SHMDX vs. GMOQX

Last updated Jun 24, 2026

SHMDX (Virtus Stone Harbor Emerging Mkts Debt) and GMOQX (GMO Emerging Country Debt Fund Class VI) are both Emerging Markets Bonds funds. Over the past 3 years, SHMDX returned 12.87%/yr vs 19.18%/yr for GMOQX. Their correlation of 0.90 suggests significant overlap in exposure. SHMDX charges 0.73%/yr vs 0.51%/yr for GMOQX.

Performance

SHMDX vs. GMOQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Emerging Mkts Debt (SHMDX) 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, SHMDX achieves a 4.39% return, which is significantly lower than GMOQX's 9.35% return.

SHMDX

• 1D: -0.25%
• 1M: 1.84%
• YTD: 4.39%
• 6M: 4.65%
• 1Y: 15.28%
• 3Y*: 12.87%
• 5Y*: 3.45%
• 10Y*: 4.32%

GMOQX

• 1D: -0.16%
• 1M: 2.16%
• YTD: 9.35%
• 6M: 9.69%
• 1Y: 26.04%
• 3Y*: 19.18%
• 5Y*: —
• 10Y*: —

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

SHMDX vs. GMOQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SHMDX Virtus Stone Harbor Emerging Mkts Debt	4.39%	15.13%	8.90%	14.81%	-19.74%	-2.15%
GMOQX GMO Emerging Country Debt Fund Class VI	9.35%	22.45%	12.60%	17.76%	-16.26%	-2.20%

Correlation

The correlation between SHMDX and GMOQX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 16, 2021	0.90

The correlation between SHMDX and GMOQX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

SHMDX vs. GMOQX — Risk / Return Rank

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

SHMDX

SHMDX Risk / Return Rank: 92
SHMDX Sharpe Ratio Rank: 97
SHMDX Sortino Ratio Rank: 97
SHMDX Omega Ratio Rank: 95
SHMDX Calmar Ratio Rank: 82
SHMDX Martin Ratio Rank: 88

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) 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.

SHMDX vs. GMOQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Emerging Mkts Debt (SHMDX) 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.

	SHMDX	GMOQX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	4.96	-1.65
Sortino ratio: Return per unit of downside risk	5.47	8.84	-3.38
Omega ratio: Gain probability vs. loss probability	1.72	2.21	-0.49
Calmar ratio: Return relative to maximum drawdown	3.58	6.93	-3.35
Martin ratio: Return relative to average drawdown	15.82	30.05	-14.23

SHMDX vs. GMOQX - Sharpe Ratio Comparison

The current SHMDX Sharpe Ratio is 3.31, which is lower than the GMOQX Sharpe Ratio of 4.96. The chart below compares the historical Sharpe Ratios of SHMDX 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

SHMDX vs. GMOQX - Drawdown Comparison

The maximum SHMDX drawdown since its inception was -35.83%, which is greater than GMOQX's maximum drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for SHMDX and GMOQX.

Drawdown Indicators

	SHMDX	GMOQX	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-31.41%	-4.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-3.82%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-6.23%	-9.02%	+2.79%
Max Drawdown (5Y) Largest decline over 5 years	-31.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.37%	-0.18%
Average Drawdown Average peak-to-trough decline	-5.93%	-9.60%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.88%	+0.10%

Volatility

SHMDX vs. GMOQX - Volatility Comparison

Virtus Stone Harbor Emerging Mkts Debt (SHMDX) has a higher volatility of 1.27% compared to GMO Emerging Country Debt Fund Class VI (GMOQX) at 1.19%. This indicates that SHMDX'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

	SHMDX	GMOQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.19%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	4.42%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	5.35%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.95%	10.82%	-3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	10.82%	-3.22%

SHMDX vs. GMOQX - Expense Ratio Comparison

SHMDX has a 0.73% expense ratio, which is higher than GMOQX's 0.51% expense ratio.

Dividends

SHMDX vs. GMOQX - Dividend Comparison

SHMDX's dividend yield for the trailing twelve months is around 6.20%, more than GMOQX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMOQX GMO Emerging Country Debt Fund Class VI	5.83%	6.37%	6.23%	10.36%	13.87%	7.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	6.20%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%

Frequently Asked Questions

Can I hold both SHMDX and GMOQX in my portfolio?

With a correlation of 0.92, SHMDX and GMOQX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SHMDX or GMOQX?

SHMDX has higher volatility (1.27%) compared to GMOQX (1.19%). In terms of maximum drawdown, SHMDX dropped -35.83% vs GMOQX's -31.41%.

Which has better risk-adjusted returns?

GMOQX currently has the higher Sharpe Ratio (4.96 vs 3.31), 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.