IIF vs. DEMAX
IIF (Morgan Stanley India Investment Fund) and DEMAX (Nomura Emerging Markets Fund Class A) are both Emerging Markets Equities funds. Over the past 10 years, IIF returned 7.85%/yr vs 17.69%/yr for DEMAX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. IIF charges 0.01%/yr vs 1.42%/yr for DEMAX.
Performance
IIF vs. DEMAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IIF achieves a -8.13% return, which is significantly lower than DEMAX's 68.34% return. Over the past 10 years, IIF has underperformed DEMAX with an annualized return of 7.85%, while DEMAX has yielded a comparatively higher 17.69% annualized return.
IIF
- 1D
- -0.13%
- 1M
- 0.22%
- 6M
- -1.92%
- YTD
- -8.13%
- 1Y
- -9.25%
- 3Y*
- 11.93%
- 5Y*
- 8.92%
- 10Y*
- 7.85%
- ALL TIME*
- 13.21%
DEMAX
- 1D
- 8.33%
- 1M
- -18.24%
- 6M
- 34.37%
- YTD
- 68.34%
- 1Y
- 155.43%
- 3Y*
- 50.88%
- 5Y*
- 22.86%
- 10Y*
- 17.69%
- ALL TIME*
- 10.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $680.67K | $759.12K | $751.79K |
IIF vs. DEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IIF Morgan Stanley India Investment Fund | -8.13% | 6.71% | 29.65% | 21.43% | -9.55% | 30.87% | 6.66% | -0.66% | -21.25% | 49.89% |
DEMAX Nomura Emerging Markets Fund Class A | 68.34% | 86.33% | 6.25% | 17.34% | -28.85% | -2.32% | 25.54% | 24.05% | -17.32% | 41.62% |
Correlation
The correlation between IIF and DEMAX is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 1996 | 0.53 |
Over the past year, the correlation between IIF and DEMAX has dropped to 0.30 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IIF vs. DEMAX — Risk / Return Rank
IIF
DEMAX
IIF vs. DEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley India Investment Fund (IIF) and Nomura Emerging Markets Fund Class A (DEMAX). 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.
| IIF | DEMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.63 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.43 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 4.04 | -4.45 |
| Martin ratioReturn relative to average drawdown | -0.93 | 16.82 | -17.75 |
Loading charts...
Drawdowns
IIF vs. DEMAX - Drawdown Comparison
The maximum IIF drawdown since its inception was -62.11%, roughly equal to the maximum DEMAX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for IIF and DEMAX.
Loading charts...
Drawdown Indicators
| IIF | DEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.11% | -63.23% | +1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -22.52% | -36.53% | +14.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.05% | -36.53% | +12.48% |
Max Drawdown (5Y)Largest decline over 5 years | -24.05% | -38.58% | +14.53% |
Max Drawdown (10Y)Largest decline over 10 years | -59.05% | -46.51% | -12.54% |
Current DrawdownCurrent decline from peak | -12.67% | -31.25% | +18.58% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -18.72% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.02% | 8.74% | +1.28% |
Volatility
IIF vs. DEMAX - Volatility Comparison
The current volatility for Morgan Stanley India Investment Fund (IIF) is 4.15%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 25.06%. This indicates that IIF experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IIF | DEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 25.06% | -20.91% |
Volatility (6M)Calculated over the trailing 6-month period | 13.94% | 49.51% | -35.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.16% | 52.91% | -36.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.83% | 30.11% | -14.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 25.79% | -6.02% |
IIF vs. DEMAX - Expense Ratio Comparison
IIF has a 0.01% expense ratio, which is lower than DEMAX's 1.42% expense ratio.
Dividends
IIF vs. DEMAX - Dividend Comparison
IIF's dividend yield for the trailing twelve months is around 8.65%, less than DEMAX's 11.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEMAX Nomura Emerging Markets Fund Class A | 11.30% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
IIF Morgan Stanley India Investment Fund | 8.65% | 7.95% | 10.67% | 14.61% | 19.62% | 3.75% | 0.02% | 0.14% | 30.40% | 15.23% | 4.46% | 0.16% |
Frequently Asked Questions
IIF and DEMAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DEMAX has higher volatility (25.06%) compared to IIF (4.15%). In terms of maximum drawdown, IIF dropped -62.11% vs DEMAX's -63.23%.
DEMAX currently has the higher Sharpe Ratio (2.79 vs -0.58), 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.
Find the right allocation for IIF and DEMAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer