MGEMX vs. GMAQX
MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 3 years, MGEMX returned -0.62%/yr vs 30.42%/yr for GMAQX. Their correlation of 0.88 suggests significant overlap in exposure. MGEMX charges 1.05%/yr vs 0.67%/yr for GMAQX.
Performance
MGEMX vs. GMAQX - Performance Comparison
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Returns By Period
In the year-to-date period, MGEMX achieves a 29.77% return, which is significantly lower than GMAQX's 44.54% return.
MGEMX
- 1D
- -5.84%
- 1M
- 2.24%
- YTD
- 29.77%
- 6M
- 31.55%
- 1Y
- -24.65%
- 3Y*
- -0.62%
- 5Y*
- -5.91%
- 10Y*
- 3.96%
GMAQX
- 1D
- -5.77%
- 1M
- 0.70%
- YTD
- 44.54%
- 6M
- 46.95%
- 1Y
- 69.93%
- 3Y*
- 30.42%
- 5Y*
- —
- 10Y*
- —
MGEMX vs. GMAQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio | 29.77% | -34.08% | 8.07% | 12.16% | -25.07% | -2.60% |
GMAQX GMO Emerging Markets ex-China Fund | 44.54% | 32.09% | 0.62% | 27.41% | -32.38% | 0.47% |
Correlation
The correlation between MGEMX and GMAQX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021 | 0.88 |
The correlation between MGEMX and GMAQX has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.
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Return for Risk
MGEMX vs. GMAQX — Risk / Return Rank
MGEMX
GMAQX
MGEMX vs. GMAQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and GMO Emerging Markets ex-China Fund (GMAQX). 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.
| MGEMX | GMAQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -4.04 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.65 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 5.41 | -5.84 |
| Martin ratioReturn relative to average drawdown | -0.74 | 19.05 | -19.79 |
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Drawdowns
MGEMX vs. GMAQX - Drawdown Comparison
The maximum MGEMX drawdown since its inception was -64.93%, which is greater than GMAQX's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for MGEMX and GMAQX.
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Drawdown Indicators
| MGEMX | GMAQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.93% | -41.97% | -22.96% |
Max Drawdown (1Y)Largest decline over 1 year | -52.50% | -13.77% | -38.73% |
Max Drawdown (3Y)Largest decline over 3 years | -52.50% | -19.64% | -32.86% |
Max Drawdown (5Y)Largest decline over 5 years | -52.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.50% | — | — |
Current DrawdownCurrent decline from peak | -35.41% | -8.50% | -26.91% |
Average DrawdownAverage peak-to-trough decline | -19.84% | -16.60% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 3.90% | +27.02% |
Volatility
MGEMX vs. GMAQX - Volatility Comparison
Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 13.39% and 12.79%, 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.
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Volatility by Period
| MGEMX | GMAQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.39% | 12.79% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 21.88% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.22% | 23.71% | +32.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.47% | 17.90% | +11.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.94% | 17.90% | +7.04% |
MGEMX vs. GMAQX - Expense Ratio Comparison
MGEMX has a 1.05% expense ratio, which is higher than GMAQX's 0.67% expense ratio.
Dividends
MGEMX vs. GMAQX - Dividend Comparison
MGEMX has not paid dividends to shareholders, while GMAQX's dividend yield for the trailing twelve months is around 6.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMAQX GMO Emerging Markets ex-China Fund | 6.52% | 9.43% | 32.28% | 6.76% | 4.94% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio | 0.00% | 0.00% | 1.27% | 2.48% | 4.48% | 9.05% | 1.07% | 26.00% | 2.46% | 0.60% | 0.82% | 0.87% |
Frequently Asked Questions
MGEMX and GMAQX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MGEMX has higher volatility (13.39%) compared to GMAQX (12.79%). In terms of maximum drawdown, MGEMX dropped -64.93% vs GMAQX's -41.97%.
GMAQX currently has the higher Sharpe Ratio (3.14 vs -0.41), 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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