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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Institutional Emerging Markets Equity Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) has returned -0.52% so far this year and 28.52% over the past 12 months. Over the last ten years, IEMFX has returned 5.71% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
T. Rowe Price Institutional Emerging Markets Equity Fund
- 1D
- -0.89%
- 1M
- -12.87%
- YTD
- -0.52%
- 6M
- 6.39%
- 1Y
- 28.52%
- 3Y*
- 8.02%
- 5Y*
- -2.06%
- 10Y*
- 5.71%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 4, 2002, IEMFX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, your investment would double in approximately 6.6 years.
Historically, 58% of months were positive and 42% were negative. The best month was May 2009 with a return of +20.8%, while the worst month was Oct 2008 at -30.5%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.
On a daily basis, IEMFX closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +13.7%, while the worst single day was Mar 16, 2020 at -11.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 7.98% | 5.74% | -12.87% | -0.52% | |||||||||
| 2025 | 0.80% | -0.10% | 2.16% | 0.16% | 2.64% | 5.18% | 0.69% | 3.69% | 7.00% | 5.05% | -1.89% | 3.76% | 32.91% |
| 2024 | -5.78% | 5.11% | 0.50% | -2.20% | 0.00% | 2.76% | 0.00% | 0.91% | 4.80% | -3.78% | -2.39% | -0.95% | -1.60% |
| 2023 | 9.37% | -6.65% | 3.38% | -2.67% | -2.71% | 4.08% | 4.04% | -6.83% | -4.07% | -4.18% | 6.49% | 3.62% | 2.26% |
| 2022 | 0.00% | -7.29% | -4.24% | -6.98% | 1.29% | -3.93% | -1.35% | -1.43% | -11.28% | -2.94% | 17.02% | -2.65% | -23.34% |
| 2021 | 2.19% | 0.45% | -1.45% | -0.08% | 1.88% | -0.25% | -7.83% | 2.82% | -4.53% | 0.86% | -6.27% | 1.74% | -10.61% |
Benchmark Metrics
T. Rowe Price Institutional Emerging Markets Equity Fund has an annualized alpha of 1.74%, beta of 0.86, and R² of 0.60 versus S&P 500 Index. Calculated based on daily prices since November 05, 2002.
- This fund participated in 105.87% of S&P 500 Index downside but only 105.30% of its upside — more exposed to losses than it benefited from rallies.
- With beta of 0.86 and R² of 0.60, this fund moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 1.74%
- Beta
- 0.86
- R²
- 0.60
- Upside Capture
- 105.30%
- Downside Capture
- 105.87%
Expense Ratio
IEMFX has a high expense ratio of 1.06%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
IEMFX ranks 80 for risk / return — in the top 80% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) and compare them to a chosen benchmark (S&P 500 Index).
| IEMFX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.56 | 0.90 | +0.66 |
Sortino ratioReturn per unit of downside risk | 2.06 | 1.39 | +0.67 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.21 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.94 | 1.40 | +0.54 |
Martin ratioReturn relative to average drawdown | 8.04 | 6.61 | +1.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore IEMFX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
T. Rowe Price Institutional Emerging Markets Equity Fund provided a 2.44% dividend yield over the last twelve months, with an annual payout of $0.98 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.98 | $0.98 | $0.29 | $0.60 | $1.23 | $1.33 | $0.28 | $0.61 | $0.39 | $0.22 | $0.24 | $0.18 |
Dividend yield | 2.44% | 2.43% | 0.92% | 1.88% | 3.87% | 3.07% | 0.56% | 1.43% | 1.15% | 0.54% | 0.83% | 0.69% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Institutional Emerging Markets Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.98 | $0.98 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 | $0.29 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $0.60 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.23 | $1.23 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.33 | $1.33 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Institutional Emerging Markets Equity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Institutional Emerging Markets Equity Fund was 71.65%, occurring on Nov 20, 2008. Recovery took 2203 trading sessions.
The current T. Rowe Price Institutional Emerging Markets Equity Fund drawdown is 17.35%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -71.65% | Nov 1, 2007 | 267 | Nov 20, 2008 | 2203 | Aug 23, 2017 | 2470 |
| -46.27% | Feb 17, 2021 | 426 | Oct 24, 2022 | — | — | — |
| -32.41% | Jan 14, 2020 | 48 | Mar 23, 2020 | 141 | Oct 12, 2020 | 189 |
| -26.47% | Jan 29, 2018 | 191 | Oct 29, 2018 | 302 | Jan 13, 2020 | 493 |
| -25.6% | May 9, 2006 | 25 | Jun 13, 2006 | 114 | Nov 22, 2006 | 139 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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