratio Rank: 3
GABFX Sortino Ratio Rank: 3
GABFX Omega Ratio Rank: 3
GABFX Calmar Ratio Rank: 3
GABFX Martin Ratio Rank: 3

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. GABFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Emerging Country Debt Fund Class VI (GMOQX) and GMO Asset Allocation Bond Fund (GABFX). 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.

	GMOQX	GABFX	Difference
Sharpe ratio: Return per unit of total volatility	4.76	-0.02	+4.78
Sortino ratio: Return per unit of downside risk	8.47	0.04	+8.43
Omega ratio: Gain probability vs. loss probability	2.15	1.00	+1.14
Calmar ratio: Return relative to maximum drawdown	6.63	-0.02	+6.65
Martin ratio: Return relative to average drawdown	28.71	-0.06	+28.77

GMOQX vs. GABFX - Sharpe Ratio Comparison

The current GMOQX Sharpe Ratio is 4.76, which is higher than the GABFX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of GMOQX and GABFX, 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

GMOQX vs. GABFX - Drawdown Comparison

The maximum GMOQX drawdown since its inception was -31.41%, which is greater than GABFX's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for GMOQX and GABFX.

Drawdown Indicators

	GMOQX	GABFX	Difference
Max Drawdown Largest peak-to-trough decline	-31.41%	-27.84%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-9.58%	+5.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.02%	-19.48%	+10.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.84%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.84%	—
Current Drawdown Current decline from peak	-0.41%	-17.38%	+16.97%
Average Drawdown Average peak-to-trough decline	-9.58%	-7.34%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.97%	-3.09%

Volatility

GMOQX vs. GABFX - Volatility Comparison

The current volatility for GMO Emerging Country Debt Fund Class VI (GMOQX) is 1.24%, while GMO Asset Allocation Bond Fund (GABFX) has a volatility of 2.57%. This indicates that GMOQX experiences smaller price fluctuations and is considered to be less risky than GABFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMOQX	GABFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	2.57%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	4.43%	6.68%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	10.23%	-4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.81%	14.04%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.81%	10.37%	+0.44%

GMOQX vs. GABFX - Expense Ratio Comparison

GMOQX has a 0.51% expense ratio, which is higher than GABFX's 0.32% expense ratio.

Dividends

GMOQX vs. GABFX - Dividend Comparison

GMOQX's dividend yield for the trailing twelve months is around 5.83%, more than GABFX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABFX GMO Asset Allocation Bond Fund	2.79%	2.69%	4.19%	5.03%	0.71%	1.81%	1.20%	4.72%	5.13%	1.07%	0.00%	7.43%
GMOQX GMO Emerging Country Debt Fund Class VI	5.83%	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 GABFX in my portfolio?

GMOQX and GABFX have a correlation of 0.39, 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 GABFX?

GABFX has higher volatility (2.57%) compared to GMOQX (1.24%). In terms of maximum drawdown, GMOQX dropped -31.41% vs GABFX's -27.84%.

Which has better risk-adjusted returns?

GMOQX currently has the higher Sharpe Ratio (4.76 vs -0.02), 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.