IEMGX vs. ASFYX

Last updated Jun 23, 2026

IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) and ASFYX (AlphaSimplex Managed Futures Strategy Fund Class Y) are both mutual funds - IEMGX is a Emerging Markets Diversified fund managed by BlackRock, while ASFYX is a Systematic Trend fund managed by BlackRock. Over the past 10 years, IEMGX returned 12.15%/yr vs 2.59%/yr for ASFYX. At a 0.19 correlation, their price movements are largely independent. IEMGX charges 1.15%/yr vs 1.47%/yr for ASFYX.

Performance

IEMGX vs. ASFYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMGX achieves a 40.34% return, which is significantly higher than ASFYX's 11.24% return. Over the past 10 years, IEMGX has outperformed ASFYX with an annualized return of 12.15%, while ASFYX has yielded a comparatively lower 2.59% annualized return.

IEMGX

• 1D: 3.92%
• 1M: 10.01%
• YTD: 40.34%
• 6M: 44.04%
• 1Y: 76.34%
• 3Y*: 28.80%
• 5Y*: 10.54%
• 10Y*: 12.15%

ASFYX

• 1D: 0.47%
• 1M: -3.04%
• YTD: 11.24%
• 6M: 10.85%
• 1Y: 23.30%
• 3Y*: -2.79%
• 5Y*: 3.10%
• 10Y*: 2.59%

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

IEMGX vs. ASFYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	40.34%	46.12%	0.76%	15.09%	-24.13%	-2.91%	16.80%	25.23%	-19.85%	44.53%
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	11.24%	-9.67%	-3.22%	-10.33%	35.67%	3.52%	13.59%	8.99%	-12.59%	6.78%

Correlation

The correlation between IEMGX and ASFYX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Oct 12, 2011	0.19

Over the past year, IEMGX and ASFYX have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

IEMGX vs. ASFYX — Risk / Return Rank

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

IEMGX

IEMGX Risk / Return Rank: 93
IEMGX Sharpe Ratio Rank: 98
IEMGX Sortino Ratio Rank: 88
IEMGX Omega Ratio Rank: 91
IEMGX Calmar Ratio Rank: 95
IEMGX Martin Ratio Rank: 95

ASFYX

ASFYX Risk / Return Rank: 60
ASFYX Sharpe Ratio Rank: 49
ASFYX Sortino Ratio Rank: 43
ASFYX Omega Ratio Rank: 45
ASFYX Calmar Ratio Rank: 89
ASFYX Martin Ratio Rank: 76

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.

IEMGX vs. ASFYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX). 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.

	IEMGX	ASFYX	Difference
Sharpe ratio: Return per unit of total volatility	3.50	1.90	+1.60
Sortino ratio: Return per unit of downside risk	3.97	2.53	+1.45
Omega ratio: Gain probability vs. loss probability	1.63	1.34	+0.29
Calmar ratio: Return relative to maximum drawdown	5.50	4.22	+1.28
Martin ratio: Return relative to average drawdown	19.88	13.32	+6.55

IEMGX vs. ASFYX - Sharpe Ratio Comparison

The current IEMGX Sharpe Ratio is 3.50, which is higher than the ASFYX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IEMGX and ASFYX, 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

IEMGX vs. ASFYX - Drawdown Comparison

The maximum IEMGX drawdown since its inception was -41.87%, which is greater than ASFYX's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for IEMGX and ASFYX.

Drawdown Indicators

	IEMGX	ASFYX	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-36.43%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-5.43%	-10.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-30.32%	+12.74%
Max Drawdown (5Y) Largest decline over 5 years	-39.36%	-36.43%	-2.93%
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	-36.43%	-5.44%
Current Drawdown Current decline from peak	0.00%	-21.07%	+21.07%
Average Drawdown Average peak-to-trough decline	-15.06%	-13.20%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.71%	+2.46%

Volatility

IEMGX vs. ASFYX - Volatility Comparison

Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a higher volatility of 13.17% compared to AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) at 3.67%. This indicates that IEMGX's price experiences larger fluctuations and is considered to be riskier than ASFYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMGX	ASFYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	3.67%	+9.50%
Volatility (6M) Calculated over the trailing 6-month period	21.88%	9.86%	+12.02%
Volatility (1Y) Calculated over the trailing 1-year period	24.92%	12.03%	+12.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	13.77%	+5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	12.73%	+5.94%

IEMGX vs. ASFYX - Expense Ratio Comparison

IEMGX has a 1.15% expense ratio, which is lower than ASFYX's 1.47% expense ratio.

Dividends

IEMGX vs. ASFYX - Dividend Comparison

IEMGX's dividend yield for the trailing twelve months is around 4.28%, more than ASFYX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASFYX AlphaSimplex Managed Futures Strategy Fund Class Y	1.37%	1.52%	1.46%	0.99%	32.48%	6.07%	3.40%	5.51%	1.30%	0.07%	0.01%	5.06%
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	4.28%	6.01%	4.66%	1.99%	4.22%	19.49%	3.91%	2.69%	1.01%	1.39%	1.17%	1.53%

Frequently Asked Questions

Can I hold both IEMGX and ASFYX in my portfolio?

IEMGX and ASFYX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEMGX or ASFYX?

IEMGX has higher volatility (13.17%) compared to ASFYX (3.67%). In terms of maximum drawdown, IEMGX dropped -41.87% vs ASFYX's -36.43%.

Which has better risk-adjusted returns?

IEMGX currently has the higher Sharpe Ratio (3.50 vs 1.90), 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.