DEMCX vs. ORR

Last updated Jun 6, 2026

DEMCX (Nomura Emerging Markets Fund Class C) and ORR (Militia Long/Short Equity ETF) are both funds - DEMCX is a Emerging Markets Equities fund actively managed by Nomura, while ORR is a Long-Short fund actively managed by Militia Investments. Both are actively managed. Over the past year, DEMCX returned 229.65% vs 24.22% for ORR. At a 0.36 correlation, their price movements are largely independent. DEMCX charges 2.17%/yr vs 14.19%/yr for ORR.

Performance

DEMCX vs. ORR - Performance Comparison

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

Returns By Period

In the year-to-date period, DEMCX achieves a 109.67% return, which is significantly higher than ORR's 3.78% return.

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%

ORR

• 1D: -1.80%
• 1M: -3.56%
• YTD: 3.78%
• 6M: 7.25%
• 1Y: 24.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEMCX vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
DEMCX Nomura Emerging Markets Fund Class C	109.67%	78.25%
ORR Militia Long/Short Equity ETF	3.78%	32.15%

Correlation

The correlation between DEMCX and ORR 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 (All Time) Calculated using the full available price history since Jan 16, 2025	0.36

Return for Risk

DEMCX vs. ORR — Risk / Return Rank

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

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

ORR

ORR Risk / Return Rank: 50
ORR Sharpe Ratio Rank: 54
ORR Sortino Ratio Rank: 54
ORR Omega Ratio Rank: 51
ORR Calmar Ratio Rank: 52
ORR Martin Ratio Rank: 42

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.

DEMCX vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Emerging Markets Fund Class C (DEMCX) and Militia Long/Short Equity ETF (ORR). 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.

	DEMCX	ORR	Difference
Sharpe ratio: Return per unit of total volatility	6.24	1.78	+4.46
Sortino ratio: Return per unit of downside risk	5.28	2.50	+2.78
Omega ratio: Gain probability vs. loss probability	1.83	1.31	+0.53
Calmar ratio: Return relative to maximum drawdown	11.32	2.47	+8.85
Martin ratio: Return relative to average drawdown	43.01	6.52	+36.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMCX vs. ORR - Sharpe Ratio Comparison

The current DEMCX Sharpe Ratio is 6.24, which is higher than the ORR Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DEMCX and ORR, 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

	DEMCX	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.24	1.78	+4.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.67	-1.18

Drawdowns

DEMCX vs. ORR - Drawdown Comparison

The maximum DEMCX drawdown since its inception was -63.54%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for DEMCX and ORR.

Drawdown Indicators

	DEMCX	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-63.54%	-9.85%	-53.69%
Max Drawdown (1Y) Largest decline over 1 year	-21.11%	-9.85%	-11.26%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.21%	—	—
Current Drawdown Current decline from peak	-1.11%	-9.29%	+8.18%
Average Drawdown Average peak-to-trough decline	-19.62%	-2.22%	-17.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	3.72%	+1.82%

Volatility

DEMCX vs. ORR - Volatility Comparison

Nomura Emerging Markets Fund Class C (DEMCX) has a higher volatility of 15.55% compared to Militia Long/Short Equity ETF (ORR) at 3.68%. This indicates that DEMCX's price experiences larger fluctuations and is considered to be riskier than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMCX	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.55%	3.68%	+11.87%
Volatility (6M) Calculated over the trailing 6-month period	33.87%	11.07%	+22.80%
Volatility (1Y) Calculated over the trailing 1-year period	38.42%	13.67%	+24.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	15.40%	+9.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	15.40%	+7.73%

DEMCX vs. ORR - Expense Ratio Comparison

DEMCX has a 2.17% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

DEMCX vs. ORR - Dividend Comparison

DEMCX's dividend yield for the trailing twelve months is around 9.76%, while ORR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEMCX and ORR in my portfolio?

DEMCX and ORR 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, DEMCX or ORR?

DEMCX has higher volatility (15.55%) compared to ORR (3.68%). In terms of maximum drawdown, DEMCX dropped -63.54% vs ORR's -9.85%.

Which has better risk-adjusted returns?

DEMCX currently has the higher Sharpe Ratio (6.24 vs 1.78), 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.