IIF vs. DEMIX
IIF (Morgan Stanley India Investment Fund) and DEMIX (Delaware Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, IIF returned 7.85%/yr vs 18.00%/yr for DEMIX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. IIF charges 0.01%/yr vs 1.26%/yr for DEMIX.
Performance
IIF vs. DEMIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IIF achieves a -8.13% return, which is significantly lower than DEMIX's 68.59% return. Over the past 10 years, IIF has underperformed DEMIX with an annualized return of 7.85%, while DEMIX has yielded a comparatively higher 18.00% 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%
DEMIX
- 1D
- 8.34%
- 1M
- -18.22%
- 6M
- 34.53%
- YTD
- 68.59%
- 1Y
- 156.06%
- 3Y*
- 51.27%
- 5Y*
- 23.17%
- 10Y*
- 18.00%
- ALL TIME*
- 10.80%
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. DEMIX - 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% |
DEMIX Delaware Emerging Markets Fund | 68.59% | 86.79% | 6.52% | 17.59% | -28.66% | -2.08% | 26.09% | 24.33% | -17.10% | 41.98% |
Correlation
The correlation between IIF and DEMIX 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. | 0.32 |
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 DEMIX 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. DEMIX — Risk / Return Rank
IIF
DEMIX
IIF vs. DEMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley India Investment Fund (IIF) and Delaware Emerging Markets Fund (DEMIX). 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 | DEMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.43 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 4.06 | -4.47 |
| Martin ratioReturn relative to average drawdown | -0.93 | 16.90 | -17.83 |
Loading charts...
Drawdowns
IIF vs. DEMIX - Drawdown Comparison
The maximum IIF drawdown since its inception was -62.11%, roughly equal to the maximum DEMIX drawdown of -63.15%. Use the drawdown chart below to compare losses from any high point for IIF and DEMIX.
Loading charts...
Drawdown Indicators
| IIF | DEMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.11% | -63.15% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -22.52% | -36.51% | +13.99% |
Max Drawdown (3Y)Largest decline over 3 years | -24.05% | -36.51% | +12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -24.05% | -38.47% | +14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -59.05% | -46.29% | -12.76% |
Current DrawdownCurrent decline from peak | -12.67% | -31.22% | +18.55% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -18.43% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.02% | 8.73% | +1.29% |
Volatility
IIF vs. DEMIX - Volatility Comparison
The current volatility for Morgan Stanley India Investment Fund (IIF) is 4.15%, while Delaware Emerging Markets Fund (DEMIX) has a volatility of 25.06%. This indicates that IIF experiences smaller price fluctuations and is considered to be less risky than DEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IIF | DEMIX | 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% | 30.10% | -14.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 25.79% | -6.02% |
IIF vs. DEMIX - Expense Ratio Comparison
IIF has a 0.01% expense ratio, which is lower than DEMIX's 1.26% expense ratio.
Dividends
IIF vs. DEMIX - Dividend Comparison
IIF's dividend yield for the trailing twelve months is around 8.65%, less than DEMIX's 11.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEMIX Delaware Emerging Markets Fund | 11.25% | 18.97% | 1.99% | 2.95% | 1.89% | 3.42% | 0.87% | 0.80% | 0.65% | 1.80% | 0.94% | 0.30% |
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 DEMIX 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.
DEMIX has higher volatility (25.06%) compared to IIF (4.15%). In terms of maximum drawdown, IIF dropped -62.11% vs DEMIX's -63.15%.
DEMIX currently has the higher Sharpe Ratio (2.80 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 DEMIX
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