AEMSX vs. FAX

Last updated Jun 5, 2026

AEMSX (abrdn Emerging Markets Instl Svc) and FAX (abrdn Asia-Pacific Income Fund Inc) are both mutual funds - AEMSX is a Emerging Markets Diversified fund managed by Aberdeen, while FAX is a Emerging Markets Bonds fund managed by Aberdeen. Over the past 10 years, AEMSX returned 10.35%/yr vs 2.82%/yr for FAX. At a 0.36 correlation, their price movements are largely independent. AEMSX charges 1.25%/yr vs 3.33%/yr for FAX.

Performance

AEMSX vs. FAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AEMSX achieves a 32.71% return, which is significantly higher than FAX's -0.83% return. Over the past 10 years, AEMSX has outperformed FAX with an annualized return of 10.35%, while FAX has yielded a comparatively lower 2.82% annualized return.

AEMSX

• 1D: -0.54%
• 1M: 8.31%
• YTD: 32.71%
• 6M: 34.85%
• 1Y: 63.05%
• 3Y*: 22.95%
• 5Y*: 7.58%
• 10Y*: 10.35%

FAX

• 1D: 0.00%
• 1M: -1.67%
• YTD: -0.83%
• 6M: 0.96%
• 1Y: 3.71%
• 3Y*: 9.41%
• 5Y*: -0.03%
• 10Y*: 2.82%

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

AEMSX vs. FAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEMSX abrdn Emerging Markets Instl Svc	32.71%	32.19%	3.81%	6.49%	-26.28%	7.03%	27.52%	20.24%	-14.71%	29.95%
FAX abrdn Asia-Pacific Income Fund Inc	-0.83%	18.23%	2.31%	16.53%	-22.83%	-7.20%	14.08%	19.48%	-12.72%	14.65%

Correlation

The correlation between AEMSX and FAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.36

The correlation between AEMSX and FAX shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AEMSX vs. FAX — Risk / Return Rank

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

AEMSX

AEMSX Risk / Return Rank: 91
AEMSX Sharpe Ratio Rank: 96
AEMSX Sortino Ratio Rank: 88
AEMSX Omega Ratio Rank: 88
AEMSX Calmar Ratio Rank: 91
AEMSX Martin Ratio Rank: 92

FAX

FAX Risk / Return Rank: 5
FAX Sharpe Ratio Rank: 5
FAX Sortino Ratio Rank: 4
FAX Omega Ratio Rank: 5
FAX Calmar Ratio Rank: 5
FAX Martin Ratio Rank: 4

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. FAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Emerging Markets Instl Svc (AEMSX) and abrdn Asia-Pacific Income Fund Inc (FAX). 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.

	AEMSX	FAX	Difference
Sharpe ratio: Return per unit of total volatility	3.41	0.30	+3.11
Sortino ratio: Return per unit of downside risk	4.26	0.49	+3.77
Omega ratio: Gain probability vs. loss probability	1.63	1.06	+0.56
Calmar ratio: Return relative to maximum drawdown	4.75	0.33	+4.42
Martin ratio: Return relative to average drawdown	18.77	0.76	+18.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEMSX vs. FAX - Sharpe Ratio Comparison

The current AEMSX Sharpe Ratio is 3.41, which is higher than the FAX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of AEMSX and FAX, 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

	AEMSX	FAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.41	0.30	+3.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	-0.00	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.17	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.17	+0.24

Drawdowns

AEMSX vs. FAX - Drawdown Comparison

The maximum AEMSX drawdown since its inception was -38.58%, smaller than the maximum FAX drawdown of -63.96%. Use the drawdown chart below to compare losses from any high point for AEMSX and FAX.

Drawdown Indicators

	AEMSX	FAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-63.96%	+25.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.70%	-11.14%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-13.17%	-5.55%
Max Drawdown (5Y) Largest decline over 5 years	-36.65%	-40.49%	+3.84%
Max Drawdown (10Y) Largest decline over 10 years	-38.58%	-40.57%	+1.99%
Current Drawdown Current decline from peak	-0.54%	-7.99%	+7.45%
Average Drawdown Average peak-to-trough decline	-12.57%	-17.85%	+5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	4.91%	-1.45%

Volatility

AEMSX vs. FAX - Volatility Comparison

abrdn Emerging Markets Instl Svc (AEMSX) has a higher volatility of 8.93% compared to abrdn Asia-Pacific Income Fund Inc (FAX) at 5.35%. This indicates that AEMSX's price experiences larger fluctuations and is considered to be riskier than FAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEMSX	FAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	5.35%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	16.56%	9.99%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	12.33%	+6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	15.94%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	16.50%	+2.19%

AEMSX vs. FAX - Expense Ratio Comparison

AEMSX has a 1.25% expense ratio, which is lower than FAX's 3.33% expense ratio.

Dividends

AEMSX vs. FAX - Dividend Comparison

AEMSX's dividend yield for the trailing twelve months is around 4.63%, less than FAX's 13.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEMSX abrdn Emerging Markets Instl Svc	4.63%	6.14%	0.95%	1.39%	1.83%	22.97%	0.68%	1.82%	1.57%	1.09%	1.08%	2.32%
FAX abrdn Asia-Pacific Income Fund Inc	13.74%	12.91%	13.45%	12.18%	12.55%	8.64%	7.42%	8.29%	10.85%	8.61%	9.07%	9.19%

Frequently Asked Questions

Can I hold both AEMSX and FAX in my portfolio?

AEMSX and FAX have a correlation of 0.23, 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 FAX?

AEMSX has higher volatility (8.93%) compared to FAX (5.35%). In terms of maximum drawdown, AEMSX dropped -38.58% vs FAX's -63.96%.

Which has better risk-adjusted returns?

AEMSX currently has the higher Sharpe Ratio (3.41 vs 0.30), 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.