GMOQX vs. GMCDX

Last updated Jun 3, 2026

GMOQX (GMO Emerging Country Debt Fund Class VI) and GMCDX (GMO Emerging Country Debt Fund) are both Emerging Markets Bonds funds from GMO. Over the past 3 years, GMOQX returned 20.00%/yr vs 20.21%/yr for GMCDX. With a 0.99 correlation, they move nearly in lockstep. GMOQX charges 0.51%/yr vs 0.53%/yr for GMCDX.

Performance

GMOQX vs. GMCDX - 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 Emerging Country Debt Fund (GMCDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GMOQX having a 8.37% return and GMCDX slightly lower at 8.34%.

GMOQX

• 1D: -0.04%
• 1M: 1.21%
• YTD: 8.37%
• 6M: 9.29%
• 1Y: 26.99%
• 3Y*: 20.00%
• 5Y*: —
• 10Y*: —

GMCDX

• 1D: -0.04%
• 1M: 1.20%
• YTD: 8.34%
• 6M: 9.25%
• 1Y: 26.86%
• 3Y*: 20.21%
• 5Y*: 9.54%
• 10Y*: 7.82%

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

GMOQX vs. GMCDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMOQX GMO Emerging Country Debt Fund Class VI	8.37%	22.45%	12.60%	17.76%	-16.26%	-2.20%
GMCDX GMO Emerging Country Debt Fund	8.34%	22.34%	13.39%	17.63%	-16.30%	5.52%

Correlation

The correlation between GMOQX and GMCDX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 17, 2021	0.99

The correlation between GMOQX and GMCDX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

GMOQX vs. GMCDX — 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

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

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. GMCDX - 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 Emerging Country Debt Fund (GMCDX). 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	GMCDX	Difference
Sharpe ratio Return per unit of total volatility	5.05	5.07	-0.02
Sortino ratio Return per unit of downside risk	9.04	9.08	-0.04
Omega ratio Gain probability vs. loss probability	2.25	2.27	-0.03
Calmar ratio Return relative to maximum drawdown	7.02	6.93	+0.09
Martin ratio Return relative to average drawdown	30.53	30.08	+0.46
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. GMCDX - Sharpe Ratio Comparison

The current GMOQX Sharpe Ratio is 5.05, which is comparable to the GMCDX Sharpe Ratio of 5.07. The chart below compares the historical Sharpe Ratios of GMOQX and GMCDX, 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	GMCDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.05	5.07	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.32	+0.42

Drawdowns

GMOQX vs. GMCDX - Drawdown Comparison

The maximum GMOQX drawdown since its inception was -31.41%, smaller than the maximum GMCDX drawdown of -68.24%. Use the drawdown chart below to compare losses from any high point for GMOQX and GMCDX.

Drawdown Indicators

	GMOQX	GMCDX	Difference
Max Drawdown Largest peak-to-trough decline	-31.41%	-68.24%	+36.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-3.85%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-9.02%	-9.00%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.02%	—
Current Drawdown Current decline from peak	-0.04%	-0.04%	0.00%
Average Drawdown Average peak-to-trough decline	-9.72%	-17.66%	+7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.89%	-0.01%

Volatility

GMOQX vs. GMCDX - Volatility Comparison

GMO Emerging Country Debt Fund Class VI (GMOQX) and GMO Emerging Country Debt Fund (GMCDX) have volatilities of 1.50% and 1.53%, 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

	GMOQX	GMCDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.53%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.37%	4.37%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.34%	5.31%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	11.20%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.88%	9.33%	+1.55%

GMOQX vs. GMCDX - Expense Ratio Comparison

GMOQX has a 0.51% expense ratio, which is lower than GMCDX's 0.53% expense ratio.

Dividends

GMOQX vs. GMCDX - Dividend Comparison

GMOQX's dividend yield for the trailing twelve months is around 5.88%, more than GMCDX's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMCDX GMO Emerging Country Debt Fund	5.79%	6.27%	6.88%	10.26%	13.73%	17.75%	9.66%	6.60%	7.76%	7.06%	6.00%	2.50%
GMOQX GMO Emerging Country Debt Fund Class VI	5.88%	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 GMCDX in my portfolio?

With a correlation of 1.00, GMOQX and GMCDX 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, GMOQX or GMCDX?

GMCDX has higher volatility (1.53%) compared to GMOQX (1.50%). In terms of maximum drawdown, GMOQX dropped -31.41% vs GMCDX's -68.24%.

Which has better risk-adjusted returns?

GMCDX currently has the higher Sharpe Ratio (5.07 vs 5.05), 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.