TEQLX vs. GMAQX
TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Equities funds. Over the past 3 years, TEQLX returned 18.77%/yr vs 27.34%/yr for GMAQX. Their correlation of 0.85 means they have usually moved in the same direction. TEQLX charges 0.19%/yr vs 0.67%/yr for GMAQX.
Performance
TEQLX vs. GMAQX - Performance Comparison
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Returns By Period
In the year-to-date period, TEQLX achieves a 18.66% return, which is significantly lower than GMAQX's 40.55% return.
TEQLX
- 1D
- 2.08%
- 1M
- -1.42%
- 6M
- 9.89%
- YTD
- 18.66%
- 1Y
- 37.21%
- 3Y*
- 18.77%
- 5Y*
- 7.42%
- 10Y*
- 8.80%
- ALL TIME*
- 5.53%
GMAQX
- 1D
- 2.30%
- 1M
- -1.25%
- 6M
- 26.63%
- YTD
- 40.55%
- 1Y
- 63.89%
- 3Y*
- 27.34%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TEQLX vs. GMAQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TEQLX TIAA-CREF Emerging Markets Equity Index Fund | 18.66% | 34.10% | 6.71% | 9.23% | -20.22% | -4.15% |
GMAQX GMO Emerging Markets ex-China Fund | 40.55% | 32.09% | 0.62% | 27.41% | -32.38% | 0.47% |
Correlation
The correlation between TEQLX and GMAQX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021 | 0.85 |
The correlation between TEQLX and GMAQX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.
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Return for Risk
TEQLX vs. GMAQX — Risk / Return Rank
TEQLX
GMAQX
TEQLX vs. GMAQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) 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.
| TEQLX | GMAQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.48 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.82 | -1.33 |
| Martin ratioReturn relative to average drawdown | 7.94 | 12.10 | -4.16 |
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Drawdowns
TEQLX vs. GMAQX - Drawdown Comparison
The maximum TEQLX drawdown since its inception was -39.33%, smaller than the maximum GMAQX drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for TEQLX and GMAQX.
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Drawdown Indicators
| TEQLX | GMAQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.33% | -41.97% | +2.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.29% | -16.27% | +1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -15.97% | -19.64% | +3.67% |
Max Drawdown (5Y)Largest decline over 5 years | -34.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.33% | — | — |
Current DrawdownCurrent decline from peak | -9.11% | -11.02% | +1.91% |
Average DrawdownAverage peak-to-trough decline | -14.52% | -16.45% | +1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 5.13% | -0.66% |
Volatility
TEQLX vs. GMAQX - Volatility Comparison
TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 9.80% and 9.63%, 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
| TEQLX | GMAQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 9.63% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 21.21% | 23.96% | -2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.10% | 25.51% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 18.30% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.15% | 18.30% | -0.15% |
TEQLX vs. GMAQX - Expense Ratio Comparison
TEQLX has a 0.19% expense ratio, which is lower than GMAQX's 0.67% expense ratio.
Dividends
TEQLX vs. GMAQX - Dividend Comparison
TEQLX's dividend yield for the trailing twelve months is around 2.38%, less than GMAQX's 11.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMAQX GMO Emerging Markets ex-China Fund | 11.76% | 9.43% | 32.28% | 6.76% | 4.94% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TEQLX TIAA-CREF Emerging Markets Equity Index Fund | 2.38% | 2.83% | 2.93% | 3.08% | 2.51% | 2.27% | 2.04% | 2.77% | 2.43% | 1.98% | 1.88% | 2.40% |
Frequently Asked Questions
With a correlation of 0.91, TEQLX and GMAQX 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.
TEQLX has higher volatility (9.80%) compared to GMAQX (9.63%). In terms of maximum drawdown, TEQLX dropped -39.33% vs GMAQX's -41.97%.
GMAQX currently has the higher Sharpe Ratio (2.44 vs 1.54), 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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