CEMVX vs. CEMIX

Last updated Jun 23, 2026

CEMVX (Causeway Emerging Markets Investor) and CEMIX (Causeway Emerging Markets Fund) are both Emerging Markets Diversified funds from Causeway. Over the past 10 years, CEMVX returned 12.02%/yr vs 12.27%/yr for CEMIX. With a 1.00 correlation, they move nearly in lockstep. CEMVX charges 1.36%/yr vs 1.10%/yr for CEMIX.

Performance

CEMVX vs. CEMIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CEMVX having a 36.01% return and CEMIX slightly higher at 36.19%. Both investments have delivered pretty close results over the past 10 years, with CEMVX having a 12.02% annualized return and CEMIX not far ahead at 12.27%.

CEMVX

• 1D: 1.78%
• 1M: 7.53%
• YTD: 36.01%
• 6M: 38.56%
• 1Y: 65.42%
• 3Y*: 30.19%
• 5Y*: 12.16%
• 10Y*: 12.02%

CEMIX

• 1D: 1.71%
• 1M: 7.48%
• YTD: 36.19%
• 6M: 38.69%
• 1Y: 65.86%
• 3Y*: 30.48%
• 5Y*: 12.43%
• 10Y*: 12.27%

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

CEMVX vs. CEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMVX Causeway Emerging Markets Investor	36.01%	35.92%	14.62%	16.83%	-23.20%	-1.10%	16.73%	16.39%	-18.06%	39.48%
CEMIX Causeway Emerging Markets Fund	36.19%	36.22%	14.90%	17.13%	-23.05%	-0.83%	16.95%	16.73%	-17.91%	39.79%

Correlation

The correlation between CEMVX and CEMIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	1.00

The correlation between CEMVX and CEMIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

CEMVX vs. CEMIX — Risk / Return Rank

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

CEMVX

CEMVX Risk / Return Rank: 89
CEMVX Sharpe Ratio Rank: 93
CEMVX Sortino Ratio Rank: 79
CEMVX Omega Ratio Rank: 85
CEMVX Calmar Ratio Rank: 93
CEMVX Martin Ratio Rank: 93

CEMIX

CEMIX Risk / Return Rank: 89
CEMIX Sharpe Ratio Rank: 93
CEMIX Sortino Ratio Rank: 79
CEMIX Omega Ratio Rank: 85
CEMIX Calmar Ratio Rank: 93
CEMIX Martin Ratio Rank: 93

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.

CEMVX vs. CEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Emerging Markets Investor (CEMVX) and Causeway Emerging Markets Fund (CEMIX). 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.

	CEMVX	CEMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.90	0.00
Sortino ratio: Return per unit of downside risk	3.43	3.45	-0.01
Omega ratio: Gain probability vs. loss probability	1.54	1.53	0.00
Calmar ratio: Return relative to maximum drawdown	4.81	4.84	-0.03
Martin ratio: Return relative to average drawdown	18.13	18.31	-0.18

CEMVX vs. CEMIX - Sharpe Ratio Comparison

The current CEMVX Sharpe Ratio is 2.89, which is comparable to the CEMIX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of CEMVX and CEMIX, 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

CEMVX vs. CEMIX - Drawdown Comparison

The maximum CEMVX drawdown since its inception was -69.02%, roughly equal to the maximum CEMIX drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for CEMVX and CEMIX.

Drawdown Indicators

	CEMVX	CEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-69.02%	-68.90%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-13.61%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.01%	-17.92%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-36.53%	-36.29%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-39.88%	-39.59%	-0.29%
Current Drawdown Current decline from peak	-0.30%	-0.35%	+0.05%
Average Drawdown Average peak-to-trough decline	-15.99%	-15.76%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.58%	+0.02%

Volatility

CEMVX vs. CEMIX - Volatility Comparison

Causeway Emerging Markets Investor (CEMVX) and Causeway Emerging Markets Fund (CEMIX) have volatilities of 12.50% and 12.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMVX	CEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	12.50%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	20.27%	20.35%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.74%	22.76%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	18.35%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	18.69%	0.00%

CEMVX vs. CEMIX - Expense Ratio Comparison

CEMVX has a 1.36% expense ratio, which is higher than CEMIX's 1.10% expense ratio.

Dividends

CEMVX vs. CEMIX - Dividend Comparison

CEMVX's dividend yield for the trailing twelve months is around 1.66%, less than CEMIX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMIX Causeway Emerging Markets Fund	1.83%	2.49%	3.73%	4.85%	4.87%	23.35%	1.36%	2.03%	2.01%	1.58%	1.55%	1.69%
CEMVX Causeway Emerging Markets Investor	1.66%	2.26%	3.45%	4.55%	4.40%	22.65%	1.18%	1.79%	1.54%	1.36%	1.30%	1.48%

Frequently Asked Questions

Can I hold both CEMVX and CEMIX in my portfolio?

With a correlation of 0.99, CEMVX and CEMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CEMVX or CEMIX?

CEMIX has higher volatility (12.50%) compared to CEMVX (12.50%). In terms of maximum drawdown, CEMVX dropped -69.02% vs CEMIX's -68.90%.

Which has better risk-adjusted returns?

CEMIX currently has the higher Sharpe Ratio (2.90 vs 2.89), 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.