DEMIX vs. IRSAX

Last updated Aug 1, 2026

DEMIX (Delaware Emerging Markets Fund) and IRSAX (Delaware Ivy Securian Real Estate Securities Fund) are both mutual funds - DEMIX is a Emerging Markets Equities fund managed by Delaware Funds, while IRSAX is a REIT fund managed by Delaware Funds. Over the past 10 years, DEMIX returned 18.00%/yr vs 7.23%/yr for IRSAX. Their 0.41 correlation means their historical movements had little consistent relationship. DEMIX charges 1.26%/yr vs 1.20%/yr for IRSAX.

Performance

DEMIX vs. IRSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Emerging Markets Fund (DEMIX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMIX achieves a 68.59% return, which is significantly higher than IRSAX's 20.26% return. Over the past 10 years, DEMIX has outperformed IRSAX with an annualized return of 18.00%, while IRSAX has yielded a comparatively lower 7.23% annualized return.

DEMIX

• 1D: 8.34%
• 1M: -18.22%
• 6M: 34.53%
• YTD: 68.59%
• 1Y: 156.06%
• 3Y*: 51.27%
• 5Y*: 23.17%
• 10Y*: 18.00%
• ALL TIME*: 10.80%

IRSAX

• 1D: -1.04%
• 1M: 1.20%
• 6M: 18.14%
• YTD: 20.26%
• 1Y: 27.07%
• 3Y*: 17.83%
• 5Y*: 7.61%
• 10Y*: 7.23%
• ALL TIME*: 8.64%

*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)
DEMIX Delaware Emerging Markets Fund	$0.00	$0.00	$0.00
IRSAX Delaware Ivy Securian Real Estate Securities Fund	$0.00	$0.00	$0.00

DEMIX vs. IRSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMIX Delaware Emerging Markets Fund	68.59%	86.79%	6.52%	17.59%	-28.66%	-2.08%	26.09%	24.33%	-17.10%	41.98%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	20.26%	7.28%	23.62%	9.53%	-25.47%	43.57%	-3.51%	24.13%	-5.69%	5.29%

Correlation

The correlation between DEMIX and IRSAX is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (3Y) Balances recent behavior with more history.	0.23
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Feb 25, 1999	0.41

Over the past year, the correlation between DEMIX and IRSAX has dropped to 0.12 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

DEMIX vs. IRSAX — Risk / Return Rank

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

DEMIX

DEMIX Risk / Return Rank: 91
DEMIX Sharpe Ratio Rank: 97
DEMIX Sortino Ratio Rank: 82
DEMIX Omega Ratio Rank: 87
DEMIX Calmar Ratio Rank: 95
DEMIX Martin Ratio Rank: 96

IRSAX

IRSAX Risk / Return Rank: 81
IRSAX Sharpe Ratio Rank: 79
IRSAX Sortino Ratio Rank: 75
IRSAX Omega Ratio Rank: 73
IRSAX Calmar Ratio Rank: 87
IRSAX Martin Ratio Rank: 89

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. IRSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Emerging Markets Fund (DEMIX) and Delaware Ivy Securian Real Estate Securities Fund (IRSAX). 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	IRSAX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.88	+0.92
Sortino ratio: Return per unit of downside risk	2.87	2.57	+0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.11
Calmar ratio: Return relative to maximum drawdown	4.06	3.13	+0.93
Martin ratio: Return relative to average drawdown	16.90	11.98	+4.92

DEMIX vs. IRSAX - Sharpe Ratio Comparison

The current DEMIX Sharpe Ratio is 2.80, which is higher than the IRSAX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of DEMIX and IRSAX, 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. IRSAX - Drawdown Comparison

The maximum DEMIX drawdown since its inception was -63.15%, smaller than the maximum IRSAX drawdown of -72.03%. Use the drawdown chart below to compare losses from any high point for DEMIX and IRSAX.

Drawdown Indicators

	DEMIX	IRSAX	Difference
Max Drawdown Largest peak-to-trough decline	-63.15%	-72.03%	+8.88%
Max Drawdown (1Y) Largest decline over 1 year	-36.51%	-8.04%	-28.47%
Max Drawdown (3Y) Largest decline over 3 years	-36.51%	-16.11%	-20.40%
Max Drawdown (5Y) Largest decline over 5 years	-38.47%	-37.56%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	-40.71%	-5.58%
Current Drawdown Current decline from peak	-31.22%	-2.50%	-28.72%
Average Drawdown Average peak-to-trough decline	-18.43%	-13.17%	-5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	2.10%	+6.63%

Volatility

DEMIX vs. IRSAX - Volatility Comparison

Delaware Emerging Markets Fund (DEMIX) has a higher volatility of 25.06% compared to Delaware Ivy Securian Real Estate Securities Fund (IRSAX) at 4.43%. This indicates that DEMIX's price experiences larger fluctuations and is considered to be riskier than IRSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMIX	IRSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.06%	4.43%	+20.63%
Volatility (6M) Calculated over the trailing 6-month period	49.51%	10.71%	+38.80%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	13.48%	+39.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.10%	28.62%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.79%	25.65%	+0.14%

DEMIX vs. IRSAX - Expense Ratio Comparison

DEMIX has a 1.26% expense ratio, which is higher than IRSAX's 1.20% expense ratio.

Dividends

DEMIX vs. IRSAX - Dividend Comparison

DEMIX's dividend yield for the trailing twelve months is around 11.25%, less than IRSAX's 19.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMIX Delaware Emerging Markets Fund	11.25%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%
IRSAX Delaware Ivy Securian Real Estate Securities Fund	19.97%	24.77%	29.95%	9.61%	34.76%	13.03%	1.81%	9.69%	7.51%	12.71%	10.34%	5.88%

Frequently Asked Questions

Can I hold both DEMIX and IRSAX in my portfolio?

DEMIX and IRSAX have a correlation of 0.12, 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 IRSAX?

DEMIX has higher volatility (25.06%) compared to IRSAX (4.43%). In terms of maximum drawdown, DEMIX dropped -63.15% vs IRSAX's -72.03%.

Which has better risk-adjusted returns?

DEMIX currently has the higher Sharpe Ratio (2.80 vs 1.88), 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.