EAEMX vs. PCEMX

Last updated Jun 23, 2026

EAEMX (Parametric Emerging Markets Fund) and PCEMX (PACE International Emerging Markets Equity Investments) are both Emerging Markets Diversified funds. Over the past 10 years, EAEMX returned 7.19%/yr vs 10.17%/yr for PCEMX. Their correlation of 0.90 suggests significant overlap in exposure. EAEMX charges 1.58%/yr vs 1.20%/yr for PCEMX.

Performance

EAEMX vs. PCEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Emerging Markets Fund (EAEMX) and PACE International Emerging Markets Equity Investments (PCEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAEMX achieves a 12.25% return, which is significantly lower than PCEMX's 27.67% return. Over the past 10 years, EAEMX has underperformed PCEMX with an annualized return of 7.19%, while PCEMX has yielded a comparatively higher 10.17% annualized return.

EAEMX

• 1D: 0.67%
• 1M: 2.48%
• YTD: 12.25%
• 6M: 12.83%
• 1Y: 30.95%
• 3Y*: 15.31%
• 5Y*: 7.13%
• 10Y*: 7.19%

PCEMX

• 1D: 1.22%
• 1M: 4.41%
• YTD: 27.67%
• 6M: 29.35%
• 1Y: 56.04%
• 3Y*: 21.85%
• 5Y*: 8.37%
• 10Y*: 10.17%

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

EAEMX vs. PCEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAEMX Parametric Emerging Markets Fund	12.25%	27.16%	5.39%	9.46%	-11.27%	4.19%	2.65%	12.32%	-14.02%	27.03%
PCEMX PACE International Emerging Markets Equity Investments	27.67%	36.75%	4.15%	10.33%	-18.97%	-1.79%	20.13%	19.01%	-16.42%	34.14%

Correlation

The correlation between EAEMX and PCEMX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 30, 2006	0.90

The correlation between EAEMX and PCEMX shifts across timeframes, from 0.71 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EAEMX vs. PCEMX — Risk / Return Rank

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

EAEMX

EAEMX Risk / Return Rank: 73
EAEMX Sharpe Ratio Rank: 81
EAEMX Sortino Ratio Rank: 75
EAEMX Omega Ratio Rank: 81
EAEMX Calmar Ratio Rank: 69
EAEMX Martin Ratio Rank: 58

PCEMX

PCEMX Risk / Return Rank: 89
PCEMX Sharpe Ratio Rank: 96
PCEMX Sortino Ratio Rank: 85
PCEMX Omega Ratio Rank: 87
PCEMX Calmar Ratio Rank: 89
PCEMX Martin Ratio Rank: 88

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.

EAEMX vs. PCEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Emerging Markets Fund (EAEMX) and PACE International Emerging Markets Equity Investments (PCEMX). 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.

	EAEMX	PCEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	3.12	-0.67
Sortino ratio: Return per unit of downside risk	3.31	3.76	-0.45
Omega ratio: Gain probability vs. loss probability	1.49	1.57	-0.08
Calmar ratio: Return relative to maximum drawdown	3.05	4.20	-1.14
Martin ratio: Return relative to average drawdown	11.00	15.67	-4.67

EAEMX vs. PCEMX - Sharpe Ratio Comparison

The current EAEMX Sharpe Ratio is 2.45, which is comparable to the PCEMX Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of EAEMX and PCEMX, 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

EAEMX vs. PCEMX - Drawdown Comparison

The maximum EAEMX drawdown since its inception was -62.70%, roughly equal to the maximum PCEMX drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for EAEMX and PCEMX.

Drawdown Indicators

	EAEMX	PCEMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.70%	-65.32%	+2.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-14.42%	+4.52%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-18.18%	+6.44%
Max Drawdown (5Y) Largest decline over 5 years	-24.73%	-35.85%	+11.12%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-39.17%	-4.99%
Current Drawdown Current decline from peak	-0.87%	-1.82%	+0.95%
Average Drawdown Average peak-to-trough decline	-13.45%	-20.84%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	3.73%	-0.99%

Volatility

EAEMX vs. PCEMX - Volatility Comparison

The current volatility for Parametric Emerging Markets Fund (EAEMX) is 5.07%, while PACE International Emerging Markets Equity Investments (PCEMX) has a volatility of 8.66%. This indicates that EAEMX experiences smaller price fluctuations and is considered to be less risky than PCEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAEMX	PCEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	8.66%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	16.99%	-6.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.33%	19.38%	-7.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	17.77%	-6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	17.62%	-4.16%

EAEMX vs. PCEMX - Expense Ratio Comparison

EAEMX has a 1.58% expense ratio, which is higher than PCEMX's 1.20% expense ratio.

Dividends

EAEMX vs. PCEMX - Dividend Comparison

EAEMX's dividend yield for the trailing twelve months is around 2.52%, less than PCEMX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAEMX Parametric Emerging Markets Fund	2.52%	2.83%	3.00%	2.71%	4.40%	1.64%	1.08%	2.48%	2.14%	2.31%	1.52%	1.68%
PCEMX PACE International Emerging Markets Equity Investments	3.84%	4.91%	1.22%	1.44%	2.52%	11.70%	1.10%	1.04%	1.84%	1.16%	1.09%	1.09%

Frequently Asked Questions

Can I hold both EAEMX and PCEMX in my portfolio?

EAEMX and PCEMX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAEMX or PCEMX?

PCEMX has higher volatility (8.66%) compared to EAEMX (5.07%). In terms of maximum drawdown, EAEMX dropped -62.70% vs PCEMX's -65.32%.

Which has better risk-adjusted returns?

PCEMX currently has the higher Sharpe Ratio (3.12 vs 2.45), 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.