CEMVX vs. GTDDX

Last updated Aug 1, 2026

CEMVX (Causeway Emerging Markets Investor) and GTDDX (Invesco EQV Emerging Markets All Cap Fd) are both Emerging Markets Equities funds. Over the past 10 years, CEMVX returned 9.69%/yr vs 8.12%/yr for GTDDX. Their correlation of 0.88 means they have usually moved in the same direction. CEMVX charges 1.36%/yr vs 1.39%/yr for GTDDX.

Performance

CEMVX vs. GTDDX - Performance Comparison

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

Returns By Period

In the year-to-date period, CEMVX achieves a 19.54% return, which is significantly lower than GTDDX's 30.40% return. Over the past 10 years, CEMVX has outperformed GTDDX with an annualized return of 9.69%, while GTDDX has yielded a comparatively lower 8.12% annualized return.

CEMVX

• 1D: 4.40%
• 1M: -4.41%
• 6M: 9.48%
• YTD: 19.54%
• 1Y: 40.17%
• 3Y*: 23.40%
• 5Y*: 10.02%
• 10Y*: 9.69%
• ALL TIME*: 6.59%

GTDDX

• 1D: 3.90%
• 1M: -6.50%
• 6M: 18.90%
• YTD: 30.40%
• 1Y: 53.81%
• 3Y*: 17.47%
• 5Y*: 7.50%
• 10Y*: 8.12%
• ALL TIME*: 6.04%

*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)
CEMVX Causeway Emerging Markets Investor	$0.00	$0.00	$0.00
GTDDX Invesco EQV Emerging Markets All Cap Fd	$0.00	$0.00	$0.00

CEMVX vs. GTDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMVX Causeway Emerging Markets Investor	19.54%	35.92%	14.62%	16.83%	-23.20%	-1.10%	16.73%	16.39%	-18.06%	39.48%
GTDDX Invesco EQV Emerging Markets All Cap Fd	30.40%	29.88%	-0.66%	8.82%	-17.70%	-7.00%	17.19%	29.99%	-18.77%	30.34%

Correlation

The correlation between CEMVX and GTDDX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.88

The correlation between CEMVX and GTDDX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

CEMVX vs. GTDDX — Risk / Return Rank

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

CEMVX

CEMVX Risk / Return Rank: 57
CEMVX Sharpe Ratio Rank: 55
CEMVX Sortino Ratio Rank: 45
CEMVX Omega Ratio Rank: 59
CEMVX Calmar Ratio Rank: 69
CEMVX Martin Ratio Rank: 60

GTDDX

GTDDX Risk / Return Rank: 83
GTDDX Sharpe Ratio Rank: 86
GTDDX Sortino Ratio Rank: 77
GTDDX Omega Ratio Rank: 81
GTDDX Calmar Ratio Rank: 87
GTDDX Martin Ratio Rank: 83

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.

CEMVX vs. GTDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Emerging Markets Investor (CEMVX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). 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	GTDDX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.11	-0.68
Sortino ratio: Return per unit of downside risk	1.87	2.69	-0.81
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.30	3.10	-0.79
Martin ratio: Return relative to average drawdown	7.89	10.42	-2.53

CEMVX vs. GTDDX - Sharpe Ratio Comparison

The current CEMVX Sharpe Ratio is 1.43, which is lower than the GTDDX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of CEMVX and GTDDX, 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. GTDDX - Drawdown Comparison

The maximum CEMVX drawdown since its inception was -69.02%, which is greater than GTDDX's maximum drawdown of -62.89%. Use the drawdown chart below to compare losses from any high point for CEMVX and GTDDX.

Drawdown Indicators

	CEMVX	GTDDX	Difference
Max Drawdown Largest peak-to-trough decline	-69.02%	-62.89%	-6.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.32%	-16.30%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.01%	-16.30%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-34.14%	-34.81%	+0.67%
Max Drawdown (10Y) Largest decline over 10 years	-39.88%	-39.58%	-0.30%
Current Drawdown Current decline from peak	-12.64%	-13.04%	+0.40%
Average Drawdown Average peak-to-trough decline	-15.95%	-18.69%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	4.83%	-0.10%

Volatility

CEMVX vs. GTDDX - Volatility Comparison

Causeway Emerging Markets Investor (CEMVX) has a higher volatility of 11.67% compared to Invesco EQV Emerging Markets All Cap Fd (GTDDX) at 9.28%. This indicates that CEMVX's price experiences larger fluctuations and is considered to be riskier than GTDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMVX	GTDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	9.28%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	22.04%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	26.29%	23.91%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	17.49%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	17.40%	+1.65%

CEMVX vs. GTDDX - Expense Ratio Comparison

CEMVX has a 1.36% expense ratio, which is lower than GTDDX's 1.39% expense ratio.

Dividends

CEMVX vs. GTDDX - Dividend Comparison

CEMVX's dividend yield for the trailing twelve months is around 1.89%, less than GTDDX's 16.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMVX Causeway Emerging Markets Investor	1.89%	2.26%	3.45%	4.55%	4.40%	22.65%	1.18%	1.79%	1.54%	1.36%	1.30%	1.48%
GTDDX Invesco EQV Emerging Markets All Cap Fd	16.20%	21.13%	1.16%	1.51%	1.17%	4.46%	5.05%	1.49%	1.53%	0.71%	0.86%	0.99%

Frequently Asked Questions

Can I hold both CEMVX and GTDDX in my portfolio?

CEMVX and GTDDX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMVX or GTDDX?

CEMVX has higher volatility (11.67%) compared to GTDDX (9.28%). In terms of maximum drawdown, CEMVX dropped -69.02% vs GTDDX's -62.89%.

Which has better risk-adjusted returns?

GTDDX currently has the higher Sharpe Ratio (2.11 vs 1.43), 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.