AEMSX vs. ATOIX

Last updated Jun 26, 2026

AEMSX (abrdn Emerging Markets Instl Svc) and ATOIX (abrdn Ultra Short Municipal Income Fund) are both mutual funds - AEMSX is a Emerging Markets Diversified fund managed by Aberdeen, while ATOIX is a Municipal Bonds fund managed by Aberdeen. Over the past 10 years, AEMSX returned 9.97%/yr vs 1.79%/yr for ATOIX. At a correlation of -0.01, they often move in opposite directions. AEMSX charges 1.25%/yr vs 0.44%/yr for ATOIX.

Performance

AEMSX vs. ATOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Emerging Markets Instl Svc (AEMSX) and abrdn Ultra Short Municipal Income Fund (ATOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEMSX achieves a 26.96% return, which is significantly higher than ATOIX's 1.01% return. Over the past 10 years, AEMSX has outperformed ATOIX with an annualized return of 9.97%, while ATOIX has yielded a comparatively lower 1.79% annualized return.

AEMSX

• 1D: -0.05%
• 1M: -1.35%
• YTD: 26.96%
• 6M: 27.50%
• 1Y: 51.06%
• 3Y*: 21.09%
• 5Y*: 6.55%
• 10Y*: 9.97%

ATOIX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.01%
• 6M: 1.54%
• 1Y: 3.02%
• 3Y*: 3.08%
• 5Y*: 2.30%
• 10Y*: 1.79%

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

AEMSX vs. ATOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEMSX abrdn Emerging Markets Instl Svc	26.96%	32.19%	3.81%	6.49%	-26.28%	7.03%	27.52%	20.24%	-14.71%	29.95%
ATOIX abrdn Ultra Short Municipal Income Fund	1.01%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%

Correlation

The correlation between AEMSX and ATOIX is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	-0.01

Return for Risk

AEMSX vs. ATOIX — Risk / Return Rank

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

AEMSX

AEMSX Risk / Return Rank: 83
AEMSX Sharpe Ratio Rank: 84
AEMSX Sortino Ratio Rank: 72
AEMSX Omega Ratio Rank: 82
AEMSX Calmar Ratio Rank: 89
AEMSX Martin Ratio Rank: 88

ATOIX

ATOIX Risk / Return Rank: 99
ATOIX Sharpe Ratio Rank: 98
ATOIX Sortino Ratio Rank: 100
ATOIX Omega Ratio Rank: 100
ATOIX Calmar Ratio Rank: 100
ATOIX Martin Ratio Rank: 100

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.

AEMSX vs. ATOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Emerging Markets Instl Svc (AEMSX) and abrdn Ultra Short Municipal Income Fund (ATOIX). 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.

	AEMSX	ATOIX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	3.50	-1.16
Sortino ratio: Return per unit of downside risk	2.88	17.32	-14.44
Omega ratio: Gain probability vs. loss probability	1.45	10.98	-9.53
Calmar ratio: Return relative to maximum drawdown	3.77	30.48	-26.71
Martin ratio: Return relative to average drawdown	13.98	89.66	-75.68

AEMSX vs. ATOIX - Sharpe Ratio Comparison

The current AEMSX Sharpe Ratio is 2.34, which is lower than the ATOIX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of AEMSX and ATOIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AEMSX vs. ATOIX - Drawdown Comparison

The maximum AEMSX drawdown since its inception was -38.58%, which is greater than ATOIX's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for AEMSX and ATOIX.

Drawdown Indicators

	AEMSX	ATOIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-1.46%	-37.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.70%	-0.10%	-13.60%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-0.10%	-18.62%
Max Drawdown (5Y) Largest decline over 5 years	-36.65%	-0.37%	-36.28%
Max Drawdown (10Y) Largest decline over 10 years	-38.58%	-0.43%	-38.15%
Current Drawdown Current decline from peak	-5.40%	0.00%	-5.40%
Average Drawdown Average peak-to-trough decline	-12.54%	-0.06%	-12.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	0.03%	+3.65%

Volatility

AEMSX vs. ATOIX - Volatility Comparison

abrdn Emerging Markets Instl Svc (AEMSX) has a higher volatility of 12.95% compared to abrdn Ultra Short Municipal Income Fund (ATOIX) at 0.20%. This indicates that AEMSX's price experiences larger fluctuations and is considered to be riskier than ATOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEMSX	ATOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	0.20%	+12.75%
Volatility (6M) Calculated over the trailing 6-month period	20.24%	0.61%	+19.63%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	0.87%	+21.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	0.83%	+18.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	0.79%	+18.16%

AEMSX vs. ATOIX - Expense Ratio Comparison

AEMSX has a 1.25% expense ratio, which is higher than ATOIX's 0.44% expense ratio.

Dividends

AEMSX vs. ATOIX - Dividend Comparison

AEMSX's dividend yield for the trailing twelve months is around 4.84%, more than ATOIX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEMSX abrdn Emerging Markets Instl Svc	4.84%	6.14%	0.95%	1.39%	1.83%	22.97%	0.68%	1.82%	1.57%	1.09%	1.08%	2.32%
ATOIX abrdn Ultra Short Municipal Income Fund	2.98%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%

Frequently Asked Questions

Can I hold both AEMSX and ATOIX in my portfolio?

AEMSX and ATOIX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEMSX or ATOIX?

AEMSX has higher volatility (12.95%) compared to ATOIX (0.20%). In terms of maximum drawdown, AEMSX dropped -38.58% vs ATOIX's -1.46%.

Which has better risk-adjusted returns?

ATOIX currently has the higher Sharpe Ratio (3.50 vs 2.34), 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.