EMRGX vs. IEMFX

Last updated Jun 5, 2026

EMRGX (Emerging Markets Growth Fund, Inc.) and IEMFX (T. Rowe Price Institutional Emerging Markets Equity Fund) are both Emerging Markets Diversified funds from T. Rowe Price. Over the past 10 years, EMRGX returned 9.52%/yr vs 8.52%/yr for IEMFX. Their correlation of 0.91 suggests significant overlap in exposure. EMRGX charges 0.76%/yr vs 1.06%/yr for IEMFX.

Performance

EMRGX vs. IEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerging Markets Growth Fund, Inc. (EMRGX) and T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMRGX achieves a 22.34% return, which is significantly lower than IEMFX's 31.76% return. Over the past 10 years, EMRGX has outperformed IEMFX with an annualized return of 9.52%, while IEMFX has yielded a comparatively lower 8.52% annualized return.

EMRGX

• 1D: -0.77%
• 1M: 6.81%
• YTD: 22.34%
• 6M: 23.47%
• 1Y: 42.23%
• 3Y*: 18.33%
• 5Y*: 3.64%
• 10Y*: 9.52%

IEMFX

• 1D: -0.45%
• 1M: 10.39%
• YTD: 31.76%
• 6M: 35.80%
• 1Y: 63.06%
• 3Y*: 19.57%
• 5Y*: 2.99%
• 10Y*: 8.52%

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

EMRGX vs. IEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMRGX Emerging Markets Growth Fund, Inc.	22.34%	31.55%	1.06%	8.09%	-24.69%	-0.73%	21.56%	23.99%	-14.56%	41.31%
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	31.76%	32.91%	-1.60%	2.26%	-23.34%	-10.61%	17.81%	26.62%	-16.02%	42.87%

Correlation

The correlation between EMRGX and IEMFX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 4, 2014	0.91

The correlation between EMRGX and IEMFX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

EMRGX vs. IEMFX — Risk / Return Rank

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

EMRGX

EMRGX Risk / Return Rank: 76
EMRGX Sharpe Ratio Rank: 86
EMRGX Sortino Ratio Rank: 79
EMRGX Omega Ratio Rank: 78
EMRGX Calmar Ratio Rank: 72
EMRGX Martin Ratio Rank: 66

IEMFX

IEMFX Risk / Return Rank: 91
IEMFX Sharpe Ratio Rank: 96
IEMFX Sortino Ratio Rank: 87
IEMFX Omega Ratio Rank: 89
IEMFX Calmar Ratio Rank: 92
IEMFX 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.

EMRGX vs. IEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerging Markets Growth Fund, Inc. (EMRGX) and T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX). 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.

	EMRGX	IEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	3.44	-0.63
Sortino ratio: Return per unit of downside risk	3.82	4.22	-0.40
Omega ratio: Gain probability vs. loss probability	1.52	1.64	-0.12
Calmar ratio: Return relative to maximum drawdown	3.27	4.83	-1.56
Martin ratio: Return relative to average drawdown	12.81	19.66	-6.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMRGX vs. IEMFX - Sharpe Ratio Comparison

The current EMRGX Sharpe Ratio is 2.81, which is comparable to the IEMFX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of EMRGX and IEMFX, 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

	EMRGX	IEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	3.44	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.17	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.46	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.47	-0.15

Drawdowns

EMRGX vs. IEMFX - Drawdown Comparison

The maximum EMRGX drawdown since its inception was -42.84%, smaller than the maximum IEMFX drawdown of -71.65%. Use the drawdown chart below to compare losses from any high point for EMRGX and IEMFX.

Drawdown Indicators

	EMRGX	IEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-42.84%	-71.65%	+28.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-13.49%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-16.34%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-41.80%	-43.14%	+1.34%
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	-46.27%	+3.43%
Current Drawdown Current decline from peak	-0.77%	-0.45%	-0.32%
Average Drawdown Average peak-to-trough decline	-16.22%	-19.75%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.30%	+0.11%

Volatility

EMRGX vs. IEMFX - Volatility Comparison

The current volatility for Emerging Markets Growth Fund, Inc. (EMRGX) is 6.03%, while T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) has a volatility of 8.20%. This indicates that EMRGX experiences smaller price fluctuations and is considered to be less risky than IEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMRGX	IEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	8.20%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	13.01%	16.30%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	18.92%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	17.91%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	18.60%	-0.98%

EMRGX vs. IEMFX - Expense Ratio Comparison

EMRGX has a 0.76% expense ratio, which is lower than IEMFX's 1.06% expense ratio.

Dividends

EMRGX vs. IEMFX - Dividend Comparison

EMRGX's dividend yield for the trailing twelve months is around 3.24%, more than IEMFX's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMRGX Emerging Markets Growth Fund, Inc.	3.24%	3.96%	0.00%	1.51%	1.34%	11.22%	6.63%	5.89%	2.21%	1.11%	0.00%	0.00%
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	1.84%	2.43%	0.92%	1.88%	3.87%	3.07%	0.56%	1.43%	1.15%	0.54%	0.83%	0.69%

Frequently Asked Questions

Can I hold both EMRGX and IEMFX in my portfolio?

EMRGX and IEMFX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMRGX or IEMFX?

IEMFX has higher volatility (8.20%) compared to EMRGX (6.03%). In terms of maximum drawdown, EMRGX dropped -42.84% vs IEMFX's -71.65%.

Which has better risk-adjusted returns?

IEMFX currently has the higher Sharpe Ratio (3.44 vs 2.81), 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.