MEMQX vs. GLLSX

Last updated Aug 1, 2026

MEMQX (Mercer Emerging Markets Equity Fund) and GLLSX (abrdn Emerging Markets ex-China Fund) are both Emerging Markets Equities funds. Over the past 5 years, MEMQX returned 4.05%/yr vs 14.02%/yr for GLLSX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. MEMQX charges 0.49%/yr vs 1.23%/yr for GLLSX.

Performance

MEMQX vs. GLLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Emerging Markets Equity Fund (MEMQX) and abrdn Emerging Markets ex-China Fund (GLLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMQX achieves a 16.27% return, which is significantly lower than GLLSX's 28.23% return.

MEMQX

• 1D: 3.24%
• 1M: -3.96%
• 6M: 5.99%
• YTD: 16.27%
• 1Y: 31.30%
• 3Y*: 14.77%
• 5Y*: 4.05%
• 10Y*: —
• ALL TIME*: 6.09%

GLLSX

• 1D: 5.26%
• 1M: -5.93%
• 6M: 15.32%
• YTD: 28.23%
• 1Y: 55.14%
• 3Y*: 21.64%
• 5Y*: 14.02%
• 10Y*: 13.09%
• ALL TIME*: 10.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GLLSX abrdn Emerging Markets ex-China Fund	$0.00	$0.00	$0.00
MEMQX Mercer Emerging Markets Equity Fund	$0.00	$0.00	$0.00

MEMQX vs. GLLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MEMQX Mercer Emerging Markets Equity Fund	16.27%	31.07%	2.00%	7.16%	-24.30%	0.23%	13.55%	7.56%
GLLSX abrdn Emerging Markets ex-China Fund	28.23%	34.81%	0.73%	21.35%	-23.04%	36.50%	15.93%	12.71%

Correlation

The correlation between MEMQX and GLLSX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Mar 26, 2019	0.73

The correlation between MEMQX and GLLSX has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

Return for Risk

MEMQX vs. GLLSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MEMQX

MEMQX Risk / Return Rank: 67
MEMQX Sharpe Ratio Rank: 68
MEMQX Sortino Ratio Rank: 60
MEMQX Omega Ratio Rank: 66
MEMQX Calmar Ratio Rank: 80
MEMQX Martin Ratio Rank: 61

GLLSX

GLLSX Risk / Return Rank: 80
GLLSX Sharpe Ratio Rank: 80
GLLSX Sortino Ratio Rank: 70
GLLSX Omega Ratio Rank: 79
GLLSX Calmar Ratio Rank: 85
GLLSX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEMQX vs. GLLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Emerging Markets Equity Fund (MEMQX) and abrdn Emerging Markets ex-China Fund (GLLSX). 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.

	MEMQX	GLLSX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.89	-0.27
Sortino ratio: Return per unit of downside risk	2.17	2.38	-0.22
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	2.69	2.90	-0.21
Martin ratio: Return relative to average drawdown	7.99	10.47	-2.48

MEMQX vs. GLLSX - Sharpe Ratio Comparison

The current MEMQX Sharpe Ratio is 1.63, which is comparable to the GLLSX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MEMQX and GLLSX, 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

MEMQX vs. GLLSX - Drawdown Comparison

The maximum MEMQX drawdown since its inception was -40.09%, which is greater than GLLSX's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for MEMQX and GLLSX.

Drawdown Indicators

	MEMQX	GLLSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.09%	-32.59%	-7.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-18.34%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-20.95%	+4.06%
Max Drawdown (5Y) Largest decline over 5 years	-39.37%	-30.02%	-9.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.59%	—
Current Drawdown Current decline from peak	-9.57%	-14.05%	+4.48%
Average Drawdown Average peak-to-trough decline	-16.85%	-7.92%	-8.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	5.08%	-1.07%

Volatility

MEMQX vs. GLLSX - Volatility Comparison

The current volatility for Mercer Emerging Markets Equity Fund (MEMQX) is 8.44%, while abrdn Emerging Markets ex-China Fund (GLLSX) has a volatility of 12.43%. This indicates that MEMQX experiences smaller price fluctuations and is considered to be less risky than GLLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMQX	GLLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	12.43%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	18.15%	26.48%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.56%	28.15%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	19.87%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.97%	18.62%	+1.35%

MEMQX vs. GLLSX - Expense Ratio Comparison

MEMQX has a 0.49% expense ratio, which is lower than GLLSX's 1.23% expense ratio.

Dividends

MEMQX vs. GLLSX - Dividend Comparison

MEMQX's dividend yield for the trailing twelve months is around 2.47%, more than GLLSX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLLSX abrdn Emerging Markets ex-China Fund	1.46%	1.88%	0.74%	0.77%	29.32%	22.85%	0.00%	3.38%	9.47%	8.40%	1.09%	0.94%
MEMQX Mercer Emerging Markets Equity Fund	2.47%	2.88%	1.64%	2.35%	2.57%	13.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMQX and GLLSX in my portfolio?

MEMQX and GLLSX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMQX or GLLSX?

GLLSX has higher volatility (12.43%) compared to MEMQX (8.44%). In terms of maximum drawdown, MEMQX dropped -40.09% vs GLLSX's -32.59%.

Which has better risk-adjusted returns?

GLLSX currently has the higher Sharpe Ratio (1.89 vs 1.63), 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.