CEMIX vs. CIOVX

Last updated Aug 5, 2026

CEMIX (Causeway Emerging Markets Fund) and CIOVX (Causeway International Opps Fd) are both mutual funds - CEMIX is a Emerging Markets Equities fund managed by Causeway, while CIOVX is a Foreign Large Cap Equities fund managed by Causeway. Over the past 10 years, CEMIX returned 10.19%/yr vs 10.67%/yr for CIOVX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. CEMIX charges 1.10%/yr vs 1.20%/yr for CIOVX.

Performance

CEMIX vs. CIOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway Emerging Markets Fund (CEMIX) and Causeway International Opps Fd (CIOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEMIX achieves a 23.32% return, which is significantly higher than CIOVX's 14.65% return. Both investments have delivered pretty close results over the past 10 years, with CEMIX having a 10.19% annualized return and CIOVX not far ahead at 10.67%.

CEMIX

• 1D: 0.62%
• 1M: -1.60%
• 6M: 11.86%
• YTD: 23.32%
• 1Y: 42.46%
• 3Y*: 26.28%
• 5Y*: 10.49%
• 10Y*: 10.19%
• ALL TIME*: 6.96%

CIOVX

• 1D: 0.82%
• 1M: 1.51%
• 6M: 7.89%
• YTD: 14.65%
• 1Y: 29.66%
• 3Y*: 21.43%
• 5Y*: 12.96%
• 10Y*: 10.67%
• ALL TIME*: 7.89%

*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)
CEMIX Causeway Emerging Markets Fund	$0.00	$0.00	$0.00
CIOVX Causeway International Opps Fd	$0.00	$0.00	$0.00

CEMIX vs. CIOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMIX Causeway Emerging Markets Fund	23.32%	36.22%	14.90%	17.13%	-23.05%	-0.83%	16.95%	16.73%	-17.91%	39.79%
CIOVX Causeway International Opps Fd	14.65%	36.68%	8.35%	24.39%	-11.28%	6.38%	5.21%	21.40%	-18.62%	29.39%

Correlation

The correlation between CEMIX and CIOVX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.78

The correlation between CEMIX and CIOVX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

CEMIX vs. CIOVX — Risk / Return Rank

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

CEMIX

CEMIX Risk / Return Rank: 65
CEMIX Sharpe Ratio Rank: 65
CEMIX Sortino Ratio Rank: 50
CEMIX Omega Ratio Rank: 65
CEMIX Calmar Ratio Rank: 79
CEMIX Martin Ratio Rank: 68

CIOVX

CIOVX Risk / Return Rank: 61
CIOVX Sharpe Ratio Rank: 70
CIOVX Sortino Ratio Rank: 65
CIOVX Omega Ratio Rank: 70
CIOVX Calmar Ratio Rank: 52
CIOVX Martin Ratio Rank: 48

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.

CEMIX vs. CIOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Emerging Markets Fund (CEMIX) and Causeway International Opps Fd (CIOVX). 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.

	CEMIX	CIOVX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.81	-0.09
Sortino ratio: Return per unit of downside risk	2.18	2.49	-0.30
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.14	+0.64
Martin ratio: Return relative to average drawdown	9.41	7.51	+1.89

CEMIX vs. CIOVX - Sharpe Ratio Comparison

The current CEMIX Sharpe Ratio is 1.73, which is comparable to the CIOVX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of CEMIX and CIOVX, 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

CEMIX vs. CIOVX - Drawdown Comparison

The maximum CEMIX drawdown since its inception was -68.90%, which is greater than CIOVX's maximum drawdown of -43.70%. Use the drawdown chart below to compare losses from any high point for CEMIX and CIOVX.

Drawdown Indicators

	CEMIX	CIOVX	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	-43.70%	-25.20%
Max Drawdown (1Y) Largest decline over 1 year	-16.30%	-14.92%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-16.43%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	-33.95%	-29.10%	-4.85%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-43.70%	+4.11%
Current Drawdown Current decline from peak	-10.05%	-0.09%	-9.96%
Average Drawdown Average peak-to-trough decline	-15.72%	-8.54%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	4.22%	+0.58%

Volatility

CEMIX vs. CIOVX - Volatility Comparison

Causeway Emerging Markets Fund (CEMIX) has a higher volatility of 11.56% compared to Causeway International Opps Fd (CIOVX) at 5.48%. This indicates that CEMIX's price experiences larger fluctuations and is considered to be riskier than CIOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMIX	CIOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	5.48%	+6.08%
Volatility (6M) Calculated over the trailing 6-month period	24.25%	15.51%	+8.74%
Volatility (1Y) Calculated over the trailing 1-year period	26.35%	17.65%	+8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	17.49%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	18.26%	+0.80%

CEMIX vs. CIOVX - Expense Ratio Comparison

CEMIX has a 1.10% expense ratio, which is lower than CIOVX's 1.20% expense ratio.

Dividends

CEMIX vs. CIOVX - Dividend Comparison

CEMIX's dividend yield for the trailing twelve months is around 2.02%, less than CIOVX's 7.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMIX Causeway Emerging Markets Fund	2.02%	2.49%	3.73%	4.85%	4.87%	23.35%	1.36%	2.03%	2.01%	1.58%	1.55%	1.69%
CIOVX Causeway International Opps Fd	7.61%	8.72%	9.86%	2.51%	2.52%	1.38%	1.20%	2.34%	2.53%	1.33%	3.74%	1.44%

Frequently Asked Questions

Can I hold both CEMIX and CIOVX in my portfolio?

CEMIX and CIOVX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMIX or CIOVX?

CEMIX has higher volatility (11.56%) compared to CIOVX (5.48%). In terms of maximum drawdown, CEMIX dropped -68.90% vs CIOVX's -43.70%.

Which has better risk-adjusted returns?

CIOVX currently has the higher Sharpe Ratio (1.81 vs 1.73), 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.