IHD vs. CEMFX

Last updated Jun 3, 2026

IHD (Voya Emerging Markets High Dividend Equity Fund) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IHD returned 12.10%/yr vs 11.45%/yr for CEMFX. A 0.62 correlation means they provide meaningful diversification when combined. IHD charges 0.01%/yr vs 1.00%/yr for CEMFX.

Performance

IHD vs. CEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Emerging Markets High Dividend Equity Fund (IHD) and Cullen Emerging Markets High Dividend Fund (CEMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IHD having a 28.03% return and CEMFX slightly lower at 27.99%. Over the past 10 years, IHD has outperformed CEMFX with an annualized return of 12.10%, while CEMFX has yielded a comparatively lower 11.45% annualized return.

IHD

• 1D: 0.65%
• 1M: 8.16%
• YTD: 28.03%
• 6M: 31.03%
• 1Y: 52.75%
• 3Y*: 29.43%
• 5Y*: 10.49%
• 10Y*: 12.10%

CEMFX

• 1D: 0.98%
• 1M: 7.20%
• YTD: 27.99%
• 6M: 30.25%
• 1Y: 56.72%
• 3Y*: 28.62%
• 5Y*: 13.30%
• 10Y*: 11.45%

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

IHD vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHD Voya Emerging Markets High Dividend Equity Fund	28.03%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-10.23%	29.84%
CEMFX Cullen Emerging Markets High Dividend Fund	27.99%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Correlation

The correlation between IHD and CEMFX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.62

The correlation between IHD and CEMFX shifts across timeframes, from 0.49 (1 year) to 0.63 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IHD vs. CEMFX — Risk / Return Rank

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

IHD

IHD Risk / Return Rank: 87
IHD Sharpe Ratio Rank: 91
IHD Sortino Ratio Rank: 81
IHD Omega Ratio Rank: 83
IHD Calmar Ratio Rank: 91
IHD Martin Ratio Rank: 90

CEMFX

CEMFX Risk / Return Rank: 91
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 92
CEMFX Omega Ratio Rank: 91
CEMFX Calmar Ratio Rank: 89
CEMFX Martin Ratio Rank: 85

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.

IHD vs. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Emerging Markets High Dividend Equity Fund (IHD) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	IHD	CEMFX	Difference
Sharpe ratio Return per unit of total volatility	3.05	3.58	-0.53
Sortino ratio Return per unit of downside risk	3.85	4.66	-0.81
Omega ratio Gain probability vs. loss probability	1.55	1.67	-0.12
Calmar ratio Return relative to maximum drawdown	4.82	4.48	+0.34
Martin ratio Return relative to average drawdown	17.87	16.12	+1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHD vs. CEMFX - Sharpe Ratio Comparison

The current IHD Sharpe Ratio is 3.05, which is comparable to the CEMFX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of IHD and CEMFX, 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

	IHD	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	3.58	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.92	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.76	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.55	-0.32

Drawdowns

IHD vs. CEMFX - Drawdown Comparison

The maximum IHD drawdown since its inception was -48.76%, which is greater than CEMFX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for IHD and CEMFX.

Drawdown Indicators

	IHD	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-39.30%	-9.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-12.41%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-13.27%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-36.13%	-28.13%	-8.00%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-39.30%	-3.51%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.96%	-9.60%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.45%	-0.44%

Volatility

IHD vs. CEMFX - Volatility Comparison

The current volatility for Voya Emerging Markets High Dividend Equity Fund (IHD) is 5.81%, while Cullen Emerging Markets High Dividend Fund (CEMFX) has a volatility of 6.19%. This indicates that IHD experiences smaller price fluctuations and is considered to be less risky than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHD	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	6.19%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	13.33%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.39%	16.06%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	14.47%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	15.13%	+4.37%

IHD vs. CEMFX - Expense Ratio Comparison

IHD has a 0.01% expense ratio, which is lower than CEMFX's 1.00% expense ratio.

Dividends

IHD vs. CEMFX - Dividend Comparison

IHD's dividend yield for the trailing twelve months is around 9.26%, more than CEMFX's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	1.70%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
IHD Voya Emerging Markets High Dividend Equity Fund	9.26%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%

Frequently Asked Questions

Can I hold both IHD and CEMFX in my portfolio?

IHD and CEMFX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHD or CEMFX?

CEMFX has higher volatility (6.19%) compared to IHD (5.81%). In terms of maximum drawdown, IHD dropped -48.76% vs CEMFX's -39.30%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.58 vs 3.05), 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.