- ISIN
- US74144Q2030
- Issuer
- T. Rowe Price
- Inception Date
- Oct 30, 2002
- Category
- Emerging Markets Diversified
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
IEMFX Performance Chart
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) is up 32.7% since the beginning of the year. IEMFX is currently trading at $54 per share. Investors who bought $1,000 worth of IEMFX shares 5 years ago would now be looking at an investment worth $1,193.
Loading charts...
Returns By Period
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) has returned 32.70% so far this year and 63.88% over the past 12 months. Over the last ten years, IEMFX has returned 8.55% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Institutional Emerging Markets Equity Fund
- 1D
- 3.39%
- 1M
- 8.72%
- YTD
- 32.70%
- 6M
- 35.41%
- 1Y
- 63.88%
- 3Y*
- 18.45%
- 5Y*
- 3.59%
- 10Y*
- 8.55%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
IEMFX Monthly Returns History
Based on dividend-adjusted daily data since Nov 4, 2002, IEMFX's average daily return is +0.05%, while the average monthly return is +0.98%. At this rate, an investment would double in approximately 5.9 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% | -10.34% | 13.66% | 9.59% | 4.07% | 32.70% | ||||||
| 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 2.29%, beta of 0.87, and R2 of 0.59 versus S&P 500 Index. Calculated based on daily prices since November 04, 2002.
- This fund captured 106.49% of S&P 500 Index gains and 104.84% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 2.29% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 0.87 and R2 of 0.59, 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
- 2.29%
- Beta
- 0.87
- R²
- 0.59
- Upside Capture
- 106.49%
- Downside Capture
- 104.84%
Expense Ratio
IEMFX has a high expense ratio of 1.06%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
IEMFX ranks 89 for risk / return — in the top 89% 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 S&P 500 Index.
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.
| IEMFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.37 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.68 | 2.78 | +1.90 |
| Martin ratioReturn relative to average drawdown | 18.02 | 12.44 | +5.58 |
Dividends
Dividend History
T. Rowe Price Institutional Emerging Markets Equity Fund provided a 1.83% 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 | 1.83% | 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 | $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.
Loading charts...
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.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -71.65%Nov 2008 | 1y 20d | 8y 9mo | 9y 9moNov 2007 - Aug 2017 |
Bear market2022 | -46.27%Oct 2022 | 1y 8mo | 3y 6mo | 5y 2moFeb 2021 - May 2026 |
COVID crash2020 | -32.41%Mar 2020 | 2mo 9d | 6mo 23d | 9mo 2dJan 2020 - Oct 2020 |
Rate-hike selloffLate 2018 | -26.47%Oct 2018 | 9mo 3d | 1y 2mo | 1y 11moJan 2018 - Jan 2020 |
2006 bear market2006 | -25.60%Jun 2006 | 1mo 5d | 5mo 12d | 6mo 17dMay 2006 - Nov 2006 |
Drawdown Indicators
| IEMFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.65% | -56.78% | -14.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.49% | -9.10% | -4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -16.34% | -18.90% | +2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -42.79% | -25.43% | -17.36% |
Max Drawdown (10Y)Largest decline over 10 years | -46.27% | -33.92% | -12.35% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -19.72% | -10.71% | -9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 2.03% | +1.47% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with IEMFX
Add T. Rowe Price Institutional Emerging Markets Equity Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with IEMFX