EFEIX vs. BGELX

Last updated Jun 25, 2026

EFEIX (Ashmore Emerging Markets Frontier Equity Fund) and BGELX (Baillie Gifford Emerging Markets Equities Fund) are both Emerging Markets Diversified funds. Over the past 5 years, EFEIX returned 9.05%/yr vs 4.84%/yr for BGELX. At a 0.49 correlation, their price movements are largely independent. EFEIX charges 1.52%/yr vs 0.76%/yr for BGELX.

Performance

EFEIX vs. BGELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Frontier Equity Fund (EFEIX) and Baillie Gifford Emerging Markets Equities Fund (BGELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFEIX achieves a 3.49% return, which is significantly lower than BGELX's 15.73% return.

EFEIX

• 1D: -0.72%
• 1M: 1.61%
• YTD: 3.49%
• 6M: 3.19%
• 1Y: 16.13%
• 3Y*: 17.69%
• 5Y*: 9.05%
• 10Y*: 7.33%

BGELX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 15.73%
• 6M: 17.12%
• 1Y: 40.52%
• 3Y*: 20.85%
• 5Y*: 4.84%
• 10Y*: —

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

EFEIX vs. BGELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFEIX Ashmore Emerging Markets Frontier Equity Fund	3.49%	20.69%	24.12%	10.60%	-15.91%	24.18%	-4.12%	14.07%	-18.04%	19.28%
BGELX Baillie Gifford Emerging Markets Equities Fund	15.73%	40.75%	6.04%	14.42%	-26.46%	-8.93%	29.66%	28.10%	-14.87%	50.50%

Correlation

The correlation between EFEIX and BGELX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.49

The correlation between EFEIX and BGELX shifts across timeframes, from 0.35 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EFEIX vs. BGELX — Risk / Return Rank

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

EFEIX

EFEIX Risk / Return Rank: 30
EFEIX Sharpe Ratio Rank: 34
EFEIX Sortino Ratio Rank: 36
EFEIX Omega Ratio Rank: 37
EFEIX Calmar Ratio Rank: 24
EFEIX Martin Ratio Rank: 21

BGELX

BGELX Risk / Return Rank: 76
BGELX Sharpe Ratio Rank: 83
BGELX Sortino Ratio Rank: 70
BGELX Omega Ratio Rank: 85
BGELX Calmar Ratio Rank: 74
BGELX Martin Ratio Rank: 70

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.

EFEIX vs. BGELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Frontier Equity Fund (EFEIX) and Baillie Gifford Emerging Markets Equities Fund (BGELX). 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.

	EFEIX	BGELX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.41	-0.89
Sortino ratio: Return per unit of downside risk	2.24	3.05	-0.81
Omega ratio: Gain probability vs. loss probability	1.29	1.51	-0.22
Calmar ratio: Return relative to maximum drawdown	1.60	3.11	-1.51
Martin ratio: Return relative to average drawdown	4.59	11.98	-7.39

EFEIX vs. BGELX - Sharpe Ratio Comparison

The current EFEIX Sharpe Ratio is 1.51, which is lower than the BGELX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of EFEIX and BGELX, 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

EFEIX vs. BGELX - Drawdown Comparison

The maximum EFEIX drawdown since its inception was -40.50%, smaller than the maximum BGELX drawdown of -50.47%. Use the drawdown chart below to compare losses from any high point for EFEIX and BGELX.

Drawdown Indicators

	EFEIX	BGELX	Difference
Max Drawdown Largest peak-to-trough decline	-40.50%	-50.47%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-14.91%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-19.74%	+8.12%
Max Drawdown (5Y) Largest decline over 5 years	-20.83%	-45.82%	+24.99%
Max Drawdown (10Y) Largest decline over 10 years	-40.50%	—	—
Current Drawdown Current decline from peak	-3.90%	-2.10%	-1.80%
Average Drawdown Average peak-to-trough decline	-12.24%	-18.47%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.80%	+0.23%

Volatility

EFEIX vs. BGELX - Volatility Comparison

Ashmore Emerging Markets Frontier Equity Fund (EFEIX) has a higher volatility of 4.08% compared to Baillie Gifford Emerging Markets Equities Fund (BGELX) at 0.00%. This indicates that EFEIX's price experiences larger fluctuations and is considered to be riskier than BGELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFEIX	BGELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	0.00%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	15.64%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	19.24%	-6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.09%	21.07%	-10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.03%	21.61%	-10.58%

EFEIX vs. BGELX - Expense Ratio Comparison

EFEIX has a 1.52% expense ratio, which is higher than BGELX's 0.76% expense ratio.

Dividends

EFEIX vs. BGELX - Dividend Comparison

EFEIX's dividend yield for the trailing twelve months is around 10.60%, more than BGELX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BGELX Baillie Gifford Emerging Markets Equities Fund	1.45%	1.68%	3.52%	4.02%	5.46%	3.08%	1.31%	3.90%	10.14%	1.16%	0.00%
EFEIX Ashmore Emerging Markets Frontier Equity Fund	10.60%	11.69%	2.15%	2.26%	0.17%	1.61%	0.96%	1.63%	1.44%	0.88%	0.38%

Frequently Asked Questions

Can I hold both EFEIX and BGELX in my portfolio?

EFEIX and BGELX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFEIX or BGELX?

EFEIX has higher volatility (4.08%) compared to BGELX (0.00%). In terms of maximum drawdown, EFEIX dropped -40.50% vs BGELX's -50.47%.

Which has better risk-adjusted returns?

BGELX currently has the higher Sharpe Ratio (2.41 vs 1.51), 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.