ESCIX vs. IGIEX

Last updated Jun 4, 2026

ESCIX (Ashmore Emerging Markets Small Cap Equity Fund) and IGIEX (Ashmore Emerging Markets Investment Grade Income Fund) are both mutual funds - ESCIX is a Emerging Markets Diversified fund managed by Ashmore, while IGIEX is a Emerging Markets Bonds fund managed by Ashmore. Over the past 5 years, ESCIX returned 4.92%/yr vs 3.24%/yr for IGIEX. At a 0.29 correlation, their price movements are largely independent. ESCIX charges 1.52%/yr vs 0.72%/yr for IGIEX.

Performance

ESCIX vs. IGIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and Ashmore Emerging Markets Investment Grade Income Fund (IGIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESCIX achieves a 8.91% return, which is significantly higher than IGIEX's 4.03% return.

ESCIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 8.91%
• 6M: 10.18%
• 1Y: 27.86%
• 3Y*: 15.58%
• 5Y*: 4.92%
• 10Y*: 9.82%

IGIEX

• 1D: 0.22%
• 1M: 0.91%
• YTD: 4.03%
• 6M: 4.55%
• 1Y: 17.72%
• 3Y*: 11.27%
• 5Y*: 3.24%
• 10Y*: —

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

ESCIX vs. IGIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	8.91%	26.07%	3.55%	19.64%	-24.45%	11.93%	21.76%
IGIEX Ashmore Emerging Markets Investment Grade Income Fund	4.03%	18.29%	6.74%	7.76%	-16.44%	-2.75%	6.18%

Correlation

The correlation between ESCIX and IGIEX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 6, 2020	0.29

The correlation between ESCIX and IGIEX shifts across timeframes, from 0.19 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ESCIX vs. IGIEX — Risk / Return Rank

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

ESCIX

ESCIX Risk / Return Rank: 86
ESCIX Sharpe Ratio Rank: 81
ESCIX Sortino Ratio Rank: 79
ESCIX Omega Ratio Rank: 84
ESCIX Calmar Ratio Rank: 93
ESCIX Martin Ratio Rank: 92

IGIEX

IGIEX Risk / Return Rank: 95
IGIEX Sharpe Ratio Rank: 97
IGIEX Sortino Ratio Rank: 98
IGIEX Omega Ratio Rank: 95
IGIEX Calmar Ratio Rank: 92
IGIEX 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.

ESCIX vs. IGIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and Ashmore Emerging Markets Investment Grade Income Fund (IGIEX). 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.

	ESCIX	IGIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	3.71	-1.08
Sortino ratio: Return per unit of downside risk	3.77	6.17	-2.40
Omega ratio: Gain probability vs. loss probability	1.57	1.79	-0.23
Calmar ratio: Return relative to maximum drawdown	5.31	5.06	+0.25
Martin ratio: Return relative to average drawdown	19.40	20.52	-1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESCIX vs. IGIEX - Sharpe Ratio Comparison

The current ESCIX Sharpe Ratio is 2.63, which is comparable to the IGIEX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of ESCIX and IGIEX, 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

	ESCIX	IGIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	3.71	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.58	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.67	-0.28

Drawdowns

ESCIX vs. IGIEX - Drawdown Comparison

The maximum ESCIX drawdown since its inception was -48.76%, which is greater than IGIEX's maximum drawdown of -25.61%. Use the drawdown chart below to compare losses from any high point for ESCIX and IGIEX.

Drawdown Indicators

	ESCIX	IGIEX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-25.61%	-23.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-3.60%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.97%	-8.89%	-11.08%
Max Drawdown (5Y) Largest decline over 5 years	-36.59%	-25.61%	-10.98%
Max Drawdown (10Y) Largest decline over 10 years	-48.76%	—	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-13.33%	-8.61%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.89%	+0.63%

Volatility

ESCIX vs. IGIEX - Volatility Comparison

The current volatility for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) is 0.00%, while Ashmore Emerging Markets Investment Grade Income Fund (IGIEX) has a volatility of 1.58%. This indicates that ESCIX experiences smaller price fluctuations and is considered to be less risky than IGIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESCIX	IGIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.58%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	3.82%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	4.92%	+6.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	5.61%	+10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	5.40%	+12.20%

ESCIX vs. IGIEX - Expense Ratio Comparison

ESCIX has a 1.52% expense ratio, which is higher than IGIEX's 0.72% expense ratio.

Dividends

ESCIX vs. IGIEX - Dividend Comparison

ESCIX's dividend yield for the trailing twelve months is around 0.42%, less than IGIEX's 6.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	0.42%	0.91%	0.00%	0.56%	0.60%	0.00%	0.00%	0.13%	0.11%	1.66%	1.16%
IGIEX Ashmore Emerging Markets Investment Grade Income Fund	6.00%	7.40%	6.42%	4.00%	3.19%	2.31%	0.82%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESCIX and IGIEX in my portfolio?

ESCIX and IGIEX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESCIX or IGIEX?

IGIEX has higher volatility (1.58%) compared to ESCIX (0.00%). In terms of maximum drawdown, ESCIX dropped -48.76% vs IGIEX's -25.61%.

Which has better risk-adjusted returns?

IGIEX currently has the higher Sharpe Ratio (3.71 vs 2.63), 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.