DEMAX vs. CII

Last updated Jun 5, 2026

DEMAX (Nomura Emerging Markets Fund Class A) and CII (BlackRock Enhanced Large Cap Core Fund) are both mutual funds - DEMAX is a Emerging Markets Equities fund actively managed by Nomura, while CII is a Derivative Income fund actively managed by BlackRock. Both are actively managed. Over the past 10 years, DEMAX returned 21.47%/yr vs 15.16%/yr for CII. A 0.54 correlation means they provide meaningful diversification when combined. DEMAX charges 1.42%/yr vs 0.91%/yr for CII.

Performance

DEMAX vs. CII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Emerging Markets Fund Class A (DEMAX) and BlackRock Enhanced Large Cap Core Fund (CII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMAX achieves a 112.46% return, which is significantly higher than CII's 10.68% return. Over the past 10 years, DEMAX has outperformed CII with an annualized return of 21.47%, while CII has yielded a comparatively lower 15.16% annualized return.

DEMAX

• 1D: -0.09%
• 1M: 21.14%
• YTD: 112.46%
• 6M: 130.68%
• 1Y: 241.79%
• 3Y*: 66.36%
• 5Y*: 25.61%
• 10Y*: 21.47%

CII

• 1D: -0.79%
• 1M: 3.83%
• YTD: 10.68%
• 6M: 14.09%
• 1Y: 44.46%
• 3Y*: 23.70%
• 5Y*: 14.46%
• 10Y*: 15.16%

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

DEMAX vs. CII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMAX Nomura Emerging Markets Fund Class A	112.46%	86.33%	6.25%	17.34%	-28.85%	-2.32%	25.54%	24.05%	-17.32%	41.62%
CII BlackRock Enhanced Large Cap Core Fund	10.68%	37.78%	12.70%	18.47%	-13.21%	34.26%	8.11%	30.46%	-8.60%	27.73%

Correlation

The correlation between DEMAX and CII is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 27, 2004	0.54

Over the past year, the correlation between DEMAX and CII has dropped to 0.32 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

DEMAX vs. CII — Risk / Return Rank

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

DEMAX

DEMAX Risk / Return Rank: 98
DEMAX Sharpe Ratio Rank: 100
DEMAX Sortino Ratio Rank: 96
DEMAX Omega Ratio Rank: 96
DEMAX Calmar Ratio Rank: 99
DEMAX Martin Ratio Rank: 99

CII

CII Risk / Return Rank: 83
CII Sharpe Ratio Rank: 89
CII Sortino Ratio Rank: 81
CII Omega Ratio Rank: 76
CII Calmar Ratio Rank: 83
CII Martin Ratio Rank: 84

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.

DEMAX vs. CII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Emerging Markets Fund Class A (DEMAX) and BlackRock Enhanced Large Cap Core Fund (CII). 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.

	DEMAX	CII	Difference
Sharpe ratio: Return per unit of total volatility	6.66	2.96	+3.70
Sortino ratio: Return per unit of downside risk	5.49	3.91	+1.58
Omega ratio: Gain probability vs. loss probability	1.87	1.50	+0.37
Calmar ratio: Return relative to maximum drawdown	12.16	3.83	+8.33
Martin ratio: Return relative to average drawdown	46.22	15.59	+30.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMAX vs. CII - Sharpe Ratio Comparison

The current DEMAX Sharpe Ratio is 6.66, which is higher than the CII Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of DEMAX and CII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DEMAX	CII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.66	2.96	+3.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.85	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.82	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.53	-0.01

Drawdowns

DEMAX vs. CII - Drawdown Comparison

The maximum DEMAX drawdown since its inception was -63.23%, which is greater than CII's maximum drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for DEMAX and CII.

Drawdown Indicators

	DEMAX	CII	Difference
Max Drawdown Largest peak-to-trough decline	-63.23%	-56.43%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-11.67%	-9.36%
Max Drawdown (3Y) Largest decline over 3 years	-22.75%	-21.05%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-44.15%	-22.32%	-21.83%
Max Drawdown (10Y) Largest decline over 10 years	-46.51%	-40.56%	-5.95%
Current Drawdown Current decline from peak	-0.09%	-3.76%	+3.67%
Average Drawdown Average peak-to-trough decline	-18.75%	-6.17%	-12.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	2.86%	+2.65%

Volatility

DEMAX vs. CII - Volatility Comparison

Nomura Emerging Markets Fund Class A (DEMAX) has a higher volatility of 15.67% compared to BlackRock Enhanced Large Cap Core Fund (CII) at 4.54%. This indicates that DEMAX's price experiences larger fluctuations and is considered to be riskier than CII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMAX	CII	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.67%	4.54%	+11.13%
Volatility (6M) Calculated over the trailing 6-month period	33.82%	11.94%	+21.88%
Volatility (1Y) Calculated over the trailing 1-year period	38.39%	15.07%	+23.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.33%	17.11%	+8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	18.52%	+4.61%

DEMAX vs. CII - Expense Ratio Comparison

DEMAX has a 1.42% expense ratio, which is higher than CII's 0.91% expense ratio.

Dividends

DEMAX vs. CII - Dividend Comparison

DEMAX's dividend yield for the trailing twelve months is around 8.95%, less than CII's 15.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CII BlackRock Enhanced Large Cap Core Fund	15.50%	16.65%	6.15%	6.28%	12.27%	4.98%	6.03%	5.79%	7.06%	6.07%	8.38%	8.49%
DEMAX Nomura Emerging Markets Fund Class A	8.95%	19.03%	1.74%	2.76%	1.60%	3.16%	0.56%	0.57%	0.34%	1.59%	0.70%	0.03%

Frequently Asked Questions

Can I hold both DEMAX and CII in my portfolio?

DEMAX and CII have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMAX or CII?

DEMAX has higher volatility (15.67%) compared to CII (4.54%). In terms of maximum drawdown, DEMAX dropped -63.23% vs CII's -56.43%.

Which has better risk-adjusted returns?

DEMAX currently has the higher Sharpe Ratio (6.66 vs 2.96), 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.