CEMFX vs. AZMIX

Last updated Jun 5, 2026

CEMFX (Cullen Emerging Markets High Dividend Fund) and AZMIX (Virtus NFJ Emerging Markets Value Fund) are both Emerging Markets Diversified funds. Over the past 10 years, CEMFX returned 11.50%/yr vs 9.11%/yr for AZMIX. Their correlation of 0.81 suggests significant overlap in exposure. CEMFX charges 1.00%/yr vs 0.89%/yr for AZMIX.

Performance

CEMFX vs. AZMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Emerging Markets High Dividend Fund (CEMFX) and Virtus NFJ Emerging Markets Value Fund (AZMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEMFX achieves a 28.49% return, which is significantly higher than AZMIX's 26.14% return. Over the past 10 years, CEMFX has outperformed AZMIX with an annualized return of 11.50%, while AZMIX has yielded a comparatively lower 9.11% annualized return.

CEMFX

• 1D: -0.38%
• 1M: 5.80%
• YTD: 28.49%
• 6M: 30.35%
• 1Y: 56.51%
• 3Y*: 28.78%
• 5Y*: 13.51%
• 10Y*: 11.50%

AZMIX

• 1D: 0.48%
• 1M: 8.86%
• YTD: 26.14%
• 6M: 27.94%
• 1Y: 50.96%
• 3Y*: 19.42%
• 5Y*: 4.52%
• 10Y*: 9.11%

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

CEMFX vs. AZMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMFX Cullen Emerging Markets High Dividend Fund	28.49%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%
AZMIX Virtus NFJ Emerging Markets Value Fund	26.14%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%

Correlation

The correlation between CEMFX and AZMIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.81

The correlation between CEMFX and AZMIX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

CEMFX vs. AZMIX — Risk / Return Rank

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

CEMFX

CEMFX Risk / Return Rank: 92
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 91
CEMFX Calmar Ratio Rank: 90
CEMFX Martin Ratio Rank: 88

AZMIX

AZMIX Risk / Return Rank: 81
AZMIX Sharpe Ratio Rank: 88
AZMIX Sortino Ratio Rank: 74
AZMIX Omega Ratio Rank: 80
AZMIX Calmar Ratio Rank: 87
AZMIX Martin Ratio Rank: 77

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.

CEMFX vs. AZMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and Virtus NFJ Emerging Markets Value Fund (AZMIX). 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.

	CEMFX	AZMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	2.85	+0.77
Sortino ratio: Return per unit of downside risk	4.70	3.57	+1.13
Omega ratio: Gain probability vs. loss probability	1.68	1.52	+0.15
Calmar ratio: Return relative to maximum drawdown	4.68	4.18	+0.50
Martin ratio: Return relative to average drawdown	16.81	14.14	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMFX vs. AZMIX - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 3.62, which is comparable to the AZMIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of CEMFX and AZMIX, 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

	CEMFX	AZMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	2.85	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.23	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.50	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.38	+0.18

Drawdowns

CEMFX vs. AZMIX - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, smaller than the maximum AZMIX drawdown of -44.57%. Use the drawdown chart below to compare losses from any high point for CEMFX and AZMIX.

Drawdown Indicators

	CEMFX	AZMIX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-44.57%	+5.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-12.58%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-17.91%	+4.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.13%	-43.05%	+14.92%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-44.57%	+5.27%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-9.60%	-14.24%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.71%	-0.26%

Volatility

CEMFX vs. AZMIX - Volatility Comparison

The current volatility for Cullen Emerging Markets High Dividend Fund (CEMFX) is 6.15%, while Virtus NFJ Emerging Markets Value Fund (AZMIX) has a volatility of 6.68%. This indicates that CEMFX experiences smaller price fluctuations and is considered to be less risky than AZMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	AZMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	6.68%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	15.00%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	18.47%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	19.46%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	18.42%	-3.30%

CEMFX vs. AZMIX - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is higher than AZMIX's 0.89% expense ratio.

Dividends

CEMFX vs. AZMIX - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 1.69%, less than AZMIX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.50%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
CEMFX Cullen Emerging Markets High Dividend Fund	1.69%	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 CEMFX and AZMIX in my portfolio?

CEMFX and AZMIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMFX or AZMIX?

AZMIX has higher volatility (6.68%) compared to CEMFX (6.15%). In terms of maximum drawdown, CEMFX dropped -39.30% vs AZMIX's -44.57%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.62 vs 2.85), 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.