EPASX vs. DEMIX

Last updated Jun 3, 2026

EPASX (EP Emerging Markets Small Companies Fund) and DEMIX (Delaware Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, EPASX returned 6.02%/yr vs 21.50%/yr for DEMIX. A 0.71 correlation means they provide meaningful diversification when combined. EPASX charges 1.75%/yr vs 1.26%/yr for DEMIX.

Performance

EPASX vs. DEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EP Emerging Markets Small Companies Fund (EPASX) and Delaware Emerging Markets Fund (DEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPASX achieves a 7.08% return, which is significantly lower than DEMIX's 107.71% return. Over the past 10 years, EPASX has underperformed DEMIX with an annualized return of 6.02%, while DEMIX has yielded a comparatively higher 21.50% annualized return.

EPASX

• 1D: 1.54%
• 1M: 1.21%
• YTD: 7.08%
• 6M: 7.21%
• 1Y: 22.84%
• 3Y*: 10.80%
• 5Y*: 0.19%
• 10Y*: 6.02%

DEMIX

• 1D: 2.39%
• 1M: 33.10%
• YTD: 107.71%
• 6M: 125.70%
• 1Y: 246.77%
• 3Y*: 65.47%
• 5Y*: 25.44%
• 10Y*: 21.50%

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

EPASX vs. DEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPASX EP Emerging Markets Small Companies Fund	7.08%	25.43%	0.64%	7.15%	-28.73%	9.75%	27.20%	14.82%	-21.57%	34.40%
DEMIX Delaware Emerging Markets Fund	107.71%	86.79%	6.52%	17.59%	-28.66%	-2.08%	26.09%	24.33%	-17.10%	41.98%

Correlation

The correlation between EPASX and DEMIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.71

The correlation between EPASX and DEMIX shifts across timeframes, from 0.58 (1 year) to 0.73 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EPASX vs. DEMIX — Risk / Return Rank

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

EPASX

EPASX Risk / Return Rank: 35
EPASX Sharpe Ratio Rank: 39
EPASX Sortino Ratio Rank: 36
EPASX Omega Ratio Rank: 40
EPASX Calmar Ratio Rank: 33
EPASX Martin Ratio Rank: 30

DEMIX

DEMIX Risk / Return Rank: 98
DEMIX Sharpe Ratio Rank: 100
DEMIX Sortino Ratio Rank: 96
DEMIX Omega Ratio Rank: 96
DEMIX Calmar Ratio Rank: 99
DEMIX Martin Ratio Rank: 99

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.

EPASX vs. DEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EP Emerging Markets Small Companies Fund (EPASX) and Delaware Emerging Markets Fund (DEMIX). 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.

	EPASX	DEMIX	Difference
Sharpe ratio Return per unit of total volatility	1.82	6.53	-4.72
Sortino ratio Return per unit of downside risk	2.51	5.43	-2.92
Omega ratio Gain probability vs. loss probability	1.34	1.86	-0.53
Calmar ratio Return relative to maximum drawdown	2.18	11.68	-9.50
Martin ratio Return relative to average drawdown	7.19	44.55	-37.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPASX vs. DEMIX - Sharpe Ratio Comparison

The current EPASX Sharpe Ratio is 1.82, which is lower than the DEMIX Sharpe Ratio of 6.53. The chart below compares the historical Sharpe Ratios of EPASX and DEMIX, 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

	EPASX	DEMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	6.53	-4.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	1.01	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.93	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.54	-0.23

Drawdowns

EPASX vs. DEMIX - Drawdown Comparison

The maximum EPASX drawdown since its inception was -41.54%, smaller than the maximum DEMIX drawdown of -63.15%. Use the drawdown chart below to compare losses from any high point for EPASX and DEMIX.

Drawdown Indicators

	EPASX	DEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.54%	-63.15%	+21.61%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-21.01%	+10.69%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-22.62%	+5.44%
Max Drawdown (5Y) Largest decline over 5 years	-40.01%	-43.95%	+3.94%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-46.29%	+4.75%
Current Drawdown Current decline from peak	-3.71%	0.00%	-3.71%
Average Drawdown Average peak-to-trough decline	-15.65%	-18.46%	+2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	5.51%	-2.38%

Volatility

EPASX vs. DEMIX - Volatility Comparison

The current volatility for EP Emerging Markets Small Companies Fund (EPASX) is 4.45%, while Delaware Emerging Markets Fund (DEMIX) has a volatility of 17.12%. This indicates that EPASX experiences smaller price fluctuations and is considered to be less risky than DEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPASX	DEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	17.12%	-12.67%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	33.79%	-23.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	38.42%	-25.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	25.31%	-10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	23.13%	-7.93%

EPASX vs. DEMIX - Expense Ratio Comparison

EPASX has a 1.75% expense ratio, which is higher than DEMIX's 1.26% expense ratio.

Dividends

EPASX vs. DEMIX - Dividend Comparison

EPASX's dividend yield for the trailing twelve months is around 1.82%, less than DEMIX's 9.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMIX Delaware Emerging Markets Fund	9.13%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%
EPASX EP Emerging Markets Small Companies Fund	1.82%	1.95%	2.00%	1.20%	0.50%	21.67%	0.54%	0.27%	11.18%	4.20%	1.50%	1.30%

Frequently Asked Questions

Can I hold both EPASX and DEMIX in my portfolio?

EPASX and DEMIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPASX or DEMIX?

DEMIX has higher volatility (17.12%) compared to EPASX (4.45%). In terms of maximum drawdown, EPASX dropped -41.54% vs DEMIX's -63.15%.

Which has better risk-adjusted returns?

DEMIX currently has the higher Sharpe Ratio (6.53 vs 1.82), 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.