EMGAX vs. BEMIX

Last updated Jun 24, 2026

EMGAX (Allspring Emerging Markets Equity Fund) and BEMIX (Brandes Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, EMGAX returned 9.82%/yr vs 10.13%/yr for BEMIX. Their correlation of 0.87 suggests significant overlap in exposure. EMGAX charges 1.43%/yr vs 1.12%/yr for BEMIX.

Performance

EMGAX vs. BEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Emerging Markets Equity Fund (EMGAX) and Brandes Emerging Markets Fund (BEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMGAX achieves a 27.13% return, which is significantly higher than BEMIX's 23.58% return. Both investments have delivered pretty close results over the past 10 years, with EMGAX having a 9.82% annualized return and BEMIX not far ahead at 10.13%.

EMGAX

• 1D: 0.45%
• 1M: 6.89%
• YTD: 27.13%
• 6M: 29.19%
• 1Y: 51.55%
• 3Y*: 22.65%
• 5Y*: 5.24%
• 10Y*: 9.82%

BEMIX

• 1D: -0.40%
• 1M: 3.30%
• YTD: 23.58%
• 6M: 24.78%
• 1Y: 56.36%
• 3Y*: 27.13%
• 5Y*: 12.74%
• 10Y*: 10.13%

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

EMGAX vs. BEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMGAX Allspring Emerging Markets Equity Fund	27.13%	36.30%	3.38%	8.37%	-19.74%	-12.13%	20.86%	27.57%	-16.09%	36.26%
BEMIX Brandes Emerging Markets Fund	23.58%	47.83%	4.01%	22.53%	-15.91%	1.68%	-6.17%	18.60%	-15.56%	26.00%

Correlation

The correlation between EMGAX and BEMIX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 31, 2011	0.87

The correlation between EMGAX and BEMIX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

EMGAX vs. BEMIX — Risk / Return Rank

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

EMGAX

EMGAX Risk / Return Rank: 80
EMGAX Sharpe Ratio Rank: 86
EMGAX Sortino Ratio Rank: 72
EMGAX Omega Ratio Rank: 82
EMGAX Calmar Ratio Rank: 84
EMGAX Martin Ratio Rank: 76

BEMIX

BEMIX Risk / Return Rank: 92
BEMIX Sharpe Ratio Rank: 96
BEMIX Sortino Ratio Rank: 88
BEMIX Omega Ratio Rank: 90
BEMIX Calmar Ratio Rank: 92
BEMIX Martin Ratio Rank: 93

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.

EMGAX vs. BEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Emerging Markets Equity Fund (EMGAX) and Brandes Emerging Markets Fund (BEMIX). 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.

	EMGAX	BEMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	3.16	-0.57
Sortino ratio: Return per unit of downside risk	3.22	3.94	-0.72
Omega ratio: Gain probability vs. loss probability	1.49	1.61	-0.12
Calmar ratio: Return relative to maximum drawdown	3.77	4.69	-0.92
Martin ratio: Return relative to average drawdown	13.31	18.69	-5.38

EMGAX vs. BEMIX - Sharpe Ratio Comparison

The current EMGAX Sharpe Ratio is 2.60, which is comparable to the BEMIX Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of EMGAX and BEMIX, 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

EMGAX vs. BEMIX - Drawdown Comparison

The maximum EMGAX drawdown since its inception was -61.83%, which is greater than BEMIX's maximum drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for EMGAX and BEMIX.

Drawdown Indicators

	EMGAX	BEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.83%	-46.05%	-15.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-12.07%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.20%	-16.08%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-43.48%	-35.97%	-7.51%
Max Drawdown (10Y) Largest decline over 10 years	-45.89%	-46.05%	+0.16%
Current Drawdown Current decline from peak	-0.89%	-1.76%	+0.87%
Average Drawdown Average peak-to-trough decline	-17.18%	-14.14%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.02%	+0.82%

Volatility

EMGAX vs. BEMIX - Volatility Comparison

Allspring Emerging Markets Equity Fund (EMGAX) has a higher volatility of 10.68% compared to Brandes Emerging Markets Fund (BEMIX) at 7.78%. This indicates that EMGAX's price experiences larger fluctuations and is considered to be riskier than BEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMGAX	BEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	7.78%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	17.45%	15.75%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	19.78%	17.93%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	16.81%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.17%	+1.25%

EMGAX vs. BEMIX - Expense Ratio Comparison

EMGAX has a 1.43% expense ratio, which is higher than BEMIX's 1.12% expense ratio.

Dividends

EMGAX vs. BEMIX - Dividend Comparison

EMGAX's dividend yield for the trailing twelve months is around 1.42%, less than BEMIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEMIX Brandes Emerging Markets Fund	1.74%	2.15%	3.04%	2.45%	2.86%	2.31%	1.31%	2.56%	1.55%	1.41%	2.20%	1.54%
EMGAX Allspring Emerging Markets Equity Fund	1.42%	1.80%	1.06%	0.92%	0.78%	0.24%	0.06%	0.67%	0.36%	1.49%	0.67%	0.59%

Frequently Asked Questions

Can I hold both EMGAX and BEMIX in my portfolio?

EMGAX and BEMIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMGAX or BEMIX?

EMGAX has higher volatility (10.68%) compared to BEMIX (7.78%). In terms of maximum drawdown, EMGAX dropped -61.83% vs BEMIX's -46.05%.

Which has better risk-adjusted returns?

BEMIX currently has the higher Sharpe Ratio (3.16 vs 2.60), 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.