- ISIN
- US77956H3930
- Issuer
- T. Rowe Price
- Inception Date
- Sep 13, 2015
- Category
- Emerging Markets Diversified
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
PAIJX Performance Chart
T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) is up 29.1% since the beginning of the year. PAIJX is currently trading at $23 per share. Investors who bought $1,000 worth of PAIJX shares 5 years ago would now be looking at an investment worth $1,644.
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Returns By Period
T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) has returned 29.08% so far this year and 60.13% over the past 12 months. Over the last ten years, PAIJX has returned 11.50% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
T. Rowe Price Emerging Markets Discovery Stock Fund
- 1D
- 2.50%
- 1M
- 6.45%
- YTD
- 29.08%
- 6M
- 31.67%
- 1Y
- 60.13%
- 3Y*
- 24.17%
- 5Y*
- 10.46%
- 10Y*
- 11.50%
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%
PAIJX Monthly Returns History
Based on dividend-adjusted daily data since Sep 17, 2015, PAIJX's average daily return is +0.05%, while the average monthly return is +0.95%. At this rate, an investment would double in approximately 6.1 years.
Historically, 58% of months were positive and 42% were negative. The best month was Nov 2022 with a return of +14.9%, while the worst month was Mar 2020 at -20.3%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PAIJX closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +8.3%, while the worst single day was Mar 16, 2020 at -10.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 10.18% | 4.95% | -10.31% | 11.33% | 8.77% | 2.78% | 29.08% | ||||||
| 2025 | 3.20% | 0.86% | 1.14% | -0.35% | 3.69% | 6.49% | 0.13% | 3.91% | 6.35% | 5.74% | -1.87% | 3.67% | 37.89% |
| 2024 | -4.50% | 3.76% | 3.54% | -0.60% | 2.32% | 2.34% | -0.29% | 1.22% | 6.23% | -3.93% | -2.57% | -1.69% | 5.37% |
| 2023 | 6.66% | -4.78% | 2.91% | -1.42% | -2.15% | 5.22% | 5.73% | -5.64% | -3.34% | -3.29% | 6.56% | 5.02% | 10.72% |
| 2022 | 1.56% | -6.94% | -3.94% | -3.81% | 2.33% | -4.78% | -1.43% | -0.40% | -9.08% | -2.50% | 14.91% | -1.33% | -16.04% |
| 2021 | 0.07% | 6.20% | 1.88% | 0.38% | 3.23% | -1.90% | -4.32% | 3.60% | -4.86% | 3.19% | -5.28% | 2.54% | 4.03% |
Benchmark Metrics
T. Rowe Price Emerging Markets Discovery Stock Fund has an annualized alpha of 1.30%, beta of 0.73, and R2 of 0.54 versus S&P 500 Index. Calculated based on daily prices since September 17, 2015.
- This fund participated in 81.21% of S&P 500 Index downside but only 75.17% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- 1.30%
- Beta
- 0.73
- R²
- 0.54
- Upside Capture
- 75.17%
- Downside Capture
- 81.21%
Expense Ratio
PAIJX has a high expense ratio of 1.60%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
PAIJX 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 Emerging Markets Discovery Stock Fund (PAIJX) 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.
| PAIJX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.37 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.43 | 2.78 | +1.64 |
| Martin ratioReturn relative to average drawdown | 16.54 | 12.44 | +4.10 |
Dividends
Dividend History
T. Rowe Price Emerging Markets Discovery Stock Fund provided a 3.26% dividend yield over the last twelve months, with an annual payout of $0.75 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.75 | $0.75 | $0.37 | $0.36 | $0.22 | $0.33 | $0.00 | $0.34 | $0.15 | $0.50 | $0.32 | $0.15 |
Dividend yield | 3.26% | 4.20% | 2.72% | 2.71% | 1.85% | 2.24% | 0.00% | 2.49% | 1.24% | 3.68% | 3.00% | 1.53% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Emerging Markets Discovery Stock 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 | $0.75 | $0.75 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.37 | $0.37 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.36 | $0.36 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.22 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.33 | $0.33 |
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 Emerging Markets Discovery Stock 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 Emerging Markets Discovery Stock Fund was 42.19%, occurring on Mar 23, 2020. Recovery took 198 trading sessions.
The current T. Rowe Price Emerging Markets Discovery Stock Fund drawdown is 1.38%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -42.19%Mar 2020 | 2y 1mo | 9mo 17d | 2y 11moJan 2018 - Jan 2021 |
Bear market2022 | -32.71%Oct 2022 | 1y 4mo | 2y 7mo | 3y 11moJun 2021 - Jun 2025 |
2016 correction2016 | -18.51%Jan 2016 | 2mo 27d | 6mo 13d | 9mo 10dOct 2015 - Aug 2016 |
2026 correction2026 | -13.29%Mar 2026 | 1mo 2d | 1mo 5d | 2mo 7dFeb 2026 - May 2026 |
2026 pullback2026 | -8.98%Jun 2026 | 7d | — | 20d 13hJun 2026 - now |
Drawdown Indicators
| PAIJX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.19% | -56.78% | +14.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.29% | -9.10% | -4.19% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -18.90% | +2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -31.55% | -25.43% | -6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -42.19% | -33.92% | -8.27% |
Current DrawdownCurrent decline from peak | -1.38% | -1.80% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -10.32% | -10.71% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 2.03% | +1.52% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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