DESIX vs. CEMFX

Last updated Jun 4, 2026

DESIX (DFA Emerging Markets Sustainability Core 1 Portfolio) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both Emerging Markets Diversified funds. Over the past 5 years, DESIX returned 12.23%/yr vs 13.61%/yr for CEMFX. Their correlation of 0.83 suggests significant overlap in exposure. DESIX charges 0.46%/yr vs 1.00%/yr for CEMFX.

Performance

DESIX vs. CEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Sustainability Core 1 Portfolio (DESIX) and Cullen Emerging Markets High Dividend Fund (CEMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DESIX achieves a 22.62% return, which is significantly lower than CEMFX's 28.98% return.

DESIX

• 1D: 0.99%
• 1M: 7.89%
• YTD: 22.62%
• 6M: 24.35%
• 1Y: 43.70%
• 3Y*: 21.30%
• 5Y*: 12.23%
• 10Y*: —

CEMFX

• 1D: 0.77%
• 1M: 6.59%
• YTD: 28.98%
• 6M: 31.09%
• 1Y: 58.40%
• 3Y*: 28.95%
• 5Y*: 13.61%
• 10Y*: 11.54%

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

DESIX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DESIX DFA Emerging Markets Sustainability Core 1 Portfolio	22.62%	27.87%	6.66%	14.24%	-18.07%	24.59%	14.05%	16.69%	-6.48%
CEMFX Cullen Emerging Markets High Dividend Fund	28.98%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-8.57%

Correlation

The correlation between DESIX and CEMFX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.83

The correlation between DESIX and CEMFX shifts across timeframes, from 0.70 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DESIX vs. CEMFX — Risk / Return Rank

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

DESIX

DESIX Risk / Return Rank: 80
DESIX Sharpe Ratio Rank: 87
DESIX Sortino Ratio Rank: 79
DESIX Omega Ratio Rank: 81
DESIX Calmar Ratio Rank: 78
DESIX Martin Ratio Rank: 72

CEMFX

CEMFX Risk / Return Rank: 92
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 90
CEMFX Martin Ratio Rank: 87

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.

DESIX vs. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Sustainability Core 1 Portfolio (DESIX) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	DESIX	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	3.63	-0.79
Sortino ratio: Return per unit of downside risk	3.76	4.71	-0.94
Omega ratio: Gain probability vs. loss probability	1.53	1.68	-0.15
Calmar ratio: Return relative to maximum drawdown	3.52	4.69	-1.16
Martin ratio: Return relative to average drawdown	13.74	16.85	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DESIX vs. CEMFX - Sharpe Ratio Comparison

The current DESIX Sharpe Ratio is 2.84, which is comparable to the CEMFX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of DESIX and CEMFX, 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

	DESIX	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.63	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.95	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.56	+0.08

Drawdowns

DESIX vs. CEMFX - Drawdown Comparison

The maximum DESIX drawdown since its inception was -36.03%, smaller than the maximum CEMFX drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for DESIX and CEMFX.

Drawdown Indicators

	DESIX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-36.03%	-39.30%	+3.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-12.41%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-13.27%	-3.55%
Max Drawdown (5Y) Largest decline over 5 years	-29.09%	-28.13%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.30%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.74%	-9.60%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.45%	-0.21%

Volatility

DESIX vs. CEMFX - Volatility Comparison

DFA Emerging Markets Sustainability Core 1 Portfolio (DESIX) has a higher volatility of 6.77% compared to Cullen Emerging Markets High Dividend Fund (CEMFX) at 6.19%. This indicates that DESIX's price experiences larger fluctuations and is considered to be riskier than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DESIX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	6.19%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	13.34%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	16.04%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	14.47%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.63%	15.12%	+3.51%

DESIX vs. CEMFX - Expense Ratio Comparison

DESIX has a 0.46% expense ratio, which is lower than CEMFX's 1.00% expense ratio.

Dividends

DESIX vs. CEMFX - Dividend Comparison

DESIX's dividend yield for the trailing twelve months is around 2.15%, more than CEMFX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	1.68%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
DESIX DFA Emerging Markets Sustainability Core 1 Portfolio	2.15%	2.63%	2.79%	2.85%	2.51%	22.49%	1.38%	1.99%	1.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DESIX and CEMFX in my portfolio?

DESIX and CEMFX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DESIX or CEMFX?

DESIX has higher volatility (6.77%) compared to CEMFX (6.19%). In terms of maximum drawdown, DESIX dropped -36.03% vs CEMFX's -39.30%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.63 vs 2.84), 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.