IEMGX vs. TEQLX

Last updated Jun 24, 2026

IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IEMGX returned 12.60%/yr vs 10.82%/yr for TEQLX. With a 0.96 correlation, they move nearly in lockstep. IEMGX charges 1.15%/yr vs 0.19%/yr for TEQLX.

Performance

IEMGX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMGX achieves a 43.07% return, which is significantly higher than TEQLX's 30.56% return. Over the past 10 years, IEMGX has outperformed TEQLX with an annualized return of 12.60%, while TEQLX has yielded a comparatively lower 10.82% annualized return.

IEMGX

• 1D: 1.94%
• 1M: 12.15%
• YTD: 43.07%
• 6M: 46.14%
• 1Y: 79.10%
• 3Y*: 31.25%
• 5Y*: 10.87%
• 10Y*: 12.60%

TEQLX

• 1D: 0.38%
• 1M: 8.01%
• YTD: 30.56%
• 6M: 31.78%
• 1Y: 55.96%
• 3Y*: 25.00%
• 5Y*: 8.25%
• 10Y*: 10.82%

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

IEMGX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	43.07%	46.12%	0.76%	15.09%	-24.13%	-2.91%	16.80%	25.23%	-19.85%	44.53%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.56%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between IEMGX and TEQLX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 12, 2011	0.96

The correlation between IEMGX and TEQLX has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

Return for Risk

IEMGX vs. TEQLX — Risk / Return Rank

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

IEMGX

IEMGX Risk / Return Rank: 94
IEMGX Sharpe Ratio Rank: 98
IEMGX Sortino Ratio Rank: 90
IEMGX Omega Ratio Rank: 92
IEMGX Calmar Ratio Rank: 96
IEMGX Martin Ratio Rank: 95

TEQLX

TEQLX Risk / Return Rank: 87
TEQLX Sharpe Ratio Rank: 91
TEQLX Sortino Ratio Rank: 80
TEQLX Omega Ratio Rank: 85
TEQLX Calmar Ratio Rank: 90
TEQLX Martin Ratio Rank: 89

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. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	3.64	2.82	+0.82
Sortino ratio: Return per unit of downside risk	4.09	3.47	+0.62
Omega ratio: Gain probability vs. loss probability	1.65	1.53	+0.11
Calmar ratio: Return relative to maximum drawdown	5.72	4.27	+1.45
Martin ratio: Return relative to average drawdown	20.72	16.04	+4.68

IEMGX vs. TEQLX - Sharpe Ratio Comparison

The current IEMGX Sharpe Ratio is 3.64, which is comparable to the TEQLX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of IEMGX and TEQLX, 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. TEQLX - Drawdown Comparison

The maximum IEMGX drawdown since its inception was -41.87%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for IEMGX and TEQLX.

Drawdown Indicators

	IEMGX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-39.33%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-13.32%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-15.97%	-1.61%
Max Drawdown (5Y) Largest decline over 5 years	-39.36%	-36.96%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-41.87%	-39.33%	-2.54%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.06%	-14.57%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.53%	+0.64%

Volatility

IEMGX vs. TEQLX - Volatility Comparison

Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a higher volatility of 13.17% compared to TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) at 10.64%. This indicates that IEMGX's price experiences larger fluctuations and is considered to be riskier than TEQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMGX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	10.64%	+2.53%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	18.08%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	20.24%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	17.49%	+1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	17.90%	+0.78%

IEMGX vs. TEQLX - Expense Ratio Comparison

IEMGX has a 1.15% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

IEMGX vs. TEQLX - Dividend Comparison

IEMGX's dividend yield for the trailing twelve months is around 4.20%, more than TEQLX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	4.20%	6.01%	4.66%	1.99%	4.22%	19.49%	3.91%	2.69%	1.01%	1.39%	1.17%	1.53%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both IEMGX and TEQLX in my portfolio?

IEMGX and TEQLX have a correlation of 0.88, 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 TEQLX?

IEMGX has higher volatility (13.17%) compared to TEQLX (10.64%). In terms of maximum drawdown, IEMGX dropped -41.87% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

IEMGX currently has the higher Sharpe Ratio (3.64 vs 2.82), 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.