DEMIX vs. DEMAX

Last updated Aug 5, 2026

DEMIX (Delaware Emerging Markets Fund) and DEMAX (Nomura Emerging Markets Fund Class A) are both Emerging Markets Equities funds. Over the past 10 years, DEMIX returned 18.57%/yr vs 18.26%/yr for DEMAX. Their 1.00 correlation means they have historically moved very closely together. DEMIX charges 1.26%/yr vs 1.42%/yr for DEMAX.

Performance

DEMIX vs. DEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Emerging Markets Fund (DEMIX) and Nomura Emerging Markets Fund Class A (DEMAX). 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 DEMIX having a 79.82% return and DEMAX slightly lower at 79.56%. Both investments have delivered pretty close results over the past 10 years, with DEMIX having a 18.57% annualized return and DEMAX not far behind at 18.26%.

DEMIX

• 1D: 1.34%
• 1M: -12.77%
• 6M: 45.41%
• YTD: 79.82%
• 1Y: 167.98%
• 3Y*: 56.13%
• 5Y*: 24.20%
• 10Y*: 18.57%
• ALL TIME*: 11.03%

DEMAX

• 1D: 1.34%
• 1M: -12.79%
• 6M: 45.22%
• YTD: 79.56%
• 1Y: 167.28%
• 3Y*: 55.73%
• 5Y*: 23.89%
• 10Y*: 18.26%
• ALL TIME*: 10.74%

*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)
DEMAX Nomura Emerging Markets Fund Class A	$0.00	$0.00	$0.00
DEMIX Delaware Emerging Markets Fund	$0.00	$0.00	$0.00

DEMIX vs. DEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMIX Delaware Emerging Markets Fund	79.82%	86.79%	6.52%	17.59%	-28.66%	-2.08%	26.09%	24.33%	-17.10%	41.98%
DEMAX Nomura Emerging Markets Fund Class A	79.56%	86.33%	6.25%	17.34%	-28.85%	-2.32%	25.54%	24.05%	-17.32%	41.62%

Correlation

The correlation between DEMIX and DEMAX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Jun 10, 1996	1.00

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

Return for Risk

DEMIX vs. DEMAX — Risk / Return Rank

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

DEMIX

DEMIX Risk / Return Rank: 94
DEMIX Sharpe Ratio Rank: 98
DEMIX Sortino Ratio Rank: 87
DEMIX Omega Ratio Rank: 92
DEMIX Calmar Ratio Rank: 96
DEMIX Martin Ratio Rank: 97

DEMAX

DEMAX Risk / Return Rank: 94
DEMAX Sharpe Ratio Rank: 98
DEMAX Sortino Ratio Rank: 87
DEMAX Omega Ratio Rank: 91
DEMAX Calmar Ratio Rank: 96
DEMAX Martin Ratio Rank: 97

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.

DEMIX vs. DEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Emerging Markets Fund (DEMIX) and Nomura Emerging Markets Fund Class A (DEMAX). 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.

	DEMIX	DEMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	3.30	+0.01
Sortino ratio: Return per unit of downside risk	3.17	3.17	+0.01
Omega ratio: Gain probability vs. loss probability	1.48	1.48	0.00
Calmar ratio: Return relative to maximum drawdown	4.80	4.78	+0.02
Martin ratio: Return relative to average drawdown	19.29	19.20	+0.09

DEMIX vs. DEMAX - Sharpe Ratio Comparison

The current DEMIX Sharpe Ratio is 3.31, which is comparable to the DEMAX Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of DEMIX and DEMAX, 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

DEMIX vs. DEMAX - Drawdown Comparison

The maximum DEMIX drawdown since its inception was -63.15%, roughly equal to the maximum DEMAX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for DEMIX and DEMAX.

Drawdown Indicators

	DEMIX	DEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.15%	-63.23%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-36.51%	-36.53%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-36.51%	-36.53%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-38.47%	-38.58%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	-46.51%	+0.22%
Current Drawdown Current decline from peak	-26.64%	-26.67%	+0.03%
Average Drawdown Average peak-to-trough decline	-18.43%	-18.73%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.06%	9.07%	-0.01%

Volatility

DEMIX vs. DEMAX - Volatility Comparison

Delaware Emerging Markets Fund (DEMIX) and Nomura Emerging Markets Fund Class A (DEMAX) have volatilities of 24.82% and 24.82%, 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

	DEMIX	DEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.82%	24.82%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	49.74%	49.74%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	53.06%	53.06%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.19%	30.19%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.85%	25.85%	0.00%

DEMIX vs. DEMAX - Expense Ratio Comparison

DEMIX has a 1.26% expense ratio, which is lower than DEMAX's 1.42% expense ratio.

Dividends

DEMIX vs. DEMAX - Dividend Comparison

DEMIX's dividend yield for the trailing twelve months is around 10.55%, which matches DEMAX's 10.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMAX Nomura Emerging Markets Fund Class A	10.60%	19.03%	1.74%	2.76%	1.60%	3.16%	0.56%	0.57%	0.34%	1.59%	0.70%	0.03%
DEMIX Delaware Emerging Markets Fund	10.55%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%

Frequently Asked Questions

Can I hold both DEMIX and DEMAX in my portfolio?

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

DEMAX has higher volatility (24.82%) compared to DEMIX (24.82%). In terms of maximum drawdown, DEMIX dropped -63.15% vs DEMAX's -63.23%.

Which has better risk-adjusted returns?

DEMIX currently has the higher Sharpe Ratio (3.31 vs 3.30), 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.