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ESCIX vs. IPOAX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ESCIX vs. IPOAX

Last updated Apr 1, 2026

Compare and contrast key facts about Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX).

ESCIX is managed by Ashmore. It was launched on Oct 3, 2011. IPOAX is managed by Delaware Funds by Macquarie. It was launched on Oct 24, 1993.

Performance

ESCIX vs. IPOAX - Performance Comparison

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

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ESCIX vs. IPOAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ESCIX
Ashmore Emerging Markets Small Cap Equity Fund		8.91%26.07%3.55%19.64%-24.45%11.93%43.41%15.24%-22.01%28.57%
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund		2.17%26.53%7.71%10.86%-27.56%-4.67%35.01%23.23%-19.83%42.47%

Returns By Period

In the year-to-date period, ESCIX achieves a 8.91% return, which is significantly higher than IPOAX's 2.17% return. Over the past 10 years, ESCIX has outperformed IPOAX with an annualized return of 9.84%, while IPOAX has yielded a comparatively lower 8.30% annualized return.

ESCIX

1D
0.00%
1M
0.00%
YTD
8.91%
6M
13.79%
1Y
41.15%
3Y*
16.77%
5Y*
5.75%
10Y*
9.84%

IPOAX

1D
0.09%
1M
-12.40%
YTD
2.17%
6M
7.77%
1Y
27.28%
3Y*
13.56%
5Y*
0.86%
10Y*
8.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Ashmore Emerging Markets Small Cap Equity Fund

Delaware Ivy Systematic Emerging Markets Equity Fund

Often compared with ESCIX:
ESCIX vs. SMQFXESCIX vs. EMRSXESCIX vs. WBELXESCIX vs. SIEMXESCIX vs. DEMIXESCIX vs. FSSGXESCIX vs. RNWGX
Often compared with IPOAX:
IPOAX vs. SPYIPOAX vs. DEEIXIPOAX vs. IBNAXIPOAX vs. DEFFXIPOAX vs. DVMHXIPOAX vs. BADEXIPOAX vs. DDFLX

ESCIX vs. IPOAX - Expense Ratio Comparison

ESCIX has a 1.52% expense ratio, which is higher than IPOAX's 1.15% expense ratio.

ESCIX
Ashmore Emerging Markets Small Cap Equity Fund
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund

Return for Risk

ESCIX vs. IPOAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESCIX
ESCIX Risk / Return Rank: 9595
Overall Rank
ESCIX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ESCIX Sortino Ratio Rank: 9696
Sortino Ratio Rank
ESCIX Omega Ratio Rank: 9595
Omega Ratio Rank
ESCIX Calmar Ratio Rank: 8989
Calmar Ratio Rank
ESCIX Martin Ratio Rank: 9696
Martin Ratio Rank
IPOAX
IPOAX Risk / Return Rank: 7676
Overall Rank
IPOAX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IPOAX Sortino Ratio Rank: 7676
Sortino Ratio Rank
IPOAX Omega Ratio Rank: 7575
Omega Ratio Rank
IPOAX Calmar Ratio Rank: 7777
Calmar Ratio Rank
IPOAX Martin Ratio Rank: 7272
Martin Ratio Rank
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. IPOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) and Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX). 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.

ESCIXIPOAXDifference

Sharpe ratio

Return per unit of total volatility

2.59

1.46

+1.13

Sortino ratio

Return per unit of downside risk

3.42

1.92

+1.51

Omega ratio

Gain probability vs. loss probability

1.53

1.29

+0.24

Calmar ratio

Return relative to maximum drawdown

2.47

1.83

+0.64

Martin ratio

Return relative to average drawdown

14.33

6.85

+7.48

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. IPOAX - Sharpe Ratio Comparison

The current ESCIX Sharpe Ratio is 2.59, which is higher than the IPOAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ESCIX and IPOAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ESCIXIPOAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.59

1.46

+1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.04

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

0.41

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.23

+0.16

Correlation

The correlation between ESCIX and IPOAX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ESCIX vs. IPOAX - Dividend Comparison

ESCIX's dividend yield for the trailing twelve months is around 0.42%, less than IPOAX's 9.80% yield.

TTM20252024202320222021202020192018201720162015
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%0.00%
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund		9.80%10.01%3.35%3.23%14.83%0.55%0.75%0.74%0.68%0.00%0.00%0.93%

Drawdowns

ESCIX vs. IPOAX - Drawdown Comparison

The maximum ESCIX drawdown since its inception was -48.76%, smaller than the maximum IPOAX drawdown of -67.11%. Use the drawdown chart below to compare losses from any high point for ESCIX and IPOAX.

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Drawdown Indicators

ESCIXIPOAXDifference

Max Drawdown

Largest peak-to-trough decline

-48.76%

-67.11%

+18.35%

Max Drawdown (1Y)

Largest decline over 1 year

-12.84%

-13.39%

+0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-36.59%

-42.92%

+6.33%

Max Drawdown (10Y)

Largest decline over 10 years

-48.76%

-45.79%

-2.97%

Current Drawdown

Current decline from peak

-0.74%

-13.31%

+12.57%

Average Drawdown

Average peak-to-trough decline

-13.45%

-23.79%

+10.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

3.58%

-1.09%

Volatility

ESCIX vs. IPOAX - Volatility Comparison

The current volatility for Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) is 0.00%, while Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) has a volatility of 8.95%. This indicates that ESCIX experiences smaller price fluctuations and is considered to be less risky than IPOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ESCIXIPOAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

8.95%

-8.95%

Volatility (6M)

Calculated over the trailing 6-month period

8.91%

13.68%

-4.77%

Volatility (1Y)

Calculated over the trailing 1-year period

15.75%

18.26%

-2.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.86%

19.62%

-3.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.64%

20.12%

-2.48%