EMFIX vs. SCHE

Last updated Jun 23, 2026

EMFIX (Ashmore Emerging Markets Equity Fund) and SCHE (Schwab Emerging Markets Equity ETF) are both funds - EMFIX is a Emerging Markets Diversified fund managed by Ashmore, while SCHE is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Over the past 10 years, EMFIX returned 14.10%/yr vs 9.30%/yr for SCHE. Their correlation of 0.86 suggests significant overlap in exposure. EMFIX charges 1.17%/yr vs 0.11%/yr for SCHE.

Performance

EMFIX vs. SCHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Equity Fund (EMFIX) and Schwab Emerging Markets Equity ETF (SCHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMFIX achieves a 32.65% return, which is significantly higher than SCHE's 13.71% return. Over the past 10 years, EMFIX has outperformed SCHE with an annualized return of 14.10%, while SCHE has yielded a comparatively lower 9.30% annualized return.

EMFIX

• 1D: 2.34%
• 1M: 5.60%
• YTD: 32.65%
• 6M: 35.12%
• 1Y: 62.00%
• 3Y*: 23.78%
• 5Y*: 7.94%
• 10Y*: 14.10%

SCHE

• 1D: 0.98%
• 1M: 4.17%
• YTD: 13.71%
• 6M: 14.37%
• 1Y: 31.95%
• 3Y*: 18.83%
• 5Y*: 5.77%
• 10Y*: 9.30%

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

EMFIX vs. SCHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMFIX Ashmore Emerging Markets Equity Fund	32.65%	35.16%	7.08%	9.68%	-26.09%	4.05%	30.00%	30.47%	-16.96%	46.16%
SCHE Schwab Emerging Markets Equity ETF	13.71%	26.54%	10.60%	8.93%	-17.84%	-0.65%	14.49%	20.31%	-13.57%	32.70%

Correlation

The correlation between EMFIX and SCHE is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 23, 2011	0.86

The correlation between EMFIX and SCHE has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

EMFIX vs. SCHE — Risk / Return Rank

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

EMFIX

EMFIX Risk / Return Rank: 90
EMFIX Sharpe Ratio Rank: 95
EMFIX Sortino Ratio Rank: 86
EMFIX Omega Ratio Rank: 86
EMFIX Calmar Ratio Rank: 92
EMFIX Martin Ratio Rank: 91

SCHE

SCHE Risk / Return Rank: 58
SCHE Sharpe Ratio Rank: 58
SCHE Sortino Ratio Rank: 55
SCHE Omega Ratio Rank: 59
SCHE Calmar Ratio Rank: 59
SCHE Martin Ratio Rank: 58

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.

EMFIX vs. SCHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Equity Fund (EMFIX) and Schwab Emerging Markets Equity ETF (SCHE). 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.

	EMFIX	SCHE	Difference
Sharpe ratio: Return per unit of total volatility	3.07	1.88	+1.19
Sortino ratio: Return per unit of downside risk	3.82	2.57	+1.25
Omega ratio: Gain probability vs. loss probability	1.55	1.35	+0.20
Calmar ratio: Return relative to maximum drawdown	4.64	2.84	+1.80
Martin ratio: Return relative to average drawdown	16.77	10.03	+6.74

EMFIX vs. SCHE - Sharpe Ratio Comparison

The current EMFIX Sharpe Ratio is 3.07, which is higher than the SCHE Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of EMFIX and SCHE, 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

EMFIX vs. SCHE - Drawdown Comparison

The maximum EMFIX drawdown since its inception was -44.99%, which is greater than SCHE's maximum drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for EMFIX and SCHE.

Drawdown Indicators

	EMFIX	SCHE	Difference
Max Drawdown Largest peak-to-trough decline	-44.99%	-36.20%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-11.29%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.91%	-17.08%	-2.83%
Max Drawdown (5Y) Largest decline over 5 years	-42.41%	-33.31%	-9.10%
Max Drawdown (10Y) Largest decline over 10 years	-43.54%	-36.20%	-7.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.89%	-12.57%	-4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.19%	+0.46%

Volatility

EMFIX vs. SCHE - Volatility Comparison

Ashmore Emerging Markets Equity Fund (EMFIX) has a higher volatility of 9.45% compared to Schwab Emerging Markets Equity ETF (SCHE) at 6.77%. This indicates that EMFIX's price experiences larger fluctuations and is considered to be riskier than SCHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMFIX	SCHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.45%	6.77%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	17.36%	14.69%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	17.09%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	17.84%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	19.50%	+0.31%

EMFIX vs. SCHE - Expense Ratio Comparison

EMFIX has a 1.17% expense ratio, which is higher than SCHE's 0.11% expense ratio.

Dividends

EMFIX vs. SCHE - Dividend Comparison

EMFIX's dividend yield for the trailing twelve months is around 1.23%, less than SCHE's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMFIX Ashmore Emerging Markets Equity Fund	1.23%	1.65%	0.61%	1.25%	0.82%	22.32%	2.32%	2.16%	0.82%	2.12%	1.00%	0.00%
SCHE Schwab Emerging Markets Equity ETF	2.53%	2.88%	3.03%	3.83%	2.88%	2.86%	2.09%	3.27%	2.64%	2.31%	2.27%	2.50%

Frequently Asked Questions

Can I hold both EMFIX and SCHE in my portfolio?

EMFIX and SCHE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMFIX or SCHE?

EMFIX has higher volatility (9.45%) compared to SCHE (6.77%). In terms of maximum drawdown, EMFIX dropped -44.99% vs SCHE's -36.20%.

Which has better risk-adjusted returns?

EMFIX currently has the higher Sharpe Ratio (3.07 vs 1.88), 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.