IEMGX vs. PDEZX

Last updated Jun 5, 2026

IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) and PDEZX (PGIM Jennison Emerging Markets Equity Opportunities Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IEMGX returned 11.92%/yr vs 12.01%/yr for PDEZX. Their correlation of 0.84 suggests significant overlap in exposure. IEMGX charges 1.15%/yr vs 1.05%/yr for PDEZX.

Performance

IEMGX vs. PDEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) 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, IEMGX achieves a 37.69% return, which is significantly higher than PDEZX's 32.69% return. Both investments have delivered pretty close results over the past 10 years, with IEMGX having a 11.92% annualized return and PDEZX not far ahead at 12.01%.

IEMGX

• 1D: -0.73%
• 1M: 10.57%
• YTD: 37.69%
• 6M: 42.32%
• 1Y: 77.09%
• 3Y*: 29.87%
• 5Y*: 9.53%
• 10Y*: 11.92%

PDEZX

• 1D: -1.21%
• 1M: 1.71%
• YTD: 32.69%
• 6M: 33.58%
• 1Y: 45.85%
• 3Y*: 27.34%
• 5Y*: 2.22%
• 10Y*: 12.01%

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

IEMGX vs. PDEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	37.69%	46.12%	0.76%	15.09%	-24.13%	-2.91%	16.80%	25.23%	-19.85%	44.53%
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	32.69%	14.88%	18.48%	16.12%	-41.65%	-0.86%	72.88%	30.33%	-18.26%	40.80%

Correlation

The correlation between IEMGX and PDEZX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 18, 2014	0.84

The correlation between IEMGX and PDEZX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

IEMGX vs. PDEZX — Risk / Return Rank

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

IEMGX

IEMGX Risk / Return Rank: 95
IEMGX Sharpe Ratio Rank: 99
IEMGX Sortino Ratio Rank: 94
IEMGX Omega Ratio Rank: 93
IEMGX Calmar Ratio Rank: 95
IEMGX Martin Ratio Rank: 95

PDEZX

PDEZX Risk / Return Rank: 56
PDEZX Sharpe Ratio Rank: 50
PDEZX Sortino Ratio Rank: 41
PDEZX Omega Ratio Rank: 48
PDEZX Calmar Ratio Rank: 79
PDEZX Martin Ratio Rank: 62

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. PDEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) 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.

	IEMGX	PDEZX	Difference
Sharpe ratio: Return per unit of total volatility	4.22	2.04	+2.17
Sortino ratio: Return per unit of downside risk	4.86	2.61	+2.25
Omega ratio: Gain probability vs. loss probability	1.73	1.37	+0.36
Calmar ratio: Return relative to maximum drawdown	5.79	3.46	+2.33
Martin ratio: Return relative to average drawdown	22.01	11.90	+10.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMGX vs. PDEZX - Sharpe Ratio Comparison

The current IEMGX Sharpe Ratio is 4.22, which is higher than the PDEZX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IEMGX 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.

Sharpe Ratios by Period

	IEMGX	PDEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.22	2.04	+2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.09	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.54	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.40	+0.03

Drawdowns

IEMGX vs. PDEZX - Drawdown Comparison

The maximum IEMGX drawdown since its inception was -41.87%, smaller than the maximum PDEZX drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for IEMGX and PDEZX.

Drawdown Indicators

	IEMGX	PDEZX	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-54.95%	+13.08%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-13.94%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-21.92%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-39.75%	-52.88%	+13.13%
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	-54.95%	+13.08%
Current Drawdown Current decline from peak	-0.73%	-2.32%	+1.59%
Average Drawdown Average peak-to-trough decline	-15.10%	-20.22%	+5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	4.05%	-0.09%

Volatility

IEMGX vs. PDEZX - Volatility Comparison

The current volatility for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) is 8.44%, while PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX) has a volatility of 9.53%. This indicates that IEMGX 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

	IEMGX	PDEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.44%	9.53%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	18.31%	19.90%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	21.78%	23.63%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	23.56%	-5.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	22.24%	-3.93%

IEMGX vs. PDEZX - Expense Ratio Comparison

IEMGX has a 1.15% expense ratio, which is higher than PDEZX's 1.05% expense ratio.

Dividends

IEMGX vs. PDEZX - Dividend Comparison

IEMGX's dividend yield for the trailing twelve months is around 4.36%, more than PDEZX's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	4.36%	6.01%	4.66%	1.99%	4.22%	19.49%	3.91%	2.69%	1.01%	1.39%	1.17%	1.53%
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	1.66%	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 IEMGX and PDEZX in my portfolio?

IEMGX and PDEZX have a correlation of 0.80, 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 PDEZX?

PDEZX has higher volatility (9.53%) compared to IEMGX (8.44%). In terms of maximum drawdown, IEMGX dropped -41.87% vs PDEZX's -54.95%.

Which has better risk-adjusted returns?

IEMGX currently has the higher Sharpe Ratio (4.22 vs 2.04), 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.