OEQIX vs. GMAQX

Last updated Jul 2, 2026

OEQIX (Oaktree Emerging Markets Equity Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 3 years, OEQIX returned 17.70%/yr vs 31.41%/yr for GMAQX. Their correlation of 0.80 suggests significant overlap in exposure. OEQIX charges 1.10%/yr vs 0.67%/yr for GMAQX.

Performance

OEQIX vs. GMAQX - Performance Comparison

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

Returns By Period

In the year-to-date period, OEQIX achieves a 13.66% return, which is significantly lower than GMAQX's 47.75% return.

OEQIX

• 1D: 1.56%
• 1M: -5.10%
• YTD: 13.66%
• 6M: 13.66%
• 1Y: 38.79%
• 3Y*: 17.70%
• 5Y*: 5.80%
• 10Y*: —

GMAQX

• 1D: 1.47%
• 1M: -5.48%
• YTD: 47.75%
• 6M: 47.75%
• 1Y: 70.97%
• 3Y*: 31.41%
• 5Y*: —
• 10Y*: —

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

OEQIX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OEQIX Oaktree Emerging Markets Equity Fund	13.66%	46.19%	-2.39%	5.00%	-12.91%	-5.03%
GMAQX GMO Emerging Markets ex-China Fund	47.75%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between OEQIX and GMAQX 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	0.77
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.80

The correlation between OEQIX and GMAQX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

OEQIX vs. GMAQX — Risk / Return Rank

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

OEQIX

OEQIX Risk / Return Rank: 45
OEQIX Sharpe Ratio Rank: 45
OEQIX Sortino Ratio Rank: 35
OEQIX Omega Ratio Rank: 48
OEQIX Calmar Ratio Rank: 54
OEQIX Martin Ratio Rank: 46

GMAQX

GMAQX Risk / Return Rank: 94
GMAQX Sharpe Ratio Rank: 96
GMAQX Sortino Ratio Rank: 90
GMAQX Omega Ratio Rank: 92
GMAQX Calmar Ratio Rank: 96
GMAQX Martin Ratio Rank: 95

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.

OEQIX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oaktree Emerging Markets Equity Fund (OEQIX) 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.

	OEQIX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	3.05	-1.47
Sortino ratio: Return per unit of downside risk	2.01	3.88	-1.88
Omega ratio: Gain probability vs. loss probability	1.30	1.63	-0.32
Calmar ratio: Return relative to maximum drawdown	2.36	5.25	-2.89
Martin ratio: Return relative to average drawdown	8.11	17.79	-9.69

OEQIX vs. GMAQX - Sharpe Ratio Comparison

The current OEQIX Sharpe Ratio is 1.58, which is lower than the GMAQX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of OEQIX and GMAQX, 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

OEQIX vs. GMAQX - Drawdown Comparison

The maximum OEQIX drawdown since its inception was -33.54%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for OEQIX and GMAQX.

Drawdown Indicators

	OEQIX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-33.54%	-41.97%	+8.43%
Max Drawdown (1Y) Largest decline over 1 year	-16.60%	-13.77%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.75%	-19.64%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-32.26%	—	—
Current Drawdown Current decline from peak	-6.46%	-6.46%	0.00%
Average Drawdown Average peak-to-trough decline	-15.51%	-16.56%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	4.05%	+0.77%

Volatility

OEQIX vs. GMAQX - Volatility Comparison

Oaktree Emerging Markets Equity Fund (OEQIX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 13.18% and 12.61%, 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

	OEQIX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.18%	12.61%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	22.34%	21.99%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	23.71%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	17.90%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.16%	17.90%	+2.26%

OEQIX vs. GMAQX - Expense Ratio Comparison

OEQIX has a 1.10% expense ratio, which is higher than GMAQX's 0.67% expense ratio.

Dividends

OEQIX vs. GMAQX - Dividend Comparison

OEQIX's dividend yield for the trailing twelve months is around 1.74%, less than GMAQX's 6.38% yield.

Position	TTM	2025	2024	2023	2022	2021
GMAQX GMO Emerging Markets ex-China Fund	6.38%	9.43%	32.28%	6.76%	4.94%	0.66%
OEQIX Oaktree Emerging Markets Equity Fund	1.74%	1.98%	2.67%	2.89%	2.73%	0.70%

Frequently Asked Questions

Can I hold both OEQIX and GMAQX in my portfolio?

OEQIX and GMAQX 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, OEQIX or GMAQX?

OEQIX has higher volatility (13.18%) compared to GMAQX (12.61%). In terms of maximum drawdown, OEQIX dropped -33.54% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (3.05 vs 1.58), 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.