IEMFX vs. PDEZX

Last updated Jun 24, 2026

IEMFX (T. Rowe Price Institutional Emerging Markets Equity Fund) and PDEZX (PGIM Jennison Emerging Markets Equity Opportunities Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IEMFX returned 8.80%/yr vs 12.61%/yr for PDEZX. Their correlation of 0.85 suggests significant overlap in exposure. IEMFX charges 1.06%/yr vs 1.05%/yr for PDEZX.

Performance

IEMFX vs. PDEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) and PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMFX achieves a 33.54% return, which is significantly lower than PDEZX's 37.21% return. Over the past 10 years, IEMFX has underperformed PDEZX with an annualized return of 8.80%, while PDEZX has yielded a comparatively higher 12.61% annualized return.

IEMFX

• 1D: 0.63%
• 1M: 9.41%
• YTD: 33.54%
• 6M: 35.51%
• 1Y: 65.16%
• 3Y*: 20.07%
• 5Y*: 3.69%
• 10Y*: 8.80%

PDEZX

• 1D: 0.63%
• 1M: 7.27%
• YTD: 37.21%
• 6M: 38.55%
• 1Y: 50.83%
• 3Y*: 28.14%
• 5Y*: 2.00%
• 10Y*: 12.61%

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

IEMFX vs. PDEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	33.54%	32.91%	-1.60%	2.26%	-23.34%	-10.61%	17.81%	26.62%	-16.02%	42.87%
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	37.21%	14.88%	18.48%	16.12%	-41.65%	-0.86%	72.88%	30.33%	-18.26%	40.80%

Correlation

The correlation between IEMFX and PDEZX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 17, 2014	0.85

The correlation between IEMFX and PDEZX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

IEMFX vs. PDEZX — Risk / Return Rank

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

IEMFX

IEMFX Risk / Return Rank: 90
IEMFX Sharpe Ratio Rank: 94
IEMFX Sortino Ratio Rank: 83
IEMFX Omega Ratio Rank: 88
IEMFX Calmar Ratio Rank: 93
IEMFX Martin Ratio Rank: 93

PDEZX

PDEZX Risk / Return Rank: 60
PDEZX Sharpe Ratio Rank: 54
PDEZX Sortino Ratio Rank: 42
PDEZX Omega Ratio Rank: 54
PDEZX Calmar Ratio Rank: 84
PDEZX Martin Ratio Rank: 67

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.

IEMFX vs. PDEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) and PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX). 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.

	IEMFX	PDEZX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	2.00	+1.03
Sortino ratio: Return per unit of downside risk	3.61	2.53	+1.08
Omega ratio: Gain probability vs. loss probability	1.58	1.37	+0.20
Calmar ratio: Return relative to maximum drawdown	4.84	3.74	+1.10
Martin ratio: Return relative to average drawdown	18.62	12.17	+6.45

IEMFX vs. PDEZX - Sharpe Ratio Comparison

The current IEMFX Sharpe Ratio is 3.04, which is higher than the PDEZX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IEMFX and PDEZX, 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

IEMFX vs. PDEZX - Drawdown Comparison

The maximum IEMFX drawdown since its inception was -71.65%, which is greater than PDEZX's maximum drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for IEMFX and PDEZX.

Drawdown Indicators

	IEMFX	PDEZX	Difference
Max Drawdown Largest peak-to-trough decline	-71.65%	-54.95%	-16.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-13.94%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-21.92%	+5.58%
Max Drawdown (5Y) Largest decline over 5 years	-42.79%	-52.88%	+10.09%
Max Drawdown (10Y) Largest decline over 10 years	-46.27%	-54.95%	+8.68%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-19.72%	-20.16%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.27%	-0.77%

Volatility

IEMFX vs. PDEZX - Volatility Comparison

The current volatility for T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) is 11.73%, while PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX) has a volatility of 12.59%. This indicates that IEMFX experiences smaller price fluctuations and is considered to be less risky than PDEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMFX	PDEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	12.59%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	19.31%	22.89%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	21.52%	26.05%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	24.08%	-5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	22.53%	-3.68%

IEMFX vs. PDEZX - Expense Ratio Comparison

IEMFX has a 1.06% expense ratio, which is higher than PDEZX's 1.05% expense ratio.

Dividends

IEMFX vs. PDEZX - Dividend Comparison

IEMFX's dividend yield for the trailing twelve months is around 1.82%, more than PDEZX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	1.82%	2.43%	0.92%	1.88%	3.87%	3.07%	0.56%	1.43%	1.15%	0.54%	0.83%	0.69%
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	1.61%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEMFX and PDEZX in my portfolio?

With a correlation of 0.90, IEMFX and PDEZX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IEMFX or PDEZX?

PDEZX has higher volatility (12.59%) compared to IEMFX (11.73%). In terms of maximum drawdown, IEMFX dropped -71.65% vs PDEZX's -54.95%.

Which has better risk-adjusted returns?

IEMFX currently has the higher Sharpe Ratio (3.04 vs 2.00), 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.