CEMFX vs. ENHNX

Last updated Aug 4, 2026

CEMFX (Cullen Emerging Markets High Dividend Fund) and ENHNX (Cullen Enhanced Equity Income Fund) are both mutual funds - CEMFX is a Emerging Markets Equities fund managed by Cullen, while ENHNX is a Derivative Income fund managed by Cullen. Over the past 10 years, CEMFX returned 10.17%/yr vs 7.12%/yr for ENHNX. Their 0.46 correlation means their historical movements had little consistent relationship. CEMFX charges 1.00%/yr vs 0.75%/yr for ENHNX.

Performance

CEMFX vs. ENHNX - Performance Comparison

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

Returns By Period

In the year-to-date period, CEMFX achieves a 20.10% return, which is significantly higher than ENHNX's 11.84% return. Over the past 10 years, CEMFX has outperformed ENHNX with an annualized return of 10.17%, while ENHNX has yielded a comparatively lower 7.12% annualized return.

CEMFX

• 1D: 3.82%
• 1M: -0.10%
• 6M: 8.24%
• YTD: 20.10%
• 1Y: 39.50%
• 3Y*: 22.09%
• 5Y*: 12.85%
• 10Y*: 10.17%
• ALL TIME*: 7.31%

ENHNX

• 1D: -0.18%
• 1M: 0.53%
• 6M: 7.12%
• YTD: 11.84%
• 1Y: 16.83%
• 3Y*: 8.28%
• 5Y*: 5.38%
• 10Y*: 7.12%
• ALL TIME*: 7.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEMFX Cullen Emerging Markets High Dividend Fund	$0.00	$0.00	$0.00
ENHNX Cullen Enhanced Equity Income Fund	$0.00	$0.00	$0.00

CEMFX vs. ENHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMFX Cullen Emerging Markets High Dividend Fund	20.10%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%
ENHNX Cullen Enhanced Equity Income Fund	11.84%	6.20%	6.89%	0.99%	-1.98%	21.67%	1.52%	18.16%	-5.10%	10.69%

Correlation

The correlation between CEMFX and ENHNX is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.46

Over the past year, the correlation between CEMFX and ENHNX has dropped to 0.07 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

CEMFX vs. ENHNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEMFX

CEMFX Risk / Return Rank: 79
CEMFX Sharpe Ratio Rank: 85
CEMFX Sortino Ratio Rank: 79
CEMFX Omega Ratio Rank: 80
CEMFX Calmar Ratio Rank: 86
CEMFX Martin Ratio Rank: 66

ENHNX

ENHNX Risk / Return Rank: 57
ENHNX Sharpe Ratio Rank: 57
ENHNX Sortino Ratio Rank: 62
ENHNX Omega Ratio Rank: 48
ENHNX Calmar Ratio Rank: 75
ENHNX Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEMFX vs. ENHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and Cullen Enhanced Equity Income Fund (ENHNX). 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.

	CEMFX	ENHNX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.55	+0.54
Sortino ratio: Return per unit of downside risk	2.79	2.31	+0.47
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	3.12	2.54	+0.58
Martin ratio: Return relative to average drawdown	8.90	6.73	+2.16

CEMFX vs. ENHNX - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 2.09, which is higher than the ENHNX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of CEMFX and ENHNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEMFX vs. ENHNX - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, which is greater than ENHNX's maximum drawdown of -35.59%. Use the drawdown chart below to compare losses from any high point for CEMFX and ENHNX.

Drawdown Indicators

	CEMFX	ENHNX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-35.59%	-3.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-6.34%	-6.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-13.60%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-18.30%	-8.43%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-35.59%	-3.71%
Current Drawdown Current decline from peak	-6.89%	-1.74%	-5.15%
Average Drawdown Average peak-to-trough decline	-9.56%	-4.02%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	2.39%	+1.95%

Volatility

CEMFX vs. ENHNX - Volatility Comparison

Cullen Emerging Markets High Dividend Fund (CEMFX) has a higher volatility of 7.41% compared to Cullen Enhanced Equity Income Fund (ENHNX) at 4.20%. This indicates that CEMFX's price experiences larger fluctuations and is considered to be riskier than ENHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	ENHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	4.20%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	16.03%	7.85%	+8.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	10.51%	+8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	12.86%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	15.46%	-0.14%

CEMFX vs. ENHNX - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is higher than ENHNX's 0.75% expense ratio.

Dividends

CEMFX vs. ENHNX - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 2.09%, less than ENHNX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	2.09%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
ENHNX Cullen Enhanced Equity Income Fund	5.70%	4.38%	5.99%	6.22%	3.82%	7.77%	5.86%	5.69%	6.45%	6.82%	7.67%	0.00%

Frequently Asked Questions

Can I hold both CEMFX and ENHNX in my portfolio?

CEMFX and ENHNX have a correlation of 0.07, 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 ENHNX?

CEMFX has higher volatility (7.41%) compared to ENHNX (4.20%). In terms of maximum drawdown, CEMFX dropped -39.30% vs ENHNX's -35.59%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (2.09 vs 1.55), 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.