DODEX vs. EELV

Last updated Aug 1, 2026

DODEX (Dodge & Cox Emerging Markets Stock Fund) and EELV (Invesco S&P Emerging Markets Low Volatility ETF) are both funds - DODEX is a Emerging Markets Equities fund managed by Dodge & Cox, while EELV is a Low Volatility fund tracking the S&P BMI Emerging Markets Low Volatility Index. Over the past 5 years, DODEX returned 10.47%/yr vs 8.18%/yr for EELV. Their 0.71 correlation means they have sometimes moved together and sometimes differently. DODEX charges 0.70%/yr vs 0.30%/yr for EELV.

Performance

DODEX vs. EELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Emerging Markets Stock Fund (DODEX) and Invesco S&P Emerging Markets Low Volatility ETF (EELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODEX achieves a 19.88% return, which is significantly higher than EELV's 7.58% return.

DODEX

• 1D: 3.08%
• 1M: -1.89%
• 6M: 8.75%
• YTD: 19.88%
• 1Y: 41.63%
• 3Y*: 20.86%
• 5Y*: 10.47%
• 10Y*: —
• ALL TIME*: 8.91%

EELV

• 1D: -0.03%
• 1M: 3.62%
• 6M: 2.40%
• YTD: 7.58%
• 1Y: 16.18%
• 3Y*: 10.87%
• 5Y*: 8.18%
• 10Y*: 6.52%
• ALL TIME*: 4.57%

*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)
DODEX Dodge & Cox Emerging Markets Stock Fund	$0.00	$0.00	$0.00
EELV Invesco S&P Emerging Markets Low Volatility ETF	$1.05M	$1.28M	$1.28M

DODEX vs. EELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DODEX Dodge & Cox Emerging Markets Stock Fund	19.88%	38.64%	7.47%	13.37%	-14.91%	-9.57%
EELV Invesco S&P Emerging Markets Low Volatility ETF	7.58%	21.97%	1.90%	8.85%	-3.98%	7.09%

Correlation

The correlation between DODEX and EELV is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.71

The correlation between DODEX and EELV shifts across timeframes, from 0.53 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DODEX vs. EELV — Risk / Return Rank

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

DODEX

DODEX Risk / Return Rank: 88
DODEX Sharpe Ratio Rank: 90
DODEX Sortino Ratio Rank: 83
DODEX Omega Ratio Rank: 84
DODEX Calmar Ratio Rank: 92
DODEX Martin Ratio Rank: 90

EELV

EELV Risk / Return Rank: 60
EELV Sharpe Ratio Rank: 65
EELV Sortino Ratio Rank: 64
EELV Omega Ratio Rank: 64
EELV Calmar Ratio Rank: 57
EELV Martin Ratio Rank: 51

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.

DODEX vs. EELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Emerging Markets Stock Fund (DODEX) and Invesco S&P Emerging Markets Low Volatility ETF (EELV). 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.

	DODEX	EELV	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.49	+0.75
Sortino ratio: Return per unit of downside risk	2.91	2.12	+0.79
Omega ratio: Gain probability vs. loss probability	1.40	1.27	+0.13
Calmar ratio: Return relative to maximum drawdown	3.53	2.02	+1.51
Martin ratio: Return relative to average drawdown	12.12	5.95	+6.16

DODEX vs. EELV - Sharpe Ratio Comparison

The current DODEX Sharpe Ratio is 2.25, which is higher than the EELV Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of DODEX and EELV, 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

DODEX vs. EELV - Drawdown Comparison

The maximum DODEX drawdown since its inception was -37.01%, roughly equal to the maximum EELV drawdown of -36.35%. Use the drawdown chart below to compare losses from any high point for DODEX and EELV.

Drawdown Indicators

	DODEX	EELV	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-36.35%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-8.22%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-11.79%	-4.36%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-19.04%	-14.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.35%	—
Current Drawdown Current decline from peak	-4.81%	-1.40%	-3.41%
Average Drawdown Average peak-to-trough decline	-12.50%	-8.87%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.78%	+0.41%

Volatility

DODEX vs. EELV - Volatility Comparison

Dodge & Cox Emerging Markets Stock Fund (DODEX) has a higher volatility of 6.48% compared to Invesco S&P Emerging Markets Low Volatility ETF (EELV) at 2.63%. This indicates that DODEX's price experiences larger fluctuations and is considered to be riskier than EELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODEX	EELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	2.63%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	9.33%	+5.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	11.11%	+6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	11.42%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.10%	13.48%	+3.62%

DODEX vs. EELV - Expense Ratio Comparison

DODEX has a 0.70% expense ratio, which is higher than EELV's 0.30% expense ratio.

Dividends

DODEX vs. EELV - Dividend Comparison

DODEX's dividend yield for the trailing twelve months is around 2.36%, less than EELV's 3.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.36%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EELV Invesco S&P Emerging Markets Low Volatility ETF	3.82%	3.75%	4.70%	4.00%	3.45%	4.35%	2.82%	3.14%	5.50%	2.92%	2.29%	2.53%

Frequently Asked Questions

Can I hold both DODEX and EELV in my portfolio?

DODEX and EELV 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, DODEX or EELV?

DODEX has higher volatility (6.48%) compared to EELV (2.63%). In terms of maximum drawdown, DODEX dropped -37.01% vs EELV's -36.35%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (2.25 vs 1.49), 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.