CEMFX vs. HIEMX

Last updated Jun 5, 2026

CEMFX (Cullen Emerging Markets High Dividend Fund) and HIEMX (Virtus Vontobel Emerging Markets Opportunities Fund) are both Emerging Markets Diversified funds. Over the past 10 years, CEMFX returned 11.50%/yr vs 0.96%/yr for HIEMX. A 0.76 correlation means they provide meaningful diversification when combined. CEMFX charges 1.00%/yr vs 1.24%/yr for HIEMX.

Performance

CEMFX vs. HIEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Emerging Markets High Dividend Fund (CEMFX) and Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX). 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 HIEMX's -9.33% return. Over the past 10 years, CEMFX has outperformed HIEMX with an annualized return of 11.50%, while HIEMX has yielded a comparatively lower 0.96% 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%

HIEMX

• 1D: -1.66%
• 1M: -1.79%
• YTD: -9.33%
• 6M: -9.95%
• 1Y: -3.50%
• 3Y*: 0.41%
• 5Y*: -7.20%
• 10Y*: 0.96%

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

CEMFX vs. HIEMX - 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%
HIEMX Virtus Vontobel Emerging Markets Opportunities Fund	-9.33%	21.39%	-8.26%	0.39%	-23.26%	-6.34%	15.71%	18.35%	-14.37%	34.47%

Correlation

The correlation between CEMFX and HIEMX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
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	0.76

Over the past year, the correlation between CEMFX and HIEMX has dropped to 0.56 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

CEMFX vs. HIEMX — 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

HIEMX

HIEMX Risk / Return Rank: 2
HIEMX Sharpe Ratio Rank: 2
HIEMX Sortino Ratio Rank: 2
HIEMX Omega Ratio Rank: 2
HIEMX Calmar Ratio Rank: 2
HIEMX Martin Ratio Rank: 2

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. HIEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX). 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	HIEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	-0.21	+3.83
Sortino ratio: Return per unit of downside risk	4.70	-0.19	+4.89
Omega ratio: Gain probability vs. loss probability	1.68	0.98	+0.70
Calmar ratio: Return relative to maximum drawdown	4.68	-0.18	+4.86
Martin ratio: Return relative to average drawdown	16.81	-0.46	+17.27
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. HIEMX - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 3.62, which is higher than the HIEMX Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of CEMFX and HIEMX, 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	HIEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	-0.21	+3.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	-0.47	+1.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.06	+0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.25	+0.30

Drawdowns

CEMFX vs. HIEMX - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, smaller than the maximum HIEMX drawdown of -58.48%. Use the drawdown chart below to compare losses from any high point for CEMFX and HIEMX.

Drawdown Indicators

	CEMFX	HIEMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-58.48%	+19.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-17.19%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-17.39%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-28.13%	-41.08%	+12.95%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-44.22%	+4.92%
Current Drawdown Current decline from peak	-0.38%	-34.84%	+34.46%
Average Drawdown Average peak-to-trough decline	-9.60%	-17.62%	+8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	6.62%	-3.17%

Volatility

CEMFX vs. HIEMX - Volatility Comparison

Cullen Emerging Markets High Dividend Fund (CEMFX) has a higher volatility of 6.15% compared to Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX) at 4.42%. This indicates that CEMFX's price experiences larger fluctuations and is considered to be riskier than HIEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	HIEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	4.42%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	11.80%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	14.55%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	15.43%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	16.17%	-1.05%

CEMFX vs. HIEMX - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is lower than HIEMX's 1.24% expense ratio.

Dividends

CEMFX vs. HIEMX - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 1.69%, less than HIEMX's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HIEMX Virtus Vontobel Emerging Markets Opportunities Fund	2.08%	1.89%	0.00%	0.00%	0.00%	23.24%	0.63%	2.05%	3.83%	0.70%	0.44%	0.94%

Frequently Asked Questions

Can I hold both CEMFX and HIEMX in my portfolio?

CEMFX and HIEMX have a correlation of 0.56, 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 HIEMX?

CEMFX has higher volatility (6.15%) compared to HIEMX (4.42%). In terms of maximum drawdown, CEMFX dropped -39.30% vs HIEMX's -58.48%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.62 vs -0.21), 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.