EMTIX vs. ICLAX

Last updated Jun 3, 2026

EMTIX (Transamerica Emerging Markets Debt Fund) and ICLAX (Transamerica Asset Allocation Conservative Portfolio) are both mutual funds - EMTIX is a Emerging Markets Bonds fund managed by Transamerica, while ICLAX is a Diversified Portfolio fund managed by Transamerica. Over the past 10 years, EMTIX returned 4.68%/yr vs 5.46%/yr for ICLAX. A 0.58 correlation means they provide meaningful diversification when combined. EMTIX charges 0.85%/yr vs 0.47%/yr for ICLAX.

Performance

EMTIX vs. ICLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Emerging Markets Debt Fund (EMTIX) and Transamerica Asset Allocation Conservative Portfolio (ICLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTIX achieves a 4.58% return, which is significantly higher than ICLAX's 3.88% return. Over the past 10 years, EMTIX has underperformed ICLAX with an annualized return of 4.68%, while ICLAX has yielded a comparatively higher 5.46% annualized return.

EMTIX

• 1D: 0.20%
• 1M: 1.42%
• YTD: 4.58%
• 6M: 5.99%
• 1Y: 15.52%
• 3Y*: 10.86%
• 5Y*: 3.59%
• 10Y*: 4.68%

ICLAX

• 1D: 0.00%
• 1M: 1.81%
• YTD: 3.88%
• 6M: 4.45%
• 1Y: 12.82%
• 3Y*: 9.75%
• 5Y*: 3.59%
• 10Y*: 5.46%

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

EMTIX vs. ICLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMTIX Transamerica Emerging Markets Debt Fund	4.58%	14.58%	4.69%	13.05%	-13.33%	-4.00%	7.14%	13.48%	-6.71%	12.68%
ICLAX Transamerica Asset Allocation Conservative Portfolio	3.88%	12.18%	7.30%	10.23%	-15.19%	5.43%	13.16%	12.33%	-4.36%	11.12%

Correlation

The correlation between EMTIX and ICLAX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 6, 2011	0.58

The correlation between EMTIX and ICLAX has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Return for Risk

EMTIX vs. ICLAX — Risk / Return Rank

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

EMTIX

EMTIX Risk / Return Rank: 86
EMTIX Sharpe Ratio Rank: 94
EMTIX Sortino Ratio Rank: 95
EMTIX Omega Ratio Rank: 93
EMTIX Calmar Ratio Rank: 72
EMTIX Martin Ratio Rank: 75

ICLAX

ICLAX Risk / Return Rank: 49
ICLAX Sharpe Ratio Rank: 50
ICLAX Sortino Ratio Rank: 51
ICLAX Omega Ratio Rank: 52
ICLAX Calmar Ratio Rank: 40
ICLAX Martin Ratio Rank: 53

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.

EMTIX vs. ICLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Emerging Markets Debt Fund (EMTIX) and Transamerica Asset Allocation Conservative Portfolio (ICLAX). 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.

	EMTIX	ICLAX	Difference
Sharpe ratio Return per unit of total volatility	3.25	2.08	+1.17
Sortino ratio Return per unit of downside risk	5.10	3.00	+2.09
Omega ratio Gain probability vs. loss probability	1.73	1.40	+0.33
Calmar ratio Return relative to maximum drawdown	3.31	2.43	+0.88
Martin ratio Return relative to average drawdown	14.20	10.76	+3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMTIX vs. ICLAX - Sharpe Ratio Comparison

The current EMTIX Sharpe Ratio is 3.25, which is higher than the ICLAX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of EMTIX and ICLAX, 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

	EMTIX	ICLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	2.08	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.49	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.76	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.73	+0.04

Drawdowns

EMTIX vs. ICLAX - Drawdown Comparison

The maximum EMTIX drawdown since its inception was -25.28%, smaller than the maximum ICLAX drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for EMTIX and ICLAX.

Drawdown Indicators

	EMTIX	ICLAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.28%	-30.99%	+5.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.69%	-5.28%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-6.44%	-7.10%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	-20.78%	-4.50%
Max Drawdown (10Y) Largest decline over 10 years	-25.28%	-20.78%	-4.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.90%	-3.79%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.19%	-0.10%

Volatility

EMTIX vs. ICLAX - Volatility Comparison

The current volatility for Transamerica Emerging Markets Debt Fund (EMTIX) is 1.68%, while Transamerica Asset Allocation Conservative Portfolio (ICLAX) has a volatility of 2.09%. This indicates that EMTIX experiences smaller price fluctuations and is considered to be less risky than ICLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTIX	ICLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	2.09%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	5.06%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	6.22%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.77%	7.36%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.56%	7.21%	-0.65%

EMTIX vs. ICLAX - Expense Ratio Comparison

EMTIX has a 0.85% expense ratio, which is higher than ICLAX's 0.47% expense ratio.

Dividends

EMTIX vs. ICLAX - Dividend Comparison

EMTIX's dividend yield for the trailing twelve months is around 5.44%, more than ICLAX's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMTIX Transamerica Emerging Markets Debt Fund	5.44%	5.77%	6.98%	5.11%	4.16%	4.03%	2.02%	4.80%	3.27%	5.10%	3.48%	4.30%
ICLAX Transamerica Asset Allocation Conservative Portfolio	3.04%	3.27%	2.80%	2.50%	1.79%	7.84%	4.16%	4.06%	7.97%	7.69%	4.61%	5.90%

Frequently Asked Questions

Can I hold both EMTIX and ICLAX in my portfolio?

EMTIX and ICLAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMTIX or ICLAX?

ICLAX has higher volatility (2.09%) compared to EMTIX (1.68%). In terms of maximum drawdown, EMTIX dropped -25.28% vs ICLAX's -30.99%.

Which has better risk-adjusted returns?

EMTIX currently has the higher Sharpe Ratio (3.25 vs 2.08), 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.