DEMAX vs. DEMCX

Last updated Jun 6, 2026

DEMAX (Nomura Emerging Markets Fund Class A) and DEMCX (Nomura Emerging Markets Fund Class C) are both Emerging Markets Equities funds from Nomura. Both are actively managed. Over the past 10 years, DEMAX returned 21.22%/yr vs 20.32%/yr for DEMCX. With a 1.00 correlation, they move nearly in lockstep. DEMAX charges 1.42%/yr vs 2.17%/yr for DEMCX.

Performance

DEMAX vs. DEMCX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DEMAX having a 110.32% return and DEMCX slightly lower at 109.67%. Both investments have delivered pretty close results over the past 10 years, with DEMAX having a 21.22% annualized return and DEMCX not far behind at 20.32%.

DEMAX

• 1D: -1.01%
• 1M: 12.38%
• YTD: 110.32%
• 6M: 128.55%
• 1Y: 232.10%
• 3Y*: 66.04%
• 5Y*: 25.35%
• 10Y*: 21.22%

DEMCX

• 1D: -1.01%
• 1M: 12.33%
• YTD: 109.67%
• 6M: 127.65%
• 1Y: 229.65%
• 3Y*: 64.79%
• 5Y*: 24.41%
• 10Y*: 20.32%

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

DEMAX vs. DEMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMAX Nomura Emerging Markets Fund Class A	110.32%	86.33%	6.25%	17.34%	-28.85%	-2.32%	25.54%	24.05%	-17.32%	41.62%
DEMCX Nomura Emerging Markets Fund Class C	109.67%	84.86%	5.47%	16.47%	-29.38%	-3.05%	24.55%	23.16%	-17.94%	40.59%

Correlation

The correlation between DEMAX and DEMCX is 1.00 - 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	1.00
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 Jun 11, 1996	1.00

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

Return for Risk

DEMAX vs. DEMCX — 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

DEMCX

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

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. DEMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Emerging Markets Fund Class A (DEMAX) and Nomura Emerging Markets Fund Class C (DEMCX). 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	DEMCX	Difference
Sharpe ratio: Return per unit of total volatility	6.30	6.24	+0.07
Sortino ratio: Return per unit of downside risk	5.32	5.28	+0.04
Omega ratio: Gain probability vs. loss probability	1.84	1.83	+0.01
Calmar ratio: Return relative to maximum drawdown	11.49	11.32	+0.17
Martin ratio: Return relative to average drawdown	43.67	43.01	+0.67
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. DEMCX - Sharpe Ratio Comparison

The current DEMAX Sharpe Ratio is 6.30, which is comparable to the DEMCX Sharpe Ratio of 6.24. The chart below compares the historical Sharpe Ratios of DEMAX and DEMCX, 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	DEMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.30	6.24	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.97	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.88	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.04

Drawdowns

DEMAX vs. DEMCX - Drawdown Comparison

The maximum DEMAX drawdown since its inception was -63.23%, roughly equal to the maximum DEMCX drawdown of -63.54%. Use the drawdown chart below to compare losses from any high point for DEMAX and DEMCX.

Drawdown Indicators

	DEMAX	DEMCX	Difference
Max Drawdown Largest peak-to-trough decline	-63.23%	-63.54%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-21.11%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-22.75%	-23.22%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-44.01%	-44.60%	+0.59%
Max Drawdown (10Y) Largest decline over 10 years	-46.51%	-47.21%	+0.70%
Current Drawdown Current decline from peak	-1.10%	-1.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-18.75%	-19.62%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	5.54%	-0.03%

Volatility

DEMAX vs. DEMCX - Volatility Comparison

Nomura Emerging Markets Fund Class A (DEMAX) and Nomura Emerging Markets Fund Class C (DEMCX) have volatilities of 15.56% and 15.55%, 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

	DEMAX	DEMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.56%	15.55%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	33.86%	33.87%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	38.42%	38.42%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	25.34%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	23.13%	0.00%

DEMAX vs. DEMCX - Expense Ratio Comparison

DEMAX has a 1.42% expense ratio, which is lower than DEMCX's 2.17% expense ratio.

Dividends

DEMAX vs. DEMCX - Dividend Comparison

DEMAX's dividend yield for the trailing twelve months is around 9.05%, less than DEMCX's 9.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMAX Nomura Emerging Markets Fund Class A	9.05%	19.03%	1.74%	2.76%	1.60%	3.16%	0.56%	0.57%	0.34%	1.59%	0.70%	0.03%
DEMCX Nomura Emerging Markets Fund Class C	9.76%	20.47%	1.09%	2.03%	0.69%	2.58%	0.61%	0.00%	0.00%	1.03%	0.08%	0.00%

Frequently Asked Questions

Can I hold both DEMAX and DEMCX in my portfolio?

With a correlation of 1.00, DEMAX and DEMCX 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, DEMAX or DEMCX?

DEMAX has higher volatility (15.56%) compared to DEMCX (15.55%). In terms of maximum drawdown, DEMAX dropped -63.23% vs DEMCX's -63.54%.

Which has better risk-adjusted returns?

DEMAX currently has the higher Sharpe Ratio (6.30 vs 6.24), 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.