IIF vs. DEMAX
Compare and contrast key facts about Morgan Stanley India Investment Fund (IIF) and Nomura Emerging Markets Fund Class A (DEMAX).
IIF is managed by Morgan Stanley. It was launched on Feb 25, 1994. DEMAX is an actively managed fund by Nomura. It was launched on Jun 10, 1996.
Performance
IIF vs. DEMAX - Performance Comparison
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IIF vs. DEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IIF Morgan Stanley India Investment Fund | -17.61% | 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 | 13.26% | 86.33% | 6.25% | 17.34% | -28.85% | -2.32% | 25.54% | 24.05% | -17.32% | 41.62% |
Returns By Period
In the year-to-date period, IIF achieves a -17.61% return, which is significantly lower than DEMAX's 13.26% return. Over the past 10 years, IIF has underperformed DEMAX with an annualized return of 8.11%, while DEMAX has yielded a comparatively higher 14.09% annualized return.
IIF
- 1D
- 3.11%
- 1M
- -13.71%
- YTD
- -17.61%
- 6M
- -15.69%
- 1Y
- -8.91%
- 3Y*
- 13.02%
- 5Y*
- 8.09%
- 10Y*
- 8.11%
DEMAX
- 1D
- 0.97%
- 1M
- -18.27%
- YTD
- 13.26%
- 6M
- 43.25%
- 1Y
- 104.18%
- 3Y*
- 34.89%
- 5Y*
- 12.22%
- 10Y*
- 14.09%
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IIF vs. DEMAX - Expense Ratio Comparison
IIF has a 0.01% expense ratio, which is lower than DEMAX's 1.42% expense ratio.
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.
| IIF | DEMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.54 | 3.10 | -3.63 |
Sortino ratioReturn per unit of downside risk | -0.68 | 3.27 | -3.95 |
Omega ratioGain probability vs. loss probability | 0.92 | 1.50 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.38 | 4.78 | -5.16 |
Martin ratioReturn relative to average drawdown | -1.27 | 18.45 | -19.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IIF | DEMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.54 | 3.10 | -3.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.53 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.64 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.43 | -0.05 |
Correlation
The correlation between IIF and DEMAX is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
IIF vs. DEMAX - Dividend Comparison
IIF's dividend yield for the trailing twelve months is around 9.65%, less than DEMAX's 16.80% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIF Morgan Stanley India Investment Fund | 9.65% | 7.95% | 10.67% | 14.61% | 19.62% | 3.75% | 0.02% | 0.14% | 30.40% | 15.23% | 4.46% | 0.16% |
DEMAX Nomura Emerging Markets Fund Class A | 16.80% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
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.
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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 | -24.05% | -20.32% | -3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -24.05% | -44.15% | +20.10% |
Max Drawdown (10Y)Largest decline over 10 years | -59.05% | -46.51% | -12.54% |
Current DrawdownCurrent decline from peak | -21.69% | -19.55% | -2.14% |
Average DrawdownAverage peak-to-trough decline | -19.79% | -18.84% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.12% | 5.27% | +1.85% |
Volatility
IIF vs. DEMAX - Volatility Comparison
The current volatility for Morgan Stanley India Investment Fund (IIF) is 7.10%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 19.13%. 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.
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Volatility by Period
| IIF | DEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 19.13% | -12.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 28.50% | -17.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.69% | 33.35% | -16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.67% | 23.12% | -7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 21.94% | -2.20% |