CEE vs. EUGDX

Last updated Jun 23, 2026

CEE (The Central and Eastern Europe Fund) and EUGDX (Morgan Stanley Europe Opportunity Fund Inc.) are both Europe Equities funds. At a 0.49 correlation, their price movements are largely independent. CEE charges 1.26%/yr vs 1.05%/yr for EUGDX.

Performance

CEE vs. EUGDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Central and Eastern Europe Fund (CEE) and Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CEE

• 1D: 0.51%
• 1M: 3.44%
• YTD: 22.49%
• 6M: 29.00%
• 1Y: 45.33%
• 3Y*: 36.25%
• 5Y*: -1.97%
• 10Y*: 5.28%

EUGDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEE vs. EUGDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEE The Central and Eastern Europe Fund	22.49%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	-4.82%	11.93%	12.41%	25.16%	-44.49%	15.80%	55.57%	27.34%	-13.02%	23.11%

Correlation

The correlation between CEE and EUGDX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jul 28, 1997	0.49

The correlation between CEE and EUGDX shifts across timeframes, from 0.28 (5 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CEE vs. EUGDX — Risk / Return Rank

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

CEE

CEE Risk / Return Rank: 45
CEE Sharpe Ratio Rank: 41
CEE Sortino Ratio Rank: 42
CEE Omega Ratio Rank: 37
CEE Calmar Ratio Rank: 72
CEE Martin Ratio Rank: 33

EUGDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CEE vs. EUGDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Central and Eastern Europe Fund (CEE) and Morgan Stanley Europe Opportunity Fund Inc. (EUGDX). 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.

	CEE	EUGDX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	—	—
Sortino ratio: Return per unit of downside risk	2.52	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	3.14	—	—
Martin ratio: Return relative to average drawdown	7.02	—	—

Drawdowns

Drawdown Indicators

	CEE	EUGDX	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-79.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-79.89%	—	—
Current Drawdown Current decline from peak	-31.86%	—	—
Average Drawdown Average peak-to-trough decline	-37.35%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	—	—

Volatility

Volatility by Period

	CEE	EUGDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.26%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.12%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.55%	—	—

CEE vs. EUGDX - Expense Ratio Comparison

CEE has a 1.26% expense ratio, which is higher than EUGDX's 1.05% expense ratio.

Dividends

CEE vs. EUGDX - Dividend Comparison

CEE's dividend yield for the trailing twelve months is around 1.79%, more than EUGDX's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.79%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
EUGDX Morgan Stanley Europe Opportunity Fund Inc.	0.66%	0.62%	0.00%	0.00%	0.00%	5.45%	7.53%	3.27%	1.02%	0.90%	2.75%	2.30%

Frequently Asked Questions

Can I hold both CEE and EUGDX in my portfolio?

CEE and EUGDX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.