BESIX vs. CEMFX

Last updated Jun 4, 2026

BESIX (William Blair Emerging Markets Small Cap Growth Fund) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both Emerging Markets Diversified funds. Over the past 10 years, BESIX returned 9.77%/yr vs 11.54%/yr for CEMFX. A 0.75 correlation means they provide meaningful diversification when combined. BESIX charges 1.30%/yr vs 1.00%/yr for CEMFX.

Performance

BESIX vs. CEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Emerging Markets Small Cap Growth Fund (BESIX) and Cullen Emerging Markets High Dividend Fund (CEMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BESIX achieves a 21.68% return, which is significantly lower than CEMFX's 28.98% return. Over the past 10 years, BESIX has underperformed CEMFX with an annualized return of 9.77%, while CEMFX has yielded a comparatively higher 11.54% annualized return.

BESIX

• 1D: -0.91%
• 1M: -0.91%
• YTD: 21.68%
• 6M: 23.80%
• 1Y: 42.72%
• 3Y*: 19.31%
• 5Y*: 6.74%
• 10Y*: 9.77%

CEMFX

• 1D: 0.77%
• 1M: 6.59%
• YTD: 28.98%
• 6M: 31.09%
• 1Y: 58.40%
• 3Y*: 28.95%
• 5Y*: 13.61%
• 10Y*: 11.54%

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

BESIX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BESIX William Blair Emerging Markets Small Cap Growth Fund	21.68%	13.93%	8.37%	22.25%	-27.95%	15.52%	32.60%	20.58%	-23.29%	40.54%
CEMFX Cullen Emerging Markets High Dividend Fund	28.98%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Correlation

The correlation between BESIX and CEMFX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.75

The correlation between BESIX and CEMFX has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

Return for Risk

BESIX vs. CEMFX — Risk / Return Rank

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

BESIX

BESIX Risk / Return Rank: 67
BESIX Sharpe Ratio Rank: 70
BESIX Sortino Ratio Rank: 60
BESIX Omega Ratio Rank: 62
BESIX Calmar Ratio Rank: 82
BESIX Martin Ratio Rank: 64

CEMFX

CEMFX Risk / Return Rank: 92
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 90
CEMFX Martin Ratio Rank: 87

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.

BESIX vs. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Emerging Markets Small Cap Growth Fund (BESIX) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	BESIX	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	3.63	-1.19
Sortino ratio: Return per unit of downside risk	3.26	4.71	-1.44
Omega ratio: Gain probability vs. loss probability	1.44	1.68	-0.24
Calmar ratio: Return relative to maximum drawdown	3.81	4.69	-0.88
Martin ratio: Return relative to average drawdown	12.63	16.85	-4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BESIX vs. CEMFX - Sharpe Ratio Comparison

The current BESIX Sharpe Ratio is 2.44, which is lower than the CEMFX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of BESIX and CEMFX, 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

	BESIX	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	3.63	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.95	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.77	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.56	+0.11

Drawdowns

BESIX vs. CEMFX - Drawdown Comparison

The maximum BESIX drawdown since its inception was -38.05%, roughly equal to the maximum CEMFX drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for BESIX and CEMFX.

Drawdown Indicators

	BESIX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.05%	-39.30%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-12.41%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.34%	-13.27%	-8.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-28.13%	-3.28%
Max Drawdown (10Y) Largest decline over 10 years	-38.05%	-39.30%	+1.25%
Current Drawdown Current decline from peak	-2.81%	0.00%	-2.81%
Average Drawdown Average peak-to-trough decline	-10.19%	-9.60%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.45%	-0.01%

Volatility

BESIX vs. CEMFX - Volatility Comparison

William Blair Emerging Markets Small Cap Growth Fund (BESIX) and Cullen Emerging Markets High Dividend Fund (CEMFX) have volatilities of 6.35% and 6.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BESIX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	6.19%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.89%	13.34%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	16.04%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	14.47%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	15.12%	+1.13%

BESIX vs. CEMFX - Expense Ratio Comparison

BESIX has a 1.30% expense ratio, which is higher than CEMFX's 1.00% expense ratio.

Dividends

BESIX vs. CEMFX - Dividend Comparison

BESIX's dividend yield for the trailing twelve months is around 7.84%, more than CEMFX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BESIX William Blair Emerging Markets Small Cap Growth Fund	7.84%	9.53%	0.00%	0.26%	4.84%	8.51%	0.04%	0.16%	2.32%	3.17%	2.67%	4.17%
CEMFX Cullen Emerging Markets High Dividend Fund	1.68%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%

Frequently Asked Questions

Can I hold both BESIX and CEMFX in my portfolio?

BESIX and CEMFX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BESIX or CEMFX?

BESIX has higher volatility (6.35%) compared to CEMFX (6.19%). In terms of maximum drawdown, BESIX dropped -38.05% vs CEMFX's -39.30%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.63 vs 2.44), 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.