CIVVX vs. GEMIX

Last updated Jun 25, 2026

CIVVX (Causeway International Value Fund) and GEMIX (Goldman Sachs Emerging Markets Equity Fund) are both mutual funds - CIVVX is a Foreign Large Cap Equities fund managed by Causeway, while GEMIX is a Emerging Markets Diversified fund managed by Goldman Sachs. Over the past 10 years, CIVVX returned 10.80%/yr vs 10.66%/yr for GEMIX. A 0.70 correlation means they provide meaningful diversification when combined. CIVVX charges 1.10%/yr vs 1.00%/yr for GEMIX.

Performance

CIVVX vs. GEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Value Fund (CIVVX) and Goldman Sachs Emerging Markets Equity Fund (GEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIVVX achieves a 5.93% return, which is significantly lower than GEMIX's 27.26% return. Both investments have delivered pretty close results over the past 10 years, with CIVVX having a 10.80% annualized return and GEMIX not far behind at 10.66%.

CIVVX

• 1D: -1.36%
• 1M: 1.57%
• YTD: 5.93%
• 6M: 6.39%
• 1Y: 22.97%
• 3Y*: 17.89%
• 5Y*: 11.94%
• 10Y*: 10.80%

GEMIX

• 1D: -5.64%
• 1M: 2.46%
• YTD: 27.26%
• 6M: 28.23%
• 1Y: 50.17%
• 3Y*: 23.60%
• 5Y*: 4.46%
• 10Y*: 10.66%

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

CIVVX vs. GEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIVVX Causeway International Value Fund	5.93%	38.72%	3.46%	26.99%	-6.99%	8.86%	5.16%	19.81%	-18.83%	27.09%
GEMIX Goldman Sachs Emerging Markets Equity Fund	27.26%	32.84%	9.10%	6.63%	-30.01%	-2.48%	30.98%	26.06%	-20.60%	48.32%

Correlation

The correlation between CIVVX and GEMIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 26, 2001	0.70

The correlation between CIVVX and GEMIX shifts across timeframes, from 0.58 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CIVVX vs. GEMIX — Risk / Return Rank

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

CIVVX

CIVVX Risk / Return Rank: 28
CIVVX Sharpe Ratio Rank: 31
CIVVX Sortino Ratio Rank: 32
CIVVX Omega Ratio Rank: 32
CIVVX Calmar Ratio Rank: 23
CIVVX Martin Ratio Rank: 23

GEMIX

GEMIX Risk / Return Rank: 82
GEMIX Sharpe Ratio Rank: 84
GEMIX Sortino Ratio Rank: 66
GEMIX Omega Ratio Rank: 82
GEMIX Calmar Ratio Rank: 89
GEMIX Martin Ratio Rank: 88

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.

CIVVX vs. GEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Value Fund (CIVVX) and Goldman Sachs Emerging Markets Equity Fund (GEMIX). 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.

	CIVVX	GEMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.42	-0.96
Sortino ratio: Return per unit of downside risk	2.13	2.91	-0.78
Omega ratio: Gain probability vs. loss probability	1.27	1.47	-0.20
Calmar ratio: Return relative to maximum drawdown	1.58	4.03	-2.45
Martin ratio: Return relative to average drawdown	5.14	14.94	-9.80

CIVVX vs. GEMIX - Sharpe Ratio Comparison

The current CIVVX Sharpe Ratio is 1.46, which is lower than the GEMIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of CIVVX and GEMIX, 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

CIVVX vs. GEMIX - Drawdown Comparison

The maximum CIVVX drawdown since its inception was -61.07%, smaller than the maximum GEMIX drawdown of -68.46%. Use the drawdown chart below to compare losses from any high point for CIVVX and GEMIX.

Drawdown Indicators

	CIVVX	GEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.07%	-68.46%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	-16.20%	-13.65%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.31%	-18.46%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-44.71%	+16.11%
Max Drawdown (10Y) Largest decline over 10 years	-45.13%	-47.24%	+2.11%
Current Drawdown Current decline from peak	-3.56%	-5.64%	+2.08%
Average Drawdown Average peak-to-trough decline	-11.19%	-19.67%	+8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	3.67%	+1.30%

Volatility

CIVVX vs. GEMIX - Volatility Comparison

The current volatility for Causeway International Value Fund (CIVVX) is 5.52%, while Goldman Sachs Emerging Markets Equity Fund (GEMIX) has a volatility of 13.16%. This indicates that CIVVX experiences smaller price fluctuations and is considered to be less risky than GEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIVVX	GEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	13.16%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	20.68%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.58%	22.76%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	18.44%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.16%	18.42%	+0.74%

CIVVX vs. GEMIX - Expense Ratio Comparison

CIVVX has a 1.10% expense ratio, which is higher than GEMIX's 1.00% expense ratio.

Dividends

CIVVX vs. GEMIX - Dividend Comparison

CIVVX's dividend yield for the trailing twelve months is around 9.06%, more than GEMIX's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIVVX Causeway International Value Fund	9.06%	9.59%	9.07%	3.39%	1.54%	1.60%	1.11%	4.41%	3.31%	1.73%	1.69%	1.70%
GEMIX Goldman Sachs Emerging Markets Equity Fund	0.61%	0.78%	1.09%	1.33%	0.22%	0.95%	0.31%	1.09%	0.79%	0.88%	1.09%	0.10%

Frequently Asked Questions

Can I hold both CIVVX and GEMIX in my portfolio?

CIVVX and GEMIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIVVX or GEMIX?

GEMIX has higher volatility (13.16%) compared to CIVVX (5.52%). In terms of maximum drawdown, CIVVX dropped -61.07% vs GEMIX's -68.46%.

Which has better risk-adjusted returns?

GEMIX currently has the higher Sharpe Ratio (2.42 vs 1.46), 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.