AEF vs. IEP

Last updated Jun 4, 2026

AEF (Aberdeen Emerging Markets Equity Income Fund, Inc.) and IEP (Icahn Enterprises L.P.) are both stocks. AEF operates in Asset Management (Financial Services), while IEP operates in Conglomerates (Industrials). Over the past 10 years, AEF returned 13.13%/yr vs -4.04%/yr for IEP. At a 0.17 correlation, their price movements are largely independent.

Performance

AEF vs. IEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) and Icahn Enterprises L.P. (IEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEF achieves a 44.40% return, which is significantly higher than IEP's 12.15% return. Over the past 10 years, AEF has outperformed IEP with an annualized return of 13.13%, while IEP has yielded a comparatively lower -4.04% annualized return.

AEF

• 1D: -2.38%
• 1M: 6.04%
• YTD: 44.40%
• 6M: 52.45%
• 1Y: 100.60%
• 3Y*: 34.80%
• 5Y*: 10.32%
• 10Y*: 13.13%

IEP

• 1D: -0.93%
• 1M: -4.96%
• YTD: 12.15%
• 6M: 4.66%
• 1Y: 11.85%
• 3Y*: -13.46%
• 5Y*: -18.64%
• 10Y*: -4.04%

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

AEF vs. IEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEF Aberdeen Emerging Markets Equity Income Fund, Inc.	44.40%	50.22%	9.43%	7.13%	-29.63%	3.31%	11.62%	22.83%	-16.06%	57.92%
IEP Icahn Enterprises L.P.	12.15%	8.23%	-37.79%	-58.78%	18.76%	12.87%	-3.55%	20.44%	18.98%	-1.17%

Correlation

The correlation between AEF and IEP is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.18

The correlation between AEF and IEP shifts across timeframes, from 0.10 (1 year) to 0.23 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS AEF : $2.74 IEP : -$1.15
PS Ratio AEF : 21.94 IEP : 0.31
Total Revenue (TTM) AEF : $18.84M IEP : $10.18B
Gross Profit (TTM) AEF : -$3.11M IEP : $1.33B
EBITDA (TTM) AEF : $119.89M IEP : $1.17B

Return for Risk

AEF vs. IEP — Risk / Return Rank

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

AEF

AEF Risk / Return Rank: 96
AEF Sharpe Ratio Rank: 97
AEF Sortino Ratio Rank: 97
AEF Omega Ratio Rank: 97
AEF Calmar Ratio Rank: 91
AEF Martin Ratio Rank: 95

IEP

IEP Risk / Return Rank: 54
IEP Sharpe Ratio Rank: 56
IEP Sortino Ratio Rank: 51
IEP Omega Ratio Rank: 49
IEP Calmar Ratio Rank: 56
IEP Martin Ratio Rank: 56

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.

AEF vs. IEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) and Icahn Enterprises L.P. (IEP). 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.

	AEF	IEP	Difference
Sharpe ratio Return per unit of total volatility	4.13	0.46	+3.67
Sortino ratio Return per unit of downside risk	4.93	0.89	+4.04
Omega ratio Gain probability vs. loss probability	1.68	1.11	+0.58
Calmar ratio Return relative to maximum drawdown	5.07	0.74	+4.33
Martin ratio Return relative to average drawdown	20.05	1.58	+18.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEF vs. IEP - Sharpe Ratio Comparison

The current AEF Sharpe Ratio is 4.13, which is higher than the IEP Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of AEF and IEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEF	IEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	0.46	+3.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.46	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	-0.11	+0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.15	+0.25

Drawdowns

AEF vs. IEP - Drawdown Comparison

The maximum AEF drawdown since its inception was -63.87%, smaller than the maximum IEP drawdown of -84.21%. Use the drawdown chart below to compare losses from any high point for AEF and IEP.

Drawdown Indicators

	AEF	IEP	Difference
Max Drawdown Largest peak-to-trough decline	-63.87%	-84.21%	+20.34%
Max Drawdown (1Y) Largest decline over 1 year	-19.96%	-16.06%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.96%	-67.83%	+47.87%
Max Drawdown (5Y) Largest decline over 5 years	-47.20%	-77.56%	+30.36%
Max Drawdown (10Y) Largest decline over 10 years	-47.20%	-77.56%	+30.36%
Current Drawdown Current decline from peak	-2.38%	-71.26%	+68.88%
Average Drawdown Average peak-to-trough decline	-24.05%	-30.57%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	7.53%	-2.49%

Volatility

AEF vs. IEP - Volatility Comparison

Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) has a higher volatility of 9.07% compared to Icahn Enterprises L.P. (IEP) at 6.19%. This indicates that AEF's price experiences larger fluctuations and is considered to be riskier than IEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEF	IEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	6.19%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	21.29%	15.97%	+5.32%
Volatility (1Y) Calculated over the trailing 1-year period	24.49%	25.75%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	40.97%	-18.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	36.39%	-14.71%

Dividends

AEF vs. IEP - Dividend Comparison

AEF's dividend yield for the trailing twelve months is around 7.22%, less than IEP's 26.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEF Aberdeen Emerging Markets Equity Income Fund, Inc.	7.22%	9.29%	7.51%	7.63%	8.54%	6.73%	3.37%	2.23%	20.97%	5.19%	7.05%	12.19%
IEP Icahn Enterprises L.P.	26.81%	26.49%	40.37%	34.90%	15.79%	16.13%	15.79%	13.01%	12.26%	11.32%	10.01%	9.79%

Financials

Frequently Asked Questions

Can I hold both AEF and IEP in my portfolio?

AEF and IEP have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEF or IEP?

AEF has higher volatility (9.07%) compared to IEP (6.19%). In terms of maximum drawdown, AEF dropped -63.87% vs IEP's -84.21%.

Which has better risk-adjusted returns?

AEF currently has the higher Sharpe Ratio (4.13 vs 0.46), 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.