IHD vs. CEMFX

Last updated Aug 4, 2026

IHD (Voya Emerging Markets High Dividend Equity Fund) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both Emerging Markets Equities funds. Over the past 10 years, IHD returned 10.60%/yr vs 10.17%/yr for CEMFX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. 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

In the year-to-date period, IHD achieves a 23.02% return, which is significantly higher than CEMFX's 20.10% return. Both investments have delivered pretty close results over the past 10 years, with IHD having a 10.60% annualized return and CEMFX not far behind at 10.17%.

IHD

• 1D: 0.62%
• 1M: -3.09%
• 6M: 12.69%
• YTD: 23.02%
• 1Y: 40.57%
• 3Y*: 25.72%
• 5Y*: 12.05%
• 10Y*: 10.60%
• ALL TIME*: 4.22%

CEMFX

• 1D: 3.82%
• 1M: -0.10%
• 6M: 8.24%
• YTD: 20.10%
• 1Y: 39.50%
• 3Y*: 22.09%
• 5Y*: 12.85%
• 10Y*: 10.17%
• ALL TIME*: 7.31%

*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)
CEMFX Cullen Emerging Markets High Dividend Fund	$0.00	$0.00	$0.00
IHD Voya Emerging Markets High Dividend Equity Fund	$347.08K	$414.88K	$706.95K

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	23.02%	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	20.10%	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 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.62

The correlation between IHD and CEMFX shifts across timeframes, from 0.48 (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 historical risk-adjusted metric ranks over the past 12 months.

IHD

IHD Risk / Return Rank: 82
IHD Sharpe Ratio Rank: 84
IHD Sortino Ratio Rank: 78
IHD Omega Ratio Rank: 78
IHD Calmar Ratio Rank: 91
IHD Martin Ratio Rank: 81

CEMFX

CEMFX Risk / Return Rank: 79
CEMFX Sharpe Ratio Rank: 85
CEMFX Sortino Ratio Rank: 79
CEMFX Omega Ratio Rank: 80
CEMFX Calmar Ratio Rank: 86
CEMFX Martin Ratio Rank: 66

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.

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.

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.

	IHD	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.09	-0.02
Sortino ratio: Return per unit of downside risk	2.75	2.79	-0.04
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	3.66	3.12	+0.54
Martin ratio: Return relative to average drawdown	10.49	8.90	+1.60

IHD vs. CEMFX - Sharpe Ratio Comparison

The current IHD Sharpe Ratio is 2.07, which is comparable to the CEMFX Sharpe Ratio of 2.09. 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.

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	-14.35%	-13.27%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-30.04%	-26.73%	-3.31%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-39.30%	-3.51%
Current Drawdown Current decline from peak	-7.51%	-6.89%	-0.62%
Average Drawdown Average peak-to-trough decline	-17.82%	-9.56%	-8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	4.34%	-0.46%

Volatility

IHD vs. CEMFX - Volatility Comparison

The current volatility for Voya Emerging Markets High Dividend Equity Fund (IHD) is 5.13%, while Cullen Emerging Markets High Dividend Fund (CEMFX) has a volatility of 7.41%. 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	5.13%	7.41%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	16.03%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	19.71%	18.54%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	15.04%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	15.32%	+4.26%

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 9.78%, more than CEMFX's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	2.09%	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	9.78%	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 0.48, 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 (7.41%) compared to IHD (5.13%). 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 (2.09 vs 2.07), 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.