NMMEX vs. GTDDX

Last updated Jul 14, 2026

NMMEX (Northern Active M Emerging Market Equity Fund) and GTDDX (Invesco EQV Emerging Markets All Cap Fd) are both Emerging Markets Diversified funds. Over the past 10 years, NMMEX returned 9.71%/yr vs 9.08%/yr for GTDDX. Their correlation of 0.91 suggests significant overlap in exposure. NMMEX charges 1.10%/yr vs 1.39%/yr for GTDDX.

Performance

NMMEX vs. GTDDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Active M Emerging Market Equity Fund (NMMEX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMMEX achieves a 26.18% return, which is significantly lower than GTDDX's 40.06% return. Over the past 10 years, NMMEX has outperformed GTDDX with an annualized return of 9.71%, while GTDDX has yielded a comparatively lower 9.08% annualized return.

NMMEX

• 1D: 0.94%
• 1M: -1.44%
• 6M: 18.34%
• YTD: 26.18%
• 1Y: 48.26%
• 3Y*: 23.61%
• 5Y*: 8.57%
• 10Y*: 9.71%

GTDDX

• 1D: 0.93%
• 1M: -1.75%
• 6M: 34.08%
• YTD: 40.06%
• 1Y: 61.15%
• 3Y*: 21.56%
• 5Y*: 8.45%
• 10Y*: 9.08%

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

NMMEX vs. GTDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMMEX Northern Active M Emerging Market Equity Fund	26.18%	34.16%	6.63%	12.12%	-22.33%	-1.22%	18.85%	16.26%	-14.90%	35.41%
GTDDX Invesco EQV Emerging Markets All Cap Fd	40.06%	29.88%	-0.66%	8.82%	-17.70%	-7.00%	17.19%	29.99%	-18.77%	30.34%

Correlation

The correlation between NMMEX and GTDDX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 15, 2008	0.91

The correlation between NMMEX and GTDDX has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

NMMEX vs. GTDDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NMMEX

NMMEX Risk / Return Rank: 85
NMMEX Sharpe Ratio Rank: 88
NMMEX Sortino Ratio Rank: 78
NMMEX Omega Ratio Rank: 84
NMMEX Calmar Ratio Rank: 87
NMMEX Martin Ratio Rank: 86

GTDDX

GTDDX Risk / Return Rank: 91
GTDDX Sharpe Ratio Rank: 95
GTDDX Sortino Ratio Rank: 86
GTDDX Omega Ratio Rank: 88
GTDDX Calmar Ratio Rank: 94
GTDDX Martin Ratio Rank: 93

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.

NMMEX vs. GTDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Active M Emerging Market Equity Fund (NMMEX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). 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.

	NMMEX	GTDDX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.74	-0.39
Sortino ratio: Return per unit of downside risk	2.90	3.33	-0.42
Omega ratio: Gain probability vs. loss probability	1.44	1.50	-0.05
Calmar ratio: Return relative to maximum drawdown	3.39	4.27	-0.88
Martin ratio: Return relative to average drawdown	12.30	15.25	-2.95

NMMEX vs. GTDDX - Sharpe Ratio Comparison

The current NMMEX Sharpe Ratio is 2.35, which is comparable to the GTDDX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of NMMEX and GTDDX, 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

NMMEX vs. GTDDX - Drawdown Comparison

The maximum NMMEX drawdown since its inception was -44.64%, smaller than the maximum GTDDX drawdown of -62.89%. Use the drawdown chart below to compare losses from any high point for NMMEX and GTDDX.

Drawdown Indicators

	NMMEX	GTDDX	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-62.89%	+18.25%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-14.49%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-16.08%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-44.64%	-34.92%	-9.72%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-39.58%	-5.06%
Current Drawdown Current decline from peak	-5.28%	-6.60%	+1.32%
Average Drawdown Average peak-to-trough decline	-14.95%	-18.70%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	4.04%	-0.14%

Volatility

NMMEX vs. GTDDX - Volatility Comparison

The current volatility for Northern Active M Emerging Market Equity Fund (NMMEX) is 9.63%, while Invesco EQV Emerging Markets All Cap Fd (GTDDX) has a volatility of 10.88%. This indicates that NMMEX experiences smaller price fluctuations and is considered to be less risky than GTDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMMEX	GTDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	10.88%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	18.92%	20.71%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	20.60%	22.62%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.10%	17.23%	+6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	17.24%	+4.40%

NMMEX vs. GTDDX - Expense Ratio Comparison

NMMEX has a 1.10% expense ratio, which is lower than GTDDX's 1.39% expense ratio.

Dividends

NMMEX vs. GTDDX - Dividend Comparison

NMMEX's dividend yield for the trailing twelve months is around 1.53%, less than GTDDX's 15.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTDDX Invesco EQV Emerging Markets All Cap Fd	15.08%	21.13%	1.16%	1.51%	1.17%	4.46%	5.05%	1.49%	1.53%	0.71%	0.86%	0.99%
NMMEX Northern Active M Emerging Market Equity Fund	1.53%	1.93%	0.80%	1.82%	0.89%	29.82%	6.99%	8.34%	0.99%	0.00%	1.90%	4.46%

Frequently Asked Questions

Can I hold both NMMEX and GTDDX in my portfolio?

NMMEX and GTDDX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMMEX or GTDDX?

GTDDX has higher volatility (10.88%) compared to NMMEX (9.63%). In terms of maximum drawdown, NMMEX dropped -44.64% vs GTDDX's -62.89%.

Which has better risk-adjusted returns?

GTDDX currently has the higher Sharpe Ratio (2.74 vs 2.35), 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.