HIEMX vs. GLLSX

Last updated Jul 14, 2026

HIEMX (Virtus Vontobel Emerging Markets Opportunities Fund) and GLLSX (abrdn Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 10 years, HIEMX returned 0.66%/yr vs 13.97%/yr for GLLSX. A 0.74 correlation means they provide meaningful diversification when combined. HIEMX charges 1.24%/yr vs 1.23%/yr for GLLSX.

Performance

HIEMX vs. GLLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX) and abrdn Emerging Markets ex-China Fund (GLLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIEMX achieves a -8.26% return, which is significantly lower than GLLSX's 38.06% return. Over the past 10 years, HIEMX has underperformed GLLSX with an annualized return of 0.66%, while GLLSX has yielded a comparatively higher 13.97% annualized return.

HIEMX

• 1D: 0.65%
• 1M: 2.78%
• 6M: -10.79%
• YTD: -8.26%
• 1Y: -2.49%
• 3Y*: 0.33%
• 5Y*: -5.96%
• 10Y*: 0.66%

GLLSX

• 1D: 0.68%
• 1M: -1.46%
• 6M: 30.05%
• YTD: 38.06%
• 1Y: 65.08%
• 3Y*: 25.88%
• 5Y*: 16.15%
• 10Y*: 13.97%

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

HIEMX vs. GLLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIEMX Virtus Vontobel Emerging Markets Opportunities Fund	-8.26%	21.39%	-8.26%	0.39%	-23.26%	-6.34%	15.71%	18.35%	-14.37%	34.47%
GLLSX abrdn Emerging Markets ex-China Fund	38.06%	34.81%	0.73%	21.35%	-23.04%	36.50%	15.93%	23.64%	-11.50%	23.06%

Correlation

The correlation between HIEMX and GLLSX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.74

The correlation between HIEMX and GLLSX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

HIEMX vs. GLLSX — Risk / Return Rank

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

HIEMX

HIEMX Risk / Return Rank: 2
HIEMX Sharpe Ratio Rank: 2
HIEMX Sortino Ratio Rank: 2
HIEMX Omega Ratio Rank: 2
HIEMX Calmar Ratio Rank: 2
HIEMX Martin Ratio Rank: 2

GLLSX

GLLSX Risk / Return Rank: 89
GLLSX Sharpe Ratio Rank: 91
GLLSX Sortino Ratio Rank: 79
GLLSX Omega Ratio Rank: 85
GLLSX Calmar Ratio Rank: 95
GLLSX Martin Ratio Rank: 94

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.

HIEMX vs. GLLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX) and abrdn Emerging Markets ex-China Fund (GLLSX). 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.

	HIEMX	GLLSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	2.47	-2.69
Sortino ratio: Return per unit of downside risk	-0.21	2.93	-3.14
Omega ratio: Gain probability vs. loss probability	0.97	1.46	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.19	4.49	-4.68
Martin ratio: Return relative to average drawdown	-0.41	15.68	-16.09

HIEMX vs. GLLSX - Sharpe Ratio Comparison

The current HIEMX Sharpe Ratio is -0.22, which is lower than the GLLSX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of HIEMX and GLLSX, 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

HIEMX vs. GLLSX - Drawdown Comparison

The maximum HIEMX drawdown since its inception was -58.48%, which is greater than GLLSX's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for HIEMX and GLLSX.

Drawdown Indicators

	HIEMX	GLLSX	Difference
Max Drawdown Largest peak-to-trough decline	-58.48%	-32.59%	-25.89%
Max Drawdown (1Y) Largest decline over 1 year	-17.87%	-14.39%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.87%	-20.95%	+3.08%
Max Drawdown (5Y) Largest decline over 5 years	-39.27%	-30.02%	-9.25%
Max Drawdown (10Y) Largest decline over 10 years	-44.22%	-32.59%	-11.63%
Current Drawdown Current decline from peak	-34.08%	-7.46%	-26.62%
Average Drawdown Average peak-to-trough decline	-17.68%	-7.90%	-9.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.10%	4.11%	+3.99%

Volatility

HIEMX vs. GLLSX - Volatility Comparison

The current volatility for Virtus Vontobel Emerging Markets Opportunities Fund (HIEMX) is 4.60%, while abrdn Emerging Markets ex-China Fund (GLLSX) has a volatility of 13.45%. This indicates that HIEMX experiences smaller price fluctuations and is considered to be less risky than GLLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIEMX	GLLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	13.45%	-8.85%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	24.49%	-12.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	26.18%	-11.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	19.34%	-3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	18.33%	-2.20%

HIEMX vs. GLLSX - Expense Ratio Comparison

HIEMX has a 1.24% expense ratio, which is higher than GLLSX's 1.23% expense ratio.

Dividends

HIEMX vs. GLLSX - Dividend Comparison

HIEMX's dividend yield for the trailing twelve months is around 2.06%, more than GLLSX's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLLSX abrdn Emerging Markets ex-China Fund	1.36%	1.88%	0.74%	0.77%	29.32%	22.85%	0.00%	3.38%	9.47%	8.40%	1.09%	0.94%
HIEMX Virtus Vontobel Emerging Markets Opportunities Fund	2.06%	1.89%	0.00%	0.00%	0.00%	23.24%	0.63%	2.05%	3.83%	0.70%	0.44%	0.94%

Frequently Asked Questions

Can I hold both HIEMX and GLLSX in my portfolio?

HIEMX and GLLSX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIEMX or GLLSX?

GLLSX has higher volatility (13.45%) compared to HIEMX (4.60%). In terms of maximum drawdown, HIEMX dropped -58.48% vs GLLSX's -32.59%.

Which has better risk-adjusted returns?

GLLSX currently has the higher Sharpe Ratio (2.47 vs -0.22), 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.