PFSIX vs. GMOQX

Last updated Aug 1, 2026

PFSIX (PIMCO Emerging Markets Full Spectrum Bond Fund) and GMOQX (GMO Emerging Country Debt Fund Class VI) are both Emerging Markets Bonds funds. Over the past 3 years, PFSIX returned 8.50%/yr vs 17.18%/yr for GMOQX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PFSIX charges 0.94%/yr vs 0.51%/yr for GMOQX.

Performance

PFSIX vs. GMOQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX) and GMO Emerging Country Debt Fund Class VI (GMOQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFSIX achieves a 1.24% return, which is significantly lower than GMOQX's 8.19% return.

PFSIX

• 1D: 0.31%
• 1M: -1.08%
• 6M: -0.67%
• YTD: 1.24%
• 1Y: 9.09%
• 3Y*: 8.50%
• 5Y*: 3.05%
• 10Y*: 3.71%
• ALL TIME*: 1.74%

GMOQX

• 1D: -0.37%
• 1M: -1.02%
• 6M: 4.16%
• YTD: 8.19%
• 1Y: 19.82%
• 3Y*: 17.18%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.62%

*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)
GMOQX GMO Emerging Country Debt Fund Class VI	$0.00	$0.00	$0.00
PFSIX PIMCO Emerging Markets Full Spectrum Bond Fund	$0.00	$0.00	$0.00

PFSIX vs. GMOQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFSIX PIMCO Emerging Markets Full Spectrum Bond Fund	1.24%	18.47%	2.89%	10.66%	-12.11%	-2.92%
GMOQX GMO Emerging Country Debt Fund Class VI	8.19%	22.45%	12.60%	17.76%	-16.26%	-2.20%

Correlation

The correlation between PFSIX and GMOQX is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.68

The correlation between PFSIX and GMOQX has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.

Return for Risk

PFSIX vs. GMOQX — Risk / Return Rank

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

PFSIX

PFSIX Risk / Return Rank: 61
PFSIX Sharpe Ratio Rank: 74
PFSIX Sortino Ratio Rank: 74
PFSIX Omega Ratio Rank: 76
PFSIX Calmar Ratio Rank: 43
PFSIX Martin Ratio Rank: 36

GMOQX

GMOQX Risk / Return Rank: 98
GMOQX Sharpe Ratio Rank: 99
GMOQX Sortino Ratio Rank: 99
GMOQX Omega Ratio Rank: 98
GMOQX Calmar Ratio Rank: 97
GMOQX Martin Ratio Rank: 98

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.

PFSIX vs. GMOQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX) and GMO Emerging Country Debt Fund Class VI (GMOQX). 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.

	PFSIX	GMOQX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	3.76	-2.01
Sortino ratio: Return per unit of downside risk	2.55	6.64	-4.10
Omega ratio: Gain probability vs. loss probability	1.34	1.88	-0.54
Calmar ratio: Return relative to maximum drawdown	1.75	5.22	-3.47
Martin ratio: Return relative to average drawdown	5.28	21.93	-16.65

PFSIX vs. GMOQX - Sharpe Ratio Comparison

The current PFSIX Sharpe Ratio is 1.75, which is lower than the GMOQX Sharpe Ratio of 3.76. The chart below compares the historical Sharpe Ratios of PFSIX and GMOQX, 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

PFSIX vs. GMOQX - Drawdown Comparison

The maximum PFSIX drawdown since its inception was -28.20%, smaller than the maximum GMOQX drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for PFSIX and GMOQX.

Drawdown Indicators

	PFSIX	GMOQX	Difference
Max Drawdown Largest peak-to-trough decline	-28.20%	-31.41%	+3.21%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	-3.82%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-9.02%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	-23.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.61%	—	—
Current Drawdown Current decline from peak	-1.88%	-1.42%	-0.46%
Average Drawdown Average peak-to-trough decline	-9.22%	-9.41%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.91%	+1.00%

Volatility

PFSIX vs. GMOQX - Volatility Comparison

PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX) has a higher volatility of 1.25% compared to GMO Emerging Country Debt Fund Class VI (GMOQX) at 0.99%. This indicates that PFSIX's price experiences larger fluctuations and is considered to be riskier than GMOQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFSIX	GMOQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	0.99%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	4.98%	4.00%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	5.31%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.06%	10.72%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	10.72%	-4.43%

PFSIX vs. GMOQX - Expense Ratio Comparison

PFSIX has a 0.94% expense ratio, which is higher than GMOQX's 0.51% expense ratio.

Dividends

PFSIX vs. GMOQX - Dividend Comparison

PFSIX's dividend yield for the trailing twelve months is around 6.89%, more than GMOQX's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMOQX GMO Emerging Country Debt Fund Class VI	4.57%	6.37%	6.23%	10.36%	13.87%	7.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFSIX PIMCO Emerging Markets Full Spectrum Bond Fund	6.89%	6.45%	6.58%	4.65%	3.75%	4.40%	4.23%	5.22%	5.66%	5.22%	5.20%	5.44%

Frequently Asked Questions

Can I hold both PFSIX and GMOQX in my portfolio?

PFSIX and GMOQX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFSIX or GMOQX?

PFSIX has higher volatility (1.25%) compared to GMOQX (0.99%). In terms of maximum drawdown, PFSIX dropped -28.20% vs GMOQX's -31.41%.

Which has better risk-adjusted returns?

GMOQX currently has the higher Sharpe Ratio (3.76 vs 1.75), 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.