BEMIX vs. MADCX

Last updated Jun 4, 2026

BEMIX (Brandes Emerging Markets Fund) and MADCX (BlackRock Emerging Markets Fund, Inc.) are both Emerging Markets Diversified funds. Over the past 10 years, BEMIX returned 10.25%/yr vs 11.46%/yr for MADCX. Their correlation of 0.88 suggests significant overlap in exposure. BEMIX charges 1.12%/yr vs 0.86%/yr for MADCX.

Performance

BEMIX vs. MADCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brandes Emerging Markets Fund (BEMIX) and BlackRock Emerging Markets Fund, Inc. (MADCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BEMIX achieves a 25.80% return, which is significantly lower than MADCX's 34.34% return. Over the past 10 years, BEMIX has underperformed MADCX with an annualized return of 10.25%, while MADCX has yielded a comparatively higher 11.46% annualized return.

BEMIX

• 1D: 0.79%
• 1M: 7.59%
• YTD: 25.80%
• 6M: 27.44%
• 1Y: 60.96%
• 3Y*: 28.65%
• 5Y*: 13.00%
• 10Y*: 10.25%

MADCX

• 1D: 1.10%
• 1M: 10.17%
• YTD: 34.34%
• 6M: 38.51%
• 1Y: 65.24%
• 3Y*: 21.90%
• 5Y*: 5.54%
• 10Y*: 11.46%

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

BEMIX vs. MADCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BEMIX Brandes Emerging Markets Fund	25.80%	47.83%	4.01%	22.53%	-15.91%	1.68%	-6.17%	18.60%	-15.56%	26.00%
MADCX BlackRock Emerging Markets Fund, Inc.	34.34%	30.47%	-1.09%	10.77%	-24.12%	-1.14%	24.53%	26.47%	-10.73%	42.09%

Correlation

The correlation between BEMIX and MADCX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 1, 2011	0.88

The correlation between BEMIX and MADCX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

BEMIX vs. MADCX — Risk / Return Rank

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

BEMIX

BEMIX Risk / Return Rank: 94
BEMIX Sharpe Ratio Rank: 97
BEMIX Sortino Ratio Rank: 93
BEMIX Omega Ratio Rank: 93
BEMIX Calmar Ratio Rank: 93
BEMIX Martin Ratio Rank: 94

MADCX

MADCX Risk / Return Rank: 87
MADCX Sharpe Ratio Rank: 92
MADCX Sortino Ratio Rank: 82
MADCX Omega Ratio Rank: 85
MADCX Calmar Ratio Rank: 87
MADCX Martin Ratio Rank: 88

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.

BEMIX vs. MADCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brandes Emerging Markets Fund (BEMIX) and BlackRock Emerging Markets Fund, Inc. (MADCX). 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.

	BEMIX	MADCX	Difference
Sharpe ratio: Return per unit of total volatility	3.70	3.14	+0.56
Sortino ratio: Return per unit of downside risk	4.63	3.85	+0.78
Omega ratio: Gain probability vs. loss probability	1.72	1.58	+0.14
Calmar ratio: Return relative to maximum drawdown	5.10	4.20	+0.91
Martin ratio: Return relative to average drawdown	21.30	16.95	+4.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BEMIX vs. MADCX - Sharpe Ratio Comparison

The current BEMIX Sharpe Ratio is 3.70, which is comparable to the MADCX Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of BEMIX and MADCX, 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

	BEMIX	MADCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	3.14	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.31	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.62	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.38	-0.07

Drawdowns

BEMIX vs. MADCX - Drawdown Comparison

The maximum BEMIX drawdown since its inception was -46.05%, smaller than the maximum MADCX drawdown of -66.58%. Use the drawdown chart below to compare losses from any high point for BEMIX and MADCX.

Drawdown Indicators

	BEMIX	MADCX	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-66.58%	+20.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-15.57%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.08%	-20.25%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-40.70%	+4.33%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	-43.82%	-2.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.18%	-18.37%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.85%	-0.96%

Volatility

BEMIX vs. MADCX - Volatility Comparison

The current volatility for Brandes Emerging Markets Fund (BEMIX) is 6.65%, while BlackRock Emerging Markets Fund, Inc. (MADCX) has a volatility of 8.77%. This indicates that BEMIX experiences smaller price fluctuations and is considered to be less risky than MADCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BEMIX	MADCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	8.77%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	14.22%	18.16%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	20.79%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	18.16%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	18.57%	-1.48%

BEMIX vs. MADCX - Expense Ratio Comparison

BEMIX has a 1.12% expense ratio, which is higher than MADCX's 0.86% expense ratio.

Dividends

BEMIX vs. MADCX - Dividend Comparison

BEMIX's dividend yield for the trailing twelve months is around 1.71%, less than MADCX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEMIX Brandes Emerging Markets Fund	1.71%	2.15%	3.04%	2.45%	2.86%	2.31%	1.31%	2.56%	1.55%	1.41%	2.20%	1.54%
MADCX BlackRock Emerging Markets Fund, Inc.	3.17%	4.26%	1.90%	1.67%	2.22%	5.72%	0.97%	1.53%	0.98%	0.48%	1.82%	1.34%

Frequently Asked Questions

Can I hold both BEMIX and MADCX in my portfolio?

With a correlation of 0.90, BEMIX and MADCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BEMIX or MADCX?

MADCX has higher volatility (8.77%) compared to BEMIX (6.65%). In terms of maximum drawdown, BEMIX dropped -46.05% vs MADCX's -66.58%.

Which has better risk-adjusted returns?

BEMIX currently has the higher Sharpe Ratio (3.70 vs 3.14), 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.