MADCX vs. GQGIX
MADCX (BlackRock Emerging Markets Fund, Inc.) and GQGIX (GQG Partners Emerging Markets Equity Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 5 years, MADCX returned 4.43%/yr vs 4.37%/yr for GQGIX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. MADCX charges 0.86%/yr vs 0.98%/yr for GQGIX.
Performance
MADCX vs. GQGIX - Performance Comparison
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Returns By Period
In the year-to-date period, MADCX achieves a 21.76% return, which is significantly higher than GQGIX's 8.26% return.
MADCX
- 1D
- 0.61%
- 1M
- -4.41%
- 6M
- 11.19%
- YTD
- 21.76%
- 1Y
- 42.97%
- 3Y*
- 17.04%
- 5Y*
- 4.43%
- 10Y*
- 9.32%
- ALL TIME*
- 7.14%
GQGIX
- 1D
- 0.00%
- 1M
- 4.05%
- 6M
- 1.15%
- YTD
- 8.26%
- 1Y
- 15.85%
- 3Y*
- 12.01%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 8.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MADCX vs. GQGIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MADCX BlackRock Emerging Markets Fund, Inc. | 21.76% | 30.47% | -1.09% | 10.77% | -24.12% | -1.14% | 24.53% | 26.47% | -10.73% | 42.09% |
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares | 8.26% | 9.92% | 6.19% | 28.81% | -20.85% | -2.37% | 33.98% | 21.08% | -14.70% | 30.20% |
Correlation
The correlation between MADCX and GQGIX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.80 |
The correlation between MADCX and GQGIX shifts across timeframes, from 0.69 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MADCX vs. GQGIX — Risk / Return Rank
MADCX
GQGIX
MADCX vs. GQGIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Emerging Markets Fund, Inc. (MADCX) and GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX). 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.
| MADCX | GQGIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.86 | +0.79 |
| Martin ratioReturn relative to average drawdown | 8.85 | 5.22 | +3.63 |
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Drawdowns
MADCX vs. GQGIX - Drawdown Comparison
The maximum MADCX drawdown since its inception was -66.58%, which is greater than GQGIX's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for MADCX and GQGIX.
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Drawdown Indicators
| MADCX | GQGIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.58% | -33.50% | -33.08% |
Max Drawdown (1Y)Largest decline over 1 year | -17.17% | -9.11% | -8.06% |
Max Drawdown (3Y)Largest decline over 3 years | -20.25% | -18.74% | -1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -37.74% | -28.02% | -9.72% |
Max Drawdown (10Y)Largest decline over 10 years | -43.82% | — | — |
Current DrawdownCurrent decline from peak | -11.22% | -2.48% | -8.74% |
Average DrawdownAverage peak-to-trough decline | -18.32% | -11.26% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 3.24% | +1.90% |
Volatility
MADCX vs. GQGIX - Volatility Comparison
BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 11.43% compared to GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) at 2.96%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than GQGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MADCX | GQGIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 2.96% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 24.57% | 9.71% | +14.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.71% | 11.53% | +15.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 14.60% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 15.85% | +3.35% |
MADCX vs. GQGIX - Expense Ratio Comparison
MADCX has a 0.86% expense ratio, which is lower than GQGIX's 0.98% expense ratio.
Dividends
MADCX vs. GQGIX - Dividend Comparison
MADCX's dividend yield for the trailing twelve months is around 6.52%, more than GQGIX's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares | 1.96% | 2.13% | 1.70% | 2.71% | 5.67% | 3.91% | 0.24% | 1.16% | 0.81% | 0.25% | 0.00% | 0.00% |
MADCX BlackRock Emerging Markets Fund, Inc. | 6.52% | 4.26% | 1.90% | 1.67% | 2.22% | 5.72% | 0.97% | 1.53% | 0.98% | 0.48% | 1.82% | 1.34% |
Frequently Asked Questions
MADCX and GQGIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MADCX has higher volatility (11.43%) compared to GQGIX (2.96%). In terms of maximum drawdown, MADCX dropped -66.58% vs GQGIX's -33.50%.
MADCX currently has the higher Sharpe Ratio (1.71 vs 1.47), 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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