EAD vs. IIF

Last updated Jun 4, 2026

EAD (Emerging Markets Dividend Fund) and IIF (Morgan Stanley India Investment Fund) are both Emerging Markets Equities funds. Over the past 10 years, EAD returned 7.32%/yr vs 7.75%/yr for IIF. At a 0.30 correlation, their price movements are largely independent. EAD charges 0.04%/yr vs 0.01%/yr for IIF.

Performance

EAD vs. IIF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerging Markets Dividend Fund (EAD) and Morgan Stanley India Investment Fund (IIF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAD achieves a -0.23% return, which is significantly higher than IIF's -15.01% return. Over the past 10 years, EAD has underperformed IIF with an annualized return of 7.32%, while IIF has yielded a comparatively higher 7.75% annualized return.

EAD

• 1D: -0.91%
• 1M: -0.72%
• YTD: -0.23%
• 6M: -1.19%
• 1Y: 3.91%
• 3Y*: 11.15%
• 5Y*: 3.27%
• 10Y*: 7.32%

IIF

• 1D: -1.71%
• 1M: -2.84%
• YTD: -15.01%
• 6M: -13.88%
• 1Y: -14.93%
• 3Y*: 11.82%
• 5Y*: 7.31%
• 10Y*: 7.75%

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

EAD vs. IIF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAD Emerging Markets Dividend Fund	-0.23%	8.05%	15.86%	11.94%	-23.08%	21.62%	6.35%	27.22%	-6.52%	7.80%
IIF Morgan Stanley India Investment Fund	-15.01%	6.71%	29.65%	21.43%	-9.55%	30.87%	6.66%	-0.66%	-21.25%	49.89%

Correlation

The correlation between EAD and IIF is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 27, 2003	0.30

Return for Risk

EAD vs. IIF — Risk / Return Rank

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

EAD

EAD Risk / Return Rank: 6
EAD Sharpe Ratio Rank: 5
EAD Sortino Ratio Rank: 5
EAD Omega Ratio Rank: 6
EAD Calmar Ratio Rank: 6
EAD Martin Ratio Rank: 7

IIF

IIF Risk / Return Rank: 1
IIF Sharpe Ratio Rank: 1
IIF Sortino Ratio Rank: 1
IIF Omega Ratio Rank: 1
IIF Calmar Ratio Rank: 1
IIF Martin Ratio Rank: 0

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.

EAD vs. IIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerging Markets Dividend Fund (EAD) and Morgan Stanley India Investment Fund (IIF). 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.

	EAD	IIF	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.95	+1.37
Sortino ratio: Return per unit of downside risk	0.69	-1.36	+2.05
Omega ratio: Gain probability vs. loss probability	1.09	0.85	+0.24
Calmar ratio: Return relative to maximum drawdown	0.48	-0.62	+1.10
Martin ratio: Return relative to average drawdown	1.93	-1.50	+3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EAD vs. IIF - Sharpe Ratio Comparison

The current EAD Sharpe Ratio is 0.42, which is higher than the IIF Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of EAD and IIF, 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

	EAD	IIF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	-0.95	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.47	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.39	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.38	-0.03

Drawdowns

EAD vs. IIF - Drawdown Comparison

The maximum EAD drawdown since its inception was -67.37%, which is greater than IIF's maximum drawdown of -62.11%. Use the drawdown chart below to compare losses from any high point for EAD and IIF.

Drawdown Indicators

	EAD	IIF	Difference
Max Drawdown Largest peak-to-trough decline	-67.37%	-62.11%	-5.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-24.05%	+15.89%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-24.05%	+11.40%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-24.05%	-5.39%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-59.05%	+17.51%
Current Drawdown Current decline from peak	-2.92%	-19.22%	+16.30%
Average Drawdown Average peak-to-trough decline	-7.15%	-19.78%	+12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	9.99%	-7.96%

Volatility

EAD vs. IIF - Volatility Comparison

The current volatility for Emerging Markets Dividend Fund (EAD) is 3.05%, while Morgan Stanley India Investment Fund (IIF) has a volatility of 5.32%. This indicates that EAD experiences smaller price fluctuations and is considered to be less risky than IIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAD	IIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	5.32%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	7.31%	13.33%	-6.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.30%	15.82%	-6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.59%	15.72%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	19.79%	-3.66%

EAD vs. IIF - Expense Ratio Comparison

EAD has a 0.04% expense ratio, which is higher than IIF's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EAD vs. IIF - Dividend Comparison

EAD's dividend yield for the trailing twelve months is around 9.88%, more than IIF's 9.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAD Emerging Markets Dividend Fund	9.88%	9.47%	9.08%	9.07%	10.97%	7.59%	8.51%	8.44%	9.11%	8.58%	9.62%	10.95%
IIF Morgan Stanley India Investment Fund	9.35%	7.95%	10.67%	14.61%	19.62%	3.75%	0.02%	0.14%	30.40%	15.23%	4.46%	0.16%

Frequently Asked Questions

Can I hold both EAD and IIF in my portfolio?

EAD and IIF have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAD or IIF?

IIF has higher volatility (5.32%) compared to EAD (3.05%). In terms of maximum drawdown, EAD dropped -67.37% vs IIF's -62.11%.

Which has better risk-adjusted returns?

EAD currently has the higher Sharpe Ratio (0.42 vs -0.95), 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.