CEE vs. SEMGX

Last updated Jun 5, 2026

CEE (The Central and Eastern Europe Fund) and SEMGX (DWS Emerging Markets Equity Fund) are both mutual funds - CEE is a Europe Equities fund actively managed by DWS, while SEMGX is a Emerging Markets Diversified fund managed by DWS. Over the past 10 years, CEE returned 4.82%/yr vs 9.76%/yr for SEMGX. A 0.56 correlation means they provide meaningful diversification when combined. CEE charges 1.26%/yr vs 0.98%/yr for SEMGX.

Performance

CEE vs. SEMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Central and Eastern Europe Fund (CEE) and DWS Emerging Markets Equity Fund (SEMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEE achieves a 21.30% return, which is significantly lower than SEMGX's 33.58% return. Over the past 10 years, CEE has underperformed SEMGX with an annualized return of 4.82%, while SEMGX has yielded a comparatively higher 9.76% annualized return.

CEE

• 1D: 1.80%
• 1M: 4.83%
• YTD: 21.30%
• 6M: 32.77%
• 1Y: 43.55%
• 3Y*: 41.40%
• 5Y*: -1.87%
• 10Y*: 4.82%

SEMGX

• 1D: -0.16%
• 1M: 8.58%
• YTD: 33.58%
• 6M: 37.12%
• 1Y: 58.62%
• 3Y*: 24.91%
• 5Y*: 5.42%
• 10Y*: 9.76%

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

CEE vs. SEMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEE The Central and Eastern Europe Fund	21.30%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%
SEMGX DWS Emerging Markets Equity Fund	33.58%	28.85%	7.48%	6.32%	-21.66%	-11.60%	18.65%	19.23%	-12.25%	37.71%

Correlation

The correlation between CEE and SEMGX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.56

The correlation between CEE and SEMGX shifts across timeframes, from 0.30 (3 years) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CEE vs. SEMGX — Risk / Return Rank

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

CEE

CEE Risk / Return Rank: 41
CEE Sharpe Ratio Rank: 38
CEE Sortino Ratio Rank: 38
CEE Omega Ratio Rank: 33
CEE Calmar Ratio Rank: 66
CEE Martin Ratio Rank: 30

SEMGX

SEMGX Risk / Return Rank: 83
SEMGX Sharpe Ratio Rank: 90
SEMGX Sortino Ratio Rank: 79
SEMGX Omega Ratio Rank: 82
SEMGX Calmar Ratio Rank: 82
SEMGX Martin Ratio Rank: 82

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. SEMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Central and Eastern Europe Fund (CEE) and DWS Emerging Markets Equity Fund (SEMGX). 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.

	CEE	SEMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	3.00	-1.31
Sortino ratio: Return per unit of downside risk	2.50	3.80	-1.30
Omega ratio: Gain probability vs. loss probability	1.29	1.55	-0.25
Calmar ratio: Return relative to maximum drawdown	3.02	3.74	-0.72
Martin ratio: Return relative to average drawdown	6.74	15.10	-8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEE vs. SEMGX - Sharpe Ratio Comparison

The current CEE Sharpe Ratio is 1.69, which is lower than the SEMGX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of CEE and SEMGX, 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

	CEE	SEMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	3.00	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.29	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.53	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.28	-0.18

Drawdowns

CEE vs. SEMGX - Drawdown Comparison

The maximum CEE drawdown since its inception was -82.98%, which is greater than SEMGX's maximum drawdown of -67.21%. Use the drawdown chart below to compare losses from any high point for CEE and SEMGX.

Drawdown Indicators

	CEE	SEMGX	Difference
Max Drawdown Largest peak-to-trough decline	-82.98%	-67.21%	-15.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-16.11%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	-18.37%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	-79.89%	-41.42%	-38.47%
Max Drawdown (10Y) Largest decline over 10 years	-79.89%	-45.82%	-34.07%
Current Drawdown Current decline from peak	-32.52%	-0.16%	-32.36%
Average Drawdown Average peak-to-trough decline	-37.36%	-25.25%	-12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	3.97%	+2.51%

Volatility

CEE vs. SEMGX - Volatility Comparison

The current volatility for The Central and Eastern Europe Fund (CEE) is 7.66%, while DWS Emerging Markets Equity Fund (SEMGX) has a volatility of 8.15%. This indicates that CEE experiences smaller price fluctuations and is considered to be less risky than SEMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEE	SEMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	8.15%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	18.62%	16.81%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	25.93%	20.03%	+5.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.07%	18.67%	+20.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.55%	18.32%	+14.23%

CEE vs. SEMGX - Expense Ratio Comparison

CEE has a 1.26% expense ratio, which is higher than SEMGX's 0.98% expense ratio.

Dividends

CEE vs. SEMGX - Dividend Comparison

CEE's dividend yield for the trailing twelve months is around 1.80%, less than SEMGX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.80%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
SEMGX DWS Emerging Markets Equity Fund	2.25%	3.00%	0.15%	2.16%	2.16%	1.71%	1.23%	1.94%	0.71%	0.62%	0.54%	0.23%

Frequently Asked Questions

Can I hold both CEE and SEMGX in my portfolio?

CEE and SEMGX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEE or SEMGX?

SEMGX has higher volatility (8.15%) compared to CEE (7.66%). In terms of maximum drawdown, CEE dropped -82.98% vs SEMGX's -67.21%.

Which has better risk-adjusted returns?

SEMGX currently has the higher Sharpe Ratio (3.00 vs 1.69), 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.