DEMIX vs. DFWVX

Last updated Jun 23, 2026

DEMIX (Delaware Emerging Markets Fund) and DFWVX (DFA World ex U.S. Value Portfolio Fund) are both mutual funds - DEMIX is a Emerging Markets Diversified fund managed by Delaware Funds, while DFWVX is a Foreign Large Cap Equities fund managed by Dimensional. Over the past 10 years, DEMIX returned 22.98%/yr vs 29.43%/yr for DFWVX. A 0.74 correlation means they provide meaningful diversification when combined. DEMIX charges 1.26%/yr vs 0.40%/yr for DFWVX.

Performance

DEMIX vs. DFWVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Emerging Markets Fund (DEMIX) and DFA World ex U.S. Value Portfolio Fund (DFWVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMIX achieves a 134.87% return, which is significantly higher than DFWVX's 16.08% return. Over the past 10 years, DEMIX has underperformed DFWVX with an annualized return of 22.98%, while DFWVX has yielded a comparatively higher 29.43% annualized return.

DEMIX

• 1D: 8.22%
• 1M: 23.69%
• YTD: 134.87%
• 6M: 151.89%
• 1Y: 254.88%
• 3Y*: 69.53%
• 5Y*: 29.39%
• 10Y*: 22.98%

DFWVX

• 1D: 0.60%
• 1M: 1.78%
• YTD: 16.08%
• 6M: 16.69%
• 1Y: 39.52%
• 3Y*: 22.56%
• 5Y*: 17.15%
• 10Y*: 29.43%

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

DEMIX vs. DFWVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMIX Delaware Emerging Markets Fund	134.87%	86.79%	6.52%	17.59%	-28.66%	-2.08%	26.09%	24.33%	-17.10%	41.98%
DFWVX DFA World ex U.S. Value Portfolio Fund	16.08%	40.30%	6.66%	17.37%	-6.41%	32.65%	-0.40%	344.89%	-16.69%	28.21%

Correlation

The correlation between DEMIX and DFWVX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.74

Over the past year, the correlation between DEMIX and DFWVX has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

DEMIX vs. DFWVX — Risk / Return Rank

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

DEMIX

DEMIX Risk / Return Rank: 98
DEMIX Sharpe Ratio Rank: 100
DEMIX Sortino Ratio Rank: 95
DEMIX Omega Ratio Rank: 96
DEMIX Calmar Ratio Rank: 99
DEMIX Martin Ratio Rank: 99

DFWVX

DFWVX Risk / Return Rank: 88
DFWVX Sharpe Ratio Rank: 93
DFWVX Sortino Ratio Rank: 87
DFWVX Omega Ratio Rank: 86
DFWVX Calmar Ratio Rank: 87
DFWVX 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.

DEMIX vs. DFWVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Emerging Markets Fund (DEMIX) and DFA World ex U.S. Value Portfolio Fund (DFWVX). 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	DFWVX	Difference
Sharpe ratio: Return per unit of total volatility	5.80	2.93	+2.88
Sortino ratio: Return per unit of downside risk	4.77	3.89	+0.87
Omega ratio: Gain probability vs. loss probability	1.79	1.55	+0.24
Calmar ratio: Return relative to maximum drawdown	12.45	3.96	+8.49
Martin ratio: Return relative to average drawdown	45.44	14.69	+30.75

DEMIX vs. DFWVX - Sharpe Ratio Comparison

The current DEMIX Sharpe Ratio is 5.80, which is higher than the DFWVX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of DEMIX and DFWVX, 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. DFWVX - Drawdown Comparison

The maximum DEMIX drawdown since its inception was -63.15%, which is greater than DFWVX's maximum drawdown of -41.32%. Use the drawdown chart below to compare losses from any high point for DEMIX and DFWVX.

Drawdown Indicators

	DEMIX	DFWVX	Difference
Max Drawdown Largest peak-to-trough decline	-63.15%	-41.32%	-21.83%
Max Drawdown (1Y) Largest decline over 1 year	-21.01%	-9.91%	-11.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.62%	-14.11%	-8.51%
Max Drawdown (5Y) Largest decline over 5 years	-42.96%	-24.59%	-18.37%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	-41.32%	-4.97%
Current Drawdown Current decline from peak	0.00%	-1.04%	+1.04%
Average Drawdown Average peak-to-trough decline	-18.43%	-7.06%	-11.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	2.66%	+3.08%

Volatility

DEMIX vs. DFWVX - Volatility Comparison

Delaware Emerging Markets Fund (DEMIX) has a higher volatility of 25.54% compared to DFA World ex U.S. Value Portfolio Fund (DFWVX) at 5.18%. This indicates that DEMIX's price experiences larger fluctuations and is considered to be riskier than DFWVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMIX	DFWVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.54%	5.18%	+20.36%
Volatility (6M) Calculated over the trailing 6-month period	41.20%	11.38%	+29.82%
Volatility (1Y) Calculated over the trailing 1-year period	45.11%	13.41%	+31.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.50%	16.14%	+11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	34.89%	-10.57%

DEMIX vs. DFWVX - Expense Ratio Comparison

DEMIX has a 1.26% expense ratio, which is higher than DFWVX's 0.40% expense ratio.

Dividends

DEMIX vs. DFWVX - Dividend Comparison

DEMIX's dividend yield for the trailing twelve months is around 8.08%, more than DFWVX's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMIX Delaware Emerging Markets Fund	8.08%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%
DFWVX DFA World ex U.S. Value Portfolio Fund	3.41%	3.66%	4.28%	4.30%	3.75%	15.97%	2.43%	110.54%	5.26%	2.70%	2.92%	2.77%

Frequently Asked Questions

Can I hold both DEMIX and DFWVX in my portfolio?

DEMIX and DFWVX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMIX or DFWVX?

DEMIX has higher volatility (25.54%) compared to DFWVX (5.18%). In terms of maximum drawdown, DEMIX dropped -63.15% vs DFWVX's -41.32%.

Which has better risk-adjusted returns?

DEMIX currently has the higher Sharpe Ratio (5.80 vs 2.93), 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.