ESFIX vs. IGIEX

Last updated Jun 23, 2026

ESFIX (Ashmore Emerging Markets Short Duration Fund) and IGIEX (Ashmore Emerging Markets Investment Grade Income Fund) are both Emerging Markets Bonds funds from Ashmore. Over the past 5 years, ESFIX returned -3.65%/yr vs 3.25%/yr for IGIEX. At a 0.38 correlation, their price movements are largely independent. ESFIX charges 0.65%/yr vs 0.72%/yr for IGIEX.

Performance

ESFIX vs. IGIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Short Duration Fund (ESFIX) 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, ESFIX achieves a 2.06% return, which is significantly lower than IGIEX's 4.63% return.

ESFIX

• 1D: 0.17%
• 1M: 0.59%
• YTD: 2.06%
• 6M: 2.27%
• 1Y: 5.84%
• 3Y*: 9.80%
• 5Y*: -3.65%
• 10Y*: -1.16%

IGIEX

• 1D: 0.35%
• 1M: 1.68%
• YTD: 4.63%
• 6M: 4.63%
• 1Y: 17.17%
• 3Y*: 11.39%
• 5Y*: 3.25%
• 10Y*: —

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

ESFIX vs. IGIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ESFIX Ashmore Emerging Markets Short Duration Fund	2.06%	7.09%	7.94%	13.03%	-21.54%	-18.83%	6.62%
IGIEX Ashmore Emerging Markets Investment Grade Income Fund	4.63%	18.29%	6.74%	7.76%	-16.44%	-2.75%	6.18%

Correlation

The correlation between ESFIX and IGIEX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 5, 2020	0.38

The correlation between ESFIX and IGIEX shifts across timeframes, from 0.20 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ESFIX vs. IGIEX — Risk / Return Rank

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

ESFIX

ESFIX Risk / Return Rank: 15
ESFIX Sharpe Ratio Rank: 9
ESFIX Sortino Ratio Rank: 9
ESFIX Omega Ratio Rank: 25
ESFIX Calmar Ratio Rank: 14
ESFIX Martin Ratio Rank: 19

IGIEX

IGIEX Risk / Return Rank: 96
IGIEX Sharpe Ratio Rank: 98
IGIEX Sortino Ratio Rank: 98
IGIEX Omega Ratio Rank: 95
IGIEX Calmar Ratio Rank: 93
IGIEX Martin Ratio Rank: 95

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.

ESFIX vs. IGIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Short Duration Fund (ESFIX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ESFIX	IGIEX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	3.57	-2.90
Sortino ratio: Return per unit of downside risk	1.09	5.92	-4.83
Omega ratio: Gain probability vs. loss probability	1.24	1.75	-0.51
Calmar ratio: Return relative to maximum drawdown	1.25	4.89	-3.64
Martin ratio: Return relative to average drawdown	4.56	19.79	-15.23

ESFIX vs. IGIEX - Sharpe Ratio Comparison

The current ESFIX Sharpe Ratio is 0.67, which is lower than the IGIEX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of ESFIX 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.

Drawdowns

ESFIX vs. IGIEX - Drawdown Comparison

The maximum ESFIX drawdown since its inception was -48.22%, which is greater than IGIEX's maximum drawdown of -25.61%. Use the drawdown chart below to compare losses from any high point for ESFIX and IGIEX.

Drawdown Indicators

	ESFIX	IGIEX	Difference
Max Drawdown Largest peak-to-trough decline	-48.22%	-25.61%	-22.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-3.60%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-5.18%	-8.89%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-42.36%	-25.61%	-16.75%
Max Drawdown (10Y) Largest decline over 10 years	-48.22%	—	—
Current Drawdown Current decline from peak	-24.63%	0.00%	-24.63%
Average Drawdown Average peak-to-trough decline	-16.97%	-8.53%	-8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	0.89%	+0.44%

Volatility

ESFIX vs. IGIEX - Volatility Comparison

The current volatility for Ashmore Emerging Markets Short Duration Fund (ESFIX) is 0.82%, while Ashmore Emerging Markets Investment Grade Income Fund (IGIEX) has a volatility of 1.22%. This indicates that ESFIX 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

	ESFIX	IGIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	1.22%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	3.86%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.05%	4.93%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	5.62%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.32%	5.39%	+2.93%

ESFIX vs. IGIEX - Expense Ratio Comparison

ESFIX has a 0.65% expense ratio, which is lower than IGIEX's 0.72% expense ratio.

Dividends

ESFIX vs. IGIEX - Dividend Comparison

ESFIX's dividend yield for the trailing twelve months is around 6.87%, more than IGIEX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESFIX Ashmore Emerging Markets Short Duration Fund	6.87%	3.70%	4.37%	7.75%	6.83%	7.62%	5.38%	8.15%	6.58%	5.63%	1.37%
IGIEX Ashmore Emerging Markets Investment Grade Income Fund	5.94%	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 ESFIX and IGIEX in my portfolio?

ESFIX and IGIEX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESFIX or IGIEX?

IGIEX has higher volatility (1.22%) compared to ESFIX (0.82%). In terms of maximum drawdown, ESFIX dropped -48.22% vs IGIEX's -25.61%.

Which has better risk-adjusted returns?

IGIEX currently has the higher Sharpe Ratio (3.57 vs 0.67), 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.