CHDEX vs. CEMFX

Last updated Aug 1, 2026

CHDEX (Cullen High Dividend Equity Fund) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both mutual funds - CHDEX is a Large Cap Value Equities fund managed by Cullen, while CEMFX is a Emerging Markets Equities fund managed by Cullen. Over the past 10 years, CHDEX returned 9.91%/yr vs 9.68%/yr for CEMFX. Their 0.49 correlation means their historical movements had little consistent relationship. Both charge a 1.00% expense ratio.

Performance

CHDEX vs. CEMFX - Performance Comparison

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

Returns By Period

In the year-to-date period, CHDEX achieves a 13.81% return, which is significantly lower than CEMFX's 15.68% return. Both investments have delivered pretty close results over the past 10 years, with CHDEX having a 9.91% annualized return and CEMFX not far behind at 9.68%.

CHDEX

• 1D: -0.16%
• 1M: 2.19%
• 6M: 9.30%
• YTD: 13.81%
• 1Y: 24.12%
• 3Y*: 17.51%
• 5Y*: 11.13%
• 10Y*: 9.91%
• ALL TIME*: 9.03%

CEMFX

• 1D: 0.92%
• 1M: -3.78%
• 6M: 3.17%
• YTD: 15.68%
• 1Y: 34.36%
• 3Y*: 20.20%
• 5Y*: 12.01%
• 10Y*: 9.68%
• ALL TIME*: 7.01%

*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
CHDEX Cullen High Dividend Equity Fund	$0.00	$0.00	$0.00

CHDEX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHDEX Cullen High Dividend Equity Fund	13.81%	18.04%	20.77%	2.76%	-4.50%	26.34%	-4.36%	19.69%	-5.40%	16.79%
CEMFX Cullen Emerging Markets High Dividend Fund	15.68%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Correlation

The correlation between CHDEX and CEMFX is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.49

Over the past year, the correlation between CHDEX and CEMFX has dropped to 0.16 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

CHDEX vs. CEMFX — Risk / Return Rank

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

CHDEX

CHDEX Risk / Return Rank: 90
CHDEX Sharpe Ratio Rank: 92
CHDEX Sortino Ratio Rank: 90
CHDEX Omega Ratio Rank: 85
CHDEX Calmar Ratio Rank: 91
CHDEX Martin Ratio Rank: 91

CEMFX

CEMFX Risk / Return Rank: 71
CEMFX Sharpe Ratio Rank: 76
CEMFX Sortino Ratio Rank: 70
CEMFX Omega Ratio Rank: 73
CEMFX Calmar Ratio Rank: 79
CEMFX Martin Ratio Rank: 56

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.

CHDEX vs. CEMFX - Risk-Adjusted Trends Comparison

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

	CHDEX	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.76	+0.60
Sortino ratio: Return per unit of downside risk	3.42	2.37	+1.05
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	3.48	2.58	+0.90
Martin ratio: Return relative to average drawdown	12.66	7.39	+5.27

CHDEX vs. CEMFX - Sharpe Ratio Comparison

The current CHDEX Sharpe Ratio is 2.36, which is higher than the CEMFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of CHDEX and CEMFX, 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

CHDEX vs. CEMFX - Drawdown Comparison

The maximum CHDEX drawdown since its inception was -49.12%, which is greater than CEMFX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for CHDEX and CEMFX.

Drawdown Indicators

	CHDEX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-49.12%	-39.30%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-12.41%	+5.96%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	-13.27%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	-26.73%	+8.16%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-39.30%	+2.26%
Current Drawdown Current decline from peak	-1.22%	-10.31%	+9.09%
Average Drawdown Average peak-to-trough decline	-6.71%	-9.56%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	4.32%	-2.55%

Volatility

CHDEX vs. CEMFX - Volatility Comparison

The current volatility for Cullen High Dividend Equity Fund (CHDEX) is 3.07%, while Cullen Emerging Markets High Dividend Fund (CEMFX) has a volatility of 6.25%. This indicates that CHDEX experiences smaller price fluctuations and is considered to be less risky than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHDEX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	6.25%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	7.16%	15.59%	-8.43%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	18.16%	-8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	14.95%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	15.27%	+0.81%

CHDEX vs. CEMFX - Expense Ratio Comparison

Both CHDEX and CEMFX have an expense ratio of 1.00%.

Dividends

CHDEX vs. CEMFX - Dividend Comparison

CHDEX's dividend yield for the trailing twelve months is around 13.39%, more than CEMFX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	2.17%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
CHDEX Cullen High Dividend Equity Fund	13.39%	15.18%	25.41%	12.44%	7.46%	10.89%	11.08%	6.24%	14.14%	9.93%	5.24%	5.05%

Frequently Asked Questions

Can I hold both CHDEX and CEMFX in my portfolio?

CHDEX and CEMFX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHDEX or CEMFX?

CEMFX has higher volatility (6.25%) compared to CHDEX (3.07%). In terms of maximum drawdown, CHDEX dropped -49.12% vs CEMFX's -39.30%.

Which has better risk-adjusted returns?

CHDEX currently has the higher Sharpe Ratio (2.36 vs 1.76), 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.