IEMFX vs. VIESX

Last updated Aug 1, 2026

IEMFX (T. Rowe Price Institutional Emerging Markets Equity Fund) and VIESX (Virtus KAR Emerging Markets Small-Cap Fund) are both Emerging Markets Equities funds. Over the past 10 years, IEMFX returned 6.45%/yr vs 8.56%/yr for VIESX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IEMFX charges 1.06%/yr vs 1.51%/yr for VIESX.

Performance

IEMFX vs. VIESX - 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 Virtus KAR Emerging Markets Small-Cap Fund (VIESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMFX achieves a 18.82% return, which is significantly higher than VIESX's 1.96% return. Over the past 10 years, IEMFX has underperformed VIESX with an annualized return of 6.45%, while VIESX has yielded a comparatively higher 8.56% annualized return.

IEMFX

• 1D: 4.13%
• 1M: -3.41%
• 6M: 10.04%
• YTD: 18.82%
• 1Y: 42.87%
• 3Y*: 13.67%
• 5Y*: 2.84%
• 10Y*: 6.45%
• ALL TIME*: 9.22%

VIESX

• 1D: 1.28%
• 1M: 0.18%
• 6M: -4.58%
• YTD: 1.96%
• 1Y: 2.28%
• 3Y*: 8.65%
• 5Y*: 1.12%
• 10Y*: 8.56%
• ALL TIME*: 6.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	$0.00	$0.00	$0.00
VIESX Virtus KAR Emerging Markets Small-Cap Fund	$0.00	$0.00	$0.00

IEMFX vs. VIESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	18.82%	32.91%	-1.60%	2.26%	-23.34%	-10.61%	17.81%	26.62%	-16.02%	42.87%
VIESX Virtus KAR Emerging Markets Small-Cap Fund	1.96%	13.61%	3.62%	21.83%	-22.92%	-1.62%	38.88%	18.28%	-5.40%	31.01%

Correlation

The correlation between IEMFX and VIESX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013	0.72

The correlation between IEMFX and VIESX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

IEMFX vs. VIESX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IEMFX

IEMFX Risk / Return Rank: 70
IEMFX Sharpe Ratio Rank: 68
IEMFX Sortino Ratio Rank: 57
IEMFX Omega Ratio Rank: 70
IEMFX Calmar Ratio Rank: 82
IEMFX Martin Ratio Rank: 74

VIESX

VIESX Risk / Return Rank: 5
VIESX Sharpe Ratio Rank: 5
VIESX Sortino Ratio Rank: 5
VIESX Omega Ratio Rank: 5
VIESX Calmar Ratio Rank: 5
VIESX Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEMFX vs. VIESX - 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 Virtus KAR Emerging Markets Small-Cap Fund (VIESX). 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	VIESX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.06	+1.57
Sortino ratio: Return per unit of downside risk	2.10	0.17	+1.93
Omega ratio: Gain probability vs. loss probability	1.31	1.02	+0.29
Calmar ratio: Return relative to maximum drawdown	2.76	0.07	+2.69
Martin ratio: Return relative to average drawdown	9.13	0.15	+8.98

IEMFX vs. VIESX - Sharpe Ratio Comparison

The current IEMFX Sharpe Ratio is 1.63, which is higher than the VIESX Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of IEMFX and VIESX, 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. VIESX - Drawdown Comparison

The maximum IEMFX drawdown since its inception was -71.65%, which is greater than VIESX's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IEMFX and VIESX.

Drawdown Indicators

	IEMFX	VIESX	Difference
Max Drawdown Largest peak-to-trough decline	-71.65%	-35.10%	-36.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.56%	-10.58%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-11.97%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-40.38%	-35.10%	-5.28%
Max Drawdown (10Y) Largest decline over 10 years	-46.27%	-35.10%	-11.17%
Current Drawdown Current decline from peak	-11.02%	-7.08%	-3.94%
Average Drawdown Average peak-to-trough decline	-19.67%	-9.70%	-9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	4.79%	-0.40%

Volatility

IEMFX vs. VIESX - Volatility Comparison

T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) has a higher volatility of 10.69% compared to Virtus KAR Emerging Markets Small-Cap Fund (VIESX) at 3.68%. This indicates that IEMFX's price experiences larger fluctuations and is considered to be riskier than VIESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMFX	VIESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	3.68%	+7.01%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	9.60%	+13.09%
Volatility (1Y) Calculated over the trailing 1-year period	24.62%	11.85%	+12.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	13.27%	+5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	13.22%	+5.93%

IEMFX vs. VIESX - Expense Ratio Comparison

IEMFX has a 1.06% expense ratio, which is lower than VIESX's 1.51% expense ratio.

Dividends

IEMFX vs. VIESX - Dividend Comparison

IEMFX's dividend yield for the trailing twelve months is around 2.04%, less than VIESX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	2.04%	2.43%	0.92%	1.88%	3.87%	3.07%	0.56%	1.43%	1.15%	0.54%	0.83%	0.69%
VIESX Virtus KAR Emerging Markets Small-Cap Fund	2.74%	2.79%	3.64%	0.00%	0.00%	8.80%	1.17%	2.06%	0.38%	0.83%	2.01%	2.24%

Frequently Asked Questions

Can I hold both IEMFX and VIESX in my portfolio?

IEMFX and VIESX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEMFX or VIESX?

IEMFX has higher volatility (10.69%) compared to VIESX (3.68%). In terms of maximum drawdown, IEMFX dropped -71.65% vs VIESX's -35.10%.

Which has better risk-adjusted returns?

IEMFX currently has the higher Sharpe Ratio (1.63 vs 0.06), 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.